Q: I was denied credit, and I want a copy of my credit report.

A: If you have been denied credit within the last 30 days, you can obtain a free copy of your credit report by contacting the Bureau(s) that were the source of the information.

Experian (888)397-3742 ............ www.experian.com

Transunion (800)888-4213 ....... www.transunion.com

Equifax (800)685-1111 ................ www.equifax.com

Q: Who Are The Three National Credit Bureaus?

A: A credit bureau's business is credit reporting. They collect information about consumers' payment habits from credit grantors such as banks, savings and loans, credit unions, finance companies and retailers. They also track information from collection accounts and public records such as bankruptcies, judgements, liens and divorce. The credit bureaus store this information in their computer database and then sell the information (your personal credit report) to credit grantors. When you apply for a new credit card or loan, the credit grantor orders your credit report from a bureau and then analyzes it to decide whether or not to grant you credit.

There are three main credit bureaus:

(1) Experian is a supplier of consumer and business credit, direct marketing, automotive and real estate information services, formed in 1996 from the merger of two leaders in the information business, CCN Group and TRW Information Systems & Services. CCN was Europe's largest credit reference agency and one of the world's major providers of information solutions. TRW was one of the United States' largest providers of credit, marketing and real estate information. With the two combined, Experian provides excellent national coverage.

(2) Trans Union Corporation is one of the world's largest consumer information companies in the world, with more than 300 offices throughout the United States, and services that are international in scope, serving markets on five continents. Their service strengths are with collection companies and student loans but they also have customers in financial and banking services, insurance companies, retailers, utilities and hospitals. Trans Union also has relationships with every large and most medium and small credit grantors throughout the nation.Equifax

(3) Equifax provides services related to credit, payments, insurance, and health care to over 300,000 businesses in 40 countries. Equifax is stronger in the southeastern U.S. since that is where the company started in 1899. Equifax operates the largest consumer credit databases in the world. Just in 1995, Equifax distributed 385 million credit reports and had a total revenue of $1.6 billion.

Q: Why is an account rated R-1, I-1, etc. when there is delinquency reported as past due 30-60-90?

A: Ratings, such as R-1 (revolving account, current) or I-2 (installment account-30 days late), refer to the status of the account as of the reporting date. The 30-60-90 day ratings provide the payment history for the account.

Q: Why are account numbers on the credit report sometimes different than those on the loan application?

A: Credit grantors may shorten, lengthen, or truncate account numbers when reporting to the repositories. These deviations may be the result of software non-compatibility when reporting from credit grantor to different repositories. Account numbers are also scrambled by creditors for security reasons.

Q: Why does credit, more commonly credit cards, appear on the credit report when not on the loan application and vice versa?

A: The consumer failed to report the account on the loan application; A credit grantor may have issued a line of credit or credit card without the consumer's knowledge or awareness; or, The credit may not be that of the consumer.

Q: Why are account numbers on the credit report sometimes different than those on the loan application?

A: Credit grantors may shorten, lengthen, or truncate account numbers when reporting to the repositories. These deviations may be the result of software non-compatibility when reporting from credit grantor to different repositories. Account numbers are also scrambled by creditors for security reasons.

Q: An account that has been paid may still appear on the report with other than a zero balance. Why?

A: Most credit grantors report to repositories on a monthly basis. Time requirements of creditors to prepare and transmit data to repositories varies. Time requirements of repositories to load the data into their computer systems also varies. The combined time requirements of creditor and repository may extend to several days, weeks or months. NOTE: Fannie Mae (FNMA), Freddie Mac (FHLMC), VA, HUD, FHA and Farmers Home recognized these time constraints and adopted guidelines in July 1988 to accommodate these requirements. Accounts with balances reported within 90 days of the credit report are acceptable for these investors.

Q: What information is necessary to access repository data?

A: The complete consumer name (including suffixes), social security number, and all addresses, covering the past two years of residency.

Q: How does a father's and son's credit end up on the same credit report?

A: Mixed credit does exist in repository data. A father and son who share the same or similar names may likely develop mixed credit. This is compounded by sharing the same residence address or having shared a prior residence address. Suffixes such as John Doe Junior or John Doe III further promote mixed data.

Q: How long are bankruptcies and other adverse credit reportable?

A: The Fair Credit Reporting Act (FCRA) provides the following statute of limitations:

TYPE LIMITATION
Bankruptcies 10 years from date of entry for relief
Judgments - Paid Seven years from the date of entry
Tax Liens - Paid Seven years from date of payment
Tax Liens - Unpaid No limitation
Collections Seven years from the date collection activity begins
Charged to Profit and Loss Seven years from the date the account was charged to loss
Other Adverse Information Seven years

Q: What information is necessary to access repository data?

A: The complete consumer name (including suffixes), social security number, and all addresses, covering the past two years of residency.