| Who Can See My Credit Reports |
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Credit reports have been causing us problems ever since the first credit card came into being. Early on, these bureaus were still in the learning phase of how to manage the data they received from the companies and lenders who were issuing credit and receiving payments. In the beginning no laws existed as to how credit agencies could report information, and sometimes information was so erroneous that people were wrongly denied mortgages, school loans, and cars. For the few companies that checked credit reports as part of the pre-employment screening process, this was a major problem for some job applicants who had errors on their reports. The past five to ten years has seen some remarkable consumer protection laws passed as they relate to the credit reporting process, and all three credit bureaus now must follow strict guidelines as they relate to responding to consumer requests and complaints about the information in their credit files. Over the past ten years or so, various types of legislation has been enacted to protect consumers. Credit histories can be viewed online immediately, which is a wonderful improvement over the old method of writing a letter and waiting weeks for the report to be mailed back. These reports were free only if you were denied credit. It seemed as if you had no reason or right to see your report for any other reason! An issue that doesn't seem to be an easy to get around is the fact that there are three major reporting bureaus, but there are no regulations that demand these bureaus compare notes to see who has what information. What happens? You could be turned down for credit because one of these agencies has information - with errors perhaps - that the others don't. If your lender for some reason only uses that particular agency, you're in trouble. Years ago a consumer could only have a free copy of his credit history if he was denied credit. He would need to write a letter and then wait sometimes weeks before hearing back. Then he would need to review it and if there were errors, which was and still is all too common, he would need to write further letters and wait more time to try to get these problems fixed. It could easily take a year to have issues addressed. Getting problems fixed can be time consuming and frustrating, which is why it's important to be vigilant in monitoring your credit report for each reporting agency, even if you need to pay for a membership to have constant and immediate access to it. About the Author: When you've got bad credit, it's not easy. If you need to clean up your credit, you have to have good credit. Get help and credit repair and get fix your credit worries. Learn how now! |