Montana Challenge to Credit Report of Experian, TransUnion, and/or Equifax

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Multi-State
Control #:
US-1162BG
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Word; 
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Description

There are three credit reporting agencies, or credit bureaus, in the United States: Experian, Equifax, and TransUnion. Each of these credit reporting agencies compiles your credit information from various reporting sources, such as lenders, into a credit report.
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FAQ

To freeze your credit, you have to contact each of the three credit bureaus individually. Placing a credit freeze is free for you and your children, as is lifting it when applying for new credit.

Which entities are not subject to regulations under the FCRA? A background-screening company is sometimes hired by a company where you are applying for a job. While these companies are able to look at various aspects of your life, including financial transactions, they are not entirely bound by all FCRA regulations.

Information is being gathered about consumers all the time: In addition to the three major consumer credit bureaus (Experian, TransUnion and Equifax), there are other organizations that may collect and use your information.

In general, under the Fair Credit Reporting Act, furnishers who furnish information about consumers to consumer reporting agencies must: Provide complete and accurate information to the credit reporting agencies. Investigate consumer disputes received from credit reporting agencies.

The law was passed in 1970 and amended twice. It is primarily aimed at the three major credit reporting agencies ? Experian, Equifax and TransUnion ? because of the widespread use of the information those bureaus collect and sell.

Dispute mistakes with the credit bureaus. You should dispute with each credit bureau that has the mistake. Explain in writing what you think is wrong, include the credit bureau's dispute form (if they have one), copies of documents that support your dispute, and keep records of everything you send.

If you identify an error on your credit report, you should start by disputing that information with the credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute.

An Equifax credit score isn't used by lenders or creditors to assess a consumers' creditworthiness. Instead, many lenders use FICO Scores® to help determine a potential borrower's creditworthiness. FICO uses credit scores from the three reporting agencies, including Equifax and Transunion, to determine their score.

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Montana Challenge to Credit Report of Experian, TransUnion, and/or Equifax