How to Find your Credit Reports and Why you Should Dispute Incorrect Information

Knowing your credit score before you apply for a loan or credit card can help you receive the best interest rates. The information in your credit report can also be used by your employer, if you apply for insurance or if you want to rent an apartment or a car.  With identity theft becoming a bigger problem due to the pandemic, it is even more important that you check your credit reports and correct any wrong information.

Checking your credit reports is easy.  You can request a copy of your report from any credit reporting agency and they must provide it to you. When you request your credit report, consumer reporting companies will need to make sure you are who you say you are.  Be ready to provide personal information.

​Most companies allow one free report per year, but policies have changed due to COVID and you may be able to get more than one free report a year.  Contact the consumer report provider and ask about their policies.

When you get your report (and be aware that each provider may have different information – it’s a good idea to get a copy from each of the national providers), look it over carefully and compare any debts to your records.  Make sure your name, birthday and Social Security number are correct.  If you find incorrect information, the agency you received that report from must start an investigation at no cost to you.

Mistakes are easily made, but a mistake on your credit report could cost you a job or cause you to be turned down for a loan or insurance.  This is why it is a good idea to check your report if you will be applying for a loan in the future.  A good report can help you get the loan and a lower interest rate.  If someone has stolen your identity, you may realize it sooner if you are checking your reports often.

​Consumer reporting companies can provide information about you to insurance companies, utility companies, gaming casinos that extend credit, landlords, lenders, and retail stores, just to name a few.  Remember, you rarely know in advance that a business is going to be checking your credit report so you want it to be free of errors at all times.

The three big national providers of consumer reports are TransUnion, Experian and Equifax.  These agencies collect information about how much credit you have and use, your payment history and other personal information.  Most people only think of these three providers when they are thinking about their credit report, but there are many more consumer report providers.

• Employment Screening – these companies provide information such as salary, education, professional license verification, and credit history to your employers and other people.
• Tenant Screening – these businesses provide reports to landlords and property management companies.  If the information they have is negative, such as past due rent, you may not be able to sign a lease.
• Personal Property Insurance – these companies collect information on your home, personal property and vehicle.
• Medical – if you signed a release of information to an insurance company, these businesses may have your medical information to share.
• Bank and Check Screening – these agencies collect information about your checking account applications, accounts you have opened or close and provide check verification services.
• Supplementary Reports – the information they have can include public records, such as a divorce, and identification verification to help businesses manage fraud and credit risks.
• Subprime and low-income – these businesses provide information to companies that sell products and services that are for people with low income or negative credit reports.
• Gaming – these companies share information associated with check cashing settlement services to help gaming establishments (casinos or racetracks) with risk management.
• Utilities – these consumer reporting companies gather all of the information in regards to all of your utilities, such as electric, phone, internet, gas, and others to help utility companies manage customer relations.
• Retail – these businesses collect data related to retail product returns and exchanges to help prevent fraud.

To find a complete list of companies that provide consumer reports, go to https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/.  Remember, they must provide you with a copy of the information they have about you.  Contact the company to correct information and ask them to investigate your claim. If you feel the consumer report provider is not investigating or you don’t agree with their final report, you can contact the Consumer Financial Protection Bureau or a lawyer for more help.