Consumer Protection: Credit & Credit Report Information

What is a credit report?

A credit report is an objective, up-to-date description of your credit accounts issued by one of the three main credit bureaus: Experian, Equifax, or Trans Union Corporation. It does not contain personal comments from creditors. What it does contain is basic information including your name, date of birth, social security number, and your current and former addresses and employers. It lists the number of debts you have, how long you have had them, the amount you owe on each, amounts past due, how late payments were, and the latest activity on these accounts. In addition, it can list credit problems that are a matter of public record, such as any default, bankruptcy, court judgment, foreclosure, or criminal record.

How do credit bureaus work?

Large-scale lenders generally subscribe to one or more of the credit bureaus. They automatically report your payments to the agency every month. Keep in mind that if a creditor is threatening to ruin your credit by reporting a late payment to an agency, chances are they have already done so automatically for that month. Smaller creditors, such as local stores or doctors, generally do not subscribe to a credit bureau or report regularly to them. These types of creditors are unlikely to report individual people who are late on their payments.

How do lenders decide if my credit is good or not?

Your credit report is graded on a scale of 350 to 900 points. If your score is 620 or above, you are generally considered a good risk for credit. If your score is below 620, you may be denied credit or have to pay a higher interest rate. Even if your score is "bad," you may be able to explain the situation to a creditor. You can also look around for different lenders. Your credit score will not be hurt by having a large number of creditors look it up in a short period of time.

How do I get a copy of my credit report?

You can call or write to the three major credit reporting agencies and request a copy. If you have been denied credit in the past sixty days, you have the right to a free copy. You are also entitled to one free copy every year if you are unemployed and applying for a job within sixty days, if you are receiving Public Assistance, or if you think your credit file contains inaccurate information due to fraud. If you do not fall into one of these categories, the company can only charge up to $8 for a copy of your credit report.

They will need your full name, date of birth, social security number, spouse’s first name (if married), address (current and for the past five years, including apartment numbers and zip codes), home phone number, and signature. If you are requesting a free copy based on a credit denial, you have to enclose a copy of the denial. If you are requesting a free copy because you fall into one of the above categories, state your reason in writing. Otherwise, include a check or money order.

Listed below are the phone numbers and addresses of the credit reporting agencies:

Experian: 1-888-experian (1-888-397-3742)
Experian National Consumer Assistance Center
P.O. Box 2104
Allen, TX 75013-2104

Equifax: 1-800-997-2493
Equifax Customer Information Service Center
P.O. Box 105496
Atlanta, GA 30348-5496

Trans Union Corporation: 1-800-888-4213
Trans Union LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022

© 2003 by Neighborhood Legal Services, Inc.

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