Checking your credit report for erroneous information is vital to achieve or maintain a good credit standing. Maybe you are venturing into a business deal and need to check your associate's credit worthiness. Whatever the reason, here's what is needed to acquire a credit check.
Reasons
Credit checks are required for mortgage, auto and credit loan approvals. Employers run credit checks as part of the hiring or promotion process. Landlords will use credit reports to determine the ability to pay rent. Consumers should periodically check their credit reports for adverse information.
Procedures
Anyone acquiring a credit report on an individual must obtain written permission. Employers and landlords are subject to provide applicants with a written notice stating that information included in a credit report can be used to take adverse action.
Personal Information
You will need the full name, date of birth, Social Security number, address, and previous addresses if the consumer resided fewer than 3 years at the current address.
Account Information
At least two loan accounts will need to be verified, as well as the creditor's name and the payment amount.
Access
The Fair and Accurate Credit Transactions Act allows consumers to attain a credit report for free once a year for all three credit bureaus. In some states such as Georgia, you can receive two free credit reports a year.
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