Q: How do I find the Credit Reporting Agency that has my report?
A: The three major credit reporting agencies are Equifax, Experian, and Transunion. In
addition, ,anyone who takes action against you in a report supplied by a Credit Reporting
Agency, such as denying your application for credit, insurance, or employment must give
you the name, address, and telephone number of the Credit Reporting Agency that provided
that report.
Q: Do I have the right
to know what's in my report?
A: Yes, but you have to ask for it. The Credit Reporting Agencies must tell you everything
in your report, including medical information. They must also give you a list of everyone
who has requested your report within the past year - two years for employment related requests.
Top Q: Is there a charge for my report?
A: Sometimes. There's no charge if a company takes adverse action against you,
such as denying your application for credit, insurance or employment, and you request the
report within 60 days of receiving the notice of the action. In addition, you're entitled
to one free report a year if you certify in writing that (1) you're unemployed and plan
to look for a job within 60 days, (2) you're on welfare, or (3) your report is inaccurate
because of fraud. Otherwise, a Credit Reporting Agency may charge you up to $9.00 for a copy
of your report.
Q: How often should I view my reports?
A: Even if you have not been denied for credit, you may want to find out what's on
your reports at least once a year for inaccuracies or omissions. This is important if you are
considering a major purchase. Checking in advance on the accuracy of the information
in your credit report could speed the credit granting process.
Q: How long can a Credit Reporting Agency report negative information?
A: Seven years. There are exceptions:
-- Information about criminal convictions may be reported without any time limitation.
-- Bankruptcy information may be reported for 10 years
-- Information about a lawsuit or an unpaid judgement against you can be reported for
seven years or until the statue of limitations runs out, whichever is longer.
Q: Can anyone get a copy of my report?
A: No. Only people with a legitimate business need, as recognized by the Fair Credit Reporting
Act. For example, a company is allowed to get your report if you apply for credit, insurance,
employment, or to rent an apartment.
Q: What is the Fair Credit Reporting Act (FCRA)?
A: This act is designed to protect the privacy of credit report information and to
guarantee that information supplied by Credit Reporting Agencies is as accurate as possible.
Q: What is the procedure in case of disputed accuracy?
A: (a) Reinvestigation of disputed information. (b) Reinvestigation required
If the completeness or accuracy of any item of information contained in a consumer's file
at a Credit Reporting Agency is disputed by the consumer and the consumer notifies the
agency directly of such dispute, the agency shall reinvestigate free of charge and record
the current status of the disputed information, or delete the item from the file.
Q: Why does it take 3-6 months to have my credit updated completely?
A: Some people have more negative information on their credit reports than others, remember
the Credit Reporting Agencies have 30 days to respond to each dispute. The only reason
that the Credit Reporting Agency does not have to reinvestigate a disputed item is if
they feel the dispute is frivolous or irrelevant. Because of this we may dispute certain items
seperately over a period of time of several months as not to appear as frivolous.
Q: How long does the Credit Reporting Agency have to reinvestigate disputed information and furnish an updated report?
A: The Credit Reporting Agencies have 30 days from the beginning date on which the
agency receives the notice of the dispute from the consumer. This maybe extended for
not more than 15 additional days if the Credit Reporting Agency receives information from
the consumer during that 30 day period that is relevant to the reinvestigation.
Q: Can you guarantee that a specific item will be deleted from my credit file?
A: It is illegal for anyone to guarantee a specific result of our service. It would
be like an attorney offering his/her clients a guarantee that they would be released on
all charges in a court of law.
