OCR Text |
Show DOLLARS & SENSE Learn About Credit History by Bryon Eicon r . While the format of a credit report will vary, the Information contained is essentially the same. Generally, , the report will detail the name, number, type, and activity of credit cards issued in your name. It will also include amount of time you . have had these cards, the timeliness of your payments, the amount of your credit limits and outstanding balances. . A credit file may also include the -names of companies that have , requested copies of your report as well as notations indicating whether you have been involved in civil suits or bankruptcy proceedings. All of 'this information is provided to the -; credit bureau by your creditors or other parties. . If you do find an error on your credit report, write to the credit bureau immediately. , . When a credit bureau determines that a mistake has been made, or if it cannot verify the information in its files, the items in question must be" deleted from your credit report. ' How long -can a negative state : ment be kept on your record? If the statement relates to banruptcy proceedings, pro-ceedings, it may stay on file for as -Ions as 10 vears. Most other records. Inside the computer of one of the . nation's 2,000 credit bureaus is a detailed listing of how much you owe in personal loans and credit cards, how quickly you pay these bills, and how many times your payments have been late. In most v cases, your record is probably filed with one of the country's five largest ' credit bureaus: Trans Union, TRW, Chilton, CBI, and Associated Credit ; -Services.- . .:. - - - .-As- general rule, credit bureaus . can charge you a fee, usually $3 to : , 126, for a copy of your credit report If you have been denied credit on '" the basis of information supplied by; a credit bureau, the creditor must provide the name and address of the ' r credit bureau issuing the report on . , which it based its decision. i You then have 30 days to request a free copy of your report Make sure J to supply the credit bureau with ' your .full name, telephone number, . social security number, and the name of the party that denied your "credit application. The average credit report can be ' - difficult to read. You will not find a ' simple sentence explaining whether or not you are a good credit risk. In - .fact, a credit report does hot issue any judgment on your credit reliability, relia-bility, but rather provides a factual, but selective, account of your employment and credit history. including those related. CO criminal cpnvictions, accounts referred to a. collection agency and civil suits, are usually held no .longer than seven years. 1 , D 1969 bv Kim Features Svnd. |