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Protecting Your Credit Report

If you have ever applied for or received credit, you are one of an estimated 190 million American consumers for whom a credit report exists. A credit report is a history of how you’ve paid your past and current bills. It is used primarily by financial institutions to help determine whether to extend you credit. But it can also be used by prospective employers when considering you for a job, by landlords when considering rental applications, and by insurance companies when determining whether to extend coverage.

A Credit Report Includes:

• Personal information from credit applications and public records, such as your complete name (also nicknames or alternate spellings), current and previous addresses, your Social Security number, date of birth, current and previous employers, and sometimes your telephone number.

• Credit history detailing each credit account including date opened, last activity, type of account, credit limit, terms, balance, monthly payment, whether it is an individual or joint account, and payment patterns (if and when payments were 30, 60, or 90 days late).

• Recent inquiries for your credit report from potential creditors, insurers, employers or landlords. All inquiries are listed on your credit report and remain there for up to two years, depending on the type of inquiry.

• Negative information, including liens, bankruptcies, delinquencies on student loans, credit cards, or other loans; and, in some states, overdue child support. Most negative information remains for seven years, depending on the type. Bankruptcies are reported for seven to ten years, and unpaid tax liens may be reported for 15 years.

A Credit Report Does Not Include:

• Income, checking or savings account balances, or personal details such as race or national origin, religion, gender, political preference, medical history, driving record or other information that does not have to do with credit.

There are three major credit reporting companies or “credit bureaus” (listed below) that collect and organize the information that is included in your credit report.

Monitor Your Credit

The need to protect your ability to obtain credit is probably the most important reason to monitor your credit report and check its accuracy. Another is the risk of identity theft.

Identity thieves access and use your personal information to obtain credit in your name and make large purchases, such as cars. They can also use your existing charge/credit card numbers to make purchases. Since these transactions will show up on your credit report, and may be the first evidence of identity theft, it’s important to monitor what’s on your report.

Contact the companies listed below for information on how to order a copy of your credit report. Credit reports are available for a nominal fee (usually under $10). In some states (Colorado, Maryland, Vermont, Massachusetts, Georgia, and New Jersey), credit reporting companies are required to provide one free copy of the report (annually) upon consumer request.

Experian
1-888-397-3742

Equifax
1-800-685-1111

Trans Union
1-800-888-4213

Reports can also be ordered online at one of these home pages: Experian.com, Equifax.com, Transunion.com.

When you receive your credit report, review it to make sure it is accurate. If there are any inaccuracies, report them immediately to the credit reporting company. It is important to ensure that your credit report is accurate year-round. Click here to get more details on credit report monitoring and your credit rights and responsibilities.

August 22, 2002

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