Request for Credit Report

There are many reasons to request a copy of your credit report. As a consumer there is information you should know so if you want to make a purchase that requires credit in the future you will be aware of your standing. The credit reporting system assists grantors of credit in the approval of loans to you. In this day of Internet access identify theft has also become a problem for many consumers so periodically checking our credit report can help you monitor for this.

The credit reporting system is accurate and updated frequently so if you request a credit report the information you receive should be factual. If you find an error on the credit report there are agencies available who can assist you with your credit dispute or an individual can handle the dispute by themselves. If you find an error on your report you will want to have it corrected as soon as possible to keep your credit rating good. A bad credit report can result in denial of loans, upgrades in credits and even employment in some cases.

There are several ways to request a credit report. If you have recently been denied credit you can write to the credit bureau that provided the credit report to the business or employer who turned you down. There are many online services that you can request an online credit report from also. Many of these services provide instant credit reports. There are three credit reporting bureaus. TRW or Equifax, Experian, and Trans Union.

As a consumer you have a right to know if your application for credit has been accepted or denied. This information must be given to you within 30 days of submitting the application for credit. As well, if the application was rejected you have the right to know why. The creditor must immediately give this information to you within 60 days of your request for it.

The Fair Credit Reporting Act is a federal statue that became effective in 1971. The Fair Credit Reporting Act was set forth to protect the rights of credit-active customers. The law places limits on who may see a copy of your credit report. You are entitled to request a copy of your credit report at any time no one else may request to see it unless they plan to extend you credit, underwrite insurance or employ you. Your credit report can also be reviewed if a federal or grand jury subpoena requests it. If someone knowing and willfully obtains a credit report under false pretenses that individual may be imprisoned for up to one year or fined up to $5,000.

The information found on your credit report includes, your name, current and previous address, Social Security number, date of birth, telephone number and your current employer. Along with your personal information is a record of your bill paying history. This information includes information reported to the credit bureau by retail stores, banks finance and mortgage companies. Public records are also encompassed the information a potential creditor may look at on your credit report. Any past inquiries you have made asking for credit and if it has been denied or approved is listed on you credit report along with the aforementioned.

If you request your report to review it for whatever reasons, keep in mind there is particular information that is not and should not be included on it. Information regarding your gender, national origin, religion, race, medical history, personal lifestyle, criminal background or political affiliation should not be on the report.

Many variables are involved in what a creditor looks at to decide to extend you credit or not. Basically they want to know if you have credit history and what that history indicates. They want to know if you pay your bills promptly, are slow to pay your bills or if you have never paid them. Most of the information that is on your credit report comes directly form the companies that you do or have done business with. Your consumer credit report is an objective record of your credit payment history. Before a credit grantor extends you credit they have the right to review this information. The information they see on the report is what they use to determine their decision. If you have an error or something you disagree with on your report it is important to dispute it immediately so you do not have a negative credit report.

The credit report is rated and you are given a score. Every negative remark or transaction will count against you and result in bad credit. If you pay your bills and loans on time it will be positive and result in good credit. A problem for some wishing to obtain credit is the lack of any history. There are ways to improve your credit standing. This does take some time but it can be done by a consumer who has bad credit. This can be done by yourself or with the help of a credit improvement agency or counselor who will work with you for a fee.