Credit Reporting Agencies
Credit reporting agencies maintain electronic records of your
credit activities. Today, there are three major national credit
bureaus: Equifax, Experian and Trans Union. If you are planning
on applying for a loan or credit anytime in the near future,
it's a good idea to obtain a copy of your credit report.
For a fee, you can request a copy of your credit report at
anytime by contacting one or more of the major credit agencies.
Or you can receive a free copy of your credit report through one
of the many credit companies available on the Internet. Our
favorite source of information on credit reporting agencies on
the Web is www.credit-repor
t-credit-score.com
The Fair Credit Reporting Act was amended a few years ago to
beef up consumer privacy. Under its rules, you are legally
entitled to obtain your credit report from a credit reporting
agency. This includes receiving a list of everyone that has
requested your report.
If you have been denied credit based on information in your credit
report (the creditor must provide a reason for denial), you
have 60 days from the day you receive a denial notice to receive
a free copy of the credit report. Additionally, the law also
entitles you to receive a free credit report every 12 months if
you are unemployed and seeking work within the next 60 days, are
on welfare or if your report is inaccurate as a result of credit
fraud.
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