Credit Reports & Credit Scores

Your credit report is a summary of your credit history. The three nationwide credit bureaus — TransUnion, Equifax, and Experian — collect credit and other information about you. In your credit report, you’ll find information like

• Your name, address, and Social Security number
• Your credit cards
• Your loans
• How much money you owe
• If you pay your bills on time or late
• If you filed for bankruptcy

Businesses pay the credit bureaus to use that information to check your credit. They run a credit check, for example, before they decide whether to lend you money, give you a credit card, or rent you an apartment. 

TIP: The credit bureaus must make sure that the information they collect about you is accurate. The Fair Credit Reporting Act (FCRA), a federal law, requires this. But you want to check your credit report regularly to be very sure the right information is there. If you find mistakes, you can  dispute them.

If you notice any inaccuracies or suspect fraud:

• Contact the agency immediately.
• If you are unaware of any issues until you are in the process of applying for credit, insurance or employment applications, there could be a significant delay in the process if they are making a decision based on inaccuracies! 
• Both the credit bureau and the business that supplied the information to a credit bureau have to correct information that’s wrong or incomplete in your report. And they have to do it for free. 
• To correct mistakes in your report, contact the credit bureau and the business that reported the inaccurate information. Tell them you want to dispute (see dispute links below) that information on your report.

If a business denies your application for credit or insurance (or offers you less favorable terms) because of information in your credit report:

• Federal law says the business has to give you a notice that includes, among other things, the name, address, and phone number of the credit bureau that supplied the information.
• Include your credit score in the notice — if your credit score was a factor in the decision to deny you credit or to offer you terms less favorable than most other customers get.
• You’re entitled to a free copy of your credit report from the credit bureau used to check your credit report.
• Contact the creditor or insurance company to find out what in your report may have caused them to deny you credit or more favorable terms. The credit bureau can tell you what’s in your report, but only the creditor or insurance company can tell you what happened with your application.