Credit Report Information and Financial Reporting Agencies

Family Credit Management Service wants you to be informed and understand how your finances and credit history affect all aspect of your life. We can help you check your credit report, find free credit reporting agency information and provide general information about fixing bad credit. With knowledgeable information from experts in the financial field, we can help you make informed decisions on putting your debt and credit issues in a good place.

Who Knows About My Credit?
Chances are, if you ever bought a car or had a bank account, credit card or utility service, one or more of the major credit reporting agencies has a file on you. These agencies compile and maintain the information about your credit history that makes up your credit report. The credit bureaus then sell this information to creditors, employers or service providers who want to do business with you. The three major credit reporting agencies are:

• Equifax
• Trans Union
• Experian

What's in my credit report?
While the format for your credit report looks different depending upon which credit bureau is providing it, all reports contain the same basic information:

• Personal information including your name, birth date, social security number, addresses where you've lived, and your employment history
• Public information including any liens against you, bankruptcies, judgments, etc.
• Inquiries made regarding your report including current creditors, credit solicitors, or other qualified businesses
• Credit history including any current/past creditors, associated account numbers, credit limits, balances, payment histories, terms, etc.

Depending upon the type of information in your credit report, it can stay there for up to ten years, and in the case of unpaid tax liens, it can stay there indefinitely. Most negative credit information can remain on your credit report for seven years.

Getting a Copy of My Credit Report
If you are interested in identifying all negative information regarding your credit, you may want to consider getting a copy of your report from each credit reporting agency. Each compiles and maintains its own database of information, so each may have different information in them.

The Fair Credit Reporting Act (FCRA) mandates that you have access to the information in your credit report. Thanks to the FCRA you are entitled to a free credit report if you certify in writing any of the following situations:

• You were denied credit within the last 60 days
• You believe there may be fraudulent information in your report
• You are on public aid
• You are unemployed and intend on seeking employment within the next 60 days

Also, in some states you are entitled to receive one free credit report each year.

If the above circumstances do not apply, under the Fair and Accurate Credit Transactions Act (FACT Act), you can request a free copy of your report at www.annualcreditreport.com or by calling 1-877-322-8228. Through the FACT Act, you are eligible to receive one copy of your report from each of the three credit bureaus every 12 months. You may order all three reports at one time or you may choose to order one copy every four months to monitor your credit history over a period of time.

If you have further concerns or questions about an online credit report, or obtaining a free credit report, or general information on fixing bad credit or debt issues, contact our expert financial counselors at 1-800-994-3328. Family Credit Management Service is here to help and assist with information on your credit and debt issues.