Credit Scores & Reports
Credit Denials
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I was denied credit. What information am I entitled to?
In most cases, the lender must give you an adverse action notice, which explains why your application was denied or how to receive a statement of the specific reason(s) as to why your application was denied. If the lender […]
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Every time I apply for a loan, the bank turns me down. Can the Office of the Comptroller of the Currency (OCC) make the bank give me a loan?
No. The OCC does not make individual credit decisions. We encourage banks to make prudent loans to sound borrowers and treat customers fairly, but we cannot require banks to extend credit to individuals or businesses.
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How can I find out why my bank denied my loan application?
Within 30 days of receiving a completed application from a consumer, your bank should notify you, in writing, of its action—and either the reasons for that action or instructions on how to request a statement of the […]
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Credit Disputes
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My credit report contains inaccurate information and accounts that I never applied for. How can I have my credit report corrected?
You have the right to examine your credit file and to dispute inaccurate information. If you find inaccuracies on your credit report, you can dispute the inaccurate information with the credit reporting agency. Also, in […]
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There is incorrect information on my credit report. Can I file a direct dispute with the company that provided the information (known as the information furnisher)?
You can dispute information on your credit report directly with the furnisher of that information if it is about an account or other relationship you have with the furnisher. A furnisher must conduct a reasonable […]
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Does a furnisher have to investigate all direct disputes to credit report information?
No. Fair Credit Reporting Act regulations require that the furnisher must conduct a reasonable investigation of disputes unless an exception applies. A furnisher does not have to investigate a direct dispute if: The […]
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How do I dispute information on my credit report?
If you are disputing inaccurate information on your credit report, you can send a written notice to the furnisher, which should provide a mailing address on the credit report, or in a separate notice. This is known as a […]
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I filed a dispute regarding inaccurate information on my credit report. What must a furnisher do when it gets a direct dispute?
Once the furnisher receives a direct dispute that is sent to the address provided by the furnisher for disputes, and that includes all of the required information, it must conduct a reasonable investigation, […]
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I submitted a direct dispute regarding inaccurate content on my credit report. Does the furnisher of the disputed information have to notify me if it decides that my dispute is frivolous or irrelevant?
Yes. The furnisher must notify you in writing if it decides that your direct dispute is frivolous or irrelevant. The notice must be sent within five business days of the determination. The furnisher will send the notice […]
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What is a frivolous or irrelevant dispute?
A dispute is frivolous or irrelevant if the consumer did not provide enough information to investigate the disputed information; the direct dispute is substantially the same as a dispute previously submitted by the […]
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I disputed adverse credit information appearing on my credit report with the furnisher (that is, the lender who supplied the information). The furnisher determined that the information is accurate. How can I add a consumer statement to my profile?
You will need to contact the credit reporting agency and notify them of the dispute. If the reinvestigation does not resolve the issue, you may file a brief statement summarizing the dispute, with the credit reporting […]
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Credit Reporting Agencies
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What is a credit reporting agency?
Credit reporting agencies compile credit histories on prospective borrowers, provide credit reports to consumers and lenders, and provide other related products and services. Information in a credit report may […]
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What are the three major credit reporting agencies?
The three major credit reporting agencies are: Equifax (800) 685-1111 Experian (888) 397-3742 TransUnion (800) 916-8800 Each agency's website contains information about ordering a credit report , disputing an […]
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Credit Reports
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What is a credit report?
A credit report is any written, oral, or other communication of information issued by a credit reporting agency concerning a consumer's credit worthiness, standing, capacity, character, general reputation, personal […]
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My bank indicated that it would report my loan as delinquent to the credit reporting agency only if my payment was more than 60 days past due, but the bank reported the loan at only 30 days past due. Can the bank do this?
Generally, as long as the information is accurate, the bank can report its experience with your loans to a credit reporting agency at any time. However, if your account agreement states that the bank would not report your […]
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I paid my credit card bill on the 31st day after the payment due date and the bank reported to a credit reporting agency that I made a late payment. Can the bank do that?
Generally, yes. Your account agreement establishes the rules for how the bank will determine that a payment is late. Review your account agreement for policies specific to your bank and your account. The bank can report all […]
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How do I get a copy of my credit report?
You can visit AnnualCreditReport.com to request your free credit report. You are entitled to one free credit report every 12 months from each of the three major credit reporting agencies—Equifax, Experian, and TransUnion. […]
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Why is the OCC listed on my credit report?
All federal regulatory agencies with financial institution oversight are listed on credit reports. This enables consumers to obtain contact information if they need to file a complaint against a creditor.
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I need to correct personal contact information that is listed in my credit report. Whom should I contact?
You should contact the credit reporting agency to dispute personal data such as: Your personal identifying information, for example, your name, date of birth, telephone number, address, or Social Security number. The […]
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When can a bank pull or review a credit report?
Under the Fair Credit Reporting Act, a bank can obtain a consumer report if it has a "permissible purpose," which may include the following: Credit transactions Review or collection of an account Opening a deposit or […]
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How long can negative information stay on my credit report?
Under the provisions of the Fair Credit Reporting Act, adverse information—for example, collection actions, charge-offs, suits, and judgments—may remain on your credit report for seven years. Refer to 12 CFR 1022 "Fair […]
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How long can a bankruptcy stay on my credit report?
Under the provisions of the Fair Credit Reporting Act, a credit reporting agency may report a bankruptcy for 10 years from the date of a court's decision or judgment. Refer to 12 CFR 1022 "Fair Credit Reporting […]
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How long does negative information stay on ChexSystems and/or EWS consumer reports?
Generally, negative information remains on ChexSystems and/or Early Warning Services (EWS) consumer reports for five years. Under the Fair Credit Reporting Act, certain negative information may be reported for up to seven […]
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My credit report contains errors. Can I file a complaint against the credit reporting agencies?
The Fair Credit Reporting Act covers complaints involving information in a credit report. First, try to resolve the dispute with the credit reporting agency that issued the credit report. If unsuccessful, contact the […]
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I need to correct personal contact information that is listed in my credit report. Whom should I contact?
You should contact the credit reporting agency that produced the report (Equifax, TransUnion, or Experian) to dispute personal data such as: Your personal identifying information (such as, your name, date of birth, […]
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Credit Scores
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What is a credit score?
This is a number, roughly between 300 and 800, that offers a measure of an individual's creditworthiness. The most well-known type of credit score is the FICO score. Banks use a credit score to help determine whether you […]
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Can the OCC help me with my credit score?
The Office of the Comptroller of the Currency (OCC) does not maintain or dispense credit scores. You may have several credit scores that are frequently changing in value and are calculated based on information found in one […]
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Establishing Credit
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When I apply for a loan/credit card, can the bank request income information?
Yes. A bank that offers you a credit card account is required to consider your ability to make the minimum payments required. A bank must consider your income or assets and debts in deciding whether you are able to make […]
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My spouse has passed away. I don't have a credit history established in my name. How can I get a bank credit card?
Banks normally require an applicant for a major credit card to have established credit. So, the first step is to establish a credit history in your name. Visit the Consumer Finance Protection Bureau website or read their […]
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