Anyone who has applied for a credit card, a loan or even a job there is a file with your name on it that tells everything about you. The Consumer reporting Agencies sell this report to other companies. Usually it is to the credit bureaus.
The Fair Credit reporting Act is enforced by the federal trade Commission to guarantee the information they are selling is accurate and keeps your privacy.
Three major credit bureaus request your information and they are:
- Equifax
- Experian
- Trans Union
When you are denied credit from anyone of these companies, they have to give you a copy of your report so you know why you were denied. You will be charged for it if you were not denied credit. You can go over your report then if there is anything on there that doesn’t belong or is wrong then you can tell them in writing within thirty days and they have to fix it for you if the investigate and find it is wrong as well.