Credit Report FAQ for People at HelpCreditReport

Credit reports are a gold mine of information about consumers. They contain Social Security number, date of birth, current and previous addresses, telephone number (including unlisted numbers), credit payment status, employment, even legal information. Ordering your credit report once a year and knowing your credit reporting rights are among the most important steps you can take to safeguard your privacy.

Here are some details about consumer's rights under the FCRA and the Fair and Accurate Credit Transactions (FACT) Act, which established the free annual credit report program.

Q. If I choose any option other than pay creditors in full won't my credit be ruined forever?

A. Not forever, but a Chapter 7 bankruptcy stays on your credit record for ten years. On personal financial statements you may always have to acknowledge it. That does not mean you will never get another mortgage or credit card ever in you life or even have to wait ten years, but a bankruptcy or letting your credit score collapse should not be done lightly.

Q. Won't ordering a credit report hurt my credit?

A. No. Consumers have the right to look at their credit report without it affecting their credit or credit score. When you request your credit report it's called a "consumer pull" and has no affect on your credit. Only when you ask a possible creditor to inquire about your credit can it affect your score. For example, if you go out looking for a new car and you let a dealership request a copy of your credit report. That could affect your credit score because it implies you're looking to open new lines of credit.

Q. What information do I need to provide to get my free report?

A. You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.

Q. Isn't everyone entitled to one free credit report annually?

A. By Federal law, you are entitled to one free credit report per year directly from a credit reporting agency only if you certify that: you are unemployed and seeking employment in the next 60 days; you are receiving public assistance; you believe there are inaccuracies in your report due to fraud. Also, if you are denied credit on the basis of information in a credit report you are entitled to a free copy of your report from the credit bureau that supplied the credit report. Residents of Colorado, Maryland, Massachusetts, New Jersey, and Vermont are entitled by state law to one free report from a credit reporting agency per year. Residents of Georgia are entitled to two.

Q. How long does it take to get my report after I order it?

A. If you request your report online you should be able to access it immediately. If you order your report by calling your report will be processed and mailed to you within 15 days. If you order your report by mail, your request will be processed and mailed to you within 15 days of receipt.

Q. Can anyone else can get a copy of my credit report?

A. The FCRA specifies who can access your credit report. Creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home are among those that have a legal right to access your report.