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Unformatted text preview: vary between agencies. If a joint report is sought, the information needed to run the report must be obtained from both people. Agencies have different types of report information, such as personal credit, business credit, public record, and inquiries from other parties. The primary credit agencies that perform credit reporting bureau activities are listed below. Should it be necessary to deny credit, consumers are entitled to a free copy of their credit report if they write to the credit reporting bureau within thirty (30) days from the date of the denial. • Experien (formerly known as TRW) P.O. Box 949 Allen, TX 75013–0949 (800) 682–7654 Trans Union Credit Information Co. P.O. Box 390 Springfield, PA 19064 (800) 851–2674 Equifax P.O. Box 105813 Atlanta, GA 30348 (800) 685–1111 • • It is advisable for consumers to have a credit report run at least once each year to check the records for accuracy. Consumers with extremely common names are advised to run their credit report more often, at least twice a year. With modern technology; consumers can request a credit report by telephone by giving their name and address. They will receive a form by mail to sign, complete, and return. Consumers will receive a copy of their credit report and a detailed explanation of how to read the report information. To disprove bad credit information, the consumer can write a letter of explanation to keep on file with the credit bureau. The explanation can be up to 50 words and becomes part of the credit report that is printed. Should the report show information that
13-32 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 13: QUALIFYING THE BORROWER
is not the consumer's, the written explanation would so state. The consumer will need to have documentation to explain certain items. Consumers should keep at least 3 years of canceled checks, along with receipts and tax returns, to substantiate their credit. To run a credit report,...
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- Spring '10