What's in Your Credit Report?
A credit report is a compilation of your credit payment record. It can be obtained by creditors, insurers, employers, or other businesses who wish to determine whether you are a good risk. The information is gathered by credit bureaus from businesses you’ve dealt with in the past.
Hawaii residents may now obtain FREE annual credit reports dues to an amendment of the federal Fair Credit Reporting Act. You may obtain a report from each of the three major consumer reporting companies once every 12 months either one at a time or staggered throughout the year. Do NOT contact the three individual consumer reporting credit companies for the free report. You will need to contact a central website, toll-free telephone number and/or mailing address below:
Website: www.annualcreditreport.com Telephone: 877-322-8228 Mail: Download request form at the website listed above
You may also obtain a copy of your credit report free or if you apply for credit, insurance, or employment and are denied. You will need to request this information within 60 days of the particular credit bureau which provided the data to the requesting organization. You should call their toll-free number or check the websites for specific instructions before writing to the credit bureau. There are currently three major credit bureaus:
Trans Union Corporation
1-800-888-4213
http://www.tuc.comEquifax
1-800-685-1111
http://www.equifax.comExperian (formerly TRW)
1-888-397-3742
http://www.experian.com
Under special circumstances such as fraud, identity theft, welfare, or unemployment you may qualify for a free report. Otherwise, the consumer credit reporting companies may charge you for their report.
Once you obtain your credit report, verify the loan and credit card information listed. Its’ accuracy will affect whether you qualify for a loan and how much you might pay for it. Reviewing your report every year will also tell you if anyone has applied for credit in your name and whether any accounts are being used without your knowledge. Keep your own list current by using the "Credit Loan & Credit Card Update" table.
If there are any errors, the credit bureau will provide you with instructions for resolution. They are obligated to respond to you and in many cases to conduct an investigation. http://www.ftc.gov/bcp/conline/pubs/credit/fcrasummary.pdf
Only time and good money management can correct bad credit history. There are no “quick fixes”. If you need help, call a nonprofit credit counseling organization which is a member of the National Foundation for Consumer Credit at 800-388-2227; website at www.nfcc.org A local member is: Consumer Credit Counseling Service of Hawaii, phone 808-532-3225 on Oahu; neighbor islanders can dial 800-801-5999.
