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FAQ ON CREDIT REPORTSQ -- "What is a credit reporting agency?" A -- A credit reporting agency or bureau is a library of credit histories. Credit reporting agencies store credit information that is reported by their subscribing credit grantors (banks, retail stores, credit card issuers, finance companies) and collected from selected public records (bankruptcies, tax liens, and judgments [wage garnishments or lawsuits]). Q -- "Why did the credit reporting agency deny me credit?" A -- Credit reporting agencies DO NOT grant or deny credit. That decision is made by the credit grantor using the information contained in the credit profile, as well as several other factors. Q -- What IS in a credit report? A -- A credit profile contains information about loans, charge accounts, credit cards and public record information, which is limited to bankruptcies, tax liens, and judgments. Q -- What IS NOT in a credit report? A -- Credit reporting agencies DO NOT collect or maintain information about an individual's race, religion, gender, salary, personal assets, checking or savings accounts, medical history, personal background, lifestyle, or criminal record. Q -- What personal information is in my credit profile? A -- The only personal information contained in your credit file is your name, current and previous addresses, social security number, year of birth (which is suppressed if your report is released for employment purposes), your employer, and your spouse's first initial, if you are married. Q -- Who can get a copy of my credit report? A -- Only you and organizations that subscribe to a particular service can access your credit profile. Also, these organizations must have a legal right to review your profile. Such permissible rights are mainly to grant credit, underwrite life insurance, and employment purposes. It is against federal law for any person or business to obtain a credit report under false pretenses. Q -- Why was I denied employment because of the credit bureau? A -- The credit bureau DOES NOT make employment decisions for its subscribers. You must check with the employer to find out why they denied you employment. Q -- Why aren't all my creditors listed on my report? A -- Not all creditors subscribe to all three reporting services; some don't report to credit agencies or bureaus at all. The decision to subscribe and report is up to the individual credit grantor. Q -- Are debts that have been paid in full kept on my report? A -- Yes. Paid obligations are a permanent part of your credit profile. Because they are an important part of your credit history, they are not deleted as they are paid. So, your report will have both "open" and "closed" accounts listed. Also, accounts that were sent to collection agencies and subsequently paid, accounts that were "charged-off," satisfied judgments, released liens, zero-balance revolving charge accounts, and paid installment loans also are included on your report. Q -- How long will information remain on my report? A -- Your open accounts that are in good standing will stay on your report indefinitely. Inquires stay on the report for up to two years. Federal Law requires that negative information be removed after seven years, except Chapter 7 bankruptcies remain on a report for 10 years. |
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