Adding Accounts to Your Credit File

Your credit file may not reflect all your credit accounts. Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those that usually aren't included. Most national department store and all-purpose bank credit card accounts are included in your file, but not all.

Although they are not required to do so, many consumer reporting companies will add verifiable accounts for a fee. If creditors do not generally report to the consumer reporting company, the added items will not be updated in your file. If you've been told that you were denied credit because of a "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, ask the consumer reporting companies to add this information to future reports.

The Fair Credit Reporting Act

Businesses that provide information about consumers to consumer reporting companies and businesses that use credit reports also have new responsibilities under the law. The FTC enforces the FCRA with respect to consumer reporting companies. The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of the nation's consumer reporting companies. Recent amendments to the FCRA expand consumer rights and place additional requirements on consumer reporting companies.

Q: Are there other situations where I might be eligible for a free report?

A: Under federal law, you're entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. Any of the three consumer reporting companies may charge you up to $9.50 for another copy of your report within a 12-month period. You're entitled to one free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft.

Q: How do I order my free report?

A: The law allows you to order one free copy from each of the nationwide consumer reporting companies every 12 months. The three nationwide consumer reporting companies are using one website, one toll-free telephone number, and one mailing address for consumers to order their free annual report. To order, click on www.annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You may order your free annual reports from each of the consumer reporting companies at the same time, or you can order from only one or two. Do not contact the three nationwide consumer reporting companies individually.

Q. What type of information do consumer reporting companies collect and sell?

A. Consumer reporting companies collect and sell four basic types of information:

• Identification and employment information: Your name, birth date, Social Security number, employer, and spouse's name are noted routinely. The consumer reporting company also may provide information about your employment history, home ownership, income, and previous address, if a creditor asks.
• Inquiries: Consumer reporting companies must maintain a record of all creditors who have asked for your credit history within the past year, and a record of individuals or businesses that have asked for your credit history for employment purposes for the past two years.
• Payment history: Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as the referral of an overdue account to a collection agency, also may be noted.
• Public record information: Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report.

Q. Is there a charge for my report?

A. Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.

Neither the website nor the companies will call you first to ask for personal information or send you an email asking for personal information. Don't reply or click on any link in the message. Instead, forward any email that claims to be from www.annualcreditreport.com (or any of the three consumer reporting companies) to spam@uce.gov, the FTC's database of deceptive spam. If you get a phone call or an email - or see a pop-up ad - claiming it's from www.annualcreditreport.com (or any of the three nationwide consumer reporting companies), it's probably a scam. Still, www.annualcreditreport.com is the only authorized online source for your free annual credit report from the three nationwide consumer reporting companies.

Q: What information do I have to provide to get my free report?

A: If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. You need to provide your name, address, Social Security number, and date of birth. Each company may ask you for different information because the information each has in your file may come from different sources.