Credit Report Errors
September 2008
How to Dispute Credit Report Errors
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our credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. Some financial advisors and consumer advocates suggest that you review your credit report periodically. Why? n Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow money. n To make sure the information is accurate, complete, and up‑to‑date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
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To help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
Getting Your Credit Report An amendment to the FCRA requires each of the nationwide credit reporting companies — Experian, TransUnion, and Equifax — to provide you with a free copy of your credit report, at your request, once every 12 months. How to Order Your Free Report The three nationwide credit reporting companies have set up one website, toll‑free telephone number,
FTC Facts For Consumers 2
and mailing address through which you can order Other situations where you might your free annual report. To order,
How to Dispute Credit Report Errors
Y
our credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. Some financial advisors and consumer advocates suggest that you review your credit report periodically. Why? n Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow money. n To make sure the information is accurate, complete, and up‑to‑date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
n
To help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
Getting Your Credit Report An amendment to the FCRA requires each of the nationwide credit reporting companies — Experian, TransUnion, and Equifax — to provide you with a free copy of your credit report, at your request, once every 12 months. How to Order Your Free Report The three nationwide credit reporting companies have set up one website, toll‑free telephone number,
FTC Facts For Consumers 2
and mailing address through which you can order Other situations where you might your free annual report. To order,