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Protecting your Credit History
Creators Syndicate
FIGHT BACK! BY DAVID HOROWITZ
Protecting Your Credit History
For most people, the most important indicator of financial
health, after employment and income, is their credit records. Credit
reports compiled by the major credit reporting bureaus determine
whether they will qualify for home mortgages, auto loans, credit cards
and major purchases. Credit reports may also affect their ability to
rent homes or apartments and influence prospective employers'
decisions on hiring.
The nation's three major credit reporting agencies, TRW,
Equifax and Trans Union, maintain files on about 170 million Americans
each. Those files are constantly being updated with reports from
retailers and lenders all over the country. At best, a credit report
is a comprehensive summary of an individual's financial history and
credit worthiness. At worst, an inaccurate report can frustrate a
person's efforts to manage their credit and finances.
A study by Consumers Union found that nearly half of all
credit reports contain errors, and one fifth of those errors were
serious enough to deny a person credit. And yet, most people have
never seen a copy of their credit report and have no idea what it
contains. The first indication they have of a problem is when they are
turned down for a loan, an apartment or a job.
Reviewing and correcting your credit history is not that
difficult -- or expensive. TRW provides one free copy to individuals
each year on request. TRW has also simplified its report format to
make it easier to read and understand. Trans Union and Equifax charge
$8 for a copy of your report.
The first step in protecting your credit is to get a copy of
your report -- preferably, from all three bureaus. Review those
reports carefully for errors. There may be all kinds of stuff in there
that has nothing to do with you. The most common source of
misinformation is file merging -- data on other people with similar
names, social security numbers or addresses that ends up in your file
by mistake.
You have a right to challenge those errors and have them
removed from your file. If the credit-reporting bureau cannot verify
negative information, it must be deleted from your report. What you
cannot do (and what high-priced credit repair services cannot do,
either) is remove accurate and relevant entries like a bankruptcy,
loan default or repossession. If it's yours, you're stuck with it.
Even so, you are entitled to add your own explanation to the report.
The process for correcting your credit file is explained on
the copy of the report you receive from the bureau. It takes time, so
be sure to keep careful records of all your correspondence and phone
calls with the reporting bureau. When you send back the corrections or
explanations, follow it up with a request for your corrected report.
Check it carefully for errors that may have reappeared. It happens --
frequently.
Credit reporting bureaus are usually listed in the Yellow
Pages under "Credit." You can also request a copy of your credit
report by calling these toll-free numbers:
Equifax: (800) 685-1111
Trans Union: (800) 851-2674
TRW: (800) 422-4879
If you are having trouble with your credit, you can contact
the National Foundation for Consumer Credit at (800) 388-CCCS -- or
your local non-profit Consumer Credit Counselors office. COPYRIGHT
1994 CREATORS SYNDICATE, INC.
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