CREDIT REPORTS FAQ

What is a credit report?

A credit report refers to a record of an individual or company’s past repaying and borrowing including bankruptcy and late payments information.

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What are the provisions of the Credit Reporting Act?

The act requires all nationwide consumer-reporting firms to provide clients with free copies of their credit reports upon request at least once every year.
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What details are included in the credit reports?

The details include your location, mode of paying bills and whether you have ever been arrested or sued, or have ever filed for bankruptcy.

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Who uses credit reports?

Creditors, employers and insurers use credit reports for assessing client credit, employment and insurance applications.

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How do I order free credit reports?

There is a central website, toll-free phone number and mailing addresses where clients can order free yearly reports.

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Are there ordering options?

Clients can order credit reports from any of the available three nationwide client-reporting firms all at once or from one firm at a time.

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What are the prerequisites for getting free credit reports?

Name, social security number, date of birth and address are the required details.

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What are the details for maintaining file security?

Your monthly mortgage payment is the important detail asked for by credit report firms. However, information varies from company to company.

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Is it important for me to have a copy of my credit report?

Yes! Credit reports have data that affects your chances of getting a loan and the fee you will pay prior to obtaining the loan.

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How long will I have to wait for the credit report after ordering?

If you request your credit report online, you can immediately have access to it. However, if you request the report via telephone, it might take as much as fifteen days to obtain it.

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What are the other circumstances under which I will be entitled to a free credit report?

Under federal law, you have the right to a free credit report when a credit reporting firms takes adverse action against you. This could include denial of your credit application, employment or insurance.