The Know How Of Credit Report
Your credit report affects so many aspects of your life—from your ability to get approved for a mortgage or auto loan to whether an employer will hire you or not. So, if you want to know the ins and outs of your report, then you have hit the right spot as Creditrepairfacts.com gives you wide ranging information about it.
Who prepares my credit report?
Credit reports are compiled by credit reporting agencies (CRAs) with the help of the information that comes from a variety of sources. Much of the data comes from the lenders, while the remaining info comes from court judgments, electoral roll information and bankruptcies that can be obtained from the publicly-accessible registers.
What kind of information is included in my report?
A credit report is a record of your credit worthiness, as it includes detailed information about your past and present payment patterns. A credit report shows whether you pay your bills on time or not, whether there have been any legal action against you, what credit accounts you currently maintain, recent credit inquiries made by you and other financial information regarding you. But your credit report is not all about your financial life. It also documents your name, address, employer, length of employment and other personal information.
How can I get my credit report?
As per the 2004 federal law everyone is entitled to receive one free credit report per year from each of the main credit bureaus namely, Equifax, Experian and TransUnion. The three bureaus have set up a toll-free telephone number, centralized website, and a mailing address through which you can order your free annual report. So, to order your free report visit annualcreditreport.com, call 1-877-322-8228, or you may complete the Annual Credit Report Request Form that is attached on the back of the Annual Credit Report Request brochure and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
If you are interested in getting your report more than once a year, then you can buy it from the three nationwide CRAs.
What information should I provide to get my free report?
You need to provide your name, social security number, residential address, and date of birth. If you have changed your address in the last two years, then you may have to provide your previous address. To maintain the security of your file, each bureau may ask you to provide information that only you would be aware of, like the amount of your monthly car loan.
Are there any other circumstances under which I can get a free copy of my report?
If your application for credit, insurance or employment is denied, then you can request your report within 60 days of receiving the notice of denial of your application.
You are also entitled to receive one free report per year if you certify in writing to the bureau that (1) you’re unemployed and are planning to look for a job within 60 days; (2) the information in your report is inaccurate because of fraud or (3) you’re on welfare.
Who can access my credit report?
1. Lenders: Lenders see your report to see whether you pay your bills on time or not.
2. Landlords: People do not want to lease an apartment to a tenant who has a bad credit history.
3. Potential employers: Nowadays many companies check the credit reports of the people they are going to hire. As they do not want to hire someone who does not demonstrate financial responsibility and maturity. However, this can be only done with the written consent of the concerned person.
4. Government agencies: They can only look at your name, former addresses, present address, and current and former employers.
5. Insurance companies
6. Credit card companies
7. Agencies dealing with your application for a government license or benefit. However, this can only be done if the agency is required to consider your financial standing.
8. State or local child support enforcement organizations
9. Other agencies you’ve initiated business with
Your credit report information gives an insight into your credit history. So, it is very important to review your report carefully to see that your report includes correct information. If you find any error in your report then dispute it with the CRA and the information provider. As per the terms of the Fair Credit Reporting Act, both the CRA and creditors or the information providers have the responsibility to correct inaccurate or incomplete information. Thus, monitoring your credit report on a regular basis will not only ensure that your credit report is accurate but will also alert you to possible fraud.