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Articles » Free Annual Credit Report | | Who Can Add Information To My Credit Report? |
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Your credit report is protected from prying eyes by the Fair Credit Reporting Act. There are some very strict guidelines as to who can access your credit report and who can add information to it. General inquiries from employers or potential creditors require your authorization and only you or the credit bureau can remove information from your credit report.
Among those who can request a copy of your credit report are employers, government agencies, insurance companies, collection agencies, judgment creditors, and potential creditors such as banks, credit card companies, and mortgage brokers. Landlords and utility companies can also request a copy of your credit report but there are strict guidelines in the case of the latter that prevent them from denying you service based on your credit history.
Each of these entities, in addition to being able to check your credit, can also submit your history with them to the credit bureau. Only the credit bureau can make the additions to your credit report and only they can remove anything. Removal is done automatically after a certain amount of time has elapsed, usually seven years (ten for bankruptcy), or in the case of a dispute. Disputes are normally initiated by the consumer and require a written request letter that must be reviewed by the credit bureau within thirty days.
Information that can be added to your credit report includes payment history, credit limits and balances with the initial amount of the loan, late payments, bankruptcies and defaults, foreclosures and liens. Any legal judgments against you can also be added to your credit report. Most of the information reported to credit bureaus is of a negative nature so make sure that you add any positive payment histories yourself. It may not change your overall FICO score, but it will look better to potential lenders.
Your credit report determines what your purchasing power is in markets such as real estate and new automobiles. Constant vigilance is necessary to make sure that information contained in your report is accurate and up to date. Monitor each of the three credit bureaus on a regular basis and have any erroneous information corrected as soon as possible.
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