Nevada County Picayune and Gurdon Times Newspaper Archive

Credit Record Needs To Be Checked

by Barbara A. Holt, Ph.D.

Clark County Extension Agent -

Family and Consumer Sciences

Cooperative Extension Service

CHECK YOUR

What is it that most people have, but few have ever seen?

If you answered, "Their credit report", you're right.

Millions of U.S. citizens with charge accounts, car loans, student loans and home mortgages have established a record of their credit-paying habits, but too few of us have reviewed the infromation in our personal credit file.

If it has been a while since you reviewed your credit report -- or if you've never seen a copy of your report -- now is the time to perform a credit checkup.

A study by Consumer Reports revealed that one of five credit reports contained major inaccuracies that could adversely affect a credit application. Clearing up mistakes in your credit report can take a while, so don't wait until you need additional credit to check your credit file.

Experian, one of the three major credit reporting agencies in the country, will provide you with a free copy of your report once a year. Simply write to Experian Complimentary Report, P.O. Box 8030, Layton, UT 84041-8030, to request your complimentary report.

Your written request must contain 1) your full name; 2) your current and previous addresses for a five-year period; 3) your spouse's first name, if married; 4) your social security number; and 5) your year of birth.

In addition, include your signature and a copy of your driver's license or a current billing statement (such as a utility or department store bill) that shows both, your name and address. The purpose of this is to link your name to the address where the report is to be mailed.

If you are married and would like a joint report, include information about both spouses, as well as both signatures.

Experian will mail you a report within four days of receiving your written request. Experian is the new name for the credit-reporting agency which previously used the name TRW.

If you find an error in your report, write to the credit bureau and challenge the information. Be specific about the items which you believe to be inaccurate. Keep a copy of any correspondence for your files.

Upon receipt of your letter, the credit bureau must investigate the matter and get back in touch with you in a reasonable time, usually 30 days.

If you don't hear from the credit bureau within the deadline, send a follow-up letter. Send a copy of your second letter to the Federal Trade Commission. Again, keep a copy of your correspondence.

If the credit agency cannot verify the challenged information, they must remove it from your file.

Credit reports contain a lot of information about you, your employment history and your ability to repay debts on time. Be sure the infromation included in your report is factual by periodically reviewing the items included in your personal credit report.

For additional information about credit, request the fact sheet Credit Help for Arkansans: Names and Numbers to Know, written by Lynn Russell, Family Resource Management specialist of the Cooperative Extension Service, University of Arkansas.

Or you can contact the Clark County Extension office at 870-246-2281.