Your credit score is determined by you. Your credit report contains information about your bill paying habits. Any delinquencies, late payments, foreclosures, bankruptcies are all on your report. This information is available to insurers, renters and lenders when you apply for an apartment, credit and employment.
Your credit report score can be the determining factor if you are given credit at department, approved for a loan or even allow to rent an apartment.
If there are several negative marks on your report and you feel any of them are incorrect, you can file a dispute that can have those marks removed.
The easiest way correct mistakes on your credit report is to get in contact with the person or business who reported the false information. You should immediately call the consumer reporting company are tell them, in writing, the details of the mistake.
There are credit reporting agencies on the Internet that claim to give you a free report, but most of these websites require an enrollment into a program that charge you high monthly fees.
Where to Get a Free Credit Report
The only place to get an absolutely free credit report is from the AnnualCreditReport.com. There is no charge for the information and you can get one free credit report per year that give you current details of your credit history.
The better you pay your debts and take care of your credit score, the more privileges you are allowed. If you have excellent credit, you can use your good name to purchase items with no money down.
You can also get loans from a lenders with lower interest rates. If you pay your bills on time and do not put yourself in a lot of debt at one time, your credit score will reflect your financial judgement, as reliable.
If you do not pay your bills on time and you owe a lot of huge debts, your credit score will be lower, interest rates will be higher and can make your bills much higher each month.
The three credit reporting companies
TransUnion, Equifax and Experian are required to give everyone who make a request a free copy of their credit report every 12 months. This free report can be obtained whether you are turned down for credit, or not.
This can help you keep track of who have been inquiring about your credit history and you can look for any discrepancies.
What is contained in a credit report?
Your credit report will contain four elements of information:
1] Identity – your name, address, social security number, date of birth and any aliases will be listed. If you are married, the same information about your spouse will be included.
2] Credit information – All bank account information and debt payment history for your auto loan, furniture bills, mortgage and other debts.
3] Public records – Court appearances, foreclosure, bankruptcy, liens and any judgements against your will be in the report.
4] Any recent inquiries – Whenever you apply for a loan or an apartment, an inquiry is made into your credit history. Each of these inquiries are listed in the report.
You should keep an eye on your credit report, especially with identity theft on the rise.
Only one website has your free annual credit report and that is AnnualCreditReport.com.
If you are denied employment, credit or insurance you can get a free online credit report within 60 days of the denial.
Negative marks on your credit can remain for seven years. A bankruptcy will remain for up to 10 years.
You employer cannot get a copy of your credit report without your permission.
To file a complaint against a business, go to FTC.gov or call 1.877.382.4357
The best way to keep your cre.dit report up to standards is to pay your bills on time and do no apply for too much credit, too often