Bankruptcy - Credit Bureaus

Facts You Should Know

• Payment history on your credit file is supplied by credit grantors with whom you have credit.  This includes both open accounts and accounts that have already been closed.
  
  
• Payment in full does not remove your payment history.  The length of time information remains in file is:

Credit and collection accounts - 7 years, plus 180 days, from the date of the original delinquency*

Courthouse records - 7 years from the date filed, except bankruptcy Chapters 7 and 11 which remain for 10 years from date filed.

*Note that creditors will attempt to extend the 7 years by re-reporting or re-aging the delinquency.  However, this violates the Fair Credit Reporting Act and can be challenged as an inaccuracy.

• A divorce decree does not supersede the original contract with the creditor and does not release you from legal responsibility on any accounts.  You must contact each creditor individually and seek their legal binding release of your obligation.  Only after that release can your credit history be updated accordingly.
  
  
• There may be what appear to be duplicate accounts reported in your credit file.  This could be because some credit grantors issue both revolving and installment accounts.  Another reason is that when you move, some credit grantors transfer your account to a different location and issue another account number.
  
  
• The balance reported is the balance on the date the source reported the information.  Credit grantors supply information on a periodic basis, so the balance shown may not be the balance you know it is today.  If the balance reported was correct as of the date reported, it is not necessary to reinvestigate the balance on that account.
  
  
• Many companies market consumer products and services by mail.  If you prefer not to receive direct marketing mailings, you can write to: Mail Preference Service, Direct Marketing Association, P.O. Box 643, Carmel, New York 10512.  Include your complete name, full address, and signature.  They will have your name removed from these lists.  This will stop most solicitations.  Your name will remain on the list for five years.
  
  
• You can call the National Do Not Call Registry toll-free from the number you wish to register: 1-888-382-1222 (TTY 1-866-290-4236).  This will stop most calls.  You can also register online:
  
  
  www.ftc.gov/donotcall
  
  
• Other useful sites:
  

www.dmaconsumers.org/cgi/offtelephone

www.dmaconsumers.org/cgi/offmailinglist

Credit Bureaus

The FACT Act amendments to the Fair Credit Reporting Act requires the nationwide credit bureaus to provide consumers, upon request, one free personal credit report in a 12 month period.  You may contact the Central Source online at www.annualcreditreport.com or by calling toll free (877) FACT ACT.  Free copies are also available if you have been denied credit in the past 60 days and the creditor used their services.

EXPERIAN (888) 397-3742
P.O. Box 2002
Allen, TX 75013

**Additional copies are $7 each.  Their Web site is www.experian.com

EQUIFAX CREDIT BUREAU (800) 685-1111
P.O. Box 740241
Atlanta, GA 30374-0241

**Additional copies of your personal credit file are available for a small fee (up to $8) depending on your state of residence.  Their web site is www.equifax.com

TRANSUNION CREDIT BUREAU (800) 888-4213
P.O. Box 2000
Chester, PA 19022

**Additional copies of your personal credit file are available for $15 each depending on your state of residence.  Their web site is www.transunion.com

FEDERAL TRADE COMMISSION (202) 452-3245
6^th and Pennsylvania Avenue, N.W.
Washington, D.C.  20580

**Publishes a brief semi-annual list (March and September) on card pricing by the largest issuers for $5 per copy.  Offers a number of free credit-related publications.

Decrease unauthorized direct mail marketing (including pre-approved credit card offers) and unwanted telemarketing calls!

How?  Call the Credit Reporting Industry's Pre-Screening Opt-Out number:

1-888-567-8688 and follow the instructions.  You can choose to be removed for 5 years or permanently.  You can also add your name back if you've already opted out.  They also have a web site: www.OptOutPrescreen.com.  You can also write a letter and request to be removed from direct marketing databases for five years.  Be sure to include you name, home phone number, address and signature.  If your address changes, you must make another request.