> Your Credit Report
>
> A credit report summarizes creditors' experiences with a consumer.
> Information from the file can be obtained by prospective lenders or
> creditors to help them determine whether someone is a good credit risk.
> You can also obtain a copy of your file to verify that the information
> creditors receive about you is accurate.
>
> If you look under "Credit Reporting Agencies" in the yellow pages there
> will be listings for credit bureaus in your area. You can normally call
> or visit these bureaus to obtain a copy, however some may require that
> you send a written request. You must furnish proper identification
> information before they can send or give the report to you. Be prepared
> to provide your full name including generation (III, Jr., etc.), maiden
> name, date of birth, social security number, current address, previous
> addresses for past 5 years, spouse's name, and your driver's license
> number.
>
> Credit reports normally cost between $5-$15. However, if you have been
> turned down for credit the bureau will give you a free copy if you
> contact them in writing within 60 days of your denial. If you stop in,
> the staff can go over the report with you, but keep in mind that credit
> bureaus do not determine whether you will receive credit. They simply
> record the information your creditors submit.
>
> Creditors can vary from credit card companies to your doctor's office to
> landlords. Accounts placed for collection and public records of
> judgments or bankruptcies also are listed on your credit report.
>
> You have the right to enter your own personal statement. Your statement
> will become a permanent part of the credit record and will be included
> with all other information given out at the time your credit report is
> requested. Your statement should indicate your side of the story, or why
> you feel a particular entry does not fairly or accurately reflect the
> situation it reports.
>
> If you have accurate negative information on your credit report, there
> is no way to remove it except through time. Adverse information will
> remain on your report for seven years from the date the creditor closed
> the account or placed the account with a collection agency. If you
> declare bankruptcy, that information will remain on your credit report
> for ten years.
>
> Be wary of advertisements you see or hear from organizations claiming to
> be able to "fix" your credit for a fee. Remember, there is nothing they
> can do that you can't do for yourself at no cost other than postage. If
> you are considering using a credit repair service, make sure the
> business you choose is registered with the Office of Commissioner of
> Banking. Contact our Office for more information.
>
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>
> Credit Report Errors
>
> If you find an error in your credit report, notify the credit bureau in
> writing that you dispute the accuracy of the entry, and why. The bureau
> is required to investigate the disputed entry. If an error is discovered
> it must be corrected or, if the entry cannot be verified as belonging to
> you, it must be removed completely. At your request the credit bureau
> will inform lenders who have requested your credit report within the
> past six months, or businesses that requested your report for employment
> reasons within the past two years, of any corrections or deletions made
> to your file.
>
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>
> Frequently Asked Questions regarding credit reports
>
> Does the credit bureau rate my accounts?
> No. Credit bureaus only keep records on information reported to them or
> obtained from public records. The creditor actually rates your account.
>
> Who has access to my credit report?
> Credit grantors and merchants buy membership to the credit bureaus to
> obtain easy access to borrower credit histories. Members sign a contract
> promising that they will only access credit files when considering
> persons for extensions of credit, employment or other legitimate
> business purposes.
>
> Do businesses need my permission to review my credit report?
> No. Legally, your credit report does not belong to you; it belongs to
> the credit bureau and its members
>
> **********************************************************
>
> For more information, call or write:
> Department of Financial Institutions
> Division of Corporate and Consumer Services
> PO Box 8041
> Madison WI 53708-8041
> Phone: (608) 261-9555
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