About Credit Reports

Credit reports provide a detailed record of an individual’s borrowing and repaying history. Lending institutions use these credit reports to determine an individual’s interest rate and borrowing capabilities.

What’s in a credit report?

Credit reports are produced by 3 credit bureaus – Experian, Equifax and TransUnion (also known as credit reporting companies) – and include:

• Personally Identifying Information – your social security number, current and previous addresses and employment history
• A summary of the number and types of accounts and whether they are in good standing
• Payment history for each account
• Details of accounts turned over for collection action
• Information about past bankruptcy or judgments
• Inquiries made by lenders or other institutions about your credit report

If you have found errors in your credit report, there are ways to correct them. Your credit report provides information on correcting errors in your file.

Taking control of your credit report and reputation

The information on credit reports is used to calculate a credit score. Lenders use the credit score to make decisions about extending credit. It’s important to keep track of the information in your credit report to make sure there are no errors. According to research by the U.S. Public Interest Research Group, 79% of credit reports contain at least one error-which you have the right to correct.

Credit reports can be free!

Thanks to the Fair and Accurate Credit Transactions Act (FACT), U.S. residents are entitled to one free credit report every 12 months from each of the three U.S. credit bureaus.

There are several ways to access your free credit report:

1. On the web: www.annualcreditreport.com
2. By phone: 1-877-322-8228
3. Completing the form in the Annual Credit Request brochure and mailing it to:

   Annual Credit Report Request Service
   P.O. Box 105281
   Atlanta, GA 30348-5281

If you’ve been turned down for a loan, credit card, insurance policy or job due to a negative credit report, you’re also entitled to a free credit report from the credit bureau. So, if you want lenders to see you for the responsible person you really are, be sure you have a credit report that reflects the real you!