Credit Reports: Why You Need to Know What's
in Your Credit Reports
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in Your Credit Reports
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Three Major Credit Bureaus
Consumer credit reports are contained in one or all of the three major Credit Bureaus, also known
as Credit Reporting Agencies. The three major credit bureaus are Experian, Equifax and
Transunion. Each of the credit reports often contain varying information.
Types of Information Contained in Credit Reports
The types of information included in your credit reports may include the following:
Who Has Access to Your Credit History?
Anyone with a legitimate business purpose can get your credit report such as:
With so many entities potentially looking at your credit you must know what they are viewing. Get
your Free Credit Score & Report.
The FACT Act
In accordance with the federal FACT Act, consumers are now able to get a free copy of their credit
report every 12 months from each of the three major credit bureaus, Experian, Equifax and
TransUnion. The toll free number is (877) 322-8228. You can also go online at annualcreditreport.
You do not have to order all three credit reports at one time. You can choose to stagger your free
reports over the course of a year by ordering one report every four months.
You Are Entitled to a Free Report
The FACT Act is not the only way to get a free credit report. You are entitled to a free credit report
if you have experienced one of the following:
Freeze Your Credit Reports
Some states offer consumers the option to "freeze" their credit report so it can only be accessed in
very limited situations. Victims of identity theft can request this option for free if a police report is
provided to the credit reporting agencies. For other consumers who are not victims of identity theft,
you can request a “freeze” for a fee.
Marketing and Pre-Approved Offers
The credit bureaus engage in the practice of selling lists for use in "pre-approved" credit and
insurance offers. Consumers who receive pre-approved credit offers are often on these marketing
lists. However, pre-approved does not necessarily mean a credit report will not be pulled. If you
respond, the creditor may access your credit report before you are actually granted credit. Your
application can also be denied at this time.
You have a choice to remove you name from any marketing list compiled by a credit reporting
agency. To remove your name from all three credit reporting agencies’ marketing lists you can “opt-
out”. Call (888) 5-OPTOUT or (888) 567-8688 to opt out or go online to optoutprescreen.
Consumer credit reports are contained in one or all of the three major Credit Bureaus, also known
as Credit Reporting Agencies. The three major credit bureaus are Experian, Equifax and
Transunion. Each of the credit reports often contain varying information.
Types of Information Contained in Credit Reports
The types of information included in your credit reports may include the following:
- Payment History.
- Account Balance.
- Credit Limit.
- Inquiries.
- Collections.
- Employment History.
- Address and Telephone Number.
- Any information supplied by you when you complete an application for credit.
- Public Information (bankruptcy, court judgments, past due child support, liens and
foreclosures).
Who Has Access to Your Credit History?
Anyone with a legitimate business purpose can get your credit report such as:
- Landlords
- Employers and potential employers
- Auto, Home & Life Insurance Companies
- Cable & Satellite Companies
- Utility Companies (Telephone, Electric & Gas)
- Cell Phone Providers
- Companies that you have a credit account with can regularly monitor your credit
- Government agencies considering you for licensing
- State and Local Child Support Enforcement Agencies
- Any Government Agency
With so many entities potentially looking at your credit you must know what they are viewing. Get
your Free Credit Score & Report.
The FACT Act
In accordance with the federal FACT Act, consumers are now able to get a free copy of their credit
report every 12 months from each of the three major credit bureaus, Experian, Equifax and
TransUnion. The toll free number is (877) 322-8228. You can also go online at annualcreditreport.
You do not have to order all three credit reports at one time. You can choose to stagger your free
reports over the course of a year by ordering one report every four months.
You Are Entitled to a Free Report
The FACT Act is not the only way to get a free credit report. You are entitled to a free credit report
if you have experienced one of the following:
- Denied credit in the last 60 days
- Unemployed and intend to apply for employment in the next 60 days
- You are on public welfare assistance
- If you believe your file contains inaccurate information due to fraud or identity theft
- Denied employment based upon information contained in your credit report
- If your report has been updated or revised based upon an investigation you requested
Freeze Your Credit Reports
Some states offer consumers the option to "freeze" their credit report so it can only be accessed in
very limited situations. Victims of identity theft can request this option for free if a police report is
provided to the credit reporting agencies. For other consumers who are not victims of identity theft,
you can request a “freeze” for a fee.
Marketing and Pre-Approved Offers
The credit bureaus engage in the practice of selling lists for use in "pre-approved" credit and
insurance offers. Consumers who receive pre-approved credit offers are often on these marketing
lists. However, pre-approved does not necessarily mean a credit report will not be pulled. If you
respond, the creditor may access your credit report before you are actually granted credit. Your
application can also be denied at this time.
You have a choice to remove you name from any marketing list compiled by a credit reporting
agency. To remove your name from all three credit reporting agencies’ marketing lists you can “opt-
out”. Call (888) 5-OPTOUT or (888) 567-8688 to opt out or go online to optoutprescreen.
A 2004 study found that one out of every four credit reports contained serious errors that could
result in the denial of credit. Lawmakers are concerned the problems consumers encounter
while attempting to clear up their credit further compounds errors.
The credit bureaus do not always respond to disputes according to the FCRA. You may have to
dispute errors several times before they are favorably resolved. It is important to continue the
dispute process to the end.
result in the denial of credit. Lawmakers are concerned the problems consumers encounter
while attempting to clear up their credit further compounds errors.
The credit bureaus do not always respond to disputes according to the FCRA. You may have to
dispute errors several times before they are favorably resolved. It is important to continue the
dispute process to the end.
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More Resources
Disputing information on your credit files
Tips for Disputing Negative information in your Credit Files.
Debt Validation
How to halt the collection process by requesting a collection agency to validate
your debt.
Get Deletions
Request Deletions when paying a negative account because paid collections do
not change your credit scores.
Your States Statute of Limitations
Learn the amount of time a creditor can sue you for a debt according to your State.
Tips for Disputing Negative information in your Credit Files.
Debt Validation
How to halt the collection process by requesting a collection agency to validate
your debt.
Get Deletions
Request Deletions when paying a negative account because paid collections do
not change your credit scores.
Your States Statute of Limitations
Learn the amount of time a creditor can sue you for a debt according to your State.
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Related Topics
How Credit Errors Affect You
Democratic-NY Rep. Carolyn Maloney
said "Being denied credit based on
erroneous information impairs your
future chances of getting credit and
makes it harder to overcome the
error...mistakes mushroom into very
serious problems."
It has become imperative that you rid
your credit files of any errors,
inaccurate and out-dated information
that is viewed as negative. Learn how
to effectively dispute inaccurate
information in your credit reports.
Unfortunately, in today’s society, there
is no getting around credit.
Democratic-NY Rep. Carolyn Maloney
said "Being denied credit based on
erroneous information impairs your
future chances of getting credit and
makes it harder to overcome the
error...mistakes mushroom into very
serious problems."
It has become imperative that you rid
your credit files of any errors,
inaccurate and out-dated information
that is viewed as negative. Learn how
to effectively dispute inaccurate
information in your credit reports.
Unfortunately, in today’s society, there
is no getting around credit.
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