Many people dread finding out what their credit reports have to say. This goes for any person but it feels a person struggling to survive with complete and total dread. However, checking your credit report is something that needs to be done to promote financial health and to take care of those debt problems that a person might have. Therefore, it is essential to know what your credit report contains.
There are three major credit reporting agencies that is found in the United States: Equifax, Experian, and TransUnion. Below is ways to get in touch with all three agencies.
PO Box 740241
Atlanta, GA 30374
PO Box 2002
Allen, TX 75013
PO Box 2000
Chester, PA 19022
Thanks to a recent legislation, any person can obtain a free copy of their credit report once a year. There are a number of ways that a person can achieve looking at their credit report: filling out a form online from each of the agencies, call the agencies (the number is listed on each website) or going to the annual credit report site (this is perhaps the easiest way) to get their credit report. The annual credit report site is www.annualcreditreport.com. This site helps consumers obtain their credit report and it is credited by all three reporting agencies.
Now that you know how to obtain your credit report, it is time to know what is in your credit report. It is also a good idea to have some tips for clearing up your credit report. Then once all of this knowledge is at your finger tips, you should be able to keep on top of it and be on the road to good financial health.
What your credit report contains
Your credit report lists a multi-year of credit cards, home loans, as well as other debts. Credit reports also record any late payments that occured and how late those payments were. This could be 30 days, 60 days, or even 90 days. It will also contain any previous addresses listed for the person obtaining the report and it will list the present address.
Although the credit reporting agencies all try to maintain accurate records, sometimes the reports may contain errors. These errors maybe as simple as listing loans as active when the loans have been paid off or listing credit cards that you have cancelled. These errors may fail to list payments made to make up overdue accounts. These errors are by no means that should cause a panic. These errors aren’t even a sign of sloppiness on the credit report agencies part. It is merely a sign of reflection of timing. The world we live in is computerized but the databases does not always communicate the information fast enough or effectively between companies using different systems.
A person should print out a copy of the credit report from all three credit reporting agencies and review it thoroughly. Make any notes of any errors, establish proof of the errors (meaning prove that it is an error) and then send a registered letter with the proof of the error to the agencies. Politely ask them to correct their data. After reviewing everything that you have sent to the agencies then they will fix the errors that was found on your credit report. This is really all a person can do to fix the errors. A person will catch more flies with honey than with vinegar. This simply means that flying into a rage will get you no where. Remember to send proof with your letter. Without proof the agencies will just overlook it.
Tips for clearing up your credit report
The first thing that you can do when clearing up your credit report is to review the report. Note any errors and correct those errors. Check for any overdue amounts and clear them up as quickly as possible. In order to clear up the overdue amounts is to pay off any smaller outstanding bills first. Then go to the next larger amount, and so on, working your way up the ladder. Keep doing this and eventually there will be a light at the end of the tunnel. With every paid off overdue balance that you make, be sure to note it and send proof to the credit report agencies. Doing this will free up funds and keep the creditors from calling your house.
Having the credit report and everything it contains will allow you to develop a debt free plan for your future. Understanding what your credit report contains is the first step in preparing for your debt free life.