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Credit
Report FAQ
To help you better
understand how to manage and improve your credit, here are
some basic FAQs.
What
is in my credit report?
There are four primary categories of information contained
in each type of credit report:
Identifying
information
-
Your
name
-
Current
and previous addresses
-
Social
Security number
-
Telephone
number
-
Date
of birth
-
Current
and previous employers
Credit history
Your history of paying bills with credit grantors, such
as:
-
Retail
stores
-
Banks
-
Finance
companies
-
Mortgage
companies
Public records
Items that may affect your creditworthiness, such as:
-
Tax
liens
-
Court
judgments (including child support judgments)
-
Bankruptcies
Inquiries
Lists identifying the credit grantors and other authorized
parties who have received your credit report. Inquiries
also contain lists of the companies that receive your
name and address information for the purpose of offering
you credit.
Your
credit report does not contain:
-
Checking
or savings account information
-
Medical
histories
-
Major
purchases paid in full with cash or check
-
Business
accounts, unless you are personally liable for the debt
-
Credit
scores
-
Your
race, gender, religion, or national origin
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How
long do accounts remain on my credit report?
In most cases, accounts that contain adverse information
may remain on your credit report for up to seven years from
the date of first delinquency on the account. If accounts
do not contain adverse information,
normally reports the information for ten years from the
last activity on the account. Adverse information is defined
as anything that a potential creditor may consider to be
negative when making a credit-granting decision.
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If
I pay accounts, will they come off my credit report?
Like other credit history, paid accounts generally remain
on file for seven years from the date closed if they contain
any adverse information. If an account is paid and does
not contain any adverse information, the account would remain
on your file for ten years from the date closed.
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How
long do public records remain on my credit report?
In general, civil judgments remain on your credit report
for seven years from the date filed. Tax liens remain on
file for seven years from the date paid. If the tax lien
is not paid, it will remain on the file indefinitely. Chapter
13 bankruptcies that have been dismissed or discharged remain
on file for seven years. All other bankruptcies remain on
file for ten years.
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Where
do you get personal information that is on my credit report?
The personal information appearing on your credit report
may either be reported to us by a credit grantor, obtained
from public records, or updated in response to correspondence
we have had with the individual consumer.
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Who
makes the decision to give credit?
Creditors make credit decisions. Each creditor has their
own formula for evaluating a credit application, and only
the creditor can tell you why they made a decision.
does not grant or deny credit. Our role is to supply the
creditor with the contents of the report, which they can
review in order to assist them in making a sound decision.
Many times, the decision does not have anything to do with
your credit report, but instead is based on things like
your income, length of residence, or employment.
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How
can I correct errors on my credit report?
If you feel there is an error on your credit report, contact
the office listed at the bottom of the report and file a
dispute. We will acknowledge receipt of your dispute and
provide a toll-free number to make it easier for you to
contact us.
Investigations
will be concluded within 30 days of the date that we receive
your request. Once the investigation is completed, a revised
copy of your credit report will be sent to you, via U.S.
Mail, reflecting the results or the investigation.
If our investigation
does not resolve the dispute, you may add a 100-word consumer
statement to your credit report. Send it along with your
name, address, and File Number to:
Consumer Relations
P. O. Box 2000
Chester, PA 19022
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How
long does it take to have an investigation conducted?
The Federal Fair Credit Reporting Act allows up to 30 days
from the time that we receive your dispute for us to complete
the investigation. Once the investigation is completed,
but never more than 30 days from the day we receive your
dispute, a revised copy of the credit report will be sent
to you, via U.S. Mail, reflecting the results of the investigation.
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How
can I get a copy of my credit report?
There are four ways to obtain a copy of your
Personal Credit Report and Score:
-
Order
and view online
-
Order
online and receive by mail
-
Order by mail
-
Order by phone
To find out the
right ordering option for you, see our order credit report
and score page for more information.
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How
often should I check my credit report?
It is good to check your credit report once every 90 days.
This allows enough time for new information to enter your
report and old information to leave your report.
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How
do I build a good credit history?
If you do not have a good credit history, it may be difficult
for you to obtain credit. One way to begin a good credit
history is to start small using the following tips:
-
Apply for
credit with a local retailer such as a department store.
-
Make a large
down payment on a purchase and negotiate credit payments
for the balance.
-
Apply for
a small loan at a bank or credit union where you have
checking and savings accounts.
If you are rejected for credit, find out why. You may be denied
credit for various reasons, including not meeting the creditor's
minimum income requirement or not being at your address or
job for the required amount of time. You can overcome these
obstacles with time.
If you are still
unable to get credit, you may wish to ask a friend or relative
with an established credit history to act as a co-signer
for you. A co-signer promises to repay the debt if you do
not. An account established with a co-signer will usually
be reported on both of your credit reports.
Consumer Credit
Counseling Services
If you have a negative credit history and need help dealing
with your debts, you may want to contact a Consumer Credit
Counseling Service (CCCS). This designation is used by members
of the National
Foundation for Consumer Credit (NFCC), a not-for-profit
organization with 1,450 offices in all fifty U.S. states,
Puerto Rico, and Canada. An NFCC member is identified by
the "member NFCC" seal. At little or no cost to you, CCCS
counselors will work with your creditors to establish a
repayment plan that will satisfy both you and your creditors.
CCCS can also help you set up a realistic budget and plan
for the future. To find the nearest CCCS office by mail
or phone, contact:
National
Foundation for Consumer Credit, Inc.
8611 Second Avenue
Suite 100
Silver Spring, MD 20910
800-388-2227
"Repair" clinics
Many states have laws regulating companies that claim they
can "repair" your negative credit information. No one can
have accurate information removed. You may want to check
with your state attorney general or local consumer protection
agency before contracting or paying for credit-repair services.
Once you have
obtained credit, pay your bills consistently and on time.
By doing so, you establish a positive credit history that
helps you obtain future credit for larger purchases, such
as a house or car.
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