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| FCRA
The Fair Credit Reporting Act of 1971, or the FCRA, protects your rights
as a consumer. It places limits on who may see a copy of your credit report.
You may request a copy at any time but no one else may legally review your
report unless they intend to conduct a credit transaction, make an employment
decision, underwrite insurance or in response to a court order or federal
grand jury subpoena. Anyone who knowingly and willfully obtains a credit
report under false pretenses may be fined up to $5,000 and imprisoned for
up to one year. |
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There
are three major credit reporting agencies, Experian,
Equifax, or Trans
Union. At their web sites you can find out information about how to
order a copy of your credit report. These reports generally only cost a
few dollars.
You can order
your report from just one agency but because these companies are rivals,
they don't share information. If you are squeaky clean in the eyes of Experian,
you may look like a psycho to Equifax. If you are applying for a big loan
like a mortgage, lenders look at all three.
Get your credit
report for free
If, in the last
60 days, you were denied credit, housing, insurance or a job based on what
was in your credit report, by law, according to the Fair Credit Reporting
Act (FCRA), you're entitled to a free report. Frequently you'll get a letter
stating which credit reporting service was used. Contact the agency in
question and demand they send you a free copy.
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You
can also get a freebie once a year if you certify: you are unemployed and
seeking employment, you are receiving public welfare assistance, or you
believe your credit file contains inaccuracies resulting from fraud.
Not a good
idea: You might think that applying for credit to a bunch of places
would be a smart way to work the system to hit all three agencies and force
them to cough up free credit reports. Unfortunately, every time someone
accesses your credit report, it lowers your rating. Lenders don't like
to see people hunting for credit all over town. If you don't get the credit,
you lose. If you do get the credit, lenders see that you are exposed to
more potential debt.
Getting your
credit report snail mail
Although there
are a few web sites that charge you to check your credit report on-line,
it is probably better to just get the hard copy.
Because ordering
requirements change from time to time, call the numbers below to confirm
prices and the information they require. Most likely they will want you
to provide the following:
Full name (including
Jr., Sr., etc.)
Spouse's first
name (if married)
Current address
Phone number
Address(es) for
the past two years if applicable
Social Security
number
Birth date
Current employment
information
Signature
Any fees
Information Service
Center
P.O. Box 740241
Atlanta, GA 30374-0241
800-685-1111
National Consumer
Assistance Center
P.O. Box 949
Allen, TX 75013-0949
888 EXPERIAN
(888-397-3742)
Customer Disclosure
Center
P.O. Box 390
Springfield,
PA 19064-0390
800-851-2674
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