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Have you ever been denied credit and not know why? According to the Bureau of Consumer Protection and Business Education, it is your right to know what information is being provided to businesses for use in evaluating applications used for credit, insurance or employment.

Did you know that each of the three credit reporting agencies, Equifax, TransUnion, and Experian must provide you with a free copy of your credit report, at your request, once every twelve months? For any additional requests, you will be charged a of $10 dollars per copy, unless you have been denied credit and request a copy within sixty days of receiving notice.

To order a copy of your credit report, please call or visit the website of the following credit bureaus: Equifax at 800-685-1111, www.equifax.com, TransUnion 800-916-8800, www.transunion.com or Experian at 800-682-7654, www.experian.com or you can visit www.annualcreditreport.com, print out the request form and mail it to Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281.

Many consumers are not aware that there is a problem with their credit report until it is too late. For example: Shelia Berdini found out her credit report listed the wrong address for her florist business too late. She became aware of the problem when the Department of Revenue placed a levy on her savings account for unpaid sales taxes. Berdini claims she never received any of the notices and has never lived at or conducted a business at the address listed on her credit report. There are many other instances where an incorrect social security number, or a negative payment history placed in the wrong file, can irrevocably damage credit. That is why it is Federal Trade Commission's recommendation that consumers verify the information on their credit reports at least once every two years.

In 1970, in order to give consumers rights in dealing with credit bureaus, Congress enacted the "Fair Credit Reporting Act" which requires credit bureaus to furnish complete and correct information. If you have any doubt that the information on a credit report is inaccurate or incomplete, the credit bureaus are required to conduct an investigation. If the investigation reveals an error, the corrected version will be sent to you and anyone who has received a copy of your report in the past six months. If the credit bureau is unable to correct or resolve the problem, you may send your version of the disputed information in your file. The credit bureau is then required, upon your request, to show this information to anyone who recently received a copy of your old report. Again, there is no charge for this service if you have been denied credit and make your request within sixty days of your denial notice. Adverse information generally remains on a credit report for seven years with certain exceptions: a bankruptcy filing is usually reported up to 10 years and there is no time limitation for information reported due to a job application with a salary of $ 20,000.00 or for a credit application of $ 50,000.00 or more.

When ordering a copy of your credit report by mail, you must include your full name, current and former addresses, Social Security number, date of birth, and verification of your current address by providing a current utility bill or copy of your driver's license.

Learn more about this author, Becky Rolland.
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