Credit Reports Credit Reports In general, your credit report has four components: Identifying information, such as your name, Social Security number, current and previous addresses, telephone number, birth date, and employer. This information helps ensure that your credit report is accurate and doesn't mistakenly include details about another person (perhaps someone with the same name). Public record information, generally gathered from local courthouses, including bankruptcy records, foreclosures, tax liens, court-ordered payments, and late child-support payments. This information is used to determine if you have previous defaults or legal judgments against you. For example, a mortgage lender will want to know if you've had a past foreclosure before granting a home loan. Derogatory information can generally remain on your credit report for up to seven years, except for bankruptcy information, which may be reported for 10 years. Other credit history information, such as a list of your credit cards and loans, and whether payments were on time. Here, too, negative information about your credit relationships, such as late payments or defaults, will remain on your report for up to seven years, and bankruptcy information may appear on your report for 10 years. "Inquiries," a section of your report that lists the creditors, insurance companies or other parties that have requested your credit report, usually when considering an application you submitted. Inquiries typically can remain on your credit report for two years Free Annual Credit Reports The three nationwide consumer reporting companies (credit bureaus) have set up one central website, toll-free telephone number, and mailing address through which you can order your free annual report. To order, click on www.annualcreditreport.com, call 877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form can be printed from www.ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually. They are only providing free annual credit reports through www.annualcreditreport.com, 877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Problems You Can Encounter My wallet was stolen in December 1998. There’s been no end to the problems I’ve faced since then. The thieves used my identity to write checks, use a debit card, open a bank account with a line of credit, open credit accounts with several stores, obtain cell phones and run up huge bills, print fraudulent checks on a personal computer bearing my name, and more. I’ve spent the last two years trying to repair my credit report (a very frustrating process) and have suffered the ill effects of having a marred credit history. I’ve recently been denied a student loan because of inaccurate information on my credit report. From a consumer complaint to the FTC, February 22, 2001 I’m tired of the hours I’ve spent on the phone and all the faxing I’ve had to do. When will it be over? From a consumer complaint to the FTC, March 13, 2001 Tomorrow is Sunday so we won’t get any notices, but I’m not looking forward to Monday’s mail. From a consumer complaint to the FTC, November 13, 2001 How can someone commit identity theft? The Federal Trade Commission explains how identity theft is committed: By co-opting your name, Social Security number, credit card number, or some other piece of your personal information for their own use. In short, identity theft occurs when someone appropriates your personal information without your knowledge to commit fraud or theft. Once identity theft is committed, then what? Once identity thieves fake your identity, they: Open a new credit card account, using your name, date of birth, and Social Security number. When they use the credit card and don’t pay the bills, the delinquent account is reported on your credit report. Call your credit card issuer and, pretending to be you, change the mailing address on your credit card account. Then, your impostor runs up charges on your account. Because your bills are being sent to the new address, you may not immediately realize there's a problem. Establish cellular phone service in your name. Open a bank account in your name and write bad checks on that account. More information is available here about: How to commit identity theft How to prevent identity theft Help for victims of identity theft Back to the main page of Identity Theft Requesting A Different Number Drivers License Id Cellular Phone Identity Theft Help And Identity Theft Identity Theft Check Identity Theft Recovery Can You Prevent Credit Bureaus From Giving Out Information About You? Clearinghouse For Identity Theft Victims Victim Help Credit Card Fraud Organized Crime Identity Theft New Zealand Help Copyright © 2004-2010 Robert Sherman