Your Credit Report: What it is and What it Contains

Your credit report is a record of all payments you have made to your various creditors. When you apply for a charge card, the potential creditor submits your name to a credit bureau. The credit bureau, in turn, provides the creditor with a copy of your credit report. The credit report indicates how you have paid your accounts in the past, whether late or on time, what accounts you currently hold, and the current status of these accounts. A credit report, for better or worse, is a record of your borrowing history.

Information that is most likely to appear on a credit report includes a record of payments made to bank card accounts such as Visa and Master Card, department store accounts, as well as travel and entertainment accounts such as Diners Club and American Express. Your credit report also includes payments on installment loans, car payments, and home-equity lines of credit.

It pays to get a copy of your credit report and review it at least once a year. (Additionally, if you think someone may have stolen your identity, you can check to make sure that no one has tried to open new accounts in your name.) Your credit report will include your credit account activity over the past seven years. If you have filed for bankruptcy within the past ten years, that information will be in your report also.

Mistakes are frequently made on credit reports, which is another good reason to get a copy of your record, whether or not you are applying for a loan. If you do have a mistake on your report, gather the information you need in order to show proof of the error to the credit bureau, and have the information corrected.

Detail any misinformation on your credit report and notify the bureau issuing the report either in writing or online as soon as possible. Contact information for the four primary credit bureaus is as follows:

Experian
PO Box 919
Allen, TX 75013
Phone: 1-800-311-4769
Website: www.experian.com

Equifax
PO Box 740241
Atlanta GA 30374
Phone: 1-800-685-1111
Website: www.equifax.com

Transunion
PO Box 1000
Chester PA 19022
Phone: 1-800-888-4213
Website: www.transunion.com

Innovis
PO Box 1358
Columbus OH 43216
Phone: 1-800-540-2505
Website: www.innovis.com

If you feel that you have been treated unfairly, or have an unresolved problem with one of the credit bureaus, contact the Federal Trade Commission at the following:

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
Phone: 1-877-382-4357
Website: http://www.ftc.gov/ftc/contact.shtm

Get a copy of your credit report and make sure it is accurate. Credit bureaus can and do make mistakes.

Sources:

FTC Consumer Information - Credit & Loans: Your Rights: Credit Reporting
(http://www.ftc.gov/bcp/menus/consumer/credit/rights.shtm)
Credit Report Directory (http://www.lavasurfer.com/info/credit.html)