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Who Knows About My Credit?
Chances are that if you ever bought a car, had a bank account, had a credit card or utility service, there is a file on you with one or more of the major credit reporting agencies.
These agencies compile and maintain information about your credit history that makes up your credit report. The credit bureaus then sell this information to creditors, employers or service providers who want to do business with you. The three major credit reporting agencies are:
- Equifax
- Trans Union
- Experian
What's in my credit report?
While the format for your credit report looks different depending upon which credit bureau is providing it, they all contain the same basic information:
- Personal information including your name, birth date, social security number, addresses where you've lived, and your employment history
- Public information including any liens against you, bankruptcies, judgments, etc.
- Inquiries made regarding your report including current creditors, credit solicitors, or other qualified businesses
- Credit History including any current/past creditors, associated account numbers, credit limits, balances, payment histories, terms, etc.
Depending upon the type of information in your credit report, it can stay there for up to ten years, and in the case of unpaid tax liens, it can stay there indefinitely. Most negative credit information can remain on your credit report for seven years.
Getting a Copy of My Credit Report
Knowing what is on your credit report is the first step in getting inaccurate information removed. The Fair Credit Reporting Act (FCRA) mandates that you have access to the information in your credit report. Thanks to the FCRA you are entitled to a free credit report if you certify in writing any of the following situations:
- You were denied credit within the last 60 days
- You believe there may be fraudulent information in your report
- You are on public aid
- You are unemployed and intend on seeking employment within the next 60 days
Also, in some states you are entitled to receive one free credit report each year.
If the above circumstances do not apply, you can receive a copy of your report for a small fee which varies depending upon which state you are in. If you are interested in identifying all negative information regarding your credit you may want to consider getting a copy of you report from each credit reporting agency. Each compiles and maintains there own database of information, so they may have different information in them.
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