At some point in time, you will need
to have access to your credit report
information. Your credit report contains
such information as your birth date,
social security number, address, amount
of income, your spouse’s name,
and your place of employment, as well
as if you have paid your debts on time.
Businesses report credit information
about you to the credit bureaus, and
that is how this information is obtained.
If you have ever filed bankruptcy, had
judgments or liens placed against you
or your assets, been sued, or arrested,
these events will be there, as this
is considered to be part of the credit
report information.
Consumer reporting agencies, such
as, Experian, Trans Union, and Equifax,
gather all this information on you
and then sell it to creditors, insurance
companies, employers, and other businesses
for a fee. Everyone has a right to
know what is included in their credit
report information, including medical
information and the sources of all
information provided. It is recommended
that you request a copy of your credit
report every so often, so that you
can address items that have been omitted
or are incorrect. If you have been
denied credit for any reason, are
not granted insurance coverage, or
even employment, the company that
ran the credit report must give you
the name, address, and phone number
of the consumer reporting agency that
provided the credit report information,
and the reason for the denial. This
is a good time to review your credit
report information. You should have
some idea why you have been denied
credit, insurance, or employment.
If you had to file bankruptcy you
can add a note of explanation to your
credit report information as to why
this occurred.
There could very well be some erroneous
information on your credit report
that is keeping you from getting credit,
and you would have no way of knowing
unless you reviewed your credit report
information. There could be an incorrect
entry regarding a bill turned in for
collection that has long been taken
care of or a debt that you isn’t
yours at all, but is listed in your
credit report information in error.
You can dispute any entry in your
credit report information, and if
the consumer reporting agency cannot
verify the entry it must be deleted.
You can get a copy of your credit
report information for $9, or you
may be entitled to a free copy of
your credit report information at
least once a year, if the following
conditions apply. If you are unemployed
and seeking employment within sixty
days, are on some type of public assistance,
or if you are claiming fraudulent
actions or identity theft, you are
entitled a free copy of your credit
report information.
