Credit Information
A credit report, or credit history, is a record of the money you have borrowed and repaid, as well as relevant public records (such as bankruptcy records) and inquiries made to your credit history.
Credit reports are maintained and supplied by credit bureaus, which gather personal financial information about you and how you have handled credit. Individual creditors provide much of this information to credit bureaus and in turn rely on them for data about how credit applicants have handled their debts.
As such, it's important to know what's on your credit report and to maintain its accuracy to help prevent stress and confusion with your next credit application. To obtain a copy of your credit report or dispute information found on your credit report, contact one of the following major credit bureaus:
Equifax Credit Information Services
P.O. Box 740241
Atlanta, GA 30374-0241
(800) 685-1111
www.equifax.com
Experian (formerly TRW Information Services)
National Consumer Assistance Center
P.O. Box 2350
Chatsworth, CA 91313-2350
(888) EXPERIAN
www.experian.com
Trans Union Corporation
Consumer Relations Center
P.O. Box 390
Springfield, PA 19064-0390
(800) 916-8800
www.transunion.com
Creditors generally use the same kinds of objective measures of creditworthiness.
- Most creditors emphasize your credit payment history as shown in a credit report from a credit bureau, such as Experian, Equifax, or TransUnion.
- Your credit report shows credit information such as debt you may have, whether you have made payments on time, or if you have not repaid debts.
- You should obtain a copy of your credit report before you apply for credit or least once a year to verify the accuracy of the information. Contact the credit bureau of your choice by telephone or at its website.
- If your credit report contains inaccurate information, you have the right to get them corrected free of charge by the credit bureau which supplied your credit report and ask them to investigate the entry.
- Negative information in your credit report may lead you to be turned down for credit or to pay a higher interest rate. For example, a repossession, bankruptcy or history of slow payments makes it difficult for you to get credit on the most favorable terms, although less favorable terms may be available to you.
- The actual interest rate for which you qualify may depend on several other important factors in addition to a credit score, such as your income, down payment and debt-to-income ratio.