Intro:
When it comes to managing your credit worthiness,
your credit report is your best resource. Ordering your credit
report gives you the opportunity to manage your credit wisely
today, while planning your credit strategy for achieving future
goals--a credit-savvy move every consumer should make!
Bad credit costs the average consumer $6500 a year and nearly
one half a million dollars over a lifetime in higher interest
overpayments. As a tag designating high risk, bad credit
accelerates interest rates, cancels the bonuses offered by good
credit, and kills dreams of home ownership and comfortable
family living.
How can I get a report of my
credit history?
Companies like
Identity Guard run instant, online, easy to read credit reports for consumers.
There are two types of credit reports available, a single credit report
and a three-bureau credit report.
Three-bureau
credit report
A combination of your credit information from the top
three credit bureaus (Trans
Union, Equifax,
and Experian) into
one easy to read merged credit report. A three-bureau report is wise to run
because it will allow you to see what is on all three credit
reports. There may be certain creditors or discrepancies that
are listed on one report
that do not show up on another bureau's report.
Click the link to
receive
an instant copy of your three credit bureau credit report.
Single Credit Report
Receive instant online access to a single credit report from
Equifax. Find out what is on your credit report before you apply
for a loan or mortgage. Catch fraud early and dispute
inaccuracies.
Click the link to
receive
an instant single credit report.
Who has access to my credit report?
Your credit report is accessible to
so many different organizations and companies. Here
is a simple list of who can access your credit report:
landlords, utility companies, phone companies
hospitals, doctors, dentists, insurance companies
credit unions, finance companies, banks
retailers, department stores, credit card companies
car dealers, mortgagers
investigators, lawyers, courts
anyone who can offer just cause and/or has access as a member of a credit reporting agency
Why should I get a copy
of my credit report if I have good credit?
It is very important to get a credit report every year. A
credit report provides creditors and anyone else that has the
legal right to view your report a detailed history of your
credit. Your credit report WILL influence whether you will
receive what you are applying for.
Hopefully, your credit report is a precise, current reflection of your credit history. However, this is rarely the case. According to a survey by Consumer's Union, over half of all credit reports contain inaccurate information. The good news is you can take action to keep your report accurate.
Receive an instant copy of your three credit bureau credit report
Receive an instant single credit report.
Here are the some of the most important reasons why you should make a practice of regularly reviewing your credit report:
Incorrectness
& Mixed Credit
Files:
Simple human error can be the cause of an inaccuracies on
your credit report. This types of errors are not difficult to
dispute and are usually quickly resolved. The most common types
of inaccuracies include payments that are not credited, late
payments, or data mixed in from the credit file of someone else
with a name similar to yours. If any of the listed errors occur,
contact the credit bureau immediately and dispute the inaccurate
information promptly.
Tracking Payments:
One of the most important factors to having good credit
is demonstrating a history of timely payments. But, payments
often get lost in the mail or in the system of the billing
company. A lost payment can kick you over to a 30-day
delinquency, resulting in surcharges and negative marks on your
credit report. If you call your creditor and explain the
situation, they might adjust the information.
Inquiries:
If you're in the market for a loan or additional credit, you
should be aware that when creditors assess your credit, it places an
inquiry on your credit report. Inquiries can add up, which is
often construed as damaging by creditors. Too many inquiries can actually make getting credit more
difficult. In addition, if you didn't sanction anybody to
examine
your credit report and they did, they may have broken the law.
Identity Theft:
Identity theft is a very serious crime. People will assume
your name to open new accounts, re-route your card statements to
another address, and amass all sorts of bad debt without you
ever knowing about it until the collection agencies begin calling.
Character thievery could put in danger your ability to obtain
ANY further credit. By getting a copy of your credit report, you
will see any accounts listed you know you haven't opened. For
example, if a thief has seized a pre-approved credit card
offer in your name and mailed it in with an alter of address, your
credit report will include the account.
Credit Card Fraud--Unauthorized Charges:
Credit fraud involves the theft of your credit card or
account number to make unauthorized charges to your account.
Though consumers are protected financially from this abuse,
other creditors may take note of all this activity and decide to
raise your interest rates or refuse to grant you a loan.
Ordering your credit report will help you catch new activity on
accounts that you haven't been using, or may have closed.
How often should I run my
credit?
It is extremely important to get a credit report at least
once a year. If there is any notice of you being a poor credit
threat, insurance companies will reject you or put you in a
high-risk class with much more expensive payments. You will also
shell out higher interest charges on your mortgage or car if you
have uncertain credit. Also, many companies now run credit
checks for potential job selections and/or promotions. It would
not be good to lose a promotion or be rejected for a job because
of negative marks on your credit.
What should I look for in my
credit report?
It is very important that
you go over your credit report very slowly and thoroughly,
section by section. You should be looking for information that
is incorrect, irrelevant, or outdated. Also look for late
payment black marks as well as any other serious past negative
entry problems.
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Don't assume your personal information is correct. You could be viewing information from someone else's report with just a simple error such as: first name misspelled, missing Jr./Sr., erroneous address, bad zip code, wrong employer, or any other incorrect personal data.
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Make sure your marital information is correct. Are accounts that are listed as "joint" really joint? Is the report in compliance with court settlements?
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Any item older than 7 years is considered outdated Information, except for bankruptcy which is usually 10.
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Accounts that are closed should not be listed as open. Closed accounts should reflect "closed by consumer". Otherwise it can be assumed that it was closed by the creditor -- not good.
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Accounts should NEVER appear twice, even in different sections.
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Incorrect histories such as late payments, unrecognizable credit entries, a pre-marital debt of your current spouse, or other such items need to be acknowledged.
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Are there missing reports that would be beneficial to show a good history, and are profiles, credit limits, and balances correct?
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Any former correction to your credit file which has since disappeared should be brought to the agency's attention.
What should I do if I find
errors in my credit report?
Did you know that the credit bureaus admitted in court that half
their files contained errors?
It is very important that you
report ALL errors in WRITING to ALL THREE major credit bureaus.
These errors can include late payments, collection liens,
judgments, unidentifiable accounts, and balance and payments
that are not correct. Once received, the credit bureau has 30
days to investigate and if necessary, issue an updated,
corrected report. If they do not investigate within the 30 days,
they are obligated to remove the information from your report,
per Federal law. Here
are some more facts in regards to credit report errors and how
to properly dispute them.
CLICK HERE to learn how to correctly format and send your dispute letter. If you would like to make an on-line complaint with the FTC about a credit reporting agency or any other company you having problems with CLICK HERE.