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Slip-ups in Your Personal Credit Report |
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A personal credit report is a type of consumer report that contains information about where you work, live and how you pay your bills. It may also show whether you've ever been sued or arrested or have filed for bankruptcy. These personal credit report(s) are compiled and sold by companies called consumer-reporting agencies (CRAs) or credit bureaus to creditors who request this information. It is important that the information in these reports be true, because businesses use them, to evaluate your applications for credit, insurance, employment, and other purposes allowed by the Fair Personal Credit Reporting Act (FCRA). So, some financial advisors suggest that you periodically review your personal credit report for inaccuracies or omissions. Checking the accuracy of information in your credit file could speed up the credit-granting process. If you've been denied credit, insurance, or employment because of information supplied by a CRA, you can always contact the CRA that supplied your personal credit report. According to the FCRA regulations, the company you applied to must give you the CRA's name, address, and telephone number. If you contact the agency for a copy of your personal credit report within 60 days of receiving a denial notice, the report is free. You're also entitled to one free copy of your report a year if you're unemployed and plan to look for a job, or on welfare, or your report is inaccurate because of fraud. Otherwise, a CRA can charge you up to $9.00 for a copy of your personal credit report. You can also get a copy of your report by contacting any of the CRAs listed in the Yellow Pages under credit or credit rating and reporting. You should call all the credit bureaus listed there, since more than one agency may have a file on you. If you find that there are errors in any of your personal credit report, you can get it rectified. Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or credit card company, have the responsibility to correct the inaccurate or incomplete information in your report. So, it is best to contact both the CRA and the information provider to get your report corrected. The first step should be to write to the CRA or information provider or both, by certified mail, with return receipt requested, stating the information that you believe is inaccurate. Include copies of documents that support your position. You could also enclose a copy of your Personal Credit Report with the items in question, circled. It is compulsory that the CRA and the information provider reinvestigate the items in question, usually within 30 days. If they find that the information is inaccurate or incomplete, then they must notify all nationwide CRAs so they can correct this information in your Personal Credit Report file. Also, any disputed information that cannot be verified must be deleted from your file. Once the investigation is complete, the CRA must give you the results in writing as well as a free copy of your new personal credit report. On your request, the CRA must send notices of corrections to anyone who received your report in the past six months. In case of job applicants, the corrected copy of their Personal Credit Report can be sent to anyone who received a copy during the past two years. Even if a reinvestigation does not resolve your dispute, you can still ask the CRA to include your statement of dispute in your file and future reports. However, accurate negative information can generally stay on your report for 7 years except in the case of bankruptcy, which can stay on your report for 10 years. Some other negative information, like criminal conviction, does not have a time limit. If the reason you've been denied credit is insufficient credit file or no credit file, you can request the CRA to include the information of creditors that are not in the credit file, but with whom you have accounts, in future personal credit reports. Although they are not required to do so, many CRAs will add verifiable accounts, for a fee. |
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