So you've been told to get a copy of your credit report. Where should you get a copy? The answer is, you must get one copy from each of three major credit bureaus in the country - (Equifax, Experian, TransUnion). Why should you obtain a copy from each? Some people think that all three credit reporting agencies are the same. On the contrary, each one of these three agencies performs their jobs separately. Thus, the report you'll get from one bureau may have some discrepancies or differences with the other. To be sure, it's best to get a copy from all three credit reporting agencies. Now that you have a copy of your credit report in your hands, what's next? How can you examine your credit report correctly to make sure that it is accurate and error-free? This credit report guide will focus on how to read and understand all information contained in your report.
Your Credit Report:
Your credit report is divided into four categories - your personal information, credi t history, public records and inquiries. Don't overlook checking if all details listed under your personal information are correct. For example, is your name displayed correctly? Is your Social Security Number correct? What about your address? Driver's license number? Employer? Date of birth? Contact numbers? Double-check if all the information are correct about you.
The next section would be your credit history. This is where all your accounts with different creditors are listed. It includes the date you opened your account, the type of credit you have, your existing balances, payments, unpaid dues, closed accounts, charged offs, and everything that has to do with credit.
In most cases, the public records section is left blank. All consumers want this section of their credit report empty because having something written there indicates a problem. Under this section, reports of tax liens, foreclosures and bankruptcies are noted. If you've just been through bankru ptcy, it will be reflected here and will remain in your report for up to 7 years.
Lastly, we have the inquiries category. Every time you send an application for a loan, a credit card, or insurance- your prospective lender will be checking on your credit report. You will find all the inquiries done by lenders here. Too many inquiries can make a creditor curious as to why you submit too many applications to lenders at once. A lender may think that the most probable reason for such inquiries is declined applications. This is why too many inquiries can have a negative impact on your credit rating. However, inquiries that have been initiated by companies who want to offer you their services because of your excellent credit are of course, a great boost to your credit score.
As you can see, the most important part of your credit report that you must examine is your credit history. Never delay and quickly call the credit bureau who issued the report once you've found an error. Next, prepare you dispute letter and send it to the credit bure au via registered mail.You'll also want to notify the creditor who reported the item you're disputing since they would be the one to confirm this. You must bear in mind that your creditor has the power to make changes you requested. The credit bureau's job is just to put these information in your credit report. After submitting your dispute, you must wait up to 30 days for the investigation to complete.
Copyright (c) 2009 Suzy Vanstrusen
Suzy Vanstrusen is a credit analyst and a writer of the website http://www.ezcreditrepairsolutions.com/ and provides consumers with tips and tricks in repairing your credit. Check the site for more free credit repair tips and credit repair services.
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