Page 3 of the CreditCardAssist.com web site recommendations section includes sites on credit reports and credit reporting with information and links to highly trusted and authoritative sites on the subject matter.
There's a wide variety of misinformation in the general public that can mask the truth about credit reports, how they function, how to order one for yourself and what to do if you find inaccurate information on your credit report once you receive it.
At CreditCardAssist.com, we've put together a comprehensive list of very highly authoritative web sites on the subject matter of credit reports. From industry leaders to government-sponsored tip sheets, our list provides a well-rounded list of sites that consumers can utilize to educate themselves and make better decisions on how to get, use and fix their credit reports.
Additional Credit Resource Pages:
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FTC's Guide to Free Credit Reports - the "Consumer Protection" section of the FTC website explains the process of obtaining a free copy of your credit report every 12 months as mandated by the Fair Credit Reporting Act (FCRA).
AnnualCreditReport.com is the only true authorized source under Federal Law to provide free credit reports to consumers. Other sites may claim to provide "free" reports but typically will attempt to charge for other products when consumers agree to accept their "free" reports.
Equifax is a company that's been around for 100 years, providing consumer and business credit information solutions on a global scale. Headquartered in Atlanta, GA, Equifax is undoubtedly one of the global leaders of information service in the credit industry.
Transunion is another global leader in the world of credit and information management. Along with Experian, these two service providers offer "best-in-class" information and marketing solutions in the world of business credit and personal information services.
Federal Reserve Bank of San Francisco's consumer information credit report page describes the basics of credit reports and even provides a downloadable white paper version in PDF form for consumers as well.
Privacy Rights Clearinghouse page includes a primer on credit report basics but also includes dealing with negative information and errors on credit reports, the uses of credit reports for marketing as well as how to enforce your rights.
FCIC: Building a Better Credit Report - the FCIC built a report describing the process of improving your credit report, a detailed outline of the Fair Credit Reporting Act, and even includes a form letter that consumers can use to dispute inaccurate, negative information on their credit histories.
Credit Report Answers from the OCC - the Office of the Comptroller of the Currency of the United States Treasury has provided a document that serves to provide answers and solutions for the customers of national banks on the subject of credit reports.
FDIC: Credit Reports and Scores - the FDIC created an informational page for the general public about the Fair and Accurate Credit Transaction ACT (FACTA), which outlines the new rights given to consumers regarding free credit reports.
What to Look For in Your Credit Report:
After you receive your credit reports, you should look for any erroneous information. This could include accounts that show they are open when they are actually closed, past due bills that have been paid, or errors in the amount of credit you have with a credit card.
If you do discover an error, you need to contact the credit reporting agency in writing to notify them of the error. If you have documentation proving that the item is erroneous, make copies of the documents and send them along with your request to investigate the item on your credit report. By law, the credit reporting agency must look into your claim unless it is blatantly frivolous within 30 days of receiving your request.
As a part of this investigation, the credit reporting agency will contact the business or person responsible for the item on your credit report. That person or business then has to prove why the item should remain as it is on your credit report. If the person is unable to provide proof, it will be removed from your credit report. Furthermore, any business that had requested your credit report in the past six months will receive a copy of your updated report, as will you. If you have been denied employment in the past two years because of your credit report, you can also have a copy sent for free to the business that turned you down.
If the credit reporting agency determines that the item needs to remain on your credit report, you can request to have a notation explaining that you do not agree with the item.
Some items will stay on your credit report for a certain period of time. Although you cannot have them taken off before their time is up, you can be sure to monitor them annually and make sure they are taken off when the time has come. Bankruptcies, for example, can remain on your credit report for up to 10 years. Information regarding unpaid judgments or lawsuits can be reported for seven years or until the statute of limitations is complete, whichever is longer.
Other items, however, have no time limit on how long they can remain on your credit report. These include information regarding criminal convictions, information reported when turned down for a job with a salary of more than $75,000, and information reported from an application for more than $150,000 in credit or life insurance.
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