If key information about you from your credit report-such as your Social Security number or date of birth-falls into the wrong hands, a crook can use it to commit identity theft by setting up credit in your name and using it to obtain goods and services. In 2001, more than 85,000 cases of identity theft were reported nationwide, according to the Federal Trade Commission. Credit reporting regulations are designed to protect the privacy of information in credit reports and to guarantee that they are accurate. The information is provided by lenders and credit grantors, such as credit card companies, banks and finance companies.Ĭredit reporting bureaus are accountable to the Federal Trade Commission ( and operate under the federal Fair Credit Reporting Act as well as state laws. Three major national companies-Experian, Trans Union, and Equifax-gather and maintain most of the credit information on file today. Your credit report includes your name, Social Security number, date of birth and current and previous addresses, employers and telephone numbers as well as your credit account numbers and balances and payment history.Ĭredit reports are compiled by companies called credit reporting agencies. A record of most inquiries remains on your report for two years. Credit reports contain facts to help businesses identify you, such as details of your past and present credit obligations, public records about you (if any) and a list of "inquiries"-the names of companies that have requested to see your credit report.
Your credit report contains a complete record of your credit history, including credit cards, car loans and mortgages. Bankruptcies appear on your credit report for up to ten years.
Most information remains in your credit report for seven years. If you’ve ever had a credit card, car loan or mortgage, you’ve probably got a credit report. Of all the personal records in routine use by businesses, credit reports contain the most detail about you. It also assists law enforcement by providing training and coordinating investigations and works to promote sound privacy protection practices in the business community. Unfortunately, this has resulted in an increase in privacy abuses, credit fraud and a growing crime called identity theft in which an imposter applies for credit in the victim’s name.Ĭalifornia residents have strong privacy rights with new laws and the creation of the state Office of Privacy Protection ( to provide information, advice and assistance on privacy issues to victims and the public. Our personal financial information is more easily available and far less private in the computer age than it was in the days of old-fashioned filing cabinets.
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