Credit Reports

Credit reports are used to determine an individual's credit worthiness. They are compiled by credit reporting agencies and will generally contain the following information:

• Personal information, including name, address, social security number and date of birth.

• Employment information, including employer name, your occupation and hire date.

• Credit information, including a list of your creditors, your payment history and account information.

• Collection information, including any creditors who have given your account to a collection agency to attempt to collect the debt owed.

• Public records, including bankruptcies, judgments and liens.

• Inquiries, a listing of creditors who have reviewed your credit report within the last two years.

The information on your credit report is provided to the credit reporting agencies by the creditors or is a matter of public record.

What are credit reports used for?

The Fair Credit Reporting Act specifies that your credit report is only to be obtained by individuals or organizations which have a "legitimate business need" to review your credit history. Your credit history may be reviewed if you apply for:

• Credit, such as a credit card, personal loan, auto or mortgage.
• An apartment lease.
• Employment
• Insurance

How long does information remain on your credit report?

Under the Fair Credit Reporting Act there is no time limit for reporting positive information. However, adverse or negative information will remain on your credit report for a minimum of seven years. The following is a list of adverse information and the time limits:

How can you obtain copies of your credit reports?

You can obtain copies of your credit reports by contacting the three principal credit reporting agencies to which creditors subscribe:

Equifax (CSC)	Trans Union	TRW/Experian
Customer Assistance Center	Consumer Relations Center	Nat. Consumer Center
P.O. Box 740256	P.O. Box 2000	P.O. Box 2104
Atlanta, GA 30374-0256	Chester, PA 19022-2000	Allen, TX 75002-2104
(800) 759-5979	(800) 916-8800	(888) 397-3742

It is important for you to be knowledgeable about the information contained in your credit report. Therefore, you should request copies of your credit reports each year and particularly before a major purchase, such as a home or auto. Reports should be requested from each of the three credit reporting agencies because the information is not necessarily the same.

How do you dispute information on your credit bureau report?

You are entitled to dispute inaccurate and outdated information on your credit report by submitting the dispute forms provided by the credit reporting agencies. The Fair Credit Reporting Act requires the agencies to investigate consumer disputes and report their findings to you within a reasonable length of time, usually 30 business days. However, any adverse or negative information that is being reported accurately cannot be removed from your credit report.

The above information should be understood to be a general discussion of the subject matter and DOES NOT constitute a legal opinion about the situation. For further information please consult a qualified attorney.

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