Blog sponsored by Bankrupt-Law.com


Does the mere thought of what might be on your credit report send a chill up
your spine? If so, take heart: credit reports don't have to be intimidating,
and knowing exactly what's on your report is a critical step towards getting
a grip on your debt.
And even if you have don't have debt problems, you should still be aware of
what's on your credit report. This is especially important if you're
considering a major purchase, such as a home or a car. Checking in advance
on the accuracy of the information in your report could speed the
credit-granting process
What is it?
Simply put, a credit report is a record of where you work and live, how you
pay your bills, and whether you've been sued, arrested, or filed for
bankruptcy. If you have ever applied for a credit card, car loan, student
loan or mortgage, chances are one or even all three of the major credit
reporting agencies have information about you.
How do I get my report?
Contact the major credit reporting agencies. Since more than one agency may
have a file on you, with different information, you'll probably want to
contact each one. The three major credit agencies:
Equifax (888) 909-7304
Experian (888) 397-3742
Trans Union (800) 916-8800
The Website for each agency allows you to order your report online. There's
generally an $8.00 fee, although depending on your state of residence or
several special circumstances, the report may cost slightly less, or may
even be free.
What exactly is on the report?
There are generally four kinds of information:
Identifying information. This means your name, current and previous
addresses, Social Security number, year of birth, employment history and
income, and home ownership.
Credit information. This is specific information about each of your
accounts. It might include the date opened, credit limit or loan amount,
balance, monthly payment and payment record over the past several years.
Related items, such as referral of an overdue account to a collection
agency, may also be included.
Public record information. This includes federal district bankruptcy
records, state and county court records, tax liens and monetary judgments.
In some states, it includes overdue child support.
Inquiries. These are the names of those who requested a copy of your credit
report for any reason over the past year (two years for employment related
requests).
Where do they get all that information?
It comes from a wide variety of sources - banks, credit card companies,
mortgage and finance companies, credit unions, commercial lenders, and
department stores, local merchants, landlords, insurance companies,
utilities, hospitals, doctors, lawyers and other professionals. It is also
gathered from the public records of municipal, state and federal agencies,
land record offices and other government agencies.
How long does information stay on a credit report?
Only time will make negative information in your report go away. Most
negative information -- late payments, accounts that your lender turned over
to a collection agency, and court judgements against you -- must be erased
after seven years. (There are certain exceptions to this seven year limit.
Bankruptcy information, for example, may be reported for ten years).
On the good side, positive information remains on your report indefinitely.
What if my report shows incorrect information?
Under the Fair Credit Reporting Act, both the credit reporting agency and
the organization that provided the information are required to correct
inaccurate information on your report. If you believe your report is
incorrect, find out exactly how to dispute the items in Credit and Your
Rights.