If you've applied for a car, mortgage, credit card or even a retail store card, you can bet your credit report has been viewed by each creditor.
California (OPENPRESS) February 2, 2012 - If you've applied for a car, mortgage, credit card or even a retail store card, you can bet your credit report has been viewed by each creditor. Your credit report has a significant impact on your life, so it is important that you make sure your credit report is accurate and that you understand it.
Unfortunately, many people don't understand their credit report, and have no idea as to what goes into their reports, or who can access it. A credit report is basically this: a snapshot of how you manage your money and pay your bills. One glance at your credit report can tell a lender if you pay your bills each month on time, or if you have simply ignored them. It can also tell any creditor how much you owe, what type of debt you have, and if you are a good or bad credit risk.
It should be noted, however, that your credit report does not indicate if you are a good or bad credit risk. But it does give lenders the data they need to make that determination.
Information that is part of your credit report includes your personal identifying information, such as your name, address, Social Security number, birth date and current and past employers; your credit history, including who you've had credit with, what type of credit and your payment history; public records like tax liens, court judgments and bankruptcies; how many credit report inquiries have been made and by whom; and statements you've made disputing the information specific your report, such as an inaccuracy or perhaps an account you did not open.
What you won't find included in your credit report is your bank account balance, your race, religion, health, criminal records, income or driving records. You also won't find your credit score. Your score is based on formulas that use the data contained in your report, but your credit scores are not part of your credit report.
According to federal law, you have the right to a free copy of your credit report from each of the three credit reporting bureaus. The Federal Trade Commission's Fair Credit Reporting Act became effective in 1971 to protect your rights as a consumer. The FCRA is the federal law that regulates credit reporting bureaus, and defines who can access your report and why.
Contact the credit bureaus as follows: Equifax, www.equifax.com or 1-800-685-1111; Experian, www.experian.com or 1-888-EXPERIAN; and TransUnion, www.transunion.com or 1-800-916-8800.
