Your credit report contains information about where you live, how you
pay your bills, and whether you’ve been sued or arrested, or have filed
for bankruptcy. Consumer reporting companies sell the information in
your report to creditors, insurers, employers, and other businesses that
use it to evaluate your applications for credit, insurance, employment,
or renting a home. The federal Fair Credit Reporting Act (FCRA)
promotes the accuracy and privacy of information in the files of the
nation’s consumer reporting companies. Some financial advisors and
consumer advocates suggest that you review your credit report
periodically. Why?
• Because the information it contains affects whether you can get a
loan — and how much you will have to pay to borrow money.
• To make sure the information is accurate, complete, and up-to-date
before you apply for a loan for a major purchase like a house or car,
buy insurance, or apply for a job.
• To help guard against identity theft. That’s when someone uses your
personal information — like your name, your Social Security number, or
your credit card number — to commit fraud. Identity thieves may use your
information to open a new credit card account in your name. Then, when
they don’t pay the bills, the delinquent account is reported on your
credit report. Inaccurate information like that could affect your
ability to get credit, insurance, or even a job.
Getting Your Credit Report
• An amendment to the FCRA requires each of the nationwide consumer
reporting companies — Equifax, Experian, and Trans Union — to provide
you with a free copy of your credit report, at your request, once every
12 months.
• Other situations where you might be eligible for a free report
• Under federal law, you’re also entitled to a free report if a
company takes adverse action against you, such as denying your
application for credit, insurance, or employment, based on information
in your report. You must ask for your report within 60 days of receiving
notice of the action. The notice will give you the name, address, and
phone number of the consumer reporting company.
• You’re also entitled to one free report a year if you’re unemployed
and plan to look for a job within 60 days; if you’re on welfare; or if
your report is inaccurate because of fraud, including identity theft.
• Otherwise, a consumer reporting company may charge you up to $10.50
for another copy of your report within a 12-month period. To buy a copy
of your report, contact:
Experian-1-888-397-3742 - experian.com/
TransUnion-1-800-916-8800 - transunion.com/
Equifax-1-800-685-1111 - equifax.com/
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