Credit Reports

Credit Reports

The Importance of a Free Credit Report

The importance of getting your Free Credit report cannot be overemphasized. In the current economic climate, with such a strong squeeze on credit, everybody's Credit Rating is at risk, and even if you think you have a premium Credit Score, you might be in for an unpleasant shock. People are getting such shocks not only daily, but hourly throughout the USA.

However, before we discuss that, let's have a look at what A Credit Report is and what information it gives you. It contains four parts basically: your personal details, your Credit History, public records appertaining to your financial stability and finally, inquiries made by third parties as to your credit record. While you might not understand the need for this information, they are carefully examined by potential lenders.

To put it in general terms, your credit report is a record of your credit history and your financial stability. It contains financial details such as mortgages, loans, mail order agreements, Credit Cards, banking facilities and so on, and includes your repayment history, any late payments, missed payments, defaults and so on. It also includes any details of credit or loan applications you have made, and whether any have been turned down.

If your credit report is bad, you will either not be offered credit or will have to pay a higher interest rate than those with a Good Credit report. In some cases you will be refused credit. Hence the importance of knowing what your credit record is like. The same is true of Your Credit Score that lenders use to assess your credit-worthiness.

The implications of a Bad Credit report include you being refused a Credit Card application, a loan, a mortgage, a car loan and any other form of credit. You could even be refused a mail order agreement or even a car hire. That is not the end of it, because the same could apply to your partner and your children if they reside at the same address as you. When your kids look for a mortgage of their own before being married, or seek a loan for their first car, they could be refused because of your Poor Credit record.

That is fine if the record is correct, because although it is bad for you, at least it will have been deserved. However, it has been estimated that up to 90% of credit records are inaccurate, and that a large proportion of people are being wrongly refused credit. Not an entire 90%, obviously, but a lot of people are being unfairly refused credit, and that could be you or your kids. You won't know till you apply.

Why wait till then? Why not just Get A Credit Report now, so that you know where you stand. It makes sense, and since it is free what are you waiting for? Did you know that anybody can see your credit report? In the USA, the Fair Credit Reporting Act (FCRA) allows employers, creditors, landlords, insurers and any other business to have access to your credit report for purposes of credit, renting a home, employment or any other reason where your financial situation could be of interest.

These reports are available in the USA from three agencies: Experian, Equifax and TransUnion, and each has to provide you with a free copy of your credit report annually on request. Once you have a bad record on your report you have to wait 7 years to have it removed.

However, there are companies that help you to check up on your report and have any inaccurate data removed. You could easily have your next credit request refused due to inaccurate or false information. Identity theft or even mistaken identity is no longer uncommon. Nor is it uncommon for office staff to make typing errors and you to have something on your credit record that never occurred.

In today's economic climate your credit is the one thing you must do all that you can to protect, so make sure you implement your right to a free credit report. There are companies that can get your free report from all three agencies, and then check it with you to make sure that nothing is untoward. With 90% containing inaccurate information, that might be highly likely. If so they can help you to get these false records removed.

It's your credit, and it affects everybody living in your home. Get it checked out now with a free triple credit report. Also check up on your credit score at the same time.

About the Author

Your good credit record is extremely valuable, so check out your USA Free Credit Report now and make sure that you have no false information that could stop you and your family getting credit in the future. UK readers Click here: Debt Advice for advice.

How can I remove paid collection items from My Credit Reports?

There are several items on My Credit Report that were in collections but I paid them. They also indicate that they were paid in full/closed on my credit reports. However, If I mail receipts of these paid collection items to the 3 Credit Bureaus can I ask them to remove that collection information? Would they be able to delete that information since the account was paid?

I was told that since they were paid that they were void anyway. However, I would like to have them removed. What if I dispute them? Can you dispute paid items on your report for removal?

Thanks in advance

You said it now says "Paid in full:Closed"? Does it say closed by the creditor or the consumer? Is it listed in the derogatory or negative area of your credit report?

Note that just because you paid a debt, and they place "paid" on the account, it does not mean all negative information such as late payments or collections was removed. It's still a negative listing.

Credit Reporting Agencies can NOT delete negative items. The only way they can be deleted is if the creditor removes them, or if they fail to respond to an investigation request within 30 days.

Now that the creditor has your money you will find it difficult for him to cooperate with you in fixing your history.

Your only other hope is to send a dispute letter to the CRA'a and then send a letter to the creditor to demand Validation of the debt.

See the link below for more help on this.

Free Credit Report Commercial

 

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Filed under: Repair Your Credit

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