The Top 6 Questions About Credit Reports!

Your credit report is more important than you actually realise! It is the only piece of information a creditor or lender will look at when deciding whether to approve or deny your application. It also plays a very important part in influencing the interest rate you will be offered. Additionally, as your report is updated continuously by the credit bureau’s, your report is a very useful tool in highlighting identity theft attempts or fraudulent accounts in your name! Kreditkarten

For this very reason it is absolutely essential for your personal information security that you check your credit report regularly. You should aim to thoroughly inspect your report every six months if possible, but certainly no longer than every 12 months.

How many reports do I have?

Each credit referencing bureau holds their own file for you. Ideally each of these reports should contain the same information, but in reality it is sometimes not the case. As the bureaus do not share data, there is chance that the information they hold will differ. This is why it is important to get all three. The major bureaus are Experian, Equifax and TransUnion.

How do I get a copy of my credit report?

You can obtain copy of your free instant credit report from all three reports from Experian, Equifax and TransUnion. You can contact the bureau’s individually but you will be charged around $9 per report you request.

How can I contact the credit referencing bureaus?

You contact the bureaus either by mail, over the phone or visit their websites. The details are: TransUnion, P.O. Box 2000, Chester, PA. 19022, 800-888-4213, [http://www.transunion.com;] Equifax, P.O. Box 740256, Atlanta, GA. 30374, 877-784-2528 ,[http://www.equifax.com;] Experian, P.O. Box 2104, Allen, TX. 75013, 888-397-3742,

What about my FICO score?

It would be a very useful idea to get hold of your FICO score too to find out where you stand on your credit score. Your FICO score is used in determining whether you will qualify for the level of credit you have applied for. FICO scores will also affect the rate of interest you will be offered. Obviously, the higher your score is, the better it is for your applications.

Is it possible to improve my credit report and FICO score?

Of course it is, but it needs to be done correctly and legally! By ensuring you pay your bills on time and not missing payments you will begin to improve your credit report. You should stay well away from ‘repair companies’ who promise to improve your reports. They normally cost a fortune and they don’t do anything you cant do yourself.

How do I correct any errors on my credit report?

Firstly you should contact both the company who created the entry (this will be shown on the report) and also the bureau who produced the report. They will investigate your disputed entry for you. There is a time frame of thirty days in which to respond to your dispute. Generally the bureaus are happy to help and make the process simple. If it is an incorrect or error entry, they will remove it completely from your file.

Ordering a copy of your credit reports is a very sensible way to make sure all is well with your credit. The quicker you search through your report, the sooner you can be sure nobody is using your details for unlawful purposes. Not only will this provide you with security but will also dispel any worries of identity theft too.