Posts Tagged Experian
if something on you credit is removed what bureaus update?
ca asked:
so i filed a letter of validation to a debt collector because the debt wasn’t mine and a month later i got a letter from Experian saying the outcome of the dispute (DELETED) meaning the debt was verified to not be mine but do all my credit scores update because it showed on all three reports if so how long does it take..
Alice
so i filed a letter of validation to a debt collector because the debt wasn’t mine and a month later i got a letter from Experian saying the outcome of the dispute (DELETED) meaning the debt was verified to not be mine but do all my credit scores update because it showed on all three reports if so how long does it take..
Alice
How To Quickly And Immediately Improve Your Credit
David Maillie asked:
Many people have and suffer from bad or marginal credit. This does not mean they are a bad person as bad credit can happen as a result of a sudden unplanned illness or emergency, a job layoff, etc… Many families do not have sufficient savings to ride out a serious and costly emergency or job loss. Actually, according to MSN, many families are living only one paycheck away from bankruptcy and this is not good. To stop this one needs to put reigns on all unnecessary spending, but we will talk more about this further on.
The first step anyone with possibly bad credit needs to take is to find out the exact extent of your credit. You may have only seen 1 credit report or only been told what might be on your record by a bank or loan manager or finance manager, but did you know there are really 3 separate credit reporting agencies and each has a different report and score? Just because one credit report shows as bad doesn’t necessarily mean the others do, and vice versa, if one is good the other two may be quite the opposite. Usually, as a rule, they are similar, but negative items or entries do tend to stay longer on some then others and some tend to have more errors in their entry reporting.
Go online to any of the three major credit bureaus (Just Google the names of Experian, Equifax, and Transunion) and pay to have your all three in one report with credit score pulled. You want all three as they can and probably will be slightly different. The report is necessary so you can actually measure and understand exactly how bad it is and what needs to be done to improve and fix it. A all three in one report is around $40 to $50 and worth it. Free reports which you can receive per recent federal laws will only give one credit bureau and no score (how do you know where you stand without a score unless you are a finance manager or work at a bank loan department?)
If your score is 600 and above your credit is marginal, but not bad. You won’t have too much to repair. If your credit is 500 or below you probably have a lot of negative entries, possible tax liens, judgments, repos (car repossessions), a possible bankruptcy, and/or other serious negative influences and entries in your reports. A low or bad credit score will take more work and effort, but you can still achieve a much higher credit rating and fairly quickly.
Now, that you have your credit report and scores, find out which is the most important credit reporting bureau for your area of the country (each bureau has a particular area of influence). The easiest way to do this is to contact your local new car dealer and ask the finance manager what credit report they most commonly use to establish credit. Usually it is only one and that is the one that will be most influential in your area and the first one you should repair.
Glenda
Many people have and suffer from bad or marginal credit. This does not mean they are a bad person as bad credit can happen as a result of a sudden unplanned illness or emergency, a job layoff, etc… Many families do not have sufficient savings to ride out a serious and costly emergency or job loss. Actually, according to MSN, many families are living only one paycheck away from bankruptcy and this is not good. To stop this one needs to put reigns on all unnecessary spending, but we will talk more about this further on.
The first step anyone with possibly bad credit needs to take is to find out the exact extent of your credit. You may have only seen 1 credit report or only been told what might be on your record by a bank or loan manager or finance manager, but did you know there are really 3 separate credit reporting agencies and each has a different report and score? Just because one credit report shows as bad doesn’t necessarily mean the others do, and vice versa, if one is good the other two may be quite the opposite. Usually, as a rule, they are similar, but negative items or entries do tend to stay longer on some then others and some tend to have more errors in their entry reporting.
Go online to any of the three major credit bureaus (Just Google the names of Experian, Equifax, and Transunion) and pay to have your all three in one report with credit score pulled. You want all three as they can and probably will be slightly different. The report is necessary so you can actually measure and understand exactly how bad it is and what needs to be done to improve and fix it. A all three in one report is around $40 to $50 and worth it. Free reports which you can receive per recent federal laws will only give one credit bureau and no score (how do you know where you stand without a score unless you are a finance manager or work at a bank loan department?)
If your score is 600 and above your credit is marginal, but not bad. You won’t have too much to repair. If your credit is 500 or below you probably have a lot of negative entries, possible tax liens, judgments, repos (car repossessions), a possible bankruptcy, and/or other serious negative influences and entries in your reports. A low or bad credit score will take more work and effort, but you can still achieve a much higher credit rating and fairly quickly.
Now, that you have your credit report and scores, find out which is the most important credit reporting bureau for your area of the country (each bureau has a particular area of influence). The easiest way to do this is to contact your local new car dealer and ask the finance manager what credit report they most commonly use to establish credit. Usually it is only one and that is the one that will be most influential in your area and the first one you should repair.
Glenda
Credit score varied widely?
Sarah W asked:
I checked my score at Experian.com and it was 780, that was exactly one month ago, and nothing on my credit has changed, yet when I went to creditkarma.com, they said my transunion score was only 671. Why is that? I even checked my report, and all three bureaus have the exact same information, so why the huge gap?
Darrell
I checked my score at Experian.com and it was 780, that was exactly one month ago, and nothing on my credit has changed, yet when I went to creditkarma.com, they said my transunion score was only 671. Why is that? I even checked my report, and all three bureaus have the exact same information, so why the huge gap?
Darrell
Applied for car loan and was denied due to Credco reporting 0 score. Is this legal? Experian score is 630?
Cute Gurl asked:
I have been applying for credit not knowing that credco had me at 0 -factor. I don’t understand why. They also have me listed as a different birth date, but I know its me because the inquiry appears on my credit reports. When I check my score w/ all three bureaus I have more than a 590. What can I do? . Is it legal for them to do this?
Ana
I have been applying for credit not knowing that credco had me at 0 -factor. I don’t understand why. They also have me listed as a different birth date, but I know its me because the inquiry appears on my credit reports. When I check my score w/ all three bureaus I have more than a 590. What can I do? . Is it legal for them to do this?
Ana
Disputing Duplicate Items On Your Credit Report
Duwayne Mcclendon asked:
When you are repairing you want to make sure all information is correct and there are no duplicate items on your credit report. I had noticed an old HSBC Tax Advance showing on my report twice, one was listed as being current with a $0 balance and the other had a balance of $441 and 120 days late! I had seen this on my report and at first was just going to wait it out until the 120 day late listing was updated to current with hopes my score would be higher with two accounts listed as current.
Today my patience got the best of me, I called Transunion which was the listing agency for the duplicate accounts and requested a deletion. At first the operator said “ok sir I will place the duplicate account for dispute,” I immediately told him I did not want to place a dispute but for him to delete the duplicate listing now. It was in my favor that both accounts had the same account number and that the 120 day listing was updated 11/2007 and the current listing was showing updated 12/2007.
After about 5 minutes the representative for Transunion confirmed the duplicate listing had been removed and if I needed any more assistance. I kindly thanked the representative of Transunion and proceeded to complete my daily credit pull from TrueCredit. WOO HOO! Account deleted and my score jumped 14 points!
When you are repairing your credit be persistent and make sure you have all your facts regarding the accounts when you call or write any of the three credit bureau (Equifax, Experian, Transunion). You have to legitimately prove the account is reporting improperly for the credit bureau to remove the listing for them to remove it.
Anne
When you are repairing you want to make sure all information is correct and there are no duplicate items on your credit report. I had noticed an old HSBC Tax Advance showing on my report twice, one was listed as being current with a $0 balance and the other had a balance of $441 and 120 days late! I had seen this on my report and at first was just going to wait it out until the 120 day late listing was updated to current with hopes my score would be higher with two accounts listed as current.
Today my patience got the best of me, I called Transunion which was the listing agency for the duplicate accounts and requested a deletion. At first the operator said “ok sir I will place the duplicate account for dispute,” I immediately told him I did not want to place a dispute but for him to delete the duplicate listing now. It was in my favor that both accounts had the same account number and that the 120 day listing was updated 11/2007 and the current listing was showing updated 12/2007.
After about 5 minutes the representative for Transunion confirmed the duplicate listing had been removed and if I needed any more assistance. I kindly thanked the representative of Transunion and proceeded to complete my daily credit pull from TrueCredit. WOO HOO! Account deleted and my score jumped 14 points!
When you are repairing your credit be persistent and make sure you have all your facts regarding the accounts when you call or write any of the three credit bureau (Equifax, Experian, Transunion). You have to legitimately prove the account is reporting improperly for the credit bureau to remove the listing for them to remove it.
Anne
How To Write Letters To Remove Information Off Your Credit Report
Tim Gorman asked:
Many people who look into their reports find that their credit information has errors and those errors usually affect your credit negatively.
Maintaining an accurate score sometimes requires us to be pro-active, and we must write letters to remove information off our credit report. These are sent to the big 3 credit bureaus. Although in many cases the first thing most people want to do is to call the Credit Bureau and tell them off, this would be counterproductive. Instead the best method would be to sit down and write a credit report dispute letter.
You should read your credit report, take notes as to what you consider the problem areas are and think whether what’s on the report could actually be true. If, in finding that what’s on the report is false, you need to think through how you’re going to word your letters to remove info off credit report. You’re going to have to send a copy of this letter to each of the three main credit bureaus: TransUnion, Experian, and Equifax. Be polite and state facts as you see them. See example letter below.
Dear (credit bureau name here),
After looking at a copy of my credit file, I found that it contained erroneous information. I would like to dispute this information and request a correction. I am concerned about the information that you have put in my credit report as it could seriously impair the credit rating I enjoy with lending institutions.
You have not (state the problem here).
Be sure to include the month, and the date, and the name of the business.
I am enclosing a photocopy of my cancelled check as proof of my payment. Hopefully, this will correct the accuracy of my credit file. As you are certainly aware of, the credit bureaus are only allowed to use accurate information in a consumer’s credit file.
Thank you for correcting the above errors to insure that it doesn’t impair my personal credit. Please contact me as soon as the correction has been made and my credit report is again accurate. Please send a copy of my credit report to: (place mailing address here).
Yours,
(Your name)
Be sure to include your full name as listed in your credit report, address, Social Security number, copy of your driver’s license, copy of the credit report, and copy of your proof, i.e. cancelled check.
Be sure to retain a copy of whatever you send to each credit bureau. Make a note of the date that you mail your letters to remove info off credit report. Using certified or registered mail is a good idea, as this will give you proof of the mailing date.
Joan
Many people who look into their reports find that their credit information has errors and those errors usually affect your credit negatively.
Maintaining an accurate score sometimes requires us to be pro-active, and we must write letters to remove information off our credit report. These are sent to the big 3 credit bureaus. Although in many cases the first thing most people want to do is to call the Credit Bureau and tell them off, this would be counterproductive. Instead the best method would be to sit down and write a credit report dispute letter.
You should read your credit report, take notes as to what you consider the problem areas are and think whether what’s on the report could actually be true. If, in finding that what’s on the report is false, you need to think through how you’re going to word your letters to remove info off credit report. You’re going to have to send a copy of this letter to each of the three main credit bureaus: TransUnion, Experian, and Equifax. Be polite and state facts as you see them. See example letter below.
Dear (credit bureau name here),
After looking at a copy of my credit file, I found that it contained erroneous information. I would like to dispute this information and request a correction. I am concerned about the information that you have put in my credit report as it could seriously impair the credit rating I enjoy with lending institutions.
You have not (state the problem here).
Be sure to include the month, and the date, and the name of the business.
I am enclosing a photocopy of my cancelled check as proof of my payment. Hopefully, this will correct the accuracy of my credit file. As you are certainly aware of, the credit bureaus are only allowed to use accurate information in a consumer’s credit file.
Thank you for correcting the above errors to insure that it doesn’t impair my personal credit. Please contact me as soon as the correction has been made and my credit report is again accurate. Please send a copy of my credit report to: (place mailing address here).
Yours,
(Your name)
Be sure to include your full name as listed in your credit report, address, Social Security number, copy of your driver’s license, copy of the credit report, and copy of your proof, i.e. cancelled check.
Be sure to retain a copy of whatever you send to each credit bureau. Make a note of the date that you mail your letters to remove info off credit report. Using certified or registered mail is a good idea, as this will give you proof of the mailing date.
Joan
Why is there such a variance in credit scores from the 3 credit bureaus?
K.C. asked:
I know that the credit bureaus have diffrent scoring systems but why is there such a diffrence betwwen the three…..Transunion is usally my highest at 645…Experian at 630…..Equifax at 592….my Equifax credit score has stayed put for some time now while the others keep going up—- does anyone know why and how can I get my Equifax in the 600 range…
I know that the credit bureaus have diffrent scoring systems but why is there such a diffrence betwwen the three…..Transunion is usally my highest at 645…Experian at 630…..Equifax at 592….my Equifax credit score has stayed put for some time now while the others keep going up—- does anyone know why and how can I get my Equifax in the 600 range…
FYI All my credit reports from the bureaus contain the same accurate info
Deborah
Credit Bureau – Best Bureau Revealed?
Justin Fox asked:
Credit Bureau – Did you know that over 75% of Americans don’t know their Credit Score! and 20% have never even seen their Credit Score!
Do you know what is the best Credit Bureau? and what other services you made need? I was in your same situation, I’ve done your homework for you so you don’t have to.
But first, Congratulations!, you are looking for your credit report and interested in your credit score. That means you are ahead of most people and can therefore get ahead in like, by fixing your score and getting that great loan. A good Credit Report is one of the most important things in life.
Ok, where to start?
Start at the start, You need to know about the 3 American Credit Report Bureaus – they are Equifax, Experian and TransUnion. You need to get all three of your Credit reports from each bureau, make sure you get all 3, as your credit report will be different for each bureau.
This is because your past lenders and other personal details only get reported to one of the bureaus and you don’t know which one – to get all your info you need to get all three and then correct any wrong information and call back the bureaus to make sure they are updated and consistent.
Here’s some tips and info about each Credit Bureau
Experian
If offers your own Bureau Credit Report and employs over 15,500 people in 36 counties. Founded in 1986. They have a good knowledge-about website with a Financial centre to ask specific information.
Customer Review are very favorable. You will find they have a 5 star rating on Consumer Intelligence website ciao.com. Go to this site to get additional info, this is where you can find further information.
A point to note is that they have created each customer with a password to limit internet fraud on your account.
Equifax
Equifax offers your own Bureau Credit Report and is slightly smaller then Experian in revenue and employers.
They started in 1899 and state that technological innovation has provided powerful solutions to their customers. epioions.com they have a 2 and a half rating out of five. so not the best rating.
Customer service is only two out of five. There have been a few reports and disputes. A user has said that their printed on-line reports are incomplete. Note that they have many FCRA violations.
TransUnion
Originated in 1968 and have headquarters in Chicago USA. We are talking large in size, they maintain Credit Reports for over 500 Million people. On the shopping review site eopinions.com they are rated brilliant five out of five. There top benefits include a easy and simple to order website. Their information’s easy to view and understand.
I hope this article provides you with a few tips and gives you some good advice that will make you and expert on your own Bureau Credit Report for a strong finical future.
For more advice and information on Credit Score and Credit Reports click on www.credit-reporter.net [http://www.credit-reporter.net]
Herman
Credit Bureau – Did you know that over 75% of Americans don’t know their Credit Score! and 20% have never even seen their Credit Score!
Do you know what is the best Credit Bureau? and what other services you made need? I was in your same situation, I’ve done your homework for you so you don’t have to.
But first, Congratulations!, you are looking for your credit report and interested in your credit score. That means you are ahead of most people and can therefore get ahead in like, by fixing your score and getting that great loan. A good Credit Report is one of the most important things in life.
Ok, where to start?
Start at the start, You need to know about the 3 American Credit Report Bureaus – they are Equifax, Experian and TransUnion. You need to get all three of your Credit reports from each bureau, make sure you get all 3, as your credit report will be different for each bureau.
This is because your past lenders and other personal details only get reported to one of the bureaus and you don’t know which one – to get all your info you need to get all three and then correct any wrong information and call back the bureaus to make sure they are updated and consistent.
Here’s some tips and info about each Credit Bureau
Experian
If offers your own Bureau Credit Report and employs over 15,500 people in 36 counties. Founded in 1986. They have a good knowledge-about website with a Financial centre to ask specific information.
Customer Review are very favorable. You will find they have a 5 star rating on Consumer Intelligence website ciao.com. Go to this site to get additional info, this is where you can find further information.
A point to note is that they have created each customer with a password to limit internet fraud on your account.
Equifax
Equifax offers your own Bureau Credit Report and is slightly smaller then Experian in revenue and employers.
They started in 1899 and state that technological innovation has provided powerful solutions to their customers. epioions.com they have a 2 and a half rating out of five. so not the best rating.
Customer service is only two out of five. There have been a few reports and disputes. A user has said that their printed on-line reports are incomplete. Note that they have many FCRA violations.
TransUnion
Originated in 1968 and have headquarters in Chicago USA. We are talking large in size, they maintain Credit Reports for over 500 Million people. On the shopping review site eopinions.com they are rated brilliant five out of five. There top benefits include a easy and simple to order website. Their information’s easy to view and understand.
I hope this article provides you with a few tips and gives you some good advice that will make you and expert on your own Bureau Credit Report for a strong finical future.
For more advice and information on Credit Score and Credit Reports click on www.credit-reporter.net [http://www.credit-reporter.net]
Herman
Which Credit Bureau Should I Use To Check My Credit Report?
Beth Pardue asked:
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Jon
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Jon
Free Annual Credit Report
Michael Killian asked:
Would FREE copies your credit report be of interest? If you are committed to repairing your credit or simply want to know what is on your credit report, I have good news for you. A free copy of your credit report is available to every consumer annually. This article discusses the free report as well as repairing your credit report once you have your credit file on hand.
Colorado, Georgia, Maine, Massachusetts, Maryland, New Jersey and Vermont always had a right to one free report per bureau each year. But now this same benefit is available in every state – one FREE credit report from each of the three major national credit bureaus every 12 months.
Additionally, consumers may be entitled to a free report under certain other conditions, such as having been denied credit, insurance or a job within the past 60 days. You’re also entitled to a free report if you think your report is inaccurate due to fraud.
But under the new law, Equifax, Experian and TransUnion have an online site where you can get a free report at Annual Credit Report. There is also a toll-free phone number: 877-322-8228. Finally you can write to P.O. Box 105281, Atlanta, GA 30348-5281. Yahoo News suggests: “If you do use the postal address, it’s best to print and mail in a completed online request form. You can’t get your report unless you answer questions on the form.” There is also information available through Federal Trade Commission.
Once you have your report, what do you look for?
Here are some basic things you should check on your report. Go through your entire report entry by entry. Have the credit agency legend by your side in order to verify coding compliance. Have also a paper and pencil to annotate any item you find in error. Go slowly!
Don’t assume your personal information is correct. You could be viewing
information from someone else’s report with just a simple error such as: first name misspelled, missing Jr./Sr., erroneous address, bad zip code, wrong employer, or any other incorrect personal data.
Insure marital information is correct. Are accounts listed as “joint” really joint?
Is the report in compliance with court settlements? Outdated information is
normally considered to be any item older than 7 years except for bankruptcy, which is usually 10 years.
Closed accounts should not be listed as open. Accounts you closed should
reflect, “Closed by consumer”. Otherwise it can be assumed that it was closed by the creditor– not good.
Accounts should not appear twice even in different sections.
Incorrect histories such as late payments, a credit entry you do not recognize, a pre-marital debt of your
current spouse, or other such items need your attention.
Are there missing reports that would be beneficial to show a good history, and are profiles, credit limits, and balances correct?
A former correction to your credit file that has since disappeared should be brought to the agency’s attention.
You might want to note that each bureau offers credit ID fraud called safeguard services, but for fees. For example TransUnion offers “ID Fraud Watch”. For $10.95 each quarter, you get a credit report every three months and $25,000 of identity theft insurance.
____________________________________
Additionally you can purchase a credit score for a fee by contacting one of the nationwide consumer credit reporting companies.
Equifax
Experian
TransUnion
You can also purchase a credit score when you request your free annual credit report through Annual Credit Report
Readers will probably be interested to know Mike, the author of this article, also offers a free debt elimination mini-course via e-mail. You can enroll at Debt Free In 7.5 Years.
____________________________________
Final Comments: One final point which I am often asked. If a collection company sells your account to another collection agency, can you get the first one get deleted, or will it just show as a zero balance
Reporting depends on who owns the account there are several directions this can take:
If the original creditor still owns the account but assigns the debt to a collection company then both get to report on that account listing.
If the original creditor retracts the collection and re-assigns it to a new collection agency then both original creditor and the 2nd collection agency can report but the first one must remove their listing off of the credit report.
If the original creditor sells the debt to a collection agency then the creditor will report zero balance / sold to another lender, and the collection agency will report.
If that collection agency assigns a debt to another collection agency then it is allowable for both to report the account listing, but if they take back that account then that assigned collection agency must remove their reporting.
Now if that collection agency sells the debt to another collection agency they get to keep their reporting on the report since they owned the account at one time, and the new collection agency picks up on the reporting.
So the difference is if your account is assigned or sold.
Kimberly
Would FREE copies your credit report be of interest? If you are committed to repairing your credit or simply want to know what is on your credit report, I have good news for you. A free copy of your credit report is available to every consumer annually. This article discusses the free report as well as repairing your credit report once you have your credit file on hand.
Colorado, Georgia, Maine, Massachusetts, Maryland, New Jersey and Vermont always had a right to one free report per bureau each year. But now this same benefit is available in every state – one FREE credit report from each of the three major national credit bureaus every 12 months.
Additionally, consumers may be entitled to a free report under certain other conditions, such as having been denied credit, insurance or a job within the past 60 days. You’re also entitled to a free report if you think your report is inaccurate due to fraud.
But under the new law, Equifax, Experian and TransUnion have an online site where you can get a free report at Annual Credit Report. There is also a toll-free phone number: 877-322-8228. Finally you can write to P.O. Box 105281, Atlanta, GA 30348-5281. Yahoo News suggests: “If you do use the postal address, it’s best to print and mail in a completed online request form. You can’t get your report unless you answer questions on the form.” There is also information available through Federal Trade Commission.
Once you have your report, what do you look for?
Here are some basic things you should check on your report. Go through your entire report entry by entry. Have the credit agency legend by your side in order to verify coding compliance. Have also a paper and pencil to annotate any item you find in error. Go slowly!
Don’t assume your personal information is correct. You could be viewing
information from someone else’s report with just a simple error such as: first name misspelled, missing Jr./Sr., erroneous address, bad zip code, wrong employer, or any other incorrect personal data.
Insure marital information is correct. Are accounts listed as “joint” really joint?
Is the report in compliance with court settlements? Outdated information is
normally considered to be any item older than 7 years except for bankruptcy, which is usually 10 years.
Closed accounts should not be listed as open. Accounts you closed should
reflect, “Closed by consumer”. Otherwise it can be assumed that it was closed by the creditor– not good.
Accounts should not appear twice even in different sections.
Incorrect histories such as late payments, a credit entry you do not recognize, a pre-marital debt of your
current spouse, or other such items need your attention.
Are there missing reports that would be beneficial to show a good history, and are profiles, credit limits, and balances correct?
A former correction to your credit file that has since disappeared should be brought to the agency’s attention.
You might want to note that each bureau offers credit ID fraud called safeguard services, but for fees. For example TransUnion offers “ID Fraud Watch”. For $10.95 each quarter, you get a credit report every three months and $25,000 of identity theft insurance.
____________________________________
Additionally you can purchase a credit score for a fee by contacting one of the nationwide consumer credit reporting companies.
Equifax
Experian
TransUnion
You can also purchase a credit score when you request your free annual credit report through Annual Credit Report
Readers will probably be interested to know Mike, the author of this article, also offers a free debt elimination mini-course via e-mail. You can enroll at Debt Free In 7.5 Years.
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Final Comments: One final point which I am often asked. If a collection company sells your account to another collection agency, can you get the first one get deleted, or will it just show as a zero balance
Reporting depends on who owns the account there are several directions this can take:
If the original creditor still owns the account but assigns the debt to a collection company then both get to report on that account listing.
If the original creditor retracts the collection and re-assigns it to a new collection agency then both original creditor and the 2nd collection agency can report but the first one must remove their listing off of the credit report.
If the original creditor sells the debt to a collection agency then the creditor will report zero balance / sold to another lender, and the collection agency will report.
If that collection agency assigns a debt to another collection agency then it is allowable for both to report the account listing, but if they take back that account then that assigned collection agency must remove their reporting.
Now if that collection agency sells the debt to another collection agency they get to keep their reporting on the report since they owned the account at one time, and the new collection agency picks up on the reporting.
So the difference is if your account is assigned or sold.
Kimberly