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How does the wonderful world of credit operate? There is no supreme authority when it comes to creditworthiness or an instant credit report. Consumer reporting agencies have the most power over the matter, but these are agencies that merely collect and disseminate information via computer database. The three largest consumer reporting agencies (though not the only three) are Transunion, Equifax and Experian. The next branch of the credit system to consider are individual creditors, who have lent credit to their consumers, and who now have the right to report any debt information to consumer reporting agencies.
The first step in resolving debt is to contact the creditor and see if anything can be done about the dubious item on the instant credit report. The second step is to write a letter to one of the major credit bureaus disputing the case and presenting evidence in support of removal. Remember that the three credit bureaus are not connected in anyway besides that they collect information from some of the same sources. That means that one bureau may be more accurate than another, or may have transactions that the other bureaus have not listed.
According to the Fair and Accurate Credit Transactions Act (FACTA), a 2003 amendment to the original FCRA, every consumer has the right to view their own instant credit report at least once a year. Furthermore, that report should be free of charge and can be requested from all three major credit bureaus. You can request a copy of your credit report by way of telephone, mail or ordering it from the government-authorized site AnnualCreditReport.com.
There are also other sites that offer a free instant credit report, and you may be confused by their claim, which seems to contrast a subscription fee mentioned elsewhere at the site. These companies usually are legitimate but charge consumers money to give them unlimited access to their credit report. Not all companies charge fees, though; some may collect personal information such as your name, address and birthday and sell this information to other vendors.
There are numerous resources for an instant credit report. It is a good idea to keep regularly viewing this report, at least once a year and from all three credit bureaus. That way you can protect yourself and your creditworthiness from scam companies and other untrustworthy retail companies that have charged you without consent. For more information on an instant credit report visit the government website listed or search for more contacts online.