Your credit report contains a vast amount of personal information.The Fair Credit Reporting Act (FCRA) regulates which companies may access your information, what information may be put in your credit report and what your rights are in regards to protecting that information.
Information in Your Credit Report
Your credit report contains your credit history for the past seven years, longer, if you have filed for bankruptcy. Companies that extended you credit report this information, along with your payment history, to the three credit bureaus: Equifax, Experian and TransUnion. Late payments, delinquent child support payments, civil judgments, liens and bankruptcies are on your report, which also contains your name, address, prior addresses, birth month and year, and past employers. Information about your marital status, race, age and medical history cannot be included in your report, unless you give consent.
Who Has Access
Anyone who can prove a legitimate business need may have access to your credit report. This includes employers, landlords, insurance companies, state and federal governments, and potential lenders. Employers are required to have your consent. If you are denied credit or an apartment lease due to information found in your credit report, you may request a free credit report within 60 days.
Obtaining Your Credit Report
You are entitled to one free credit report per year from each of the credit bureaus. You don't have to order them at the same time. Order one every few months so that you have continuous access to your report. You may purchase your credit report at any time. Some companies offer 24 hour access, credit monitoring and updates for about $15 per month. Purchasing a monthly report can help protect you from fraud and help you maintain a high credit score.
Errors
If you find inaccurate information in your credit report, you may contact the credit reporting agency via mail, telephone or online, to report the error. All three bureaus have a website where you can easily dispute a charge or report an error. They have 30 days to conduct an investigation. In addition, be sure to contact the creditor responsible for the information. The bureau must provide the result of the investigation in writing. If the dispute is not removed, write a brief explanation about the charge, which the bureau will add to your report.
Marketing
Each credit bureau may compile and sell marketing lists to creditors and insurance companies, which may result in you receiving pre-approved credit offers. These offers aren't viewed as regular inquiries on your report until you accept them. You may opt out by calling (888) 567- 8688 or by writing to each one of the credit bureaus.
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