Credit Reports

Credit reports provide individuals or institutions that have legitimate "need to know" rights with access to important information. This information includes full name, address, social security number, employer, spouse's name, loans, charge accounts, credit cards, bankruptcies, tax liens, and judgments.
    Credit reports are governed by state laws and federal law - the Fair Credit Reporting Act (FCRA). In addition, the Federal Trade Commission regulates the credit reporting industry.
    The three largest credit reporting agencies are Equifax, Trans Union, and Experian. There are also several local agencies.
    Information will remain on credit reports for varying lengths of time:

• Chapter 7 Bankruptcies - Ten years from the date of filing, regardless of dismissal or discharge.
• Chapter 13 Bankruptcies - Seven years from plan completion.
• All remaining negative information - Seven years.
• Open accounts in good standing - indefinite.

    If an individual disputes information reported to the reporting agency, the individual can send notice of the dispute to the agency. The agency will then contact the information provider to verify the information. If the information cannot be verified, it should be deleted. The Agency will then report its findings to the individual. If the individual still disputes the information, the individual may provide a written statement (up to 100 words) to accompany the report.
    If the verification results in a more favorable report for the individual, he may request that the revised copy be sent to anyone who has requested his report within the last six months for credit purposes, or in the past two years for employment purposes.