|
|
|
|
|
CREDIT REPORTS
It is very important that you check your credit report often. A good credit report can save you lots of money, while a bad one can cost
you lots of money. Your credit report is a credit profile of your life. It shows if you repay your debts, pay them on time, and how much credit you have available. The
credit bureaus who compile all this information collect it from public records and creditors. One of the most common types of creditors that provide information to
the credit bureaus is credit card companies. They will report your credit limit, balance, and payment record for each one of your credit cards. This can be a good
thing or a bad thing. If you pay all your bills on time, this will help your credit score. If you carry high balances and don't pay your bills on time, this will reflect
poorly on your credit score.
You should check your credit score often to make sure that there are not mistakes on it. Mistakes might include; errors involving your name or a similar name, a
wrong social security number, or closed accounts listed as current. Errors like these could cause your credit score to be lower, which hurts your chances of being
issued credit. If you look at your credit report to make sure it is accurate, you will minimize the chance of being denied credit because of wrong information.
How do I obtain my credit report?
The Fair and Accurate Credit Transactions Act entitles consumers to one free credit report every twelve months for each of the three major credit reporting agencies.
These three credit reporting agencies are Experian, Trans Union, and Equifax.
Equifax, Inc.
800.685.1111
www.equifax.com
Experian (Formerly TRW)
888-EXPERIAN
www.experian.com
Trans Union Corp.
800.888.4213
www.transunion.com
If you are denied credit because of information in your credit report, you can find out this information at no cost to you. If it is incorrect, you can have it deleted or corrected
in your report. It is important to correct the errors at all three credit reporting companies, for doing it at one will not correct it at the other two. They are all separate.
To get your free credit report visit www.annualcreditreport.com.
|
|
| © 2005 Good Credit Cents. All rights reserved.
Website Design By Visual i Design |
|
|
:: 
