Fact Sheet 6:
Credit reports are a gold mine of information about consumers. They contain your Social Security number, date of birth, current and previous addresses, telephone numbers (including unlisted numbers), credit payment status, employment information and even legal information.
You will sometimes hear about a fourth credit bureau called Innovis (www.innovis.com ) and another bureau called CoreLogic (www.corelogic.com/ ) which tracks and issues reports on data not typically found in traditional credit reports.
Under the federal Fair Credit Reporting Act (FCRA) you have the right to:
- Obtain a free copy of your credit report once a year. Know who has received a copy of your report. Dispute inaccurate information. Explain the circumstances if negative information is included. "Opt-out" to prevent credit bureaus from using your information for marketing. Complain to the appropriate government agency or file a lawsuit.
2. Credit Reporting Basics: What's in a Credit Report?
What is in my credit report?
Your credit report is actually a credit history. It is created by data about you from many different sources. Companies that have granted you credit make regular reports about your accounts to the three main CRAs: Equifax, Experian and TransUnion. If you are late in making payments, those to whom you owe money such as utilities, hospitals, landlords and others may report this information to the CRA. Your bank may inform the CRA if you overdraw your account or do not make credit card, auto loan, or mortgage payments on time. Your credit report may also contain information about delinquent child support payments.
Your credit report contains your name and any name variations, your address, and previous addresses, telephone number (including unlisted number), Social Security number, year and month of birth, and employment information. Information in your report also includes matters of public record such as civil judgments, tax liens and bankruptcies.
You have the right to know who has inquired about your credit file or has requested your report over the last six months. Reports you receive must also include the identity of all such inquiries. Inquiries related to pre-approved offers, as well as your own inquiries, are not available to credit grantors. However, they are included in credit reports that you order for yourself.
For a guide to understanding how to read your credit report, see "The Ultimate Credit Report Cheat Sheet".
For information about other types of consumer reports, read our other guides:
Can a credit reporting agency deny my application for credit?
CRAs do not make decisions regarding a consumer's creditworthiness. Rather, the CRA compiles reports of what your file contains and passes that along to the potential credit grantor. Credit decisions are, in fact, generally made based upon a number of factors that comprise a "score." Inquiries made in connection with your applications for credit may also be a factor in your score. If, for example, you have applied for several credit cards or loans in a short period of time, this may result in a lower score. Inquiries made in connection with pre-approved credit offers or those you make yourself do not result in a reduced score.
Is there anything that cannot be in my credit report? How long can information be reported?
Certain pieces of personal information cannot be in your credit report:
- Medical information (unless you give your consent).
- Notice of bankruptcy (Chapter 11) that is more than 10 years old.
- Debts (including delinquent child support payments) that are more than seven years old. Age, marital status, or race (if the request is from a current or prospective employer).
Certain kinds of information may remain on your report indefinitely. If, for example, you are applying for credit, insurance or employment above the dollar limits noted below, information can be reported beyond the usual seven- to 10-year deadlines.
- A credit transaction involving, or which may be expected to involve, an amount of $150,000 or more. Information about a job with a s