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Consumer Credit Reports
A consumer credit report is a factual record of an
individual's credit payment history. It is provided for a purpose
permitted by law: to help a credit grantor or lender quickly and
objectively decide whether to grant you credit. Most of the
information in consumer credit reports comes directly from the
companies a person does business with, but some information also
comes from public records.
Credit reporting can be helpful in extreme cases, but it is
often misrepresented by collection agencies trying to sell their
services. When a collection agency reports a delinquent account
to a credit bureau, it does not get the business any money today.
What is does is provides a 'wish' for a payment some unknown time
in the future if the debtor ever has to do a financial
transaction that involves a creditor that checks their consumer
credit report.
The issue is that credit reporting also can create a liability
for businesses because of collection agencies reporting accounts
that were not valid debts. This can open the business to legal
action - something no businesses needs. It has been esitmated
that over 41% of the information contained in consumer credit
reports is not accurate, and with identity theft on the rise, a
business must tread lightly when considering credit
reporting.
The Fair Credit Reporting Act regulates the activities of
credit reporting agencies. A credit reporting agency under this
law means any person or business which assembles or evaluates
consumer credit information for the purpose of providing consumer
credit reports to third parties.
According to consumer credit report laws, here are some items
that cannot be mentioned in consumer credit reports:
A discharge or final order in Bankruptcy Court dated more than
10 years prior to the date of the consumer credit report.
Lawsuits and judgments entered more than 7 years prior to the
date of the consumer credit report.
Paid tax liens which, from the date of payment, precede the
report by more than 7 years.
Accounts placed for collection or charged to profit and loss
by the creditor that are dated more than 7 years before the
credit report.
Records of arrest, indictment, or conviction of crime that,
from date of disposition, release, or parole, precede the report
by more than 7 years. Any other adverse information that precedes
the report by more than 7 years.
Default information concerning U.S. Government insured or
guaranteed student loans can be reported for 7 years after
actions to collect the debt have been taken against certain
guarantors.
There are three major credit bureaus: Equifax, Experian, Trans
Union. Federal law specifies how long negative information can
remains on a person's credit report. This includes late payments,
accounts that the credit grantor turned over to a collection
agency and judgments filed against a person in court - even if
later the account was paid.
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Contacting The Credit Bureaus
Equifax
Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
To order report: 1-800-685-1111
To report fraud: 1-800-525-6285
Web site: www.equifax.com
Experian (formerly TRW)
National Consumer Assistance Center
PO Box 2002
Allen, TX 75013
To order report: 1-888-397-3742
To report fraud: 1-888-397-3742
Web site: www.experian.com
TransUnion LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
To order report: 1-800-888-4213
To report fraud: 1-800-916-8800
Web site: www.transunion.com
Collection Agency Services offers you a wealth of information
on how to select the best collection agency
for your business.
http://www.collectionagencyservices.net
MORE RESOURCES:
Credit - Google News
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