CHICOPEE, Mass. (Mass Appeal) – Continuing our finance 101 series, we learned about credit reports with Financial Counselor Todd Christian from Cambridge Credit in Agawam.
Uses of Credit Reports
- Qualifications for financing
- As a basis for Auto insurance rates
- By landlords in rental decisions
- For private student loan interest rates and college acceptance
- Employers are using the reports in the hiring process.
Viewing your credit report
- Very important for consumers to view their report
- This should be done once a year
- Check for identity theft & mistakes
There are three major Credit bureaus:
- Transunion:1-800-680-7289; http://www.transunion.com;
- Equifax :1-800-525-6285; http://www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241
- Experian: 1-888-EXPERIAN (397-3742); http://www.experian.com; P.O. Box 9532, Allen, TX 75013
- Annual credit report: 1-877-322-8228 or http://www.annualcreditreport.com
A free copy of each report is available to you once per year or if:
- 1. Your application for credit has been turned down due to information in your credit report.
- 2. You are unemployed but plan to apply for a job within 60 days’ of receiving your report. (You
must enclose a statement swearing that this is true, and a copy of a recent unemployment check
would help.) There is a limit of one report per year if you obtain one under these circumstances.
- 3. You receive public assistance. Again, simply enclose a statement swearing that this is true,
along with a copy of a recent public assistance check. There is also a limit of one report per year
under these circumstances.
- 4. You are a victim of identity theft or fraud, or think that this may be the case. If this were true, it
would also be advisable to request that a fraud alert be placed on your file.