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what kind of information is in your credit report |
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Home :: Credit Report
information What
Credit Report Information Is Given About You?
Credit Report Information
Must Follow Strict FTC Guidelines
The
law found in the FCRA was amended in September 1997 and contains
amendments that make credit report information more reliable across the
board. When credit reports are
correct, then both lenders and consumers can enter into loan agreements
with more confidence. Since mistakes to happen
from time to time in consumer reporting, the law takes into account the
responsibility of creditors to correct those errors.
Credit report information that was submitted and found to be
inaccurate must by law be corrected by the creditor by reporting the new
information to the consumer reporting agency. A consumer who has found
inaccurate credit report information on their own credit report can
contact the reporting agency. From
there the FCRA requires the creditor to reevaluate and report the correct
data. The entire process
should take no more than 30 days. Since too much open credit
can affect your ability to get a mortgage, consumers are encouraged to
voluntarily close unused accounts. Credit
report information then must reflect that these accounts were closed by
the consumer and by their own choice.
This ensures that the closing is not a result of delinquencies on
the borrower’s part but a completely voluntary action.
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