v Consumer Rights and Responsibilities
- What rights do I have if a lender has rejected my application based on my credit report
and score? What rights do I have if an insurance agent rejected my policy based on information from
v Issues in Agricultural and Small Business Lending
1. What is a credit reporting agency?
A credit reporting agency (CRA) is a clearinghouse for consumer credit
specific file. The credit and information providers can access credit reports
and receive information about consumers
The three major credit reporting agencies are
- TransUnion (http://www.transunion.com/ ) 1-800-888-4213
- Equifax (http://www.equifax.com/ ) 1-800-685-1111
2. What is included on a credit report?
The information stored in the credit files consist of four major components: (1) personal information -- current and past addresses, phone numbers, employers, and date of birth; (2) credit information and payment history for all consumer credit accounts like auto financing, installment loans, department cards, credit cards, and home mortgages; (3) public information on bankruptcy filings, tax liens, foreclosures, wage
attachments, etc.; and (4) a list of firms that have accessed your credit report in the past two years.
Items that are NOT included in the credit files are information and balances on deposit accounts, salary or wage levels, income taxes, land and machinery values, and medical records. Your race, color, religion, national origin, and marital status are NOT included. Moreover, information on agricultural or business loans is typically not reported.
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3. How can I get access to my credit report?
Since credit data are being used frequently, new regulations have passed that allow easier access to your information.
All residents can access free credit reports through a central web site http://www.annualcreditreport.com/.
a toll free number 877-322-8228 (877-FACT ACT),
or a written request sent to
Annual Credit Report Request Service
As of June 1, 2005, all residents except those residing in the eastern states and U.S. territories can access free credit reports through a central web site http://www.annualcreditreport.com/.
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