Most lending institutions report a summary of loan histories to credit reporting agencies. They in turn compile the information reported to them and, for a fee, furnish information to interested parties. When you apply for a loan, the lender will likely obtain a copy of your credit report to see how well you have paid your debts with other institutions. Even if you have not been denied credit, you may obtain a copy of your credit report directly from the credit bureau. Some bureaus charge a fee, while others allow one free copy each year.
Solicitors frequently buy lists of prospective clients from credit bureaus.
If you would like to be excluded from such solicitation lists you may do so for 2 years by phone or permanently in writing. If your report shows any items which are incorrect, you may dispute those items by contacting the credit bureau directly. If the credit bureau is unable to verify the item it must be deleted from your record. If an investigation of a disputed report does not resolve the dispute, you are entitled to file a brief statement setting forth the nature of the dispute. Some companies claim to be able to get negative information cleared from your credit report.