|  Credit Bureaus
Also known as credit reporting agencies, the credit bureaus maintain, and sell information about you and your credit history.
What is a credit bureau?
How do credit bureaus obtain information?
How long do credit bureaus keep my credit information?
Who are the major credit bureaus?
What is ChexSystems?
How do I get my ChexSystems report?
What is the Fair Credit Reporting Act?
How to dispute information on your credit report
Glossary of Credit & Credit Related Terms
What exactly is a credit bureau?
A credit bureau, or credit repository, is an agency that gathers information about consumers' credit histories. Your credit history includes information about your identity, your payment habits, and your "Public Record." Credit bureaus sell credit reports to credit grantors, such as banks, finance companies, and retailers. Credit grantors use credit reports to determine whether or not a potential borrower is creditworthy. There are three major credit bureaus in the United States: Experian, Equifax, and Trans Union. These three bureaus provide nationwide coverage of consumer credit information.
How do credit bureaus obtain information?
Credit bureaus get identification and credit information from credit grantors, such as banks, retailers, and collection agencies. Bureaus get money-related "Public Record" information directly from the court systems.
How long do credit bureaus keep my credit information?
- The credit bureaus keep your personal credit history for a period of about ten years.
- Closed or Inactive Accounts — 10 years from the date of last activity.
- Derogatory Accounts — 7 years from the date of original delinquency.
- Public Records — 7 years from the date of payment or indefinitely if the Public Record is an unpaid tax lien.
- Chapter 7 Bankruptcies — 10 years from date filed
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Who are the major credit bureaus? The four national credit reporting agencies are Equifax, Experian, TransUnion and ChexSystems. Equifax, Experian, and TransUnion process the vast majority of credit reports while ChexSystems reports only on your checking account history.
Contact information:
Equifax
(800)685-1111
www.equifax.com
Experian (formerly TRW)
(888)397-3742
www.experian.com
TransUnion
(800)916-8800
www.transunion.com ChexSystems (checking account history)
(800) 513-7125
www.chexhelp.com
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What is ChexSystems?
ChexSystems, a credit reporting agency, keeps a database of people who have a bad track record with one or more banks. Banks use ChexSystems to review your banking history.
QUICK TIP! The staff at Housing recommends the PassChecking service which provides a comprehensive service related to understanding and getting off ChexSystems. To learn more about PassChecking.com, click here.
| How do I get my ChexSystems report?
If you contact ChexSystems and tell them you have been denied an account in the past 60 days, they will send you your report at no charge. Otherwise, there is an $8 charge. When contacting ChexSystems by mail or fax, be sure to always include your name, address, and Social Security Number (SSN). You can request a copy of your ChexSystems report by visiting their web site.
The address is : http://www.chexhelp.com/ You can also request a copy of your report in by writing directly to ChexSystems at the following address: ChexSystems Customer Service
12005 Ford Road, Suite 600
Dallas, TX 75234-7253
Fax: (972) 241-4772 For further instructions, call ChexSystems toll-free: (800) 428-9623 or (972) 280-8585 The ChexSystems customer service line is: (800) 513-7125
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What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) was created to encourage accuracy and ensure the privacy of the information used in consumer reports. Businesses that supply information about you to credit reporting agencies (CRAs) and those that use consumer reports also have responsibilities under the law. The FCRA is enforced by the Federal Trade Commission. For further details, you can find the complete text of the FCRA on the Federal Trade Commission's web site: http://www.ftc.gov/Os/statutes/fcra.htm
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How to dispute inaccurate information on your credit report
You have the right to dispute any misinformation on your credit report. You should begin the dispute process by contacting the creditor responsible for the inaccuracy. The contact information for each of your creditors is listed at the end of your credit report. You can also dispute inaccurate information directly with the credit bureaus. QUICK TIP! Use a law firm to insure that your credit report is accurate and complete. Federal law gives consumers the right to challenge information contained in credit reports. If a credit bureau does not respond in a timely fashion or ignores these challenges, then the item must be removed. Only a law firm can represent your rights in court and employing a law firm lets credit bureaus know you mean business and are serious about correcting inaccurate information on your credit report.
Correct your credit now — before you are denied a loan or insurance based on inaccurate or outdated information on your credit report. To learn more about Credit Law Group, click here.
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GLOSSARY OF CREDIT AND CREDIT RELATED TERMS Click here to view a glossary of over 140 credit related terms. ^ Back to top | 
