How can I get a copy of my credit report?

Free annual credit reports are now available in every state. To order your free report, go to http://www.annualcreditreport.com, and either order your report online or download a form to mail in your request. You can also call 877-322-8228.

Also, you are entitled to one free copy of your credit report each year under the following circumstances:

• you've been denied credit because of information in your credit report and you request a copy within 60 days of being denied credit
• you're unemployed and looking for work
• you receive public assistance
• you believe your file contains errors due to fraud or you are (or you think you are) a victim of identity theft
• you've been denied employment (or another adverse employment decision has been made) based in whole or in part on information contained in the report, or
• your report has been revised based upon an investigation you requested.

How long can negative information stay on my credit report?

Most negative information can stay on your credit report for seven years. Lawsuits, judgments, paid tax liens, accounts sent to collection, criminal records (except criminal convictions, which may be reported indefinitely), late payments, and any other adverse information can normally stay on your credit report for seven years. Overdue child support can also stay on your report for seven years.

Note that some adverse information regarding U.S. government insured or guaranteed student loans, or national direct student loans, may be reported for more than seven years.

Bankruptcies, however, can normally stay on your credit report for ten years from the date of the last activity (usually the date you received your discharge, or the date the case was dismissed, although credit bureaus sometimes start counting from the earlier date of filing).

Credit inquiries (requests by companies for a copy of your report) can stay on your credit report for only two years.

What should I do if I find mistakes in my credit report?

As you read through your credit report, make a list of everything that's incorrect or out of date. Then complete the "request for reinvestigation" form that the credit bureau sent you, or send a letter listing each incorrect or out-of-date item and explain exactly what is wrong. Once the credit bureau receives your request, it must investigate the items you dispute and contact you within 30 days. If you let the bureau know that you're trying to obtain a mortgage or car loan, it can often do a rush investigation.

Examples of incorrect information are:

• incorrect or incomplete name, address, phone number, Social Security number, or employment information
• bankruptcies not identified by their specific chapter number
• accounts that are not yours or lawsuits in which you were not involved
• incorrect account histories, such as a history of late payments when you paid on time
• any closed accounts that are listed as open -- it may look as if you have too much open credit, and
• any account you closed that doesn't say "closed by consumer."

If you are right that the information is inaccurate or incomplete, or if the creditor who provided the information can no longer verify it, the credit bureau must remove the information from your report or modify it based on the results of the investigation.

What can I do to rebuild my credit?

After you've cleaned up your credit report, the key to rebuilding credit is to get positive information into your record. Here are two suggestions:

• If your credit report is missing accounts you pay on time, send the credit bureaus a recent account statement and copies of canceled checks showing your payment history. Ask that these be added to your report. The credit bureau doesn't have to add this information, but often will.
• Creditors like to see evidence of stability, so if any of the following information is not in your report, send it to the bureaus and ask that it be added: your current employment, your previous employment (especially if you've been at your current job fewer than two years), your current residence, your telephone number (especially if it's unlisted), your date of birth, and your checking account number. Again, the credit bureau doesn't have to add these, but often will.