Credit Bureaus	Credit Library   E-mail This   Print
	Role of Credit Bureaus Free Credit Report Regulation of Credit Bureaus Ways to Contact Credit Bureaus
	When you think of credit and credit related matters, the first thing that comes to your mind is Credit Bureaus or Credit Reporting Agencies (CRA). A Credit Bureau is an organization that will offer credit information about a particular individual by gleaning from the various sources like Lenders, Credit Card Companies, Debt Collection Agencies etc. The loans you have taken, bills you have paid and the money you owe to the utilities all these will be documented by the Credit Bureaus and made into special reports known as Credit Reports. Any body who ever had a credit history in their life will tell you that Experian, Equifax and TransUnion are the 3 major Credit Bureaus that are ruling the roost in U.S. Many people are still under the delusion that these 3 Credit Bureaus hold the sanctity of the government and their reports are equal to the word of law. Well, we must say that this illusion is too far removed from reality and that there are absolutely no government-backed credit bureaus in the entire nation. Role of Credit Bureaus Whenever you apply for a loan or purchasing a car, the company you are dealing with will ask the credit agencies about your financial status and will get a report containing your financial profile in return. If the lender or creditor finds your financial condition unsatisfactory he can deny a loan to you. Each and every purchase you make, every bill you pay will find a place in your credit report, thus indirectly affecting your credit Score. Hundreds of Credit Reporting Agencies are operating across US and all these bureaus are regulated by FCRA. Credit Reports are only responsible for gathering and storing your financial information and selling it to the required companies; they never have a right to say to a lender whether a particular individual is credit worthy or not. The Law also forbids the Credit Bureaus from revealing your credit situation to third-party companies without your written consent. Free Credit Report According to Fair and Accurate Credit Transactions Act (FACT Act) consumers are entitled to seek and obtain a free credit report once in every 12 months from any of the 3 Credit Reporting Agencies that are operating nationwide - Experian, Equifax and TransUnion. For seeking your Free Annual Credit Report online, log on to www.AnnualCreditReport.com. You need to provide your personal information like name, SSN etc while requesting for a Free Annual Credit Report. Beware of fraudsters, while submitting your request form online. You can also contact the agency through phone: 1-877-322-8228. If you want to contact the agency through postal mail then, you can mail your request form to the following address. Annual Credit Report Request Service, PO Box: 105281, Atlanta, GA 30348-5281 Regulation of Credit Bureaus Credit Bureaus are like any other agencies and have certain limitations to their functioning also. Even Credit Bureaus come under the purview of law; and The Fair Credit Reporting Act (FCRA) regulates the functioning of these Credit Bureaus. Omnipotence of Credit Bureaus is a myth which the ignorance of people has been nurturing for long. They are as vulnerable to mistakes and prone to regulation as any other agency in the country. There are instances in which the major Credit Bureaus have been sued for violating the FCRA. Some of the limitations of Credit Bureaus are: Credit Bureaus cannot deny giving Credit Report to an individual however bad his/her Credit History might be. Credit Bureaus should not charge a person for delivering his/her Credit Report in special circumstances like –unemployment, rejection of loan etc. Credit Bureaus cannot reveal credit information about an individual to the outside agencies without his/her prior written consent. Credit Bureaus cannot retain the negative information related to an individual on his/her credit report for more than 7 years. When a dispute results, Credit Bureaus should respond and investigate the matter in a period of 30 business days. When proven wrong, Credit Bureaus should delete the negative entries from the individual’s Credit Report. Ways to Contact Credit Bureaus Many people often wonder how to contact a Credit Bureau and how to go about the whole thing of seeking reports etc. The best way to contact a Credit Bureau would be through postal mail. Though it is a time-consuming option it will certainly yield results in the end. Postal mail will give you an opportunity to keep a copy of the ongoing correspondence with you for future reference. Other easiest means of approaching Credit Bureaus are through internet or by phone. When you are calling up a Credit Bureau, try to make note of the details of the person to whom you are speaking and the gist of your conversation for future reference. In case, you are disputing errors on your credit report this measure will be of immense help to you. The following information will help you contact the 3 Credit Bureaus of Experian, Equifax and TransUnion: TransUnion Experian Equifax Customer Disclosure Center, TransUnion Consumer Relations, PO Box 2000, Chester, PA 19022 Contact No: 1-800-888-4213 Website: www.TransUnion.com National Consumer Assistance Center PO Box 9556, Allen, TX 75013 Contact No: 1-888-397-3742 Website: www.Experian.com Equifax Credit Information Services Inc., PO Box 740256, Atlanta, GA, 30374 Contact No: 1-800-685-1111 Website: www.Equifax.com Now that you know, what these Credit Bureaus are, use their services discreetly and do not blindly accept whatever credit report they give you. Know your rights and defend your credit report from negative entries that might tarnish your fiscal image.