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Finding What is on Your Credit Report
A credit report is basically a file about you kept by lenders
and banks. As annoying as it may be, it's still perfectly legal
for them to gather all sorts of details about you. In turn, you
have the right to check this file - and you should do so and
inquire regularly about your credit report and your credit score,
particularly when you plan a big financial change, for instance,
before applying for a loan or a mortgage, you should always take
time and review your credit report. This allows you not only to
plan your moves accurately, but also to dispute any mistakes that
might occur in the report.
The credit report is an accurate record of your financial
activities, including the accounts you have, the credits you may
have taken so far, any late payments, and the actions started
against you for financial reasons. This report is used to
determine your credit rating - which is a number indicating your
financial risks.
The information typically included in a credit report refers
to your personal identification data, credit information, public
record information and a list of recent inquiries. The personal
identification data, as you may expect, means your name, social
security number, address (current and previous addresses),
employer (also current and previous), your birth date, and so on.
If applicable, your file may contain similar information about
your spouse.
The credit information is your financial history - your
accounts, loans and repayment records for the past two years,
from all the banks, lenders, retailers, card issuers, other
credit companies, and so on. The public record information
records bankruptcy, monetary judgments and tax liens.
The list of recent inquiries contains the names of those who
obtained your credit report in the past year. Various people and
organizations may get access to your credit report, usually
anybody who can prove a legitimate business interest, creditors,
insurers, employers and governmental agencies. This list is kept
for one year, while the credit history information is kept for
seven years, and, if you file for bankruptcy, that sticks for ten
years.
If you want to see your credit report, you need to check with
the respective reporting agency. A reporting agency is a company
that maintains and updates the database, and sells the reports to
those who are interested. There are many such credit bureaus all
over the country, serving local markets, and three major,
long-established ones: Equifax, Trans Union and Experian
(formerly TRW). These are the companies you need to contact when
you want to see your credit report - online, at
http://www.equifax.com, http://www.transunion.com and
http://www.experian.com, or offline, by calling them or writing
to them.
When you ask for your credit report, you will be required to
provide your personal info (name, address, social security
number, and so on, sometimes for your spouse as well, where
applicable). Also, a small fee applies. From Equifax, the 3-in-1
credit report (meaning a complete credit history from all three
credit reporting agencies) is $29.95 or $39.95 for the credit
report with the credit score included. At Trans Union, the
complete 3-in-1 credit report is $29.95 (the online version),
with one free credit score. If you want all three credit scores,
you'll need to pay an additional $9.95. From Experian, the
complete credit reports from the three credit bureaus costs
$34.95, and includes a Free Experian credit score. It is
important to view results from all three major credit bureaus,
because they don't share information among them, and because
lenders may report to one or another of these bureaus, so results
may not always match.
The Fair Credit Reporting Act entitles each consumer to one
free disclosure every 12 months. Also, you can avoid these fees
if you request to see your credit report within 60 days of having
been denied credit or insurance because of the report. Also, you
don't have to pay if you're on welfare, you're unemployed and
intend to look for a job within 60 days or your report contains
mistakes due to fraud.
This article has been provided courtesy of Creditor Web.
Creditor Web offers great credit card
articles available for reprint and other tools to help you
search and compare credit card offers.
MORE RESOURCES:
MORE COLLEGE CREDITChicago Sun-Times, United States - 11 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Credit repair is a DIY projectBaltimore Sun, United States - 7 minutes agoBy Gail MarksJarvis | chicago tribune Mike Ferrara wants to buy a house in a few months and is worried that mistakes on his credit report will keep him from ... |
Ask, and you might receive a lower credit-card rateSeattle Times, United States - 24 minutes agoPick up the phone, look at the latest credit-card offers and keep repeating this: The bank needs me more than I need it. By Susan Tompor Pick up the phone, ... |
Credit - Google News
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