Credit Reporting Laws
Problems of difficulty with getting my credit report or with disagreement with the information on the report were very actual and similar for me. Thanks to a new law, my rights to obtain my credit report and to correct inaccurate information are now significantly stronger.A credit report is a record of my credit activities. It lists any credit-card accounts or loans I had, the balances, and how regularly I made my payments. It also shows if any action has been taken against me because of unpaid bills.
A company that gathers and sells credit information is called a consumer reporting agency (CRA). These types of companies collect information about your credit activities, store it in giant databases, and charge a fee for supplying the information. The most common type of CRA is the credit bureau.
Credit report information is collected by the three major credit reporting services - TransUnion, Experian, and Equifax. Lenders often view reports from all three credit reporting services to get the most comprehensive view of a potential borrower's financial profile.
Each of the credit reporting services collects and reports credit history information independently. Because the agencies do not share data, discrepancies can occur. With our site, you can view your combined credit report quickly and securely. We enable you to spot and correct any discrepancies before you apply for a loan - saving you time and money.
My credit report can be an insurmountable hurdle to fulfilling many of my life's plans. My report provides a comprehensive view of my financial dealings for as many as 10 years with a compilation of information gathered from banks, credit unions, department stores, landlords and any business that extends you credit.
If my credit report is wrong, the consequences may be severe: being rejected for a mortgage for a home purchase or even a small line of credit on a credit card; or even having difficulty renting an apartment. Many times inaccurate credit reports are the result of data entry problems, mismatched credit histories or poor bookkeeping by businesses reporting a delinquency.
With these rights, now I can protect myself by making sure my credit report is accurate and by quickly correcting any inaccuracies.
If you have a problem with your credit report company, don't hesitate to challenge your claim. Bad credit history can bar you from making future purchases. You should correct your credit report before you attempt to make a major purchase - not when you make that purchase.
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