Credit Reporting

A credit report is your personal credit payment history. Lenders use it to decide whether to grant you credit. This history is compiled and reported by credit bureaus (also called credit reporting agencies) from information received from various grantors of credit—credit card issuers, mortgage holders, banks, or even retail stores that offer credit for purchases.

Your credit report shows your address, Social Security number, date of birth, how much you have borrowed through credit cards or any other types of loans including student loans, and whether or not you pay off your debts on time. You can request a copy of your credit report from these agencies:

• Equifax
  Information Service Center
  P.O. Box 740241
  Atlanta, GA 30374-0241
  800/685-1111
• Experian
  National Consumer Assistance Center
  P.O. Box 949
  Allen, TX 75013-0949
  888/397-3742
• TransUnion
  Consumer Relations
  P.O. Box 1000
  Chester, PA 19022
  800/916-8800
  

Most information reported to credit bureaus remains on your credit report for seven years, and some bankruptcies are listed for 10 years. You may have no reason to think there is negative information in your credit report, and you are probably correct. But it's a good idea to check. Credit agencies occasionally make mistakes. If your report is inaccurate, the credit bureau will tell you their procedure for disputing credit report information.

Important note: You should only handle disputes about credit information through the credit reporting agency. Be very cautious of companies or individuals that claim they can "fix" or "clear up" bad credit reports for a fee.