Annual Credit Report

Annual Credit Report
Credit report or credit history is a record of a person’s personal and financial data; the report contains information like where does the individual reside, what are his contact numbers (which also includes his unlisted phone numbers), his date of birth, how does he pay his bills and whether he has any past record of bankruptcy or other legal issues. All these information is collected by the Credit Reporting companies and sold to creditors, insurance agents, employers and other businesses for them to evaluate whether your application is eligible for credit, insurance, employment and even renting an apartment.

According to the Fair Credit Reporting Act (FCRA), all the credit reporting companies must provide you with a free copy of your credit report (on your request) once in every 12 months. The Act also endorses accuracy and confidentiality of the data stored in the files of the consumer reporting companies.

Beware of fraudulent websites
Apart from website www.annualcreditreport.com, no other sites have the authority to fill up forms for free annual credit report. Those sites which claim to furnish you with “free credit reports” or “free credit scores” or “free credit monitoring” are not a part of the legally mandated free annual credit report program.

The credit reporting agencies like Equifax, Experian and TransUnion and www.annualcreditreport.com, does not send emails to individuals for personal information; so, if you

receive any mails or phone calls from someone claiming to be from any of these officially registered credit report agencies, do not reply. It is probably a scam. Forward any such email to the FTC at spam@uce.gov

What does your credit report contain?
As discussed earlier, credit report contains of sensitive personal and financial information that are gathered from various sources. The information includes:
• Personal information like present mailing address, contact numbers, Social Security Number and date of birth.
• Information about the person’s credit history like the loans that he had taken, his credit cards and how prompt he was with his payments.
• Public reports like bankruptcies, litigations and other legal problems.
• A detailed list of all the people and organizations who have requested for a copy of your credit report.

Other information about the various Credit Reporting Agencies and credit reports:
If you are a victim of identity theft; or you have been refused credit or employment after the company has inspected your credit report; you have every right to receive a copy of your report from the relevant agencies (it is irrespective of whether you have requested for a free copy or not). The Fair Credit Reporting Act entitles all the citizens of the United States to receive a free copy of their credit reports. For further details you can log on to www.ftc.gov/bcp/conline/pubs/credit/fcrasummary.pdf

What if the credit report has incorrect information?
If you notice any inaccurate information on your credit report, you can write to the Credit Reporting Agency that has issued the report and request for a modification. If, in spite of your identifying and requesting for an alteration, no correction has been done, you can consult a private attorney and take the relevant legal actions.

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