Consumer Law

It’s Wise to Review Your Credit Reports Yearly

Bad credit reports can delay a mortgage or halt a car loan. Even worse, negative credit reports can sometimes pop up out of nowhere, containing inaccurate information that will complicate any attempt to obtain credit. We recommend that at least once a year, everyone write the former TRW Information Systems & Services, now called Experian, to request a copy of their credit report and review it carefully for accuracy. The cost to most Michigan consumers is $8 to receive a copy of their credit report.

Missed payments and other data stay on a credit report for seven years and a Chapter 7 Bankruptcy stays on a report for ten years. Under the law, you can receive a free credit report from any credit bureau within 60 days of being turned down for credit, if that credit bureau provided the information to a potential lender. Also, the law allows consumers to receive one free credit report each year if they are unemployed and are looking for a job, if they are receiving public welfare assistance or if they believe their credit flies contain inaccuracies due to a fraud.