Where does credit fit in?

How can I get a copy of my credit report?
You now have the right to receive a free copy of your credit report from any or all of the credit reporting agencies (CRA) once a year. If you have internet access you can go to https://www.annualcreditreport.com/cra/index.jsp. Or you can call: 1-877-322-8228.

What are the three credit bureaus?
The three major national credit bureaus (or credit reporting agencies) are:
Equifax (800) 685-1111
Experian (888) 397-3742
Trans Union (800) 916-8800

What do I do if there is an error on my credit report?
If you contest the completeness or accuracy of information in your report, you should file a dispute with the Credit Reporting Agency (CRA) and with the company that furnished the information to the CRA.
Both the CRA and the company that supplied the information are legally obligated to reinvestigate your dispute. Inform each agency by phone and in writing that you dispute the account and tell them that you are not the debtor on this account. You may wish to send them copies of any documents or information you have to verify your claim. Keep the originals of any receipts, contracts, etc., and only send copies.

If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submit, unless your dispute is frivolous. The source must review your evidence and report its findings to the CRA. The source also must advise national CRAs to which it has provided the data of any error. The CRA must give you a written report of the investigation and a copy of your report if the investigation results in any change. If the CRA's investigation does not resolve the dispute, you may add a brief statement to your file. The CRA must normally include a summary of your statement in future reports. If an item is deleted or a dispute statement is filed, you may ask that anyone who has recently received your report be notified of the change.

Inaccurate information must be corrected or deleted. A CRA must remove or correct inaccurate or unverified information from its files, usually within 30 days after you dispute it. However, the CRA is not required to remove accurate data from your file unless it is outdated (as described below) or cannot be verified. If your dispute results in any change to your report, the CRA cannot reinsert into your file a disputed item unless the information source verifies its accuracy and completeness. In addition, the CRA must give you a written notice telling you it has reinserted the item. The notice must include the name, address and phone number of the information source.

Why should I dispute an error on my credit report?
Your credit report influences your purchasing power, as well as your chances to get a job, rent or buy an apartment or a house, and buy insurance. A history of timely credit payments helps you get additional credit. Accurate negative information can stay on your report for seven years. A bankruptcy can stay on your report for 10 years.

I don't know why my credit application was denied. Do I have a right to find out?
If your credit application is denied, the Equal Credit Opportunity Act (ECOA) requires creditors to specify why — if you ask. For example, the creditor must tell you whether you were denied because you have "no credit file" with a CRA or because the CRA says you have "delinquent obligations." The ECOA also requires creditors to consider additional information you might supply about your credit history. You must always find out why the creditor denied your application before your contact the CRA.

Above all, be responsible, and be persistent. Resolving credit problems can take time and effort.