Credit Card Big List

Credit is your very own financial report card. Learn how today’s activity can affect you down the road.

A credit history is a detailed record of your credit activity. It reflects your ability to handle credit and submit timely payments.

What’s in a credit history?
Your credit history is contained in a credit report that’s kept on file by credit bureaus.
This report might include:

• List of credit card accounts
• How promptly you’ve paid off credit cards and loans
• How well you have handled other bills, such as rent and utilities
• Your checking and savings account histories, including bounced checks
• Your total outstanding debts
• How much credit you still have available on your cards

Who has access to it?
Anyone considering giving you credit or a loan—including credit card issuers, autofinancing companies, college loan issuers, and insurance companies—can legally access this information. Landlords and potential employers can also view your credit report.

Who stores this information?
Credit bureaus are independent agencies that collect information on people who use credit. They act as central distribution centers for credit information, making it easy for potential lenders to access your credit history quickly and easily. All credit bureaus should have the exact same information on your history.

A number of laws regulate credit bureaus and protect your rights. For more information, contact your regional Federal Trade Commission office, or write to:

Federal Trade Commission
600 Pennsylvania Avenue, NW
Washington, DC 20580
(202) 326-2222

Checking your credit report
You should review your credit report at least once a year. Per the Fair Credit Reporting Act, you have the right to see a copy of your report, which is maintained by three national credit bureaus and may also be collected by local credit agencies. If you have been denied credit in the past sixty days, you are entitled by law to receive a free copy of your report from the credit bureau that issued it.

Credit bureaus will issue your credit report for a nominal fee. Check your yellow pages or reference one of these national credit bureaus:

Equifax
800-685-1111
www.equifax.com

Experian
888-397-3742
www.experian.com

TransUnion
800-888-4213
www.transunion.com

Correcting errors
Credit bureaus are bound by law to correct mistakes at no charge. If your credit report contains any errors, take these steps:

• Inform the bureau of the problem in writing within thirty days of receiving your report.
• If the bureau fails to correct the error to your satisfaction, send the bureau a written statement of up to 100 words explaining the situation. Be sure to provide copies or other proof to support your claim. In many cases, the bureau will have to include your statement with any future reports that contain the disputed information.