Receiving and Reviewing Your Credit Report
The credit report which creditors pull to determine your creditworthiness is a highly important document. It contains all of the information about your financial accounts past and present. The information comes from the three credit bureaus: Experian, Transunion and Equifax.
What Is a Credit Score
Good payment history and paid off accounts listed on your credit report help to boost your credit sore. Negative reports about late payments, non-payment of accounts, foreclosures and repossessions cause a negative impact against your credit.
Those with a good credit rating have a history of attaining credit and repaying loans. Those who simply pay all of their bills on time and never carry a balance on their credit card will not develop a good credit rating.
Your total credit score is comprised of the credit score ratings offered by the three credit bureaus. These three credit rating agencies weigh items differently and have different information on their report. This means that you will have three different scores. The average of these three scores is what your credit score is made of.
The Credit Report
Every consumer should be ordering their free credit report every year. This is available to you from the three credit bureaus free of charge as per federal regulations. You can order these reports directly from the credit reporting agencies. You can also order it through companies offering to protect your credit. Websites online like FreeCreditReport.com, Identity Guard and CreditReport.com all offer to provide you with your credit report. When you sign up for an account through these companies, they will monitor your credit report for suspicious activity.
It is important to always read over your credit history report carefully. Look for any information which is incorrect on your report. Also look for any information which is missing. You can solve the problem one of two ways:
- Written Dispute – Filing a written dispute with the credit reporting agency can help to have items removed from your credit.
- Contacting Creditor – Whether you are looking to have negative information removed or positive information added, you can contact past and current creditors for their assistance.