It's an entity that gathers information about consumers' Credit History.
They are nothing more than record keepers. They are not run by banks,
police or government, and they have no legal power over you. So don't
be intimidated.
You’re Credit Report
Your Credit History Report includes information regarding the following:
* Identity information: name, address, social security number, spouse,
date of birth.
* Payment habits: how promptly you have made payments to
previous creditors.
* Public records: arrests, indictments, convictions,
lawsuits, tax liens, marriage, bankruptcies, court judgments.
* Debts.
* Other data relevant to your creditworthiness.
* Current employment info: your position, length of employment,
and possibly your earnings.
* Personal history: number of dependents, previous addresses,
previous employment.
How do the Credit Bureaus obtain information?
They obtain your information from lenders: banks, retailers, &
collection agencies. They obtain monetary-related public record
information from the court systems.
How long do the Bureaus keep my information?
* They keep your personal Credit History for approx. 10 years.
* Closed or Inactive Accounts - 10 years from the date of last activity.
* Derogatory Accounts - 7 years from the date of original delinquency.
* Public Records - 7 years from the date of payment: indefinitely if an
unpaid tax lien.
* Chapter 7 Bankruptcies - 10 years from date filed.
Credit Report Fact or Fiction
What's the worst thing that can appear on my Report?
Basically ten things.
Listed from best to the worst they are:
1.Inquiries
2.Credit Rejections
3.Late payments
4.Past due and unpaid payments
5.Court judgments
6.Collections
7.Loan defaults
8.Repossession
9.Foreclosure
10.Bankruptcy
How many mistakes can it take to cause denial of credit?
Only One!
How frequently do errors occur?
Estimates vary widely, but run as high as... 90%!
* The Attorney General of New York State has estimated that at LEAST 1/3
of all reports contain errors.
* The US Congress - at least 1/2
* A Consumers Union study - 40%
* The Charles Givens Organization conducted a study in which an
unbelievable 90% of all CreditReports reviewed contained errors!
