Consumer Credit Reports – equifax experian score

Tina Richardson asked:


Each year, over 13 million inaccuracies are discovered on consumers’ credit reports. This includes everything from faulty late payments, other people’s debts, and a classic is non-payment of an invoice from before they were born. Borrowers are able to challenge these errors; however, most do not know how.

In a 2004 survey conducted by the U.S. Government Accountability Office showed that over 40 percent of consumers had not checked their credit report for errors. Everyone is now entitled under federal law, to a free credit report from each of the three national credit bureaus. TransUnion, Experian and Equifax.

You do have the right to challenge any inaccuracy in your credit report, but federal law does not stipulate that key word. Therefore, credit bureaus are able to determine what is erroneous to their advantage.

For example, you would think that out-of-date information is incorrect. Wrong. This is not an arguable error according to Donald Girard, a spokesperson for Experian. Also, you would think that any missing data is also wrong. No. Credit limits do not have to be reported. Unless the creditor tells them, credit bureaus do not have to report it. This can in fact, hurt your credit score.

It is possible to challenge any personal information which may be wrong such as your address, name or social security number.

Credit bureaus are under no obligation to share information, so be sure to dispute any errors with each one. However, creditors are required to post any corrections to whichever firm that they report to.

The best way to challenge an error is by traditional U.S. mail with a return-receipt. This way, there is evidence that the credit bureau received it. Consumers allege that creditors do not make an adequate investigation. Instead, they may simply compare the claimed error against the inaccurate records or simply remove the disputed information.

According to the 2004 GAO study, almost 70 percent of consumers claimed that the information was removed. However, the incorrect information reappeared on 13 percent of these ‘successfully’ resolved disputes.

As mentioned previously, creditors are required to report any corrections to the bureaus that which they report to, however, this sometimes gets overlooked. If this happens, you will need to arrange another dispute, but this time with the creditor.

You can add a 100 word statement to your credit report if you are not satisfied with any corrections. 100 words are rarely enough to present sufficient detail, but this lets creditors know that there is another side to the story. Let it be known though that this statement will account for nothing in a computerized scoring system.

If errors have come about due to identity theft, you have the right to prevent the credit bureaus from reporting accounts opened by the thief, accounts of yours trashed by the thief and any other erroneous data. You can also prevent credit applications submitted by the thief from being reported. In order to accomplish this, you will need to fill out and file an ID theft report to the credit bureaus.

Finally, you may request a credit bureau to submit corrected copies of your credit report to lenders, insurers or other parties if these companies have based decisions on your erroneous report.



LEWIS

operaphantom2003 asked:


I have had problems with this company for years now. The debt is past sol and also past ability to report (it is at 8 years old now) and yet Midland Credit Management keeps reporting to the credit agencies. In the past three years of dealing with them they have NEVER validated and when i dispute with the credit report they mark it as disputed by consumer then a few months later Midland shows up again with another account number a new balance but the old one is never removed because they do not respond to the credit report. I still have no idea what they are trying to collect for except for a credit card I had in the early 90′s that is long since removed. I now have them listed 6 times all of which are listed as disputed by me but they are claiming to be in pre-litigation which they are not. How can I get them to go away and get the heck off my credit report? I have had no credit cards for 8 years and should have nothing on my credit report but they just wont leave.

WILLIS

Allison May asked:


The answer to the above question is yes. You definitely should obtain a copy of your credit report. If you’re asking why, let’s talk about some important points about your credit report.

What is in your credit report?

Your credit report contains significant information about your accounts and finances. In your credit report, you can find your employment history, your salary history, your past and present credit with all your creditors and other legal information.

Also included in your credit report is your complete name, Social Security Number, date of birth, driver’s license number, your past and current home address, telephone number and other personal details. All transactions that you have with lending companies, credit card companies, insurance companies and other financial institutions are all reflected on your credit report.

How much you owe a certain creditor is listed in detail. Also, whether you’re paying your bills on time or not can be traced by looking at your credit report. All these information are included on your credit report.

Who Checks On Your Credit Report?

You may now have an idea why it is important for you to obtain a copy of your own personal credit report. Landlord, potential employers, insurance companies, government agencies, lending companies, credit card companies – all these organizations check on your credit report to know your background and reputation.

A single false information or an incorrect transaction on your credit report can damage your credit worthiness. You can get denied by potential employers just because your credit report seems bad. Creditors can refuse your applications on account that you have bad account on your credit report. Thus, it is your responsibility to check and ensure that there isn’t any false information or derogatory records that can affect your reputation.

Check Your Credit Report

You have the right to know if all the information contained on your credit report is true and accurate. As a consumer, you have the right to dispute information which you think are false, erroneous or fraudulent.

The Federal Fair Credit Reporting Act protects consumers from such inaccuracy or possible fraudulent accounts contained in their credit report. In fact, if a credit reporting agency or a credit bureau refuses to give you the appropriate service you need, you may also report it to The Federal Trade Commission.

Every year, all consumers are allowed to obtain a copy of their report from the three major credit bureaus for free. Thus, after making a careful examination on your credit report, you can inform the credit bureaus if you find any disputable records on your credit report. Below are the contact numbers of the three major credit bureaus.

Equifax Options P.O. Box 740123 Atlanta, GA 30374-0123 www.equifax.com

Experian Consumer Opt Out P.O. Box 919 Allen, TX 75013 www.experian.com

Trans Union Name Removal Option P.O. Box 97328 Jackson, MS 39288-7328 www.transunion.com

For a more in-depth discussion on credit report and your rights as a consumer, you may visit the FTC’s website at www.ftc.gov.



JEFFERY

Andy Zain asked:


Your consumer credit report follows you through all the different walks in your life. A lot of people are interested in their credit reports after the significant downfall of our present day economy. People are adamantly trying by any means to increase their score so they can purchase many different things that they may stand in need of.

Presently there are three different agencies that you can obtain this crucial report from, they are Transunion, Equifax and Experian. But, many consumers will not be able to obtain their report from Experian as easily as they were able to do before. Experian is no longer one of the three, consumer reports it is now known as its own loan ranger in the credit scheme.

You can still obtain the report, the only thing is you will have to take a few different steps in order to obtain the score as opposed to what you would have had to do prior in order to obtain the score. You may be curious to know exactly what the consumer credit score is all about in the first place.

Your consumer credit report is pulled anytime that you are interested in making an important purchase. Many times when you are interested in financing something your report will be pulled. For instance you can expect your report to be pulled if you are interested in purchasing a vehicle or a home in many instances.

It is imperative to know what’s on your consumer credit report, so you do not face any ailments when you are trying to purchase things to make your life substantially easier. Your credit score actually begins being kept in many respects when you reach the age of 18. However, some people have had a score tallying up for them at a younger age.

Your score is actually configured utilizing a specific pie chart that is split into different sections. All of the parts equal out to 100%. Being able to properly interpret this chart will allow you to gain a better understanding of how the consumer report is analyzed.

The largest chunk of the chart is based off of your payment history. Thirty five percent makes up this larger chunk. The next chunk is 30%, and that measures how much you still owe towards your debts. Then the chart has another 15% open designating the length of time that you have had credit. 10% is set aside for new credit while the remaining 10% evaluates the kind of credit that you have such as revolving, and credit cards.

It is crucial to know how your credit score is configured. Knowing all of the underlying facts that come into play will help you be able to increase your overall score.



ABEL

Isabel asked:


What is a Free Instant Credit Report?

Some may know that credit report is actually your credit history. It contains the data collected from various sources by the credit bureaus. Credit report gives detailed information about financial position in your business life. This report also reflects your late credit payment. Hence it’s very important that you pay all your debts on time. Remember that a good credit report is an added advantage if you are looking to purchase something very expensive. For instance, if you are considering buying a house in the near future you need to have a healthy credit report. A healthy credit report is the best way of impressing your bank or money lenders.

Is it necessary to keep a check on our Credit report?

Many people want an answer to this. Knowing your current credit report is important, but one has to be equally cautious while getting this information. You need to check your credit report at least once in six months. Remember checking your credit report helps in protecting your credit rating. Moreover, it also helps you to keep a check on your creditors. There may be times when your creditor might fail to report a past due balance.

Free Instant online credit report contains a complete summary of your personal information. It contains your name, your residential addresses, contact number, Social Security number, month and year of birth as well as your employment information. It also contains information about any bankruptcy in your credit report. Your financial institution may periodically obtain your credit report so as to maintain your up to date records.

There are various types of credit report such as business credit report, consumer credit report, yearly credit report, etc. Initially there was strict prohibition on disclosure of instant credit report but now any person can apply for his/her credit report. Many lenders and retailers who extend credit facilities entirely depend on credit report and score to give credit to their customers.



DEXTER

S. Michael Windsor asked:


All About Free Credit Reports

Obtaining a free credit report is not a daunting task. However, finding the right way that best suits you can save you a lot of time and money when looking into your credit score. There are several ways to get a free credit report. One of the ways is simply visiting one of the three credit reporting companies and simply following their directions at their website. In many cases the free credit report will be provided in exchange for a free trial on your part or something very similar. While this is not necessarily a problem as it has a 30 day money back guarantee period or similar, it can be a slight drawback since there is a bit more responsibility on your part. But, realize that during these 30 days you can really look into your credit report and utilize the additional services these companies can provide at no cost! Now that is a great deal. Better than just a free report with nothing else.

Other ways of obtaining just a free annual credit report can be through the Federal Trade Commission (FTC). If you go to the FTC website and follow the necessary links, you will end up at a form which you must fill out and submit to the FTC. The information the commission wants from you is your name, address, Social Security number, and date of birth mainly. After filling out the form, you can send it over to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281 and wait for a credit reporting company to respond as opposed to instantly through the credit reporting companies directly.

For individuals who have been denied credit or similar, they are provided a free credit report through the inquiry on the part of the lender, insurance company or even employer. After receiving this notice, the person inquired upon has the opportunity to receive a free credit report from the company who provided the organization with your credit report. In addition, if a person is currently unemployed and planning on getting a new job within 60 days or are on welfare, they are eligible for a free credit report as well.

Having a good FICO credit score and clean credit report is very necessary in order to obtain quality loans, jobs, insurance, even places to live and it is very important to look at your credit more than just once a year. Monitoring your credit regularly will allow you to find any negative marks and/or errors due to such things as identity theft immediately. It can be quite astonishing how fast unnecessary items can appear and quickly lower your credit score. Many people don’t even notice this until either they get an annual report, if they do, or apply for a loan and discover the problem. Take advantage of the no cost trials consumer credit reporting companies provide and see how easy monitoring your credit can actually be.



EUGENIO

Sophie Wilson asked:


Getting your credit report inspected is a competent device in battling individuality robbery. One can arrange for a free of charge credit report annually from any of the countrywide available consumer credit reporting organizations.

The details of the person related to his credit history like his residence, business profile and any other government crimes committed are written in your annual credit reports. These consumer companies countrywide trade the prepared credit reports to the various

Creditors Insurance corporation All probable employment agencies And other industries that call for assess for your request for employment, insurance, credit, or renting.

For this reason most importantly, it is necessary to ascertain that the information you provide in your credit report should be correct, inclusive and updated before you apply for a loan.

Examining your own credit report at least once annually should become a routine with you is carried out on a regular basis particularly because of the increase in character theft associated crimes. One can visit the sites offering free credit reports online. The sites also put forward a toll-free helpline number to enquire for the credit reports and order free annual credit reports. The other method would be downloading the credit report form from the internet and forwarding it the concerned websites.

Customers can place an order for all the three credit reports simultaneously or they can sway away their requirements over the year. Customers are qualified to arrange for free of cost credit report at any point of time. It is not expected of them to put forward their request for the report within a definite period of time.

If the free annual credit report is sent to you having some error with the data that has been descript, you can write back to the organization that has made the credit report to make them aware of the blunders they have committed because the Fair and Accurate Credit Transactions law backs you up. If you write up to the company, the company will in turn notify the information supplier or the person.



CAREY

Piter asked:


I was rejected a credit card from American Express. In the letter they send to me it says that the reason they reject are the factors provided to them by consumer reporting agency. It also says that I can get a free copy of this report done by Consumer reporting agency but doesn’t say which agency is that, their website, phone number or any contact info. Does anybody know how can I obtain a copy if the report?

STEVIE

Thomas T asked:


My credit card company (Capital One) has incorrectly charged me late fees. I have tried to discuss with them, but they are inflexible — basically, it’s “do what we say, or we’ll ruin your credit”. Is there a State (California) or Federal Agency that oversees credit cards companies and handles consumer complaints?

LEON

jonathansbabymama asked:


I have a question about Credit Reports and a friend told me this, and im not sure its true.. Is this true or false…If you dispute information on your credit report, you can add a consumer statement explaining the circumstances.

JOSEF