Consumer Report
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Consumer Report
Essential Guide to Your Credit Report
Overview
Regularly checking your credit report is a crucial step recommended by financial advisors, especially before major purchases like a home. Ensuring your credit information is accurate can expedite the credit approval process.
Obtaining Your Credit Report
If your credit, insurance, or employment application is denied based on credit report information, the Fair Credit Reporting Act (FCRA) mandates the company must provide the credit reporting agency's details. Request your report within 60 days of receiving a denial notice to get a free copy. Additionally, you are entitled to one free annual report if you certify that you are:
1. Unemployed and seeking employment within 60 days,
2. Receiving welfare benefits, or
3. Affected by fraudulent inaccuracies in your report.
Otherwise, you may have to pay up to $9.00 per report. To request your report, contact the major credit bureaus listed in the Yellow Pages under "credit" or "credit rating and reporting," as each may hold different information on you.
- Equifax: P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111
- Experian: P.O. Box 2002, Allen, TX 75013; (888) 397-3742
- TransUnion: P.O. Box 1000, Chester, PA 19022; (800) 916-8800
Correcting Errors
Under the FCRA, both the credit reporting agency (CRA) and the information provider (e.g., banks, credit card companies) must correct any inaccuracies or incomplete data in your report.
Steps to Correct Errors:
1. Contact the CRA: Write to the CRA detailing the inaccuracies. Include copies of supporting documents (not originals) and clearly mark disputed items. Request corrections or deletions where necessary. Send the letter via certified mail with return receipt requested and keep copies for your records.
2. CRA Investigation: The CRA will investigate the disputed items within 30 days unless deemed frivolous. They will forward your details to the information provider, who must then verify the data and report back.
3. Corrections and Updates: If errors are found, the CRA must correct or delete them. They must also update incomplete information, e.g., if a debt is paid. Erroneous items or those belonging to another person must be removed from your report.
4. Notification of Changes: You will receive a written update on the investigation's results and a free copy of your report if changes occur. If unresolved, you can include a personal statement of dispute in your file.
5. Inform the Information Provider: Notify the creditor or information provider of the dispute. Include copies of supporting documents. They must update the CRA with the dispute and cannot reuse inaccurate data if verified.
Dealing With Negative Information:
While only time can remove accurate negative data, general rules include:
- Criminal convictions may remain indefinitely.
- Bankruptcies can be reported for up to 10 years.
- Credit inquiries related to high-value job applications or significant credit requests may also remain longer.
Adding Accounts to Your File
Your credit file might not include all credit accounts. Non-reporting creditors like some travel, entertainment, or local retailers can lead to an "insufficient credit file." Request the CRA to add verifiable accounts, although they might charge a fee. Note that unreported items won't be updated regularly.
For further assistance, visit [Consumer Reports](http://www.consumer-reports.ca).
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