Excerpted from the Do-It-Yourself Credit File Correction Guide by Paul Richard and published by the Institute of Consumer Financial Education (ICFE)
What is a Credit Reporting Agency?
It's an organization, usually profit-driven, devoted to collecting and
reporting credit information to subscribers - mostly area businesses,
banks, etc. Think of it as a clearinghouse for information about your
personal credit history and debt repayment practices. The major firms
cover all fifty states. These agencies are highly computerized and have
millions of files and millions of subscribers -mostly businesses -
paying a monthly fee for this information reporting service All bureaus
DO NOT contain the same data or necessarily all of your credit
history.
What is a Credit Bureau?
It's a smaller version of a credit reporting agency.
Credit Bureaus usually operate within a single state and often cover only one
county. Others cover a multi-county area. Some also offer collection services
in addition to background reports for potential employers etc.
What is a credit rating and where does it come from?
It is the rating
given to an individual or business - by a previous lender - as a credit
risk, based on past records of debt repayment, financial statements,
employment and current financial status. Credit reporting agencies do
not rate your credit, only those merchants who extend credit (to you) do
the rating.
How do I locate credit bureaus and credit reporting agencies in my area?
First
check the yellow pages of a local telephone book under Credit Reporting Agencies.
If there is more than one listed, chances are you have more than one credit file.
How do I obtain a copy of my credit file from each agency?
Call each one listed
and ask for the consumer services department. Inquire about your credit file.
They may ask you some personal information such as your social security number,
mothers maiden name, etc. in order to access the proper file. If they have a
file on you, ask how you go about obtaining a copy. It takes a written request
and there is a service fee of up to $8 depending on where you live.
NOTE: Anyone
denied credit based on information contained in a credit file must be notified
says the Fair Credit Reporting Act. The company which denied you credit will
tell you from what agency they obtained your credit report and how you can obtain
a copy - free of charge if you request one within a reasonable time after receiving
the denial letter. Send a copy of the denial letter with the request.
What is the next step?
In about ten days after you request it, your
credit file's) will come by return mail. It will include instructions on
how to read it and it will contain an explanation of all the symbols and
abbreviations used in the report
What if need help?
Avoid any type of credit doctor, credit repair firm
or service. Do-it-yourself instead. It is easy and inexpensive. Don't
pay more than $10 which is the cost of the Institute of Consumer
Financial Education's Do-It-Yourself Credit File Correction Guide. It
has instructions, sample letters to smooth communications with the
credit reporting agencies, credit file request forms and a listing of
the major credit reporting agencies.
Credit File Request Form
Copy and use the Institute
of Consumer Financial Education Credit File Request Form to request your
credit files from the Experian (formerly TRW), Trans Union, Equifax and Check
Approval systems that may have a file in your name. The addresses of the major
credit bureaus and the telephone numbers of the Check Approval systems are after
the form. Credit File Agencies Contact Information
Use the contact information below to request your credit files. If you
have been denied credit within 60 days or if you are going to pay for
the report using a credit card.
Experian (formerly TRW)
PO Box 2002
Allen, TX 75013-2002
888-397-3742
Fees: $8-$9 or may be stipulated by state law
Equifax Credit Information Services
PO Box 105873
Atlanta, GA 30348
800-685-1111
Fees: $8-$9 or may be stipulated by state law
Trans Union
Consumer Relations Center
PO Box 1000
Chester, PA 19022
800-888-4213 OR 440-779-7200
Fees: $8-$9 or may be stipulated by state law
The three national credit bureaus offer a toll-free number enabling consumers to "opt out" of pre approved credit offers with just one phone call. 1-888-5-OPTOUT (888-567-8688).
The companies listed below compile data on checks, both business and
personal, processed through normal banks and credit unions.
Many financial institutions use the Shared Check Authorization
Network (SCAN). Some of the firms also act as collection agents
of an unpaid check for their subscribers.
Use the telephone numbers below to report the fraudulent
use of your checks, or to request your file, IF you have
been the victim of check forgery or have had non sufficient
funds activity on your checking account(s).
ChexSystems - 1-800-428-9623
CheckRite - 1-800-766-2748
SCAN - 1-800-262-7771
TeleCheck - 1-800-710-9898
Equifax - 1-800-437-5120
Nat'l Processing - 1-800-526-5380
Revised/Updated February 2002