What Is Credit History?

Credit bureaus gather and compile information supplied by your creditors. Credit bureaus are privately owned companies, not government agencies. Currently the three most prominent are Equifax, Experian and TransUnion.

The information they gather includes how much of your total credit limit you still have available in your combined accounts, whether you've made late payments, whether any of your accounts has been referred to a collection agency. Typically creditors send monthly reports of their customers' credit activities to the credit bureau to which the creditor subscribes.

Credit bureaus only compile the data reported to them; they do not verify the accuracy of that data. It is the responsibility of the credit grantor and consumer (that's you) to ensure that the credit record is accurate.

For many years The Fair Credit Reporting Act has ensured that a person denied credit, has the right to see their credit report at not cost. It also specifies the rights and responsibilities of creditors, debtors and reporting agencies.

Beginning December 1, 2004, citizens of the "Western States" can obtain one credit per year at not charge. Later dates apply to other sections of the United States. Your free report cannot be ordered directly from Equifax, Experian or TransUnion.

Your free report MUST be ordered from:

  • AnnualCreditReport.com on the web
  • By telephone at 1-877-322-8228 or
  • By mail at:
    Annual Credit Report Request Service
    P.O. Box 105281
    Atlanta, GA 30348-5281