Who may Look at your Credit Report

  • Any creditor to whom you have applied for credit.
  • A prospective employer.
  • A mortgage lender, when you have applied for a home loan.
  • Any current employer on a need-to-know basis.
  • Any person, firm, or agency to whom you have given permission.
  • An insurance company, when you have applied for any type of insurance.
  • YOU, as a consumer.

How to Obtain a Copy of your Credit Report

  • If you have been denied credit in the past 30-60 days due to information on your credit report, you are entitled to a copy of your credit report at no cost.
  • Experian, Trans Union and Equifax (CSC) offer credit reports for nominal fees: Experian: $8 single/$16 joint; Trans Union: $8 single/ $16 joint; Equifax $8.66 single/ $17.32 joint

You Must Include the Following Information With All Requests:

  • Your name & your spouse’s name
  • Date of Birth
  • Current address with zip code and apartment number
  • Photocopy of picture ID
  • Previous addresses for the past five years (including zip codes)
  • Social Security Number
  • If requesting free report because of credit denial, you must include copy of letter from creditor.

What Can Appear on Your Credit Report?

  • Your Name (and any variations of your name you have used)
  • Your income
  • A list of your creditors
  • Your social security number
  • Your address (current and previous)
  • Your date of birth
  • The amount of money you owe
  • Your payment history
  • Public record information (bankruptcies, judgements, etc.)

What Cannot Appear on Your Credit Report?

  • Your medical history
  • Your marital status
  • Your gender
  • Your education level
  • Your religion
  • Your ethnic background
  • Any outdated information

Time Lines for Credit Report Information

EVENT

TIME LINE
REVOLVING PAY HISTORY ON TRADE LINE 24 MONTHS (TWO YEARS)
NOTATIONS ON PAY HISTORY 60 MONTHS (FIVE YEARS)
INQUIRIES 24 MONTHS (TWO YEARS)
SLOW PAYS SEVEN YEARS FROM DATE OF LAST ACTIVITY OR $0 BALANCE
FEDERAL OBLIGATIONS ( SUCH AS TAXES OR STUDENT LOANS) SEVEN YEARS FROM $0 BALANCE
CHARGE OFFS SEVEN YEARS FROM DATE OF CHARGE OFF
JUDGMENT SEVEN TO TEN YEARS from the day that the last payment was due. (CREDITOR HAS 4 YEARS TO FILE and can be RENEWED)
CHAPTER 13 BANKRUPTCY SEVEN YEARS!!!
CHAPTER 7 BANKRUPTCY TEN YEARS!!!

The Dispute Process

  • The consumer notices inaccurate or derogatory information on credit report.
  • Dispute the incorrect item with the credit bureau that is reporting the information.
  • The credit grantor has 30 days to investigate the information and respond to the credit bureau about its accuracy.
  • If the credit grantor does not respond within 30 days, the information must be removed from your credit report.
  • If the creditor does respond within the 30 day time period, the information will be corrected to reflect the accurate information. If the information is verified as correct, it will remain.
  • A new, updated copy of your credit report is then sent to you.

Inquiries

Any application for credit shows up on the credit report as an inquiry. This type of inquiry stays on your credit report for 2 years. Too many inquiries may be a contraindication to creditors.

PRM, AM, AR, and Consumer Disclosure inquiries do not show on your credit report that is given to businesses. They only show on copies that you, the consumer, receive, and only remain for 6 months.

PRM (Promotional) - Your name and address was given to a credit grantor so they could offer you an application for credit.

AM (Account Management) or AR (Account Review) - Indicates a periodic review of your credit history by one of your creditors

Consumer Disclosure - Indicates activity in response to your contact with the credit bureau for either a copy of your credit report or a request for research.

CREDIT BUREAUS

 

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Experian Credit Agency

A copy of your credit bureau report may be obtained free of charge within 30 days of being denied credit.