Your Credit Report - Part Two

What to Do With Credit Report Information

First, read part one of Your Credit Report.

How Long Does It Take to Get Your Free Credit Report

If you request your report online, you should be able to access it immediately.

If you order your report by calling the toll-free number, your report will be processed and mailed to you within 15 days.

If you order your report by mail using the, your request will be processed and mailed to you within 15 days of receipt.

Whether you order your report online, by phone, or by mail, it may take longer to receive your report if the consumer reporting company needs more information to verify your identity.

There may be times when the companies receive an extraordinary volume of requests for credit reports. If that happens, you may be may asked to re-submit your request or you may be told that your report will be mailed to you sometime after 15 days from your request. If either of these events occurs, the company will let you know.

Other Ways to Get Free Credit Reports

Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice you receive from the company will give you the name, address, and phone number of the consumer reporting company.

You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.

Under state law, citizens in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont already have free access to their credit reports.

Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.

To buy a copy of your report, contact the companies at these addresses:

Equifax
800-685-1111
Equifax.com

Experian
888-397-3742
Experian.com

Trans Union
800-916-8800
TransUnion.com

What to Do If Your Credit Report is Inaccurate

Under the Fair Credit Reporting Act, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the consumer reporting company and the information provider, usually a lender or collection agency.

You Must Tell the Creditor or Other Information Provider in Writing That You Dispute an Item on Your Credit Report

Consumer reporting companies must investigate the items in question, usually within 30 days, unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the person or organization that provided the information.

After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies, so they can correct the information in your file.

When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your credit report if the dispute results in a change. (This free report does not count as your annual free report under the law.)

If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.

Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute and if the information is found to be inaccurate, the information provider may not report it again.

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company.

If you need help clearing up errors on your credit report, here are two law firms that specialize in correcting credit reporting errors. Their fees are not expensive and they have an extensive track record in this field: Academy Law and Lexington Law. Between the two of them, they have helped hundreds of thousands of customers get their credit reports corrected.

Learn more about cleaning up your credit reports.

How Long Must you Live with a Negative Credit Report?

A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance.

Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

Who Can Get Your Credit Report?

The Fair Credit Reporting Act specifies who can access your credit report. Creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home or apartment are among those that have a legal right to access your report.

Your employer can get a copy of your credit report only if you agree. A consumer reporting company may not provide information about you to your employer, or to a prospective employer, without your written consent.

Your credit report is critical to many aspects of your life. Take advantage of the new law to keep yourself informed about what's in it and make sure to immediately correct any mistakes.

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