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Credit Report Questions

By: EconomyWatch Date: 25 August 2009

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Most people are unaware of the critical role a credit report plays in their finances until their loan request is rejected. Credit report questions can help clear the basic concepts related to these reports.

Credit Report Questions: What is a credit report and who prepares it?

A credit report is a comprehensive record of your borrowing, charging and repayment activities. This report contains your:

Name, date of birth, social security number, current and previous addresses and current and past employers
Past and present credit information
State and county court records on bankruptcy, tax liens or monetary judgments
Names of people who have requested for your credit report over the past year

A credit report is created by credit reporting agencies (CRA), such as Equifax, Experian and TransUnion. These companies collect, store and supply your credit information for a fee.

Credit Report Questions: How long does information stay on a credit report?

Usually, credit information remains on your report for seven years. However, personal bankruptcy filing information continues to show on the report for ten years.

Credit Report Questions: Why do I need to review my credit report?

You need to review your report on a regular basisto avoid any unpleasant surprises arising from mistakes or fraud. A review is also necessary before you apply for credit, such as credit cards, car loans and mortgages.

Credit Report Questions: How do I get a copy of my credit report?

You are entitled to receive one free credit report every year from the three main consumer credit reporting companies. This free report can be requested through the federal government’s annual credit report website or by contacting the companies directly.

Credit Report Questions: Is there help available to monitor the credit report?

Certain firms offer credit monitoring services. These highly reputed companies are owned by major publicly-traded corporations. Thus, they take special measures, such as the use of the latest encryption, data security and consumer screening technologies, to ensure that your credit information is not leaked to unethical companies or people.

Credit Report Questions: What if the data in my credit report is incorrect?

You can dispute the data by contacting the CRA and stating the facts. These facts, however, should be corroborated by documents.

Credit Report Questions: By when does the CRA respond to the credit report dispute?

When you dispute your credit report, the CRA verifies your claim. If your claim is found to be correct, it will change or remove the incorrect data. Although the CRA usually responds in 30 days, the process can take as long as 45 days.