Posts Tagged ‘Credit Reports’

Three Major Credit Bureau

March 24th, 2011
Tarron Acuff asked:




The three major credit bureaus are Equifax, Experian, and keep information on your credit history. If you don’t have any credit it should say is that the report does not exist because no credit has been established. If they do have credit established, it will tell you what is on your report. If you should ever see something on your report that looks like fraud, Contact the fraud departments of any one of the three major credit bureaus to place a fraud alert on your credit file.

You may request free credit reports once a year from all three major credit bureaus. Your credit score is a number given to you by the three major credit bureau agencies that reflects your credit profile. At first, it would seem as though your credit score would be the same at all three major credit bureau companies, but in fact all three scores can be different. Credit scores are improved by having the right type of credit, showing responsible use and not having too much credit.

Let’s say, find that some information in your credit report that is incorrect, you may to dispute that information to have it corrected. To file a dispute, you have to attach a copy of your credit report and mark the incorrect items. You most likely will have to prove that the information is false. You should mail the dispute letter as certified mail and always keep copies for yourself. Just like most data you need to have a backup in case you would need to prove what you had sent. Your letter should include your complete name and address, clearly identify each item you dispute, explain why you dispute the information, and request deletion or correction.

Cynthia
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Understanding The Three Credit Report Companies

March 19th, 2011
Jared Wright asked:




Credit report companies offer their services to people who need to get their credit score and other information about their financial status. A credit report is required when you apply for a loan such as a home mortgage, and may also be required when you want to apply for a credit card. There are credit reports for individuals, and there are also some reports which are made to evaluate the statuses of companies.

Credit report companies are also known as credit bureaus. There are three major credit report companies, which are the Equifax Credit Bureau, the TransUnion Credit Bureau, and the Experian Credit Bureau. These companies collect different information from creditors, which are then used to generate reports that are sold to their clients.

A credit report is a valuable document in the sense that it includes information which may grant or deny loan approval, employment, licensing, insurance and other business needs. Individuals and businesses alike are dependent on their credit scores and report to help in evaluating their current financial standing.

Some information which is available from credit companies includes the following:

• Identification. Credit report companies have consumer details such as name, employer, address, name of spouse and the company or employer of the spouse.

• Credit history. This includes accounts which are active, including the account numbers, the date when the accounts where opened, the payments and other activities made for it, balances, amounts that were paid in the past, and how often payment was late. These are all bases for a low credit score, meriting a lender ground for denying you of a loan.

• Derogatory items. These include risks which may affect the lender or the company which will deal with the other party. Judgments, suits, bankruptcies and tax liens may prevent you from getting approved for a loan.

• Inquiries. Companies or individuals may have asked for your information, such as banks and financial institutions which have required your bank details. You will be given information about the inquiries which happened in the last 18 months only.

Credit report companies update your information regularly so that their database is updated and is relevant. Lenders can access your information to help them decide whether or not you can be trusted with a loan or a new credit card. You can also access your own credit score by logging in to the website of the three credit bureaus mentioned above so you can monitor your finances as closely as you need.

Hector
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3 Types of Free Credit Bureau Reports Explained

March 12th, 2011
Francine Denson asked:




There some confusion out there when it comes to free credit reports. You have likely seen the many articles that are floating around that state that you can get your free credit report, but just what does a free credit report consist of? In this article will will look at the differences in the 3 different types of credit reports advertised and learn more about which one is the most beneficial to have.

Type #1) Single Credit Bureau Report

One type of credit report is one where you can get a report from only one of the three bureaus. These three bureaus are Equifax, Trans Union and Experian; most of the time with this type of report you will have to choose one of these companies to get your report from. This may not help you very much because each of the three bureaus differs a bit in the content they report. You would probably benefit more from a 3-1.

Usefulness: C-

Type #2) 3-1 Credit Report

A 3-1 report would include a report from each of the three bureaus. The advantage to this is you get all three reports. The downside is that you get only one score from one bureau. It would be more sensible to receive all three of the bureaus scores. Mortgage companies look at the three scores and usually go by the one in the middle. I would only be logical to see what they see if you are attempting to get a loan.

Usefulness: B

Type #3) 3-1 Credit Report With Credit Scores

This brings us to the third type. This is the 3-1 credit report that included all three scores. This is the best offer there is due to the fact that this is what lenders look at. You will want to ensure that you know what you are getting when you request a credit report.

Usefulness: A+

Every consumer is entitled to one free report from each of the three bureaus annually, but this does not include a credit score. By using the services of on of the popular online free credit report sites, you can get instant access to not only your credit reports but your credit scores as well. You would be best off off obtaining a 3-1 with all three scores so you can have a clear view of what lenders are looking at when deciding whether or not to approve your loan.

Victor
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Is it possible that collection agencies report to all 3 credit bureaus at the different times?

March 1st, 2011
meredith stull asked:


I recently sent a goodwill letter to a collection agency (Van Ru Credit Corp) and to the original creditor(Con Edison) to have a paid collection deleted from all 3 of my credit reports. I had an inquiry(Experian) from the collection agency and then a few days later the collection account was deleted from 1 of my reports(Experian again). Is there any chance that Van Ru Credit Corp will delete the accounts from the other 2 credit reports(Transunion and Equifax) anytime soon?

Vincent
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How You Can Get a Free Credit Report From All Three Credit Reporting Agencies

February 25th, 2011
Donovan Baldwin asked:




Were you aware that you can get your credit report for free?

It’s a fact!

Under the Fair Credit Reporting Act (FCRA), the three major companies which collect and disseminate credit information which are used by sellers and lenders to ascertain your credit worthiness are required to provide one free copy of your credit report every 12 months.

You might wonder why you want to even get one credit report, much less all three.

Well, there are three good reasons.

First, all three credit reporting agencies; Equifax, Experian, and Trans Union, collect and publish different data ABOUT YOU from different sources. What is on one company’s report may not be on another’s. In any case, ANY of the data may be wrong!!

Second, if there is incorrect data on your personal credit report, you cannot know that it is there and needs to be removed unless you see the report(s) yourself.

You need to know about it and remove it because, in the third place, any time you go to finance a major purchase, get a loan, or ask for credit of any kind, whether you are approved, and how much that extension of credit will cost you, i.e. interest. Whether you pay 4% or 24% in interest will be dependent upon what your various credit reports have to say about you.

Why not just get one report?

As mentioned above, each report may have different information relevant to your credit history. Additionally, however, each potential creditor may use one, two, or all three reports to determine whether or not to grant you credit.

Another factor is that many potential employers will first run a credit report on you before offering you a job.

A couple of years ago, I applied to company I was interested in working with. Nothing came of it, and I went to work with another organization. However, the first company sent me a copy of the report they had received. The first item on the report caught my eye because it showed my address as being that of a Dallas nightclub. Actually, while moving, I had opened a temporary post office box at a UPS store in a strip mall which shared the street address with the nightclub. However, the preparers of the report noted that the address could not be valid as a residence and was that of a strip club!

Getting your free annual credit report is relatively simple…and each of us has our own definition of “simple”.

Probably, the simplest way is to go to http://www.annualcreditreport.com.

This is the ONLY government-authorized website where you can go to request this service. They do not send you emails requesting information or place pop-ups on other websites, and, if you see one of those, it is probably a scam and/or an incidence of “phishing”…someone trying to get your identity data for their use.

You can claim your annual free credit report by phone, by mail, or through the Annual Credit Report website. Do not use any other link, by the way, than the one above. It is the only valid link and any other may take you to a false website.

You can also claim your report directly by phone or mail from the credit reporting agencies themselves. You will, of course, get the most immediate response by going through the Annual Credit Report link above, but, should you wish to contact the credit reporting agencies directly for your report, you can reach them at the addresses and phone numbers below:

Equifax Information Services LLC
Disclosure Department
P.O. Box 740241
Atlanta, GA 30374
800-685-1111

Experian
866 200 6020
(Call for your report or use AnnualCreditReport link above.)

Transunion
Best Bet: Go through the Annual Credit Report link.

YOU MAY ALSO BE ELIGIBLE FOR FREE CREDIT REPORTS AT OTHER TIMES

1. If a company takes adverse action, such as denying employment, credit, or insurance based on a credit report you have 60 days to request a free report. You should receive a notice from the company involved as to the credit reporting company they used to make the determination.

2. If you are:

*Unemployed and plan to look for a job within 60 days

*If you are on welfare

*If your report is false due to fraud, including identity theft

If you are not presently eligible for a free credit report, they only cost around $10 each at the time I am writing this. Many people are afraid they will be hard to get and expensive, but that is not the truth.

INFORMATION YOU WILL NEED TO HAVE

Of course, you will need your name (obvious), address, and social security number. If you have moved within the last couple of years, an agency may ask for your previous address(es). Each credit reporting company will probably ask for some information you alone should know, such as the amount of your mortgage payment.

Ralph
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Free Credit Report – No Credit Card Required, No Trial

January 16th, 2011
Christian Emerson asked:




In 2005 the government put into place a new law that mandates that all of its citizens be able to gain access to each one of their credit reports from all three major credit bureaus at least once a year for free. After this law was put into place the demand for credit reports has shot through the roof with all sorts of companies coming out of the woodwork in an effort to satisfy such a demand. The problem with the vast majority of these companies is that they cannot truly offer you a free credit report without you signing up for another one of their products first. This has created a ton of confusion for consumers who have heard about the new government mandate and subsequently went looking for a place to access their credit reports for free.

The good news is that there is an alternative website that can offer you access to your credit reports without the need to sign up for a free trial and without the need to submit any of your credit card information. This website is located at AnnualCreditReport.com, and it is the only website that is fully endorsed by the government to provide people with access to their credit reports once a year for free. This website will not ask for your credit card information and it will not require that you sign up for some free trial to gain access to your reports, and as long as you haven’t already exhausted your once a year entitlement then you should have no trouble going to this website to look at your credit reports for free. Don’t become another victim of one of the many credit report companies that require you to buy something just to get access to your reports as these companies are simply taking advantage of people’s lack of understanding of the government mandate.

Erin
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Order a Credit Report – Where and How You Can Order This Report

December 6th, 2010
Bart Newman asked:




Credit reports are very important in many ways. It does not only tell you your credit standing, it also helps you on your loan, credit card, and job applications. These reports are generally the basis for the approval of such applications. For this reason, having an updated copy of the report at least once a year is very important. And if you want to know the best ways to order a credit report, you’ve come to the right place.

There are three ways to order a credit report. One way is to print out the annual credit report request form and mail the copy to the agencies that offer free report. And if you’re not comfortable with this method, you may order the report by phone.

There are three major agencies where you can get this report from. These are Experian, Equifax and TransUnion. What’s great about them is that they offer free once a year. Here’s how you can order a credit report from each of these agencies.

Experian

Ordering this report through Experian is pretty easy. You just need to fill out a request form and you’ll get your the report in a matter of seconds. After viewing your report, take note of the report number in case you need to view it again within 30 days.

Equifax

With Equifax, you’re offered various features and product promotions. And although you’re not really required to get the extra services that this company offers, you may avail of their credit monitoring and analysis services at a discounted price. Equifax also allows you to view the report again within 30 days.

TransUnion

As a new TransUnion user, you would need to create your own account with them. And if you already have an account, log in to view your credit report. Like other two agencies, TransUnion allows you to view your report again within a 30-day period.

Although it is not really recommended that you constantly check your report, there may be times that you would need to view them again even after you’ve used up all your freebies.

Aside from these the three bureaus, there are also other online sites where you can order a credit report. At any time, you can purchase this information online by subscribing to monitoring program that offers regular access to this data. But just be vigilant to make sure that they are credible companies. There are sites that pretend to give your report after you fill out a request form but are actually scammers trying to steal your personal information.

Keith
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Equifax Credit Report – Beware Of Scams

November 30th, 2010
Arturo Ronzon asked:




There are credit reports produced yearly by consumer bureaus national. Equifax is one of the three companies that provide this report. In fact every American is entitled to three free copies of these reports yearly from the different consumer bureaus. The benefits of the Equifax credit report cannot be overstated – it is very important. But, you should be very careful about scams, guide that at all cost.

For instance there is only one website provided by the consumer companies for the application too receives a free copy of the annual credit. But, many other sites claim to give the free copy and even some sell these free copies to ignorant consumers that do not know this. You should get the right information to avoid being fooled by these scammers. Learn to tell the fake from the original copy.

Many methods are used to con ignorant consumers these days. For instance, a thief can apply for your credit report using your identity, with the purpose of knowing your Equifax credit report to process loans with your identity. They will not definitely escape with the money collected from the loan leaving the debt for you to pay. So, it’s always good to be informed about your credit report and always make sure you apply through the right channel whenever you do. Because if you visit a site that claims to help you get your credit report, you are only risking your personal information to fraudsters that can use it against you. The only website for the application of credit report is http://www.annualcreditreport.com beware of scams.

When you visit the wrong site offering you a free copy of the Equifax credit report any other one credit report, you’ll be asked to type in your personal information, after you do that you will not see your report instead they have gained access to your credit report and you know the rest of the story. A way out of this is to apply for a fraud alert that will keep you informed of any addition on your credit report but, we all have to apply the greatest caution when dealing with financial issues to avoid bankruptcy. BE WARNED.

Miguel
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Free Credit Check Report – How to Obtain All Three of Your Credit Scores and Credit Reports Online

November 20th, 2010
Richard H Hughes asked:




The US government is compelled to provide every citizen with a free copy of their credit report every year. This is one of the various ways of receiving your free 3 credit bureau reports. This way you can monitor your financial situation and at the same time weed out any errors on your record.

If you still need an easier way to get your credit report, there are several bureaus which provide you with a free copy of the credit report. In case you would want to get a legitimate copy you would do best as to inquire with the government approved credit reporting firms such as Experian, the Equifax or the TransUnion. According to the standard procedure when you take a loan or use your credit card, your payment patterns are recorded in a report which is then presented to each of these three firms. However generally, discrepancies arise because some creditors place this report to only one agency thus leading to inconsistency to your profile in general. Hence your details are generally and should be reported to all three firms to maintain a consistency in your financial record.

As a small example, if your profile has been submitted to say TransUnion only and not Equifax or Experian, in that case only TransUnion will have your accurate profile and the other two firms will have ratings that is inconsistent with your profile in TransUnion. In such a case it is important that you check all 3 credit bureau reports at least once a year and undo any inconsistency that may have arisen. This in turn will help improve your record and allow you to get better rates of interests on subsequent loans.

Each of the three firms mentioned have been entrusted with the task of providing citizens with their credit reports, so if you want to get your free credit report, you can request a copy individually from each of the firms. They are bound by laws to comply. The other obvious procedure for getting your credit bureau report is to apply online through one of the various websites that provide you with the report. Once you place a request at any of these websites they contact the three official bureaus for you and then they send your free 3 credit bureau report. This is a very convenient method and is the most popular method.

Megan
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with out pay to change errors on credit reports?

September 21st, 2010
Mary J asked:


i am a victim of id thief for the past three years and have found items and things that are not mind on the report and would like to request that these things be removed only everyone wants charge me to do what i can do myself

William
Posted in Credit Tags: , 6 Comments »
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