What
is a Credit Report?
Your credit payment history is recorded in a file or report.
These files or reports are maintained and sold by "consumer
reporting agencies" (CRAs). One type of CRA is commonly
known as a credit bureau. You have a credit
report on file at a credit bureau if you have ever applied
for a credit or charge account, a personal loan, insurance, or a
job. Your credit report contains information about your income,
debts, and credit payment history. It also indicates whether you
have been sued, arrested, or have filed for bankruptcy.
The Fair Credit Reporting Act (FCRA) is
designed to help ensure that CRAs furnish correct and complete
information to businesses to use when evaluating your
application.
Your rights under the Fair Credit Reporting
Act:
- You have the right to receive a copy of
your credit report. The copy of your credit report must
contain all of the information in your file at the time
of your request.
- You have the right to know the name of anyone who
received your credit report in the last year for most
purposes or in the last two years for employment
purposes.
- Any company that denies your application must supply the
name and address of the CRA they contacted, provided the
denial was based on information given by the CRA.
- You have the right to a free copy of your credit
report when your application is denied because of
information supplied by the CRA. Your request must be
made within 60 days of receiving your denial notice.
- If you contest the completeness or accuracy of
information in your credit report, you should file a dispute
with the CRA and with the company that furnished the
information to the CRA. Both the CRA and the furnisher of
information are legally obligated to reinvestigate your
dispute.
You have a right to add a summary explanation to
your credit report if your dispute is not resolved to your
satisfaction.
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