Consumer credit reports
Sometimes called a credit file or a credit history, the personal credit report details a consumer's financial behavior and identification information in
a consumer-friendly format that makes it easy for you to understand
what a lender would be seeing if they reviewed your credit history.
Information on the report is obtained from your creditors, public
records and other reliable sources, which report it to credit bureaus through
an automated process.
Credit reporting agencies store the information and report it to others
who have a permissible purpose under the law. A credit reporting agency's
role in an investigation process is to investigate and verify the
consumer's information to determine the accuracy and completeness
of any item or items by contacting the creditor and informing them
of all relevant information regarding the consumer's request for an
investigation. If the issue is not resolved, then the credit reporting
agency will offer the option of including a consumer statement with
the report. The Federal Trade Commission does not require that the
credit reporting agency obtain documentation such as the actual signed
sales slips, signature cards, contracts, etc.; nor does it require
that credit reporting agencies act as mediators or negotiators in
account disputes.
Some of the sections you might find on your personal credit report
are:
- Personal data - Includes information associated with your records
that has been reported to us by you, your creditors and other
sources. It may include name variations, your driver's license
number, Social Security number variations, your date of birth,
your spouse's name, your employer, your telephone numbers and
information about your residences. As part of our fraud prevention
program, a notice with additional information may appear in this
section.
- Credit information - This section lists most of a consumer's
credit accounts, the date when those accounts were opened, payment
history, debt owed and any co-signers.
- Public record information - A compilation of public information
gleaned from courthouses, this section includes bankruptcies,
monetary judgments stemming from lost court cases, federal and
state tax liens, and overdue child support payments.
- Requests for your credit history - This section contains a list
of those individuals and organizations that have recently sought
information from the
credit report because you applied with them or under permissible
purpose of the law. These might include lenders, insurers, employers and stores that want to increase
the credit lines of customers who meet certain criteria. Certain
inquiries generate pre-approved credit card offers.
- Consumer statement (optional) - You can contribute a statement
addressing an issue on your report.
We suggest that you check your personal credit report often in
order to know and understand what is being reported about you. This
is one step to maintaining your financial health.
This article is provided for general guidance and information.
It is not intended as, nor should it be construed to be, legal,
financial or other professional advice. Please consult with your
attorney or financial advisor to discuss any legal or financial
issues involved with credit decisions.
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