Where does all the information contained in your credit report come from and how
does it get to the credit bureaus? Well, the personal information comes from the
information you listed on all credit applications you filled out in the past. The details
on your credit account are supplied by the creditors to the credit reporting agencies
including the date the account was opened, the credit limit or loan amount, the
payment terms, balance and payment history, payment terms, and account status
(closed, open, inactive). All credit- reporting agencies record inquiries whenever
another party such as lenders, landlords, service providers or insurers views your
credit report. Government agencies report all matters of public record to the credit
You can see with all of this information coming from so many sources how mistakes
can be made. Someone can easily enter the wrong account number, name, or can
transcribe a number in your personal information and suddenly you have mistakes
and misinformation on your credit report. Step 1 Credit can help you to proactively
take the steps necessary and afforded you by consumer laws to repair your credit.
Under Federal Law, Inaccurate, misleading, unverifiable information must be
removed from your credit reports.