Living Debt Free

How Credit Bureaus Work

The credit bureau is the first place your potential creditors and employers will check. A positive, up-to-date credit file is your responsibilty, not that of the credit bureau. You create your credit file, it is not something that happens automatically. You have more control over your file than you may think.

All credit bureaus are governed by the Fair Credit Reporting Act passed by Congress. With the creation of new laws, the credit power is now in your corner. All credit bureaus, by law, must give you a complete, accurate report of everything, including your credit history and a list of every potential creditor and employer who has been given information from you file within the last year.

If you live in a city or metropolitan area with a population over 300,000 there can be over twenty credit reporting agencies or bureas serving that area. Although in most cases your complete files are maintained by the following three major credit bureaus.

• Experian - P.O. Box 2104, Allen, TX 75013-2104, 1-888-397-3742
• Equifax - P.O. Box 740241, Atlanta, GA 30374-0241, 1-800-997-2493
• Trans Union - P.O. Box 1000, Chester, PA 19022, 1-800-888-4213

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Please note that these Credit Reporting Agencies charge $8.00 per report. However, in some cases you may receive a free report; if you were recently turned down for credit based on the information received from them is only one instance. There may be other options. Check with each to determine their policies.

Credit reporting agencies do not evaluate your credit file, but make the information they collect available to others. This information in many cases is incorrect. It is up to you to take action to make certain that it is corrected and reverified.

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