If you have ever been issued a credit card, received a personal loan, obtained a mortgage or held a job, chances are someone is keeping a file on you. This file contains information on how you pay your bills, whether or not youve been sued, and if youve filed for bankruptcy. Companies that gather and sell this information are called Consumer Reporting Agencies, or CRAs. The three most common are Equifax, Experian and TransUnion.
Whats in a credit report
Congress passed the Fair Credit Reporting Act requiring CRAs to provide correct and complete information to businesses to use in evaluating your applications for credit, employment or insurance. Credit reports are only provided to those with a legitimate business need. CRAs generally report unfavorable information for a period of seven years. Exceptions include bankruptcy information, which can be reported for ten years, and information concerning a lawsuit or judgment against you, which can be reported for seven years or until the statute of limitations runs out, whichever is longer.
When applying for a job with a salary of more than $20,000 or for more than $50,000 worth of credit or life insurance, there...
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