Commonly Asked Questions About Credit Files

Q. Why did you turn down my request for credit?

A. The Credit Bureau of York & Adams County is a consumer reporting agency and do not make decisions regarding the extension of credit. Credit grantors make that decision, based on your payment record and their own criteria.

Q. Do consumer reporting agencies rate my accounts?

A. No, all we do is maintain records. Make judgments about the likelihood of you repaying your debts based on their own experiences and rating criteria. Each creditor reports the status of your account according to your manner of payment.

Q. How can I correct a mistake in my credit file?

A. Complete an Investigation Request form and give details of the information you believe is incorrect. We will then check with the credit grantor, collection agency or public record source to see if any error has been reported. Information that cannot be verified will be removed from your file. If you and credit grantor disagree on any information, you will need to resolve the dispute directly with the credit grantor who is the source of the information in question.

Q. What is it in my credit file that keeps me from obtaining credit?

A. We do not know, since consumer reporting agencies do not grant credit. Each credit grantor has established criteria for making credit decisions. Your credit may appear to be perfect, but having too much credit or too many outstanding balances are examples of why your request for credit might be declined. Sometimes the decision is not even based directly on the credit file; for instance, you may not have been at your current residence or in your present job long enough. If you have questions about why you were not approved for credit, contact the credit grantor who turned you down for credit for an explanation.

Q. What is a credit score?

A. A credit score is a composite that indicates how likely you are to pay on a loan or credit card as agreed. It is a predictor of future performance. It is one piece of information credit grantors use when evaluating your application for credit. Your credit score may be based solely on information in your credit file with the credit reporting agencies. Other scores may be based on a combination of credit information and other information you supply on your credit application. The way you have handled credit in the past may have a link as to how you will manage credit in the future. Credit scores cannot predict with certainty how you or anyone will manage credit. They do provide an objective estimate of how likely you are to repay on time and according to terms.

Q. Is the credit score part of my credit file?

A. The credit score is not part of your credit file. It is a process that assists the credit grantor during the credit application process. The score may change as your credit information changes.

Q. If I do have credit problems, is there someplace where I can get advice and assistance?

A. Yes, there are a number of organizations that offer assistance. For example, the Consumer Credit Counseling Service (CCCS) is a non-profit organization that offers free or low-cost financial counseling to help people solve their financial problems. CCCS can help you analyze your situation and work with you to develop solutions. There are more than 600 CCCS offices throughout the country. Call 1-800-388-2227 for the telephone number of the office nearest you.

Q. Why is a delinquent loan or account I have paid off still on my credit report?

A. 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 account debt is certainly important, but the fact that you got into difficulties is equally significant. Remember, a credit report history and an accurate history shows both “the good and the bad”.