Consumer Credit Reports – equifax experian score

John Mcfadden asked:


You should dispute a credit report when there is anything inaccurate, misleading or unfair that may lead you to beging a poor credit risk in the eyes of any credit provision service. In the long run, by disputing your report, you can improve your overall chances of getting better and cheaper access to such services, including home loans and credit cards.

To get started, you will need to get your hands on a copy of your credit report. That is pretty easy as all of the three major consumer reporting companies are required by law to provide you with a free credit report each year, if you ask for it. You can even contact them online or you can use a credit reporting company to get a combined report on your behalf.

Once you have your credit report, you will need to assess which of the items on it you can dispute. You will need to identify each and every item that is either inaccurate or misleading. Each of these items gives you a chance to improve your overall credit score, item by item.

Once you have that sorted, you need to write to the consumer reporting company that was responsible for reporting those specific items. You will need to clearly state why you are disputing each item and you will also need to provide documentary proof of your claims, if applicable. State this all in an easy to read list in order to masmize your chances of a postive result.

Once you have written to the relevant consumer reporting company they will investigate each claim you have made and make adjustments to your credit report. They are legally required to do this (as long as your claim is not considered frivolous).

Lastly you will receive an updated version of your credit report which you will need to check again. Many of the items you disputed should be changed, but it also gives you a chance to start the process again.

As you can see the process of disputing a credit report is not that difficult, but it is very time consuming and boring. Many people choose to take on the services of a credit reporting company, many of who have very reasonable rates and some of who guarantee results with a standard money back guarantee.

This will save you a lot of time and hopefully money in the long run. These companies will also know exactly which of the items on your credit report have the greatest chance of being changed by a dispute (it’s probably more than you think!)

They are usually well worth checking out!



REGINALD

John Mcfadden asked:


A consumer credit report is the annual assessment of each person’s credit standing. By knowing what is on your you can get a lot of benefits when you go to get credit based services like loans, credit cards and even rent and phones.

Each year, by law, American citizens are entitled to obtain a free copy of their annual consumer credit report which basically details their credit risk profile. This allows companies who are considering extending some type of credit to the consumer to make an educated decision on the risk of that transaction. The better the credit of the consumer, then the better chance that company has of being paid back by the consumer.

By having a good credit report, a consumer can gain advantages such as cheaper loans and credit cards and avoid the embarrassment of being rejected for things like rental apartments and telephone contracts.

There are three companies which can offer a free consumer credit report (Experian, TransUnion, and Equifax) and are legally obliged to offer that annually.

By knowing what is in your credit report, you can negotiate for better credit condition (if you’re report is good) or you can strive to repair your credit by challenging inaccurate or false items on your report.

To do that, you simply need to obtain a copy, unfortunately you need to actually a report from all three credit bureaus. Why, because lenders don’t report to each bureaus, they just report to one with your past financial information – so if you only obtain a copy of one report then you will not have your complete financial position and history, it is recommended that you get all three reports – they way you know where you stand and you start improving nay negative information, it is common for your personal information to be old or incorrect.

Make sure you update them with your correct address. Be sure not to use companies that claim they can quickly improve your credit score, they are most likely to be scammers.

Assess the items on it that are negatively affecting your credit score and challenge those items to the relevant consumer reporting company. That company is then legally obliged to pursue the matter.

The thing is that challenging your credit report takes knowledge and time and so it may often be a better option to hire a credit reporting company to do the leg work on your behalf.

It’s essential you know how lenders will read and give weight to different parts of your Credit Report:

The American company FiCO has a tool that helps credit bureaus determine your credit score – below is the matrix that is used:

Payment History 35%

Amount Owed 30%

Length of Credit History 15%

New Credit 10%

Types of Credit Used 10%

Such companies know exactly what can be challenged as well as how to do it and who to contact about your credit.

By having a good credit report, you can make your own life a lot easier and cheaper in the long run.

Hopefully this article has been helpful for you and you will now know exactly what yours says.



JAN

Terry Parker asked:


Everyone knows that when you shop for a car, house, or anything else you plan on purchasing using credit, the terms and rates will be dependent on your credit rating. Therefore, many consumers will pull a personal credit report to use when shopping around to see what type of deal a merchant, creditor or lender may be able to give them.

Many consumers like to use a personal credit report when shopping for two reasons. One reason is that consumers know that inquiries into their credit history can lower their credit score. So it is very beneficial to keep credit inquiries to a minimum. Also the consumer may have to pay a credit report fee to the lender or creditor when they pull a credit report.

But consumers often wonder why a creditor will not accept a recent credit report especially when it was recently obtained. Consumers will find out that a creditor or lender may use the recent consumer report at first just to give an estimate of what terms and rates may be available but before an actual sale or transaction can occur the creditor or lender will need to pull another report. There are several reasons why another report will be needed.

A creditor or lender must always take action to protect itself and its investors by performing the proper due diligence on each deal and this includes pulling all consumers credit reports directly. With technology today it would be very easy for someone to fabricate a consumer credit report. This could even be as easy as electronically cutting and pasting a name on the credit report of another person. A creditor or lender must take precaution and pull a credit report directly to protect everyone. This adds an extra layer of protection for everyone. Identity theft is on the rise and the FBI has declared it a national epidemic.

Another reason is because the report that a lender or creditor may receive is very different from the consumer report. A basic consumer report is what an individual gets when they order their own credit history. This report can be obtained from a local credit bureau or from one of the big three: Experian, Equifax, or Transunion. The costs for these typically range from $8 to $15. Typical consumer reports contain basic personal information, some employment history, different credit accounts, some credit history and may include a credit score.

A merchant on the other hand will pull a full merchant report that will contain more information than a basic consumer report and will provide it with more detailed breakdowns. The merchant report will also show a complete FICO scoring system rating for the applicant which will include a full detailed credit history breakdown. In essence the lender or creditor has a full merchant scored report which is much more accurate than a regular consumer report. So a personal consumer report may be used to shop around to learn what may be available. But if you are serious about a purchase and want to see exactly what terms and rates you can get be prepared to have a full merchant report pulled. The good news is that you may be able to get a better deal than you thought was possible based on your consumer report.



LANDON

Jon Francis asked:


How much do you know about your credit report? Do you know what gets recorded in it, and how your credit report affects you when you apply for a credit card? Here are some things you should know about your credit report.

- What is a credit report? Consumer credit reporting agencies compile information about you through many sources. These include your accounts with utility companies, any accounts you may have with merchants, credit card vendors and other lenders. Your report provides a snapshot of your credit history. When a lender looks at your report, they’ll be able to tell if you generally make your bill and account payments on time, how much credit you have available to you and whether or not you’re a good financial risk for the to loan money.

- What’s in my credit report? Your credit report contains anything having to do with your credit history. Among the things most often noted are the credit cards that you hold, the limit on each and the outstanding balance; the date and amount of any missed or late payments on cards and other accounts; your record of paying your utilities on time; your employment information, including amount and source of income; whether you have ever had a loan or account written off, and whether there have been any CCJs issued against you.

Someone who accesses your credit report will know how much you make, how much you owe, how much more credit you have available to you and how responsible you are about paying your bills.

- Who can see my credit report? Only you and those with a valid reason for needing information about your credit history can access your report. Those valid reasons include verifying income for loan purposes, checking credit before leasing you a flat or checking your credit records before hiring you for a job.

In general, any of these people must have your permission before accessing your credit report. When you sign an application for a loan or a job or a place to live, chances are the application includes a clause granting permission for the company or individual to check your credit report.

- How does a credit card company use my credit report? When you apply for a credit card, the company will check your credit report to see if you fit the profile of their ideal credit card holder. The better your score is, the more likely you are to be offered a deal at an excellent interest rate.

- Why should I get my credit report before I apply for a credit card? Sometimes mistakes are made. By checking your own credit report before you apply for a credit card, you can catch mistakenly reported overdue accounts and other adverse information that’s in error before it affects your chances of getting a credit card.

- How can I fix things on my credit report before I apply for a credit card? If you find a mistake on your report, you should notify it in writing with any evidence you have to support it to the credit reporting agency with the erroneous record.

- Now that I’ve got my credit report, where do I find a credit card? There are some great comparison sites out there where you can compare credit card terms and conditions, apply online and find the best deal for you. You can visit these to find out more about how to compare rates and conditions and apply for the best credit card online.



BERNARD