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Consumer Credit Report FAQ's
Where
do credit reporting companies get their information?
CRCs receive information from the three major credit repositories: TRW Experian,
TransUnion and Equifax. Industry guidelines require a minimum of two repositories be
accessed for a residential Mortgage Credit Report.
Public Records may be accessed from public record search firms, credit repositories or a
direct search of the public records. Credit repositories are supplied information from
creditor grantors regularly.
What if I disagree with information contained in my credit report?
If you disagree with an item reflected on your report and you wish to dispute it, you may
contact the credit reporting company either by phone or by mail. The contact numbers can
be found on your credit report. Upon receiving your claim, the CRC will recheck the item
with the creditor reporting the item. to expedite this process, you may dispute the item
with the creditor and forward to the CRC the name and telephone number of the individual
who will confirm the revised information. Upon completion of the research, you will
be advised of the results, and your report amended, if necessary.
Credit Reporting Companies do not have the ability to change the information retained in
your credit repository files, they are only able to change the information retained in
their records. Changes made with one CRC will not affect your credit report with other
CRCs. If the original information must continue to be reported "as is," you may
want to place a consumer statement in your repository file to explain the circumstance.
Consumer statements should be limited to 100 words or less.
I'm a co-signer on a loan, why did it show up on my report?
Each signer agreed to accept full responsibility in the event of either signer's default.
Therefore, if you are not paying on this loan, contact your lender to determine if this
will affect your mortgage loan application.
I paid my account off, why is there still a balance on my report?
The information reported to the credit repositories is only as current and accurate as is
reported by the creditors. Some credit grantors require the full balance to be paid every
month. If there is a balance at the time the account was reported by the creditor to the
credit repository, it will be reflected on the report. If the balance has changed, contact
the CRC for assistance. Providing the CRC with a current statement of paid receipt will
expedite the correction process.
Why is a public record I paid appearing on my report as outstanding?
A judgment, for example, will only be reflected as "satisfied" by the county
recorder if the plaintiff files a "Notice of Satisfaction" with the court.
Contact the CRC who can reflect the item as paid if you supply a paid receipt. However,
the item will not be corrected at the repository and will continue to report as
"outstanding" until a "Notice of Satisfaction" is filed.
How long does information remain on my report?
As required by the Fair Credit Reporting Act and in accordance with industry guidelines:
Credit and collection accounts:
7 years from date of last activity (payment or a charge) with original creditor.
Public Records:
7 years from the date filed except for Bankruptcy Chapters 7 & 11, which may be
reported for up to 10 years from date filed. |
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