Bryan Burbank asked:


Having a high credit score is crucial when you are trying to get a new loan for a car or maybe a house. Most lenders will look at your credit score to determine if you are worthy of approving a loan for. Your credit report will show if you have been late on any payments to any loans you have or and credit cards. Your report will also show were you currently live and where you have lived in the past. It is important to have a high credit score but you also want to make sure that your the information on your credit report is accurate.

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When a lender checks your credit report they usually will get the report form the three main agencies, Equifax, Experian and Transunion. It is important that you get your report from them at least once a year so you can check to make sure everything is accurate. The good thing is that you are entitled to one free credit report every year form each agency so this makes it easy to keep track of.

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If you find that there are some things on your credit report that you do not agree with then you can file a complaint with the credit agencies and they then have to verify the information in question. They will contact the person who reported the information and by law they have 30 days to respond. If they do not respond then the item must be removed from your report.

Remember that when you are monitoring your credit report that you always make sure that it is accurate.



Bobby

MrRiches asked:


Someone on here once wrote this. But has anyone ever done it:

“When you pay off your medical collections, before you send any checks to them you should try to negotiate the removal of these items from your report by the collection agencies. Get it in writing. Otherwise everything stays on for 7 years. That’s a long time to pay for youthful troubles. ”

Say I pay off all my debts, can I ask each of them to remove the debt from my credit report? And how would having it in writing help?

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David Faulkner asked:


What role does your credit report play in your life? In case you apply for some sort of a loan, how do you think the lender would judge you? The lender simply checks your credit report which reflects all your credit history along with your credit score. Things do not just end there. The rate of interest decided by the lender on which he will lend you money is also decided on the basis of your previous transactions that reflect in your credit report. Having a bad credit report and credit score can be a sure shot reason for ant one not to trust you for further dealings.

Importance of credit report:

You must always keep a close watch on your credit report keeping in view the effect it has on your life. A person with bad credit report may possibly bear the expenses of not maintaining it and on the other hand, a person who has well maintained it can get much more credit than he otherwise can. A good credit report clearly puts up a faith in your credibility.

The credit report must be checked thoroughly. One should not just rely on one of the bureaus and get regular statements from all the three agencies Equifax, Experian and TransUnion. In case you find anything that is not clear to you, you must report it back and case the problem still persists, you must dispute on it.

What exactly a credit report contains. Basically it contains the complete records about all the transaction being made by you, either it is some expenditure done by you or some payment delivered by you to the concerned agency along with your full identity including your name, personal address, employment status and your social security number. It clearly shows your credit applications. Loans sanctioned to you, loans you asked for but not given to you, credit you still have to pay and also the available amount of money you are still offered by the bureau. It show’s the description of monthly payments that you have to make. All payments made by you, pending towards you and once which you were unable to pay. Last dates of payments along with previous late fees and interests if any are also mentioned.

Taking advantage of the free online credit report annually helps you track your history and make necessary inquires if you find mistakes. This step is important for everyone, even if you have excellent credit or poor credit. You need to know what the credit report says about your credit history. Because lenders use your credit reports and credit score to see if you are credit worthy and what amount of money you may borrow along with your interest rate, you need to keep a close on your credit history.

Once you receive your free online credit report from Annual Credit Report, a highly recognized agency, you can look over the three different credit-reporting agencies and check for errors and wrong information. For instance, if you are divorced and it has you still married, you can summit a letter to them with a copy of your divorce decree so they can correct your credit history. The idea is to have all the information accurate when a lender views your credit history.



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