A credit bureau is an information clearinghouse that compiles information on consumers. The credit grantors, or lenders, report consumer payment history to the credit bureaus. The credit bureaus then compile that information together with information on tax liens, bankruptcies, and court judgments that is available in public records. In return, when consumers apply for credit, lenders can check credit reports to determine the creditworthiness of consumers.

If you find errors or inaccuracies in your credit history file, you will have to submit a dispute letter or request to each of the credit bureaus on which the mistake appears. In some cases you may be able to dispute the error with online forms, but in some cases you’ll have to submit a letter with your corroborating documents.

The credit bureau keeps record of an individual’s credit history. A credit bureau prepares an individual’s credit report that contains every payment detail for that individual. A credit report also contains an individual’s personal information such as the name, residential address, official address, etc.

Keep in mind that changes in your FICO score take a long time to occur but if you live by the following guidelines, your credit score will improve over time.

Wells Fargo customers will have free access to one of their credit scores and credit reports until November 16, 2014 in conjunction with the American Bankers Association’s annual campaign “Get Smart About Credit.” It’s the third year of this promotion, according to a news release from Wells Fargo and it requires customers to visit a local bank branch to obtain their personal access codes for the data.