A credit report is a type of consumer report that contains basic information about a person, such as their residence, their place of work, and the manner in which they pay their bills. In addition to this basic information the credit report also contains details on whether a person has ever been sued, arrested, or whether they have ever filed for bankruptcy. Until quite recently it was often difficult for an individual to get their hands on their credit report. These days a person can use the convenience of the internet to check their own personal status.
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Credit reports and information compiled by the credit bureau are also used by businesses to evaluate and check the credit status of a person. It may be for the purpose of insurance, applications for credit, employment, or other credit related purposes that are monitored by the Fair Credit Reporting Act (FCRA). Needless to say, it is very important that the information in the credit report be accurate and correct especially for the purpose of a legal credit reference. In short, these credit reports are important yardsticks that measure a person's financial history and credentials.
Under current federal law in the USA, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting agencies (CRAs) - Experian, Equifax and TransUnion. You can apply for these reports by going to the central request website at AnnualCreditReport (dot) com.
If a person has been denied a free credit report or any other information that has been provided by a CRA, the FCRA advises that they should re-contact the agency. This request should be made within sixty days of receiving the denial notice. In addition to this, the person must certify in writing if they are unemployed and need to look for a job in 30 days, if they are on welfare, or if their credit report is inaccurate because of fraud. If the person does not provide a reason, then the CRA will charge a fee for obtaining the credit report.
Financial advisors suggest that people regularly review their credit reports for the purpose of checking for any kind of omissions and inaccuracies. This procedure is very vital for those who are planning to make any major purchases like buying a property or a house. When you find inaccuracies you should contact the agency and the information provider in writing to inform them that the credit report is inaccurate. Be sure to include photocopies, not originals, of important documents that support your request.
The letter should make reference to the particular credit item that is in dispute and explain why you need to make a correction. The CRA will investigate, usually within thirty days, unless they consider the dispute to be frivolous. The CRA generally will correct the misinformation and any incomplete information as well. The CRA also sends out notices of all corrections to the persons who have received the credit reports of the individual in the last six months. In case a reinvestigation does not resolve the case, then a person can ask the CRA to include the statement of dispute in his or file and for all future reports.
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