A credit report contains
important information about you and is an essential tool
used by banks, mortgage lenders, credit card issuers and
other credit grantors in making credit decisions.
Information in your credit report comes from banks,
mortgage companies, finance companies and credit card
such as bankruptcies, judgements, law suits, and tax liens
are reported from public records.
Consumers should review
credit histories because mistakes do occur and they can be
embarrassing and costly if not corrected.
Dormant credit accounts that are no longer in use
should be closed by notifying the company in writing.
There are three major credit reporting agencies,
Experian (formerly TRW), Trans Union and Equifax. Each credit reporting agency maintains an independent credit
agencies are governed by the Fair Credit Reporting Act.
This federal law allows a credit reporting agency to
report positive information indefinitely.
Closed accounts or accounts that have been paid off
on time can continue to appear on your credit report for
seven years. Negative
information such as late payments or accounts in collection
can remain on a credit report for seven years.
Chapter 7, 11 or 12 bankruptcies can be reported for
up to ten years and Chapter 13 bankruptcies are reported for
seven years from the date of filing.
If you find entries that
you believe are in error, immediately notify the credit
reporting agency in writing.
When disputing an entry with the credit reporting
agency, be specific and provide copies of all supporting
notified of a possible error, the law requires that the
entry be verified or corrected.
Generally, by obtaining
a credit report from one company, you can determine if your
credit history is being accurately reported.
If you find mistakes in one report, it likely that
the other reports may have problems and it would be prudent
to obtain the additional reports to insure accuracy.
If you have applied
for credit and been denied because of a negative
entry on your report, you may obtain a copy of your credit
report free of charge.
Ordinarily, there will be a fee to obtain a copy of
the report. If
you are married, consider having your spouse obtain a credit
report because it may contain different credit information.
The enclosed forms and information sheet will assist
you in obtaining your credit report(s).
to Obtain Your Credit Report .pdf
Free credit report information from the Federal Trade
May 24, 2012