Your Access to Free Credit Reports
The Fair Credit Reporting Act
(FCRA) requires each of the nationwide consumer reporting companies –
Equifax, Experian, and TransUnion – to provide you with a free copy of your
credit report, at your request, once every 12 months. The FCRA promotes the
accuracy and privacy of information in the files of the nation’s consumer
reporting companies. The Federal Trade Commission (FTC), the nation’s
consumer protection agency, enforces the FCRA with respect to consumer
reporting companies.
A credit report includes information on where you live, how you pay your
bills, and whether you’ve been sued, arrested, or filed for bankruptcy.
Nationwide consumer reporting companies sell the information in your report
to creditors, insurers, employers, and other businesses that use it to
evaluate your applications for credit, insurance, employment, or renting a
home.
Credit Ratings
Credit history or credit report is, in many countries, a record of an
individual's or company's past borrowing and repaying, including information
about late payments and bankruptcy. The term "credit reputation" can either be
used synonymous to credit history or to credit score.
When a customer fills out an application for credit from a bank, store or credit
card company, their information is forwarded to a credit bureau, along with
constant updates on the status of their credit accounts, address or any other
changes you may have made since the last time they applied for any credit.