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What is a credit bureau?
Credit bureaus, or credit reporting agencies, are basically clearinghouses for information about consumers' credit.
When you apply for credit, they provide this information to qualified requestors. There are three main credit bureaus:
Equifax, based in Atlanta, Georgia; Experian, based in Allen, Texas; and TransUnion, based in Springfield, Pennsylvania.
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How do the credit bureaus obtain information?
Credit bureaus collect information from banks, savings and loans, credit unions, finance companies, and retailers about
your credit, which they store in a computer database.
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Do all credit bureaus have the same information on file?
No, because lenders send information to some and not others.
The main credit reporting agencies—Equifax, Experian, and TransUnion—do not exchange information with each other.
Therefore each of them may have different information, depending on who and what was reported to them.
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Who can look at my credit report?
The Fair Credit Reporting Act stipulates that lenders to whom a consumer has applied for a loan can view credit reports—for
example, credit card companies and financial institutions supplying auto loans and mortgages. But the list continues: landlords,
utility companies, phone companies, hospitals, doctors, dentists, insurance companies, credit unions, finance companies, banks,
retailers, department stores, car dealers, investigators, lawyers, courts—anyone with a "permissible purpose" can view your
credit report.
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How long does information stay in my credit report?
This varies by credit reporting agency. At Equifax, unpaid tax liens remain on the credit file indefinitely and are purged 10 years
from the date paid. At Experian, missed payments and most public record items remain on the credit report for 7 years, with the
exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for 15 years. At TransUnion,
unpaid tax liens remain on the credit file indefinitely and are removed 7 years from the date paid.
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At what age do credit-reporting agencies start recording a person's credit history?
As early as 18 years of age, if you have established credit, your credit is compiled and reported to the credit-reporting agencies.
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Why should I check my credit report?
Just as you have medical and dental check-ups periodically, so should you check your credit report. Knowing what's in your credit report
arms you with the information you need—your credit standing—when trying to secure favorable rates for a mortgage or other loan.
Also, if you regularly check your credit report, you can guard against identity theft, one of the fastest-growing crimes in the nation.
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How do I dispute inaccurate information?
As a Citi® IdentityMonitor® member, you may file a dispute by contacting the credit bureau that reported the inaccurate information
(be sure to keep records of all correspondence, phone calls or emails). The bureau will then check with the original source. If this
inaccuracy persists, add a statement to the credit report specifying why the item is wrong. This dispute process can take up to 30 days.
Please click here for a sample Credit File Investigation Request Form.
Experian does not accept disputes by mail or phone, but you may file a dispute online by visiting http://www.experian.com/rs/fi2.html.
If you have further questions regarding the Experian dispute process, please contact our Credit Education Specialists at 1-866-279-9637.
You will need Acrobat Reader to print out the Credit File Investigation Request Form. To download, click the icon below.
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What is a public record?
Information on tax liens, lawsuits, bankruptcies and judgments that relate to the consumer's debt obligations. Most public record items are
listed for 7 years including successfully completed Chapter 13 bankruptcies. Other bankruptcies are listed for 10 years. Tax liens are listed
for 7 years from the date paid.
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What are collection items?
Collection items are accounts sent to a collection agency, which are listed in your credit report for 7 years from the date the account was 180
days delinquent with the original creditor.
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What are inquiries?
A credit inquiry is made each time an individual or a business asks about your credit history. Since this inquiry was made because you applied
for credit, it becomes part of your credit record. These inquiries might affect your credit rating.
Inquiries made for the purposes of marketing products or services to you are not counted on your credit record and therefore do not affect your
credit rating.
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How long does it take for a closed account to be removed from my credit report?
The file will be updated in 30 to 60 days, but reportable information stays on 7 years from date of the last activity.
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All About Credit Scores
What is a credit score?
What if I do not receive a credit score?
What is the credit score range?
How does my credit score affect me?
How often does my credit score change?
Do late payments affect my credit score?
Do inquiries affect my credit score?
Does co-signing a loan affect my credit score?
What is a credit score?
A credit score is a 3-digit number used by lenders as an indicator of how likely you are to pay your debts. It is a statistical formula based
on your bill-paying history and debt profile, as these compare to the credit performance of other consumers with similar credit characteristics.
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What if I do not receive a credit score?
A credit score can't be generated if there's no information in a credit report, so individuals with little or no credit history will generally
not have a score. To remedy this situation, consider applying for a retail, gas or secured credit card to establish credit. Then keep your
debt low and pay your bills on time to establish your credit history on a positive note.
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What is the credit score range?
Credit scores range from 350 to 850—a higher number represents a stronger financial position.
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How does my credit score affect me?
Credit scores, calculated from such information in your credit report as total debt, types of accounts, number of late payments, age of accounts,
and number of inquiries, give lenders a subjective rating of your creditworthiness. Lenders then consider this rating when deciding whether or
not to extend you credit. It's in your best interest, therefore, to keep your credit as robust as possible so you can secure favorable rates
and terms. If your credit score is weak, you can often strengthen it by minimizing outstanding debt, avoiding overextension, and limiting new credit applications.
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How often does my credit score change?
Your credit score fluctuates as often as information in your credit report changes.
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Do late payments affect my credit score?
Late payments may negatively affect your score—paying your bills on time is the single most important contributor to a good credit score.
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Do inquiries affect my credit score?
It depends on the type of inquiry. Inquiries that do not affect your score include your requests for your credit report, lenders using credit
information to review an account of yours, or a potential employer looking over your credit. However, inquiries initiated by a potential
lender for the purpose of evaluating a credit application you make - for instance, a mortgage, auto loan or a credit card - do affect your score
because studies have shown that too many are a red flag for credit risk. Inquiries do not weigh as heavily, however, as past payment history or
number of delinquent accounts.
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Does co-signing a loan affect my credit score?
Any loan or credit card account may affect your score.
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General Questions
Who can enroll?
What is the Fair Credit Reporting Act?
What is your Privacy Policy?
What is the Federal Trade Commission?
Who can enroll?
Anyone with a credit card, regardless of its card type or bank affiliation, can enroll in IdentityMonitor®.
You do not need to be a Citi ® cardmember to enroll in the program.
What is the Fair Credit Reporting Act?
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. There are
many types of consumer reporting agencies, including credit bureaus that gather and sell information about your creditworthiness to creditors, employers,
landlords, and other businesses.
The FCRA gives consumers specific rights which are summarized below. You may have additional rights under state law.
- You must be told if information in your file has been used against you. Anyone who uses information from a consumer reporting agency to deny your application
for credit, insurance, or employment -- or take another adverse action against you -- must tell you and give you the name, address, and phone number of the
agency that provided the information.
- You can find out what is in your file. At any time, you may request and obtain your report from a consumer reporting agency. You are entitled to free reports
if a person has taken adverse action against you because of information in a report; if you are the victim of identify theft or fraud; if you are on public
assistance; or if you are unemployed but expect to apply for employment within 60 days. In addition, you are entitled to one free report every 12 months
from each of the nationwide credit reporting agencies and from some specialized consumer reporting agencies.
- You have a right to know your credit score. For a fee, you may request your credit score. In some mortgage transactions, you will receive credit score information
without charge.
- You can dispute inaccurate information with the consumer reporting agency. If you tell a consumer reporting agency that your file has inaccurate information, the
agency must take certain steps to investigate unless your dispute is frivolous.
- Inaccurate information must be corrected or deleted. A consumer reporting agency or furnisher must remove or correct information verified as inaccurate, usually
within 30 days after you dispute it. However, a consumer reporting agency may continue to report negative data that it verifies as being accurate.
- Outdated negative information may not be reported. In most cases, a consumer reporting agency may not report negative information that is more than 7 years old,
or bankruptcies that are more than 10 years old.
- Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need as determined by the FCRA -- usually
to consider an application with a creditor, insurer, employer, landlord, or other business.
- Identity theft victims and active duty military personnel have additional rights. Victims of identity theft have new rights under the FCRA. Active-duty military
personnel who are away from their regular duty station may file "active duty" alerts to help prevent identity theft.
For more information, visit www.ftc.gov/credit, or write to: Consumer Response Center, Federal
Trade Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580.
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What is your Privacy Policy?
In addition to our Privacy Promise set forth for customers, this Internet Privacy Policy explains our policy regarding any personally identifiable information
("personal information") that is collected through this website ("site") and how it may be used and/or disclosed.
Information Collected
You can visit this site and find out about our products and services, or use other valued-added services without giving us any personal information about yourself. We may
collect anonymous, aggregated, technical information that tracks site use, including your browser type, IP address, domain name, number or type of pages visited and time
spent on the site. We may use such information in a variety of ways including analyzing trends, visitor interests, or to improve the site.
If you enroll in IdentityMonitor® through this site, you choose to provide us with certain personal
information such as your name, address, email address and telephone number and agree to the Terms and Conditions governing this site.
Use of Collected Information
We may share information with our affiliates about our transactions or experiences with you. Unless otherwise permitted by law, we will not share with our affiliates other
information that you provide to us or that we obtain from third parties (for example, credit bureaus).
Nonaffiliated third parties are those entities that are not part of the family of companies controlled by Citigroup. We do not disclose any personal information about you
to nonaffiliated third parties, except as permitted by law. For example, we are permitted to disclose personal information about you to third parties that perform services
on our behalf necessary to process and administer your IdentityMonitor® membership. These third
party companies agree to use this personal information only for the services for which we hired them and are not permitted to use or share this information for any other purpose.
If you are a customer, you will also find details about the personal information we collect and how it may be disclosed in our Privacy Notice, which will be included in your
IdentityMonitor® fulfillment kit or sent to you by mail upon enrollment. This Privacy Choices information will allow you
to opt-out of having your personal information shared, to the extent permitted under the Privacy Notice.
Cookies
In order to provide better service, we may use "cookies" which may be set by another company for us. A cookie is a small piece of information that a website stores on your
web browser that can later be retrieved. We use cookies for administrative and marketing purposes and to enhance your online experience. For example, we may use cookies to
track the number of visitors to our site or to enable us to present rotating information to you at our site. You can set up your web browser to inform you when cookies are
set or to prevent cookies from being set. If you refuse cookies, you may not be able to use certain features on the site.
Access
If you wish to review and/or change information you provided on our site when you enrolled in Citi® IdentityMonitor®, you can
reach us by contacting customer service at 1-866-279-9637. To protect your privacy, we will require you to provide
proof of identity acceptable to us.
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What is the Federal Trade Commission?
The Federal Trade Commission (FTC) enforces a variety of federal antitrust and consumer protection laws, including the federal Fair Credit Reporting Act, the law that
regulates consumer-reporting agencies, those who use credit reports, and those who furnish information to consumer reporting agencies. The FTC ensures that all three
parties (consumers, consumer reporting agencies, and lenders) are treated in a fair and equitable manner.
The FTC's mission is to help the nation's markets function competitively and efficiently, unhampered by needless restrictions. It works to spotlight and eliminate acts or practices
that are unfair or deceptive. In general, the FTC tries to stop actions that threaten consumers' opportunities to exercise informed choice. It also performs economic analyses,
when asked, to support its law enforcement efforts and to contribute to the policy as set forth by Congress, the Executive Branch, other independent agencies, and state and local
governments. In addition to carrying out its statutory enforcement responsibilities, the FTC advances the policies underlying Congressional mandates through cost-effective
non-enforcement activities, such as consumer education.
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How often can I view an updated credit report and scores?
Every 30 days. A link titled "Get your updated credit report and scores now" will appear on the Member Overview page when the report is available.
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