Credit Reporting Basics

• Credit reports consist of financial and personal information, such as whether or not past credit cards and loans are paid on time and where the applicant has lived in the past. The Fair Credit Reporting Act bars creditors from knowingly reporting false payment history information; credit reports on Wyoming residents also cannot legally contain information regarding race, sexual orientation or religion.
  
  

Credit Reporting Time Frames

• Wyoming residents who pay their bills on time receive "positive" credit reporting for the life of the account. If the consumer closes the account, the positive credit history will remain for at least 10 years from the date of account closure. Most negative credit information, such as late credit card payments, can only legally reflect on credit reports for seven years from the date of the missed payment. But some situations, like Chapter 7 bankruptcy or tax liens, are reportable for 10 years from the date of the incident.
  
  

Free Annual Credit Reports

• Since 2005, Wyoming residents have been allowed to access their credit reports free of charge once a year, according to the Federal Trade Commission. A state resident can request reports from all three major credit reporting bureaus; the major credit bureaus serving Wyoming are Equifax, Experian and TransUnion. The credit reporting agency's staff can legally demand identity verification through a copy of a government-issued photo identification card. In some cases, employees will demand that the requester answer several multiple-choice questions regarding accounts and addresses to verify identity. Wyoming residents can request additional free credit reports if they are denied credit or if they are denied a job due to a bad credit report.
  
  

Security Freeze Rights

• As a Wyoming resident, you can demand a security freeze be placed upon your credit report, according to Experian. This bars potential creditors from viewing your credit profile without your direct permission; they also cannot issue new accounts without verifying your identity. As of 2011, it cost $10 to demand a credit report security freeze. Victims of identity theft can request a fee waiver but must provide supporting documentation, such as a police report. Wyoming residents can temporarily or permanently lift the freeze at any time upon request.