Your credit report can result in your being denied a house, a job, or a loan. It can also mean that you must pay a high utility deposit when you sign up for utilities. And it can mean that if you are able to take out a loan, you will be charged more for the loan at a higher interest rate.
If you have been negatively impacted because of your credit, your first step is to determine which consumer reporting agency was used by the business or organization that performed a credit check. The consumer reporting agency might be a specialty consumer reporting agency rather than one of the three nationwide consumer reporting agencies. The lender, landlord, or employer who ran the credit check must give you a notice telling you which company was used for the credit check. If they do not give you this information, ask for this notice, which they are legally required to provide. The notice can be oral or in writing.
QUESTION: What?s the difference between the nationwide consumer reporting agencies and a specialty consumer reporting agency?
There are three major nationwide consumer reporting agencies (Experian, Equifax, and TransUnion), that compile credit reports. These are called the "big three" or the nationwide consumer reporting agencies. However, there are many other specialty consumer reporting agencies that provide information on you for a specific purpose, such as employment, housing, insurance, or even for opening a bank account. These are called specialty consumer reporting agencies. If you have been denied based on a report from a specialty agency, you have a right to a free copy of your report as well as other information detailed in Step 2.