Thomas Boston asked:


Every consumer should want to keep track of their credit score, and the best way to get a full rundown on your credit and your financial standing is to get a copy of your credit report from one of the major three credit services (Experian, Trans Union, and Equifax). Because of a law passed by congress, every single person has a right to one copy of their credit report once a year, and there are states that have passed even more laws giving consumers even more rights. Even beyond the once a year, there are other options.

Some credit card companies offer a monthly service that provides copies of one, or even all three, of your credit reports by adding a small monthly fee that is usually less than $10. If you want to keep a constant track of your credit score, these are a great option and allow you to do business with a company you can trust, and one that has great security. This is often a great option, as the three main companies that keep track of your credit have been known to have different information, meaning different scores. More than one person has been surprised, knowing they had a 720 credit score, only to be denied because a bank used a different company and came up with 550.

This is especially important if you have ever been the victim of identity theft. You could have one report that shows everything fixed, and another that has you as a terrible prospective borrower.

Another way to get your credit score is to request a copy from each company. If you go this route, you will probably ask for your credit score reports only a few times a year, since FICO scores are not free. Each company will charge you a small fee, but as long as you pay that fee they are required by law to send you a copy of your credit report so you can see everything that’s on your record.

Some lenders will have all three of your credit scores, and many times they will throw out the top and bottom, choosing the middle. This still makes it important to make sure your information is correct and up to date on every one of your credit reports. Generally scores run from 300 (beyond terrible) to 850 (incredibly good). Knowing what your credit score is gives you a much better idea of where your credit worthiness is, and what type of terms you can expect from lenders.

These are some of the best options for getting your credit score. Getting your credit report through other companies is generally not recommended. Why give sensitive information like your social security number to a company you don’t know anything about when you can just get this information directly from the credit reporters themselves or your own credit card company? That doesn’t make any sense and there are enough scams out there that the risk just isn’t worth it.

Those are the various options you have for checking, and receiving a copy of, your credit report.



Kathryn

GotTrouble.com asked:


AA bad credit report can prevent you from obtaining credit. If you have trouble obtaining credit, it might be because a credit agency has issued a bad report on you. You might be able to obtain a copy of your report and -if it contains false information - get it corrected.

Can I see my credit report?

If you are denied credit, you are entitled to a free copy of the consumer credit report that formed the basis of the denial. The creditor is required to tell you the name of the credit reporting agency that prepared the report on you. You must request a copy of your credit report from the agency within sixty days of the denial.

The three major credit reporting agencies are:

Experian, (800) 301-7195

Equifax, (800) 525-6285

Trans Union, (800) 680-7289

When the creditor tells you the name of the reporting agency that furnished the report, call them to find out their address. Then write a letter to the agency requesting a copy of your report.

Even if you have not been denied credit, it is probably a good idea to check your credit report for accuracy periodically. They often contain mistakes, and when you want to get a loan, you may not have time to correct them. Because you haven’t been denied credit, the report isn’t free.

What information is in a credit report?

In general, your credit report will contain information about your credit history during the last seven years. It will show:

Whom you have borrowed money from

The amount of the debt

Whether or not you made the promised payment on time and in full

The identity of any creditor who has requested information about you

If you file bankruptcy, the information remains on your credit report for ten years.

What if my credit report is incorrect?

You have a legal right to challenge the completeness and accuracy of any item in the report.

Write a letter to the credit reporting agency explaining that some of the information in the report is incomplete or inaccurate. The agency must investigate your claim - without charge - within thirty days. The agency is required to delete any information that is inaccurate or whose accuracy cannot be verified.

If the credit reporting agency’s investigation does not resolve the dispute, you have the right to send the agency a brief statement (generally 100 words or fewer) explaining your position. Your statement will become a part of your credit report and will be disclosed to creditors together with the other information in your file.

If you believe a credit reporting agency has violated your rights, contact the Federal Trade Commission or see a lawyer who specializes in consumer rights.

For this and more information on debt, bankruptcy and foreclosure visit: www.gottrouble.com/legal/finance/index.html



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