Consumer Information on Credit Reporting Agencies

One of the best ways to find information on credit reporting agencies is by looking over the websites of the three largest companies that compile consumer credit files: Equifax, Experian and TransUnion. Through their sites you can find out how credit file disputes are handled, how long negative information remains on a credit report and how to remove your name from credit and insurance marketing lists.

Credit Data

The Experian website helps explain how consumer credit information is compiled and how often it's updated. Experian says that creditors and lenders send information on consumer accounts to credit reporting companies every month. However, the information is sent at various times throughout the month, which is why consumers' credit files can go through frequent changes several times in the same month.

The U.S. Federal Reserve Board, or FRB, website notes that credit bureaus also get information about consumers through public records, which may include data on property liens and bankruptcy. According to the FRB, credit bureaus get information from different sources, so credit files at each bureau include different data on the same consumer and result in different credit scores.

Errors

TransUnion describes on its website how consumers can dispute any errors they find in their TransUnion credit files. The process includes pointing out inaccurate information to the company online, by phone or through the mail. TransUnion contacts the creditor or lender who reported the disputed information to verify it and then notifies the consumer about the outcome. A creditor or lender may report that the disputed information is accurate, so it won't be changed or removed. Consumers who disagree with such outcomes can add a short statement to their credit files stating their side of the issue.

File Expirations

TransUnion also provides a consumer report expiration guide on its website. The guide provides details on how long negative information can legally remain in a credit file. For instance, closed accounts that show late payments or collection actions against a consumer can remain in a credit file for seven years; information on bankruptcies remain in credit files for 10 years. TransUnion notes, however, that when a person files for bankruptcy, all the accounts included in the bankruptcy should be marked "included in BK"; each associated account remains on the credit report for seven years.

Prescreened Offers

The FRB alerts people to the fact that credit reporting agencies may sell consumers' credit information, including their names and addresses. The information is sold to creditors or insurers who want to market their products and services to people who fit certain credit profiles. Consumers have the right to opt out of such marketing efforts through credit reporting company websites, by phone and through the mail. Equifax asserts on its site that prescreened offers may be more favorable than others. The company says that certain credit card and insurance products are only available through prescreened offers.