Most creditors want to know your credit history before they extend new credit to you.  To obtain this credit history they use two main sources- the information you put on an application and the Credit Bureau.  The Credit Bureau of Lancaster County is a Credit Bureau or "clearinghouse" which collects and stores information about your credit history.  The credit grantors provide the bureau with FACTUAL information on how their customers pay their bills and the bureau then assembles this information from each creditor into a "credit file."

The Credit Bureau DOES NOT evaluate your credit worthiness.  Based upon the factual information accumulated by the bureau, each credit grantor- NOT THE CREDIT BUREAU- makes the decision whether or not to extend credit to you.  Credit grantors extend credit based on their own policies and standards.  These standards can vary from one creditor to another.

1. How did I become part of your files?

Normally, your first credit application, resulting in a request for a credit report, causes the creation of your credit record in our files.  Once a record is established, credit information supplied periodically by your creditors causes your file to be updated automatically.

2. Adverse information- how long does it remain on my file?

The Federal Fair Credit Reporting Act limits the reporting of adverse information to (7) years.  The only exception is a bankruptcy, which is reported for (10) years.

3. Why aren't all my accounts on my file?

Not all credit grantors that you may do business with report their accounts to credit bureaus.  If you have additional credit references which do not appear on our credit file- the credit grantor has the opportunity to request that your file be updated; or, that additional credit references be verified and added to the credit report.  Some creditors do not choose to do so, because of the expense of the time involved.

4. Why is a loan or account I have paid off still in my history?

The fact that you failed to pay an account or did not pay as agreed, is of interest to any potential credit grantor because it reflects on your "ability and willingness" to pay your bills.  Paying off a previously delinquent debt is certainly important, but the fact that you got into difficulties is equally significant.  Remember, a credit report is history and an accurate history shows both "the good and the bad."


5. Does the credit bureau "rate" my credit?

NO! Each credit grantor or lender has different requirements for the extension of credit, so it is impossible for anyone to have an overall "rating".  The Credit Bureau simply provides a FACTUAL report of a consumer's credit history and that information is matched against the credit grantor's own requirements for extending credit.  The decision on granting credit is made only by the credit grantor.

6. What if I don't agree with the record?

If you dispute the completeness or accuracy of your credit report, the Credit Bureau will reinvestigate the information and record the current status on your credit file.  If, after reinvestigation, we find that the information is inaccurate or can no longer be verified, the item will be deleted from your credit file.

If we delete or amend any part of your credit file, you also have the right under the Federal Fair Credit Reporting Act to request that a corrected report reflecting these changes be mailed to any inquiries for credit purposes within the past (6) months; or during the past (2) years if the inquiry was for employment purposes  If the reinvestigation does not resolve your dispute, you are entitled to add a statement (limited to 100 words) to your credit file explaining your version of the dispute.  Please summit your statement, in writing, along with the date you want the statement to expire.  We can provide you with assistance in writing a clear summary of the dispute.  Your statement will enable the credit grantor to review both sides of the dispute.

If you have a question which has not been answered by the enclosed information,  DIRECT YOUR CORRESPONDENCE TO THE SERVICING BUREAU LISTED ON THE LAST PAGE OR YOUR REPORT.

WE SUGGEST THAT YOU DO NOT APPLY FOR CREDIT DURING THE TIME AN ITEM ON YOUR FILE IS BEING DISPUTED.