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What's On My Credit Report?
Why It's Important to Know What's On It and How to Fix Errors
Did you know that your purchasing and payment habits are tracked by
your bank, credit card companies, department stores, and other
creditors and reported to credit bureaus so potential lenders can decide
whether they want to take the risk of lending you money or issuing you
credit? These bureaus also collect such information as your job history
and whether you own your home.
Why is it important to know what's on your credit report? For one thing,
if you're thinking about buying a house or applying for credit for any
other big purchase, you'll need a clean credit report, and it's always best
to know what's on it before your lender does. This will give you an
opportunity to clean up any discrepancies or errors, which are fairly
common, and which can throw a monkey wrench in the works if not
resolved.
Ideally, you should check your credit report with each of the three credit
bureaus, Equifax, Trans Union, and Experian, once a year or so. You're
entitled by law to one free copy of your credit report from each of these
three credit bureaus once a year. You can get all three at once or spread
them out over the year. If you order copies more frequently than that,
each report will cost no more than around $10 and in some states
considerably less.
If you've been turned down for credit in the last 60 days because of
something a lender saw on your credit report, you can obtain a copy of
your report free of charge. Lenders are required by law to notify you of
this right if they deny you credit.
When you get your credit reports, review them carefully to make sure all
the loans and credit accounts listed really belong to you, and that all the
accounts listed as open are actually current loans or balances. If a loan
you've paid off or a credit card that was cancelled is still listed as open,
contact the credit bureau and ask for your report to be corrected.
Usually the credit report you obtain from the credit bureau will include a
form for reporting any inaccuracies. Give as much detail as possible, and
if you have documents that back up your claim, provide copies. By law,
the credit bureau must investigate your claim, but even if they decide
your report is accurate as it stands, you should continue to try to correct
the report by writing a letter explaining your side of the story (not to
exceed 100 words), which the bureau is required to provide to anyone
requesting your credit report.
When deciding whether to approve credit, lenders take the following into
consideration:
* Your payment history-do you pay bills on time?
* Have you had a bill referred to a collection agency?
* Have you ever declared bankruptcy?
* How much debt do you have outstanding compared to your credit
limits? The closer your debt is to your credit limit, the less
favorable.
* How long is your credit history? If you haven't had much of a credit
history yet, prompt payments are even more important.
* Have you applied for more credit lately? Too many applications for
credit has a negative impact on your chances for approval.
* How many credit accounts do you have? Too many is considered a
negative.
Information is retained in your credit report for up to seven to ten years.
If you have negative items in your history, you can gradually repair your
credit by consistently paying your bills on time from now on, paying
down your balances, and not taking on any new debt. Lenders will take
your improved record into consideration when deciding whether to
approve credit, especially if you've been paying on time for at least a
year.
Why It's Important to Know What's On It and How to Fix Errors
Did you know that your purchasing and payment habits are tracked by
your bank, credit card companies, department stores, and other
creditors and reported to credit bureaus so potential lenders can decide
whether they want to take the risk of lending you money or issuing you
credit? These bureaus also collect such information as your job history
and whether you own your home.
Why is it important to know what's on your credit report? For one thing,
if you're thinking about buying a house or applying for credit for any
other big purchase, you'll need a clean credit report, and it's always best
to know what's on it before your lender does. This will give you an
opportunity to clean up any discrepancies or errors, which are fairly
common, and which can throw a monkey wrench in the works if not
resolved.
Ideally, you should check your credit report with each of the three credit
bureaus, Equifax, Trans Union, and Experian, once a year or so. You're
entitled by law to one free copy of your credit report from each of these
three credit bureaus once a year. You can get all three at once or spread
them out over the year. If you order copies more frequently than that,
each report will cost no more than around $10 and in some states
considerably less.
If you've been turned down for credit in the last 60 days because of
something a lender saw on your credit report, you can obtain a copy of
your report free of charge. Lenders are required by law to notify you of
this right if they deny you credit.
When you get your credit reports, review them carefully to make sure all
the loans and credit accounts listed really belong to you, and that all the
accounts listed as open are actually current loans or balances. If a loan
you've paid off or a credit card that was cancelled is still listed as open,
contact the credit bureau and ask for your report to be corrected.
Usually the credit report you obtain from the credit bureau will include a
form for reporting any inaccuracies. Give as much detail as possible, and
if you have documents that back up your claim, provide copies. By law,
the credit bureau must investigate your claim, but even if they decide
your report is accurate as it stands, you should continue to try to correct
the report by writing a letter explaining your side of the story (not to
exceed 100 words), which the bureau is required to provide to anyone
requesting your credit report.
When deciding whether to approve credit, lenders take the following into
consideration:
* Your payment history-do you pay bills on time?
* Have you had a bill referred to a collection agency?
* Have you ever declared bankruptcy?
* How much debt do you have outstanding compared to your credit
limits? The closer your debt is to your credit limit, the less
favorable.
* How long is your credit history? If you haven't had much of a credit
history yet, prompt payments are even more important.
* Have you applied for more credit lately? Too many applications for
credit has a negative impact on your chances for approval.
* How many credit accounts do you have? Too many is considered a
negative.
Information is retained in your credit report for up to seven to ten years.
If you have negative items in your history, you can gradually repair your
credit by consistently paying your bills on time from now on, paying
down your balances, and not taking on any new debt. Lenders will take
your improved record into consideration when deciding whether to
approve credit, especially if you've been paying on time for at least a
year.