Debt Views

The top three major credit bureaus in the U.S. are TransUnion, Experian, and Equifax. These three companies maintain reports that contain information about your credit as gathered from various sources. Besides being able to establish whether you pay your bills on time or not, the bureaus also let interested parties know if you have been sued, or you have filed for bankruptcy in the last few years.

The Fair Credit Reporting Act

Under the laws reported by the FCRA, you and other consumers are entitled to obtain one credit report every twelve months at no cost from the credit reporting bureaus of the United States, namely TransUnion, Experian, and Equifax.

Besides the annual report, there are also other specific instances in which you can acquire your credit report for free.

NEGATIVE ACTIONS – If a company turns down your application for insurance, credit, or perhaps even employment, its refusal may be linked to your credit score. If so, the government states that you’re within your rights to ask for a copy of your credit report at no cost in such cases, just as long as you submit your request within sixty days of receiving information of what you’ve been subjected to.

UNEMPLOYMENT – If you are unemployed and you intend to look for a job within the next sixty days then your search immediately entitles you to a copy of your report, in order to help you be prepared when trying to get a new job.

WELFARE – People depending on public and social welfare are also entitled to obtain a report for themselves at not cost.

INACCURACIES AND DISPUTES – If you find anything suspicious, erroneous, or invalid about your credit report then submit your findings immediately and request that they correct your report and then send you another copy of it so you can see the corrections. There is no cost to see a corrected copy after sending in a dispute.

Tips for Gauging the Accuracy and Validity of Your Reports

One common reason why people ask the 3 major credit bureaus for copies of their credit reports is when they notice questionable items in them. You should do your best to be equally perceptive to avoid paying for something you haven’t incurred.

Always make sure that all the items in your report really should belong there. Be sure that you’re not a victim of identity theft or fraud. Be aware that there’s a limit to how long items can appear in your report; bankruptcy details can only appear up to ten years while other negative credit information can stay there for no more than seven years.

You are allowed to dispute any incorrect errors that you find in your credit reports. Simply write a polite letter to whichever of the three major credit bureaus that are publishing incorrect data. Be very truthful and specific about what data is incorrect and tell the bureaus that it is in error and that you want it removed if it cannot be verified.