The APR is the true percentage rate being paid on the loan. Most often there are a variety of charges associated with the loan that are deducted from the principal amount borrowed. A. Various national credit reporting agencies maintain records on anyone who has borrowed money or obtained credit. These records will show how much was borrowed, how much is outstanding and whether bills were paid on time. Credit bureaus sell their information to creditors, employers, insurers, and anyone else who has a legitimate business interest in obtaining credit information.
Any individual has a right to know what is contained in their credit record.
A free copy of the credit report must be provided by the credit bureau on demand if an individual is denied credit, insurance or employment based upon the credit record. The credit report can be requested even if credit has not been denied. An individual who believes that information in the credit report is wrong or outdated can demand that the information be deleted from the credit record unless the accuracy of the record can be verified or corroborated. Individuals also have the right to have a written statement included in their credit record explaining any negative information. A. Individuals can have most negative information in a credit record deleted after 7 years and a bankruptcy record removed after 10 years.