Understanding Credit Reports
Requesting Credit Reports
A consumer can request his/her credit report any time. The Fair and Accurate Credit Transaction Act entitles consumers to one free credit report each year from each of the three main credit bureaus. Consumers can access their credit reports in three different ways:
• By visiting the website:
• By calling toll free at:
• By sending a written request to:
Annual Credit Report Request Service
PO Box 105281,
Atlanta, GA 30348-5281
BEWARE... The website above is the ONLY website supported by the Federal Government for free annual credit reports. There are other sites that use “free report” in their names or advertisements. They might also misspell AnnualCreditReport.com as their web address in the hopes that consumers will arive at their site instead by accident. Theirs is a pay service, and not supported by the Federal Government.
It is recommended that consumers check each of their three credit reports once a year to ensure the information is accurate. They do not have to be requested all at once. A consumer can stagger their requests from each credit reporting agency every 4 months to constantly monitor the information.
Mistakes in Credit Reports
Of all the complaints posted to the Consumer Financial Protection Bureau’s website in 2016, the highest percentage were complaints about credit reporting. The Federal Trade Commission found that one in four consumers identified errors on their credit reports that might affect their credit scores. In 1971, the Fair Credit Reporting Act was enacted to protect the consumer. It states that consumers have the right to know what information is in their credit report, and to correct any errors. This legislation was designed to promote accuracy and ensure privacy of consumer information in credit reports. Here’s what to know to correct an error on a credit report:
- Tell the credit reporting company, in writing, what information you think is inaccurate.
- Tell the information provider, in writing, that you dispute an item on your credit report.
- The agency has 30 days to investigate the information.
- Information must be removed from a file if the CRA cannot verify it, or correct the errors