Credit Reports

[CityOfAngels]

I'm 20 years old and still don't fully understand what credit reports are. Who keeps track of them? How can you view them? How do other companies offer your credit report as a service (in other words, how do they access your credit report for you when you can't)? Is it kept by a government agency? If so, why can't I just walk into a goverment building and say, "I'd like to see my credit report, please. Thank you."? Why is it legal for any institution to collect financial information about you and distribute it (even sell it) to companies who do business with you? And how do other companies add information to your credit report without your consent?

[BalloonKnots]

This doesn't answer all your questions but here are some basics.

There are three main credit reporting agencies - Equifax, Experian and TransUnion. They are not government agencies. The Fair Credit Reporting Act (FCRA) is the federal law regulating credit-reporting companies, like Equifax, to ensure that they follow reasonable procedures to furnish correct information about you. This law specifies consumers' rights, such as the right to know what is in your credit file and dispute potentially inaccurate information. The FCRA was enacted in 1971 and amended in October 1997 and December 2003.

The credit-reporting companies get their information primarily from the companies that have granted you credit in the past, and those with whom you have open accounts. Each creditor reports the status of your account to them according to your payment history.

Up until recently, to view your credit report, you would have to pay for it.
Also, you are entitled to one free report during any 12-month period no matter where you live, if you:

- Are unemployed and intend to apply for employment in the next 60 days
- Are on public welfare assistance
- Believe your file contains inaccurate information due to fraud
- You are also entitled to a free report if you have received notice of an adverse decision (such as denial of credit, insurance, or employment) within the past 60 days

Now under the Fair and Accurate Credit Transactions Act, everyone will soon be entitled to one free credit report from each of the main credit reporting agencies. They are rolling out the plan as I am typing this. To see if it is available in your area, go here - https://www.annualcreditreport.com/cra/index

[CityOfAngels]

Thank you! I just got a free credit report because of you. I only hope it's accurate, 'cause it says there's nothing wrong. Thing is, not only is there nothing wrong, but there's nothing right about it. I was wondering why Cingular Wireless made me pay a $500 deposit for their services. It sucks having no credit; almost as bad as having bad credit.

a $500 deposit? in cash? I would never agree to that. Why not just use another provider.

[tres]

They probably made you pay because you have *limited credit* It hurts you that your young and don't have a long time established good standing.. Even though your in good standing now they have no history to base their decision on. After a year you should be able to ask cingular for your deposit back.

I'm 23 and they still consider me to have a stort credit hisory, and I have had credit since I was 17... go figure....

[NoSoup]

Although I'm not positive This Link may help provide some answers. If you have additional questions please feel free to post em and I'll do my best to answer!