Credit

Checking Your Credit Record

May I look at my credit record?

Yes, you have the right to know the content of credit files that contain information on you, and many consumer credit experts suggest that you examine these credit files about once a year. A periodic checkup will enable you to find out what the credit bureaus will report to those businesses with a legitimate reason to check your credit record.

The Fair Credit Reporting Act (FCRA) allows you to review your file at any time, and it is particularly important for you to do so if you plan to apply to rent an apartment or apply for a job or a home mortgage loan or other major loan or credit purchase. The credit bureau is permitted to charge you a reasonable fee for providing this service. Currently, credit bureaus that are members of the industry's trade association, Associated Credit Bureaus (ACB), charge no more than $8.50 for an individual report or $17 for a joint report. Some members offer consumers one free report each year upon request.

The Fair and Accurate Credit Transactions (FACT) Act of 2003 required the nationwide credit bureaus to provide consumers with a free copy of their credit report, at their request, once every 12 months. For more information on how to get your free credit report, visit the Federal Trade Commission's Consumer Website. You can also visit the official AnnualCreditReport.com website for more information.

>>What do credit bureaus do?
>>Do credit bureaus ever report one person’s record instead of another’s?
>>May I look at my credit record?
>>Do I have a right to see my credit record if it contains adverse information about me?
>>What does a credit report look like?
>>What may I do if I believe the credit bureau has incorrect information in my file?
>>How does the process of challenging inaccurate information work?
>>What is the story behind companies that advertise their abilities to repair faulty credit histories? They sound too good to be true.


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