Credit reporting documents the past credit performance
of an individual, and current status of an individual's credit standing.
Your credit report will show current and past credit accounts, payment history,
and outstanding debts.
In the United States, the federal government regulates
how credit reporting must be done through The Fair
Credit Reporting Act enacted in 1970. The Fair Credit Reporting Act allows credit reporting agencies
to pull a credit report based on the following conditions:
- In response to a court order
- At the request of the consumer
- By a company or individual who is using it for:
- credit transaction
- employment purposes
- insurance underwriting
- determining eligibility for license from government (i.e. drivers license)
- determining eligibility for loan
- legitimate business need
- At the request of child support enforcement agency and/or official determining
child support award
According
to the Fair Credit Reporting Act, a credit reporting agency is:
“… any person which, for monetary fees, dues, or on a cooperative
nonprofit basis, regularly engages in whole or in part in the practice of
assembling or evaluating consumer credit information or other information
on consumers for the purpose of furnishing consumer reports to third parties,
and which uses any means or facility of interstate commerce for the purpose
of preparing or furnishing consumer reports.” - Section 603.f
These credit reporting agencies can pull your credit
report from any or all of the three major credit reporting bureaus: Equifax,
Experian and Trans Union. Because creditors sometimes report your credit
transactions at only one credit reporting bureau and not the others, the
credit information at each credit reporting bureau can vary. Many credit
reporting agencies will create a “tri-merge” credit report,
which combines the credit reports from Equifax, Experian and Trans Union..
Like it or not, your credit report does affect
your lifestyle. A credit report can determine if you are approved for a credit card, auto
loan or home mortgage. Credit reporting is now used during the college admission
process and pre-employment screening. Credit report influences how high your
insurance premiums are and what interest rate you’ll pay on any credit
card, auto loan or home mortgage.
Now, more than ever, credit reporting affects how others
perceive you. For this reason, it’s important to know who’s accessing
your credit report and what your
credit score is.
If you have any more questions
about credit reporting and how it affects your lifestyle, please Contact
us online or call
CreditGUARD of America at 1-800-500-6489. Certified credit
counselors are available Monday through Thursday 8:00 a.m. to 12:00 midnight;
Friday 8:00
a.m. to 11:30 p.m.; Saturday 10:00 a.m. to 6:00 p.m. Eastern Time. For online
service, 24/7, use the Credit Card Debt
Analyzer to
calculate your estimated interest and payment savings available, through
our debt management program.
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