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What is a Credit Report?

• If you've ever applied for a charge account, a personal loan, insurance, or a job, there's a file about you. This file is called a credit report which contains information about where you live and work, your income, debts and credit payment history (how you pay your bills), whether you've been sued, arrested, or if you have ever filed for bankruptcy. Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments.
• A business that gathers and sells the information in your credit report to other businesses is called a consumer reporting agency (CRA). The most common type of a consumer reporting agency (CRA) is the credit bureau. The information in your credit report that a consumer reporting agency (CRA) sells to creditors, employers, insurers, and other businesses is called a consumer report. This information is used to evaluate your applications for credit, insurance, employment, or renting a home.

• Bankruptcy information may be reported on a persons credit report for 10 years.
• Information about criminal convictions may be reported on a persons credit report without any time limitation.

You have the right to receive one FREE copy of your credit report, at your request, every 12 months, and it must contain all of the information in your file at the time of your request. Go to www.annualcreditreport.com or call 1-877-322-8228.

Contacting A Credit Bureau

There are three major nationwide credit bureaus:

• Equifax
  P.O. Box 740241
  Atlanta, GA 30374-0241
  Telephone: 1-800-685-1111
  Web site: www.equifax.com
• Experian
  P.O. Box 2104
  Allen, TX 75013
  Telephone: 1-888-397-3742
  Web site: www.experian.com
• TransUnion
  P.O. Box 1000
  Chester, PA 19022
  Telephone: 1-800-916-8800
  Web site: www.transunion.com

For more information go to the Federal Trade Commission (FTC) website at www.ftc.gov.

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