Consumer Credit Bureau Reports

What Your Credit Report Reveals

Your credit report reveals a lot about you, both the good and the bad. Most information stays on your credit report for 7 to 10 years, depending on the state in which you live. A credit report provides information to credit granting companies that details your payment history. Why is this important? A company that is granting credit wants to make sure that you are a good risk - you are a person that pays your bills on time every month and are capable of paying off your debts.

Consumer credit bureau reports provide information on your revolving credit accounts, such as department store credit cards, house and car payments as well as accounts that may be due in the future, such as a student loan that is not in repayment status. The report shows how much you owe, and how much credit has been extended. It also shows how many times you have paid your bill late, what your highest payment has been on each account and how long the account has been open.

Obtaining Consumer Credit Bureau Reports

If you haven’t seen a copy of your credit bureau report lately, now is the perfect time to obtain one. Getting a copy of your report is easy. Order a copy online from companies offering identity theft services or order a copy through the mail from the three main reporting agencies.

Credit Reporting Agencies

The three reporting agencies are:

• TransUnion
• Experian
• Equifax

In keeping with the FACT Act, individuals can request a free copy of their credit report from each of these companies once a year. You may also request a copy of the credit report for free if you receive a letter from a credit company denying you credit. The decline letter must accompany your request for a free credit report.

Credit Monitoring Services

Once identity theft became a wide spread problem, many companies were formed to help individuals identify when someone was accessing their credit reports. Catching credit fraud early can save hundreds if not thousands of dollars both for individuals and credit card companies. These monitoring services can send alerts to subscribers letting them know when their credit information has been requested or attempts have been made to change identifying information.

Companies that offer monitoring services to individuals and companies include the following:

• FICO
• Equifax Services
• LifeLock Services
• True Credit by TransUnion

Credit Bureau Report Disputes

If after you have received a copy of your consumer credit bureau report you discover information on it that is wrong, you have the right to dispute it with the credit bureau. It is simple to dispute information; all you need to do is write a letter to the credit bureau detailing which information is wrong, and why you believe it is wrong. A credit bureau may delete the information while it is researching the dispute. Once the dispute has been resolved the information will either be removed or placed back on your report. The credit bureau will provide you with a letter detailing how the dispute was settled.

Protect Your Credit

Make sure to obtain a copy of your credit bureau report each year as a minimum. Your credit report has a big impact on whether you receive loans, credit cards and in some cases, a job. Keeping track of your finances can help protect your credit now and keep identity thieves from ruining your future.