And once again about your credit report. This issue is inexhaustible, as credit report is one of the key components of your financial standing. And good credit report makes you a welcome client for every credit card company, and makes you eligible for excellent and good credit cards.

Whenever you turn to a lender trying to qualify a credit, loan, or mortgage, or even intend to rent an apartment, get insurance, or secure some types of employment, they turn to your credit score, credit history and credit report. Where do they get information of this kind? Right. They contact one or more credit bureaus. I will remind you that the three major ones in the US are Equifax, Experian, and TransUnion. These are the sacred places where your credit reports are kept.

Credit reporting agencies collect information about your credit accounts and the way you manage them. Department stores, banks, mortgage companies and other creditors report this data to these organizations, so they can compile all separate bits of your credit accounts’ information into a credit report. Though credit bureaus are not eligible to make a credit decision, their role in your credit matters really matters.

You should remember that the three above-mentioned credit bureaus are not connected with each other. These are different entities and your credit report information taken from them can slightly differ. You are to check your credit report for possible errors, derogations, and inaccuracies on a regular basis. According to the FACT Act (The Fair and Accurate Credit Transactions Act) you can get your credit report free of charge once a year. So, you can check your credit report at least three times a year – once in every credit bureau. You can do it online or by phone.

The FACT Act amends the FCRA (Fair Credit Reporting Act). This act regulates the relationship between credit consumers and credit reporting agencies system. It says that customer’s credit report information must be true and accurate.

If a consumer finds any mistakes or derogatory information in his or her report, they are to contact the bureau and ask them to correct errors or delete information discrediting their creditworthiness, enclosing a 100 words consumer explanation statement with the report. Adverse information about your credit that is over 7 years old is deleted from your report, as well as the information on bankruptcy that is over 10 years old.

The FCRA states that others can get an access to the information contained in your credit report only for certain purposes with permission. You are also eligible to know who has inquired about or received a copy of your credit file. The law protects your personal credit report information from credit fraudsters’ abusive practices.

Your Credit Report Ingredients

So, what kind of information your credit report contains? Your full name, social security number, date of birth – this data do not factor into when a creditor makes a lending decision – bankruptcy, tax liens, payment history, information on current credits, sometimes your employment history, and some other facts. Your criminal records, information on your savings and checking accounts does not appear on your record.

The ECOA (Equal Credit Opportunity Act) protects you from being discriminated against your age, sex, religion, or marital status. But if your credit history is blemished, you can face lenders’ “discrimination” in the form of rejection of issuing credit, loan, or mortgage.
So, no you know the particulars of credit bureaus work and the way your credit report is compiled. And it is in your hands and in your best interests to do your best and spare no efforts to build good credit. Then you will qualify for best credit card deals from top credit card companies, such as Visa, MasterCard, American Express, and Discover.

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