Your credit payment history is recorded in a file or report.
These files or reports are maintained
and sold by "consumer
reporting agencies" (CRAs).
One type of CRA is commonly known as a credit bureau. You
have a credit record on file at a credit bureau if you have
ever applied for a credit or charge account, a personal
loan, insurance, or a job. Your credit record contains information
about your income, debts, and credit payment history. It
also indicates whether you have been sued, arrested, or
have filed for bankruptcy.
The Fair Credit Reporting Act (FCRA) is designed to help
ensure that CRAs furnish correct and complete information
to businesses to use when evaluating your application.
Your rights under the Fair Credit Reporting Act:
You have the right to receive a copy of your credit report.
The copy of your report must contain
all of the information
in your file at the time of your request.
You have the right to know the name of anyone who received
your credit report in the last year for most purposes or
in the last two years for employment purposes. Any company
that denies your application must supply the name and address
of the CRA they contacted, provided the denial was based
on information given by the CRA.
You have the right to a free copy of your credit report
when your application is denied because
of information supplied
by the CRA. Your request must be made within 60 days of
receiving your denial notice.
If you contest the completeness or accuracy of information
in your report, you should file a dispute with the CRA and
with the company that furnished the information to the CRA.
Both the CRA and the furnisher of information are legally
obligated to investigate your dispute. You have a right
to add a summary explanation to your credit report if your
dispute is not resolved to your satisfaction.
Credit Reporting Agencies:
Trans Union
www.transunion.com
Experian
www.experian.com
Equifax
www.equifax.com
This information is adapted from "Bound
for Good Credit"
published by the Federal Trade Commission.
