When you apply for a loan, credit card, cell phone, car insurance policy or to rent an apartment, a company typically checks your consumer credit report. This is a review of your bill-paying history and can help the business assess whether you are a good credit risk.
Types
In the United States, Equifax, Experian and TransUnion maintain consumer credit reports.
Time Frame
Positive accounts are normally reflected on your credit profile for 10 years, while most negative bill-paying habits, such as late credit card accounts, report for seven years.
Your Rights
If you are rejected for a service based on your consumer credit report, you have the right under the Fair Credit Reporting Act (FCRA) to get a free copy of the file the company used to make its decision.
Inaccurate Information
If something is wrong with your credit report, such as an address or an account that is not yours, you can dispute it with the reporting agency. This right is guaranteed under the FCRA.
Free Annual Credit Report
Under federal law, consumers can get one free credit report each year (even if you are not rejected for credit) from Equifax, Experian and TransUnion. Visit AnnualCreditReport.com to complete that process.
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