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  Category: Articles » Finance » Credit » Article
 

The Lowdown On Credit Reports




By Suzanne Lamoutte

Are you wondering what all the fuss is about credit reports? Or perhaps
you¡¯ve just been turned down for a job or an apartment because of your
credit report. If this sounds like you, then maybe you need a quick lesson
about what it is. Let¡¯s start with the basics.

What is it?

Anytime you borrow money from someone, your record of re-payment
will be public record. Every time you make a payment on time¡ªor late¡ªit
will go on your record. In addition, every time someone requests a copy
of your credit report, that will be noted as well. If you are involved in a
bankruptcy, or have a tax lien, it will all go on the report.

So, Who Cares?

A credit report is often thought of as something that lenders use when
deciding whether or not to extend credit. That¡¯s true¡ªyou won¡¯t be
able to apply for a credit card, car loan or mortgage without the potential
lender first checking to see if you¡¯re a good credit risk. But there¡¯s more.
Insurance companies are now using credit reports to determine whether
or not someone would be a good risk, as are employers. And don¡¯t even
think of renting an apartment, house or commercial space without a good
credit report!

How Do I Get A Copy Of Mine?

So, you think that you¡¯d better see what¡¯s on yours? There are three
credit reporting agencies, and it¡¯s a good idea to get a copy of your
report from all three¡ªjust in case there are discrepancies. They are:

Experian (located at www.experian.com)
Trans Union (located at www.transunion.com )
Equifax (located at www.equifax.com )


You will have to provide the credit reporting agencies with your full legal
name, your current address, as well as your last (if you¡¯ve been at your
current one for less than five years), your date of birth, social security
number and a signature. You are entitled to one free copy of your credit
report per year, but you will need a copy from all three agencies. Plan on
paying a small fee to receive the other copies.

What Are All These Free Credit Reports I Keep Hearing About?

It also may be possible to get a free copy of your credit report if you
meet certain requirements. They are:


* You don¡¯t have a job, but plan to look for one within the next two
months.
* You¡¯ve been the victim of credit identify fraud or some other fraud that
will affect your report.
* You are currently on welfare
* You¡¯ve recently been turned down for credit


I Don¡¯t Like What I See!

If your credit report has bad marks on it, you¡¯ll have two courses of
action, and that depends on whether or not the marks are true. If you
have made some mistakes in the past, there is no magic formula that will
erase them! You will have to get some help¡ªeither through a credit
counseling company¡ªor simply work to pay off your debts and be on time
with your payments. Those marks will stay on your report for seven
years¡ªor ten years for a bankruptcy.

If you find that there are false statements on your credit report, you
have some options to clear them up. You should write a letter to each
credit reporting agency explaining the mistake, along with any proof that
you have to back up your claims¡ªsuch as paid receipts¡ªand then wait.
They will have 30 days to investigate the claim and make a decision.

Having a good credit report is key to a successful financial live. If you¡¯ve
never seen yours¡ªtake the step now and get a copy!

 
 
About the Author
Learn more about your credit report and how to fix it. http://www.aboutdebtrelief-help.com

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  Some other articles by Suzanne Lamoutte
Five Tips To Build Your Credit Today
If you¡¯ve recently paid off a lot of debt, you may be wondering where to go from here. Maybe you went through a divorce and got stuck with ...

What Are The Benefits Of Gas Station and Department Store Credit Cards?
If you are trying to rebuild your credit, gas station and department store credit cards just may be the answer that you¡¯re looking for. Why? Unlike bank issued credit cards, these types of cards ...

  
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