Keeping Up Credit Records

Mistakes on your credit record--sometimes mistaken

identities--can cloud your credit future. Your credit rating is

important, so be sure credit bureau records are complete and

accurate.

The Fair Credit Reporting Act says that you must be told

what's in your credit file and have any errors corrected.

Negative Information. If a lender refuses you credit

because of unfavorable information in your credit report, you

have a right to the name and address of the agency that keeps

your report. Then, you may either request information from the

credit bureau by mail or in person. You will not get an exact

copy of the file, but you will at least learn what's in the

report. The law also says that the credit bureau must help you

interpret the data--because it's raw data that takes experience

to analyze. If you're questioning a credit refusal made within

the past 30 days, the bureau is not allowed to charge a fee for

giving you information.

Any error that you find must be investigated by the credit

bureau with the creditor who supplied the data. The bureau will

remove from your credit file any errors the creditor admits are

there. If you disagree with the findings, you can file a short

statement in your record giving your side of the story. Future

reports to creditors must include this statement or a summary

of it.

Old Information. Sometimes credit information is too old

to give a good picture of your financial reputation. There is a

limit on how long certain kinds of information may be kept in

your file:

-- Bankruptcies must be taken off your credit history after

10 years.

-- Suits and judgments, tax liens, arrest records, and most

other kinds of unfavorable information must be dropped

after 7 years.

Your credit record may not be given to anyone who does not

have a legitimate business need for it. Stores to which you are

applying for credit or prospective employers may examine your

record; curious neighbors may not.

Billing Mistakes. In the next page, you will find the

steps to take if there's an error on your bill. By following

these steps, you can protect your credit rating.

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