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Why should I check my credit report?
The information
on your credit report can be used to determine
whether or not you are able to buy a new car,
rent an apartment, get a loan, or qualify for
other credit. By monitoring your personal credit
report, you'll stay informed about your current
credit status. You'll know which businesses and
credit grantors have requested to view your
credit report, which new accounts have been
activated in your name, and whether or not
derogatory information has been added.
Checking your
credit also allows you to be alerted to
information that may have negative, long-term
effects on your credit history-such as excessive
inquires and possible fraud.
By checking
your credit report, you can discover possible
inaccuracies in your credit history. Correcting
inaccuracies ensures that your credit report is
current and correct, which in turn helps speed
the processing of your credit requests.
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Am I eligible for a free credit report?
You are
eligible to receive a free copy of your credit
report if: - You have been denied credit,
insurance, or employment within the past sixty
(60) days as a result of your credit history. -
You can certify in writing that you are
unemployed and intend to apply for employment in
the 60-day period beginning on the date in which
you made the certification. - You are a
recipient of public welfare assistance or have
reason to believe that your file at the agency
contains inaccurate information due to fraud.
If you are a
resident of Colorado, Maine, Maryland,
Massachusetts, New Jersey, or Vermont, you may
receive one free copy of your credit report each
year from the credit bureaus. If you are a
resident of Georgia, you may receive two free
copies of your credit report each year from the
credit bureaus. Otherwise, a consumer reporting
agency may charge you up to nine dollars.
Illinois law,
815ILCS505/2B.2 (Solicitations Regarding
Records) : MANY GOVERNMENT RECORDS ARE AVAILABLE
FREE OR AT A NOMINAL COST FROM GOVERNMENT
AGENCIES. CREDIT REPORTING AGENCIES ARE REQUIRED
BY LAW TO GIVE YOU A COPY OF YOUR CREDIT RECORD
UPON REQUEST, AT NO CHARGE OR FOR A NOMINAL FEE.
- To obtain a
copy of your credit report from Experian - Mail
request to: P.O. Box 2002, Allen, TX 75013 Or
call toll-free (888) Experian (888-397-3742) -
To obtain a copy of your credit report from
Equifax - Mail request to: P.O. Box 740241,
Atlanta, GA 30374 Or call toll-free (800)
685-1111 - To obtain a copy of your credit
report from TransUnion - Mail request to: 2
Baldwin Place, P.O. Box 2000, Chester, PA 19022
Or call toll-free (800) 888-4213
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What is the Fair Credit Reporting Act?
The Fair Credit
Reporting Act (FCRA) is the federal law that
governs the consumer credit reporting industry.
This law was enacted to protect the consumer's
right to privacy. The FCRA outlines the
situations or permissible purposes for which a
company or organization may request a consumer's
credit report. You may obtain a copy of the FCRA
from the Federal Trade Commission.
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My spouse's accounts do not appear on my
credit report. Why not?
The credit
bureaus maintain credit files on individuals, so
your credit report contains payment information
on credit accounts that are in your name only.
This is why your credit report is separate and
unique from that of your spouse.
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