Experian Reports Contain Your Credit Information

2007-03-08 10:33:40

( Financial )



Credit reporting agencies like Experian function as vast information clearinghouses on most consumers in the country today. When you submit an application for a loan or line of credit to credit card companies, banks and savings and loans, credit unions, finance companies, retailers, insurance companies, and mortgage lenders, these companies purchase your consumer credit record information from credit reporting agencies. The credit report helps lenders decide whether to approve a new or additional loan or credit.

Experian reports contain the basic types of information: identifying data (name, address, date of birth, and social security number), credit history, collection agencies that have been assigned to collect your overdue debts, courthouse records (obtained from federal, state or local courts), additional information about your history, and listing of inquiries made by potential grantors.

You will find Experian reports easy to read because they are free of confusing codes and symbols, and use a narrative format to present your account information.

You can order your credit report from Experian by phone, mail or online. Experian reports feature an initial summary page that indicates the number of credit accounts and public record items in your credit record that contain negative information. The summary page clearly highlights the number to call and the Web site to visit in case you want to dispute the information in your credit report, or you need assistance from Experian, or you want to order a copy of your credit score.

If you find incorrect information on the report and want Experian to correct or delete it, you have to fill out the dispute form and explain why you think the information is incorrect. The law gives you the right to correct mistakes, and Experian is obliged to finish their investigation of your claim within 30 days after they receive the dispute form.


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