subject: Online Trends: Credit Report Via The Web [print this page] You have the right to know about your credit report. This report is vital to your next loan or insurance application. If you do not review it before it is handed over to your creditor, your application can be denied. According to the provisions of the Fair Credit Reporting Act (FCRA), you only have to ask for that report and it will be handed to you. This report shall be provided by Credit Reporting Agencies (CRA) who has a copy of your report.
If you ask for your report, the credit bureau or CRA shall provide everything that is contained in your report. This should include your medical information and, usually, the sources of such information. It should likewise include the list of all who requested for your credit report, within the past two years, which are employment related. This report can be free and you can get this through the web as free credit report online.
There should be no difference if you acquired your report online or otherwise. It should contain the same information: payment history, inquiries, and public record information. According to federal law or the FCRA, you are entitled to one free credit report annually as long as you can certify in writing their requirements. These requirements are: (1) that you are presently unemployed and you plan to look for work within 60 days, (2) you are on welfare, and (3) there is an inaccuracy in your report due to fraud.
Major CRAs are Equifax, Experian and TransUnion and, like most CRAs, they can provide online credit report through their websites. Your credit report can be bought from CRAs by lending companies, insurance companies, etc. who would be assessing your creditworthiness. If you fail to meet the requirements for a free report, you will be pay for your credit report like those companies who ask for it. A copy of your credit report can cost as much as $9.
Your report, whether it is an online credit report or otherwise, will contain your (1) personal identifying information, (2) credit history, (3) public records, (4) report inquiries, and (5) dispute statements. If you are worried that too much information about you is being given, know that this information is limited. For instance, your credit report will not contain bank balances, religion, race, health (unless unpaid medical bills reveal your health condition), criminal records, income and driving records. The FRCA's provisions will ensure your privacy and make sure that all information entered into your report is accurate. Under this law, businesses that provide information to CRAs have as much responsibilities as you.
