Checking Your Credit Report

By Mike Schiano (past articles)
The DebtBuster

05/06/2004

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I recommend that you get a copy of your credit report from each of the three major credit reporting agencies - once a year to make sure the information is accurate. Each agency charges a service fee that varies from company to company.

Experian (www.experian.com)

Trans Union ( www.transunion.com)

Equifax (www.equifax.com)

To obtain a copy of your credit report, you must provide the following in writing:

1) Full name, including any previous names
2) Current address
3) Previous address (if needed for five-year credit history)
4) Social Security number
5) Date of birth
6) Signature

Free Credit Reports

If you have been denied credit because of negative information in your credit report, you may ask which agency provided your credit history and then obtain a copy of your report from that agency within 60 days at no charge .

In addition, you are entitled to one free report if:

1) You are unemployed and plan to seek employment within 60 days

2) You are on welfare

3) Your report is inaccurate due to fraud

Negative Information on Your Credit Report

If you find negative information in your credit report that is correct, you can:

1) Pay any balances so that creditors can update your file.

2) Wait seven years for negative information to be taken off (except for bankruptcies, which may remain for 10 years).

3) Write a brief statement of explanation to be included in future reports (i.e., unemployment).

Accurate information cannot be removed from your credit report. If you have any questions with regard to these topics, visit the Federal Trade Commission's Web site at www.ftc.gov.

Incorrect Information on Your Credit Report

If you find there is incorrect information in your credit report, you can:

1) request, in writing, an investigation that will be made within 30 days.
2) Contact the creditor, in writing.

Mike Schiano, The Debt Buster, received a bachelors degree in Political Science from the University of Central Florida in 1987 and earned the prestigious Certified Professional Manager designation in 2000. Since 1992 he has been involved in bringing personal finance education to families across America through his work with various companies. His radio show can heard via the Web at www.inchargeradio.com.