News and Events

January 29, 2007

What is a Credit Report?

A credit report contains information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your application for credit, insurance, employment, or renting a home.

A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.

You can order your free annual credit report online at www.annualcreditreport.com, by calling 877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

What if I find errors in my report?

Under the Fair Credit Reporting Act, both the consumer reporting company and the information provider are responsible for correcting any inaccurate or incomplete information in your report. Consumer reporting companies must investigate the items in questions-usually within 30 days- unless they consider your dispute frivolous. Once the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change.

By Katina Gass,
Bankers Trust

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