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Rules Regulating Credit Bureaus
In the United States, credit bureaus must operate under the Fair Credit Reporting Act. This federal law says that all consumers must be given access to their credit history. This is why you can request a free copy of your credit report every year from each of the three credit reporting companies.
If something looks out of place, you then have the right to contact credit bureau representatives who will work with you to make sure your credit history is accurate. Under this law, any consumer has the right to dispute charges and inaccuracies they find on their credit history. If they are found faulty, they must be removed.
Not only that, but the Fair Credit Reporting Act limits how long a negative mark can stay on your credit history. For example, if you have to declare bankruptcy, this mark can only stay on your credit history for ten years. If you have an inquiry made that affects your credit score negatively, you can rest assured that this will be removed within two years. Any other type of negative, such as a late payment, will come off your credit history within seven years.
What to Do if There Is a Problem?
If you notice a problem with your credit score, it is important that you get in touch with your credit bureaus. Find out what all three credit bureaus have in their records. If there is something there that you are not responsible for, have it changed immediately! The score on your credit report is one of the most important pieces of your financial health, and you should not take it lightly!
So, before you head out to apply for a loan, mortgage, or other financial product, make sure you check your credit history. You can do this by contacting one of the credit reporting bureaus in your country. Each one has a website with their contact information intact. Once you have found your credit history in order, you can apply for your loan. You will be armed with the knowledge of what to expect as an offer from your lender. But, if there is a problem, remember that the credit bureau has the responsibility of making sure your report is an accurate portrayal of your financial responsibility!
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