Credit-Score-Reports.com

Credit-Score-Reports.com

Credit Report Obtaining your Credit Report Your Rights As A Consumer What Is Credit Scoring FICO® Scores Know Your Credit Bureaus Raising Your Credit Score Your Past Credit Paying Old Debts Closing - Adding Accounts Credit Report Inquiries About Bankruptcy Credit Repair Companies Monitor Your Credit Report Analyzing and Disputing Some Do's and Don'ts Improving Your Credit Score Reviewing your Credit Report The Dispute Process Letter Statements Letter Statements 2 Letter to Inquiring Creditors Settling Debts Overwhelmed Solution Resources

Disclaimer: For Legal reasons, this website provides general credit report information only.  Please consult with a financial attorney or credit advisor to discuss any legal or financial issues involved with these or any credit decisions. Information here is not to be taken as legal advice.

Your Credit Report

Know Your Credit Bureaus As pointed out in another part of this site Across the nation there are three major credit bureaus; Experian, Equifax and Trans Union. When applying for credit, a creditor may only check one of the three. And if any derogatory information is found, there is a good chance that they will not check the other two. The same applies for creditors who report to credit bureaus. They usually do not report to all three unless they subscribe to all of them. This is what causes the difference in credit scores from the three reporting bureaus. Therefore when checking your credit report you should look at all three. There is no reason to fear the bureaus. All three credit bureaus; Equifax, Trans Union and Experian are just private companies ( all listed on the New York Stock Exchange) that sell consumers' credit history. It's their job to maintain an accurate account of who has given you credit, how much credit was given and whether you paid back the credit on time. They are in business to make money like all the rest.

"I couldn't believe it! I checked over my credit report and found an error from an issue I thought I had worked out years ago. By using your information I was able to clear it up and could then get that loan I wanted at a lower interest rate than previously expected"

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When a consumer wants to obtain more credit or apply for a new job, the lender, bank or employer will check your credit history with the three credit bureaus. The reports will show them if you are a risk or if you fit their guidelines to extend credit or employment. The credit bureaus have been known to make mistakes in their reporting and consumers should check all three credit reports at least twice a year. In fact the bureaus have made so may mistakes in the past that the Federal Laws regarding credit information are very much in the favor of the consumer. A few things that the bureaus may not want you to know: • All items on the report must be proven. If the credit bureau cannot provide proof that the item was verified, by law they must remove it whether the information is true or not. • Every negative item on your report can be challenged at any time. The bureau must investigate it. If the item cannot be verified (usually within 30 days) it must be removed from your file. • When items are challenged, they are sometimes removed by mistake. This obviously works in the consumers favor. • Many times creditors do not verify in time or the bureau is too busy to handle a consumer dispute properly. The item then must be deleted or corrected. • The older the item is the more difficult it becomes for creditors to verify it. In reviewing your credit report, you may find that much of the information is not reported or missing. The reason is that not all creditors subscribe to all three or any of the bureaus. Be aware that credit bureaus also get their information from public records. This information may include things such as bankruptcies, judgments, liens and defaults on properties.