Welcome to Your Free Credit Report Resource Center!
Consumers can benefit by becoming familiar with the data being reported to the credit bureaus. There are three main credit bureaus that receive and share data about you to the following sources:
- Other Creditors
- Potential New Creditors
- Employers
- Coop, Condominium, Townhouse Boards and or Associations
- Apartment Building Managers
- Auto Insurance Providers
- Homeowners Insurance Providers
- Friends & Neighbors (just kidding).
Therefore it is wise to learn how and what your creditors are sharing to make sure it is beneficial and accurate. An erro o your credit report can cost you thousands of dollars a year in increased costs and premiums, when the data shared is not positive. How to obtain a copy of your free credit report:
1) Visit Annual Credit Report - a service of all three bureaus.. and it is a free service! A free credit report form is there for you to fill out! Click here to print.
2) You may use the main bureaus paid for services, which usually include ongoing information, scores and bonuses.
Prices for scorewatch services are somewhat similar, and they offer a chance to see your credit score "fico score" frequently without being listed as an "inquiry".
"Inquiries" can lower your credit score!
An inquiry is a term used to denote an applicant inquiring about new credit through an application. Too many inquiries, concern lenders as a potential additional risk, if the number appears a person was seeking an excessive amount of credit. It also implies they may now have received much more credit than is currently being accounted for in terms of debt and payment ability. If a credit score reflects too many "Inquiries"it will be lowered by a few points each time if it goes beyond a certain number of inquiries within a short time span.
Additional ways to learn about your credit are to discuss your report with a service provider such as your mortgage lender or other authorized party who may have reviewed the report in conjunction with a loan application. Lenders and other creditors are NOT authorized to give you a copy of the report as it violates the agreement they have with the credit reporting company and could subject them to liability.3) The best way to obtain a copy of your credit report is to obtain your rightful annual copy of the report for free. Your free credit report is an obligation the primary credit bureaus are required to offer you each year. By visiting their websites, you may find it hard to locate your free credit report links and mailing addresses. This is because the bureaus want to sell you a paid report which will be available imediately for a fee.Impulse will cost you about $30 to $45 dollars. To save your money and get a copy of your free credit report simply follow the links provided to you here.Free Credit Report. If for any reason your free credit report does not arrive please contact the three credit reporting bureaus by mail. They have automated systems designed to get you your report within a reasonable time. Correcting Errors on Your Free Credit Report .
Write to the credit bureausTo correct an error on you Free Credit Report, simply contact the bureaus with a letter explaining all of the pertinant facts you are disputing. Include the name of the creditor, the account number and your social security number, name, and address. State the facts, then allow them 30 days to contact and correct the matter. Expect a response within a few weeks. The Three Main Credit Bureaus
- Trans Union
- Equifax
- Experian (Fico Score)
Corrections must be made within 30 Days- unless disputed by the creditor. If they do not receive a reply from the creditor, the credit bureaus will remove the incorrect data. It is the law that the creditors must respond timely. If the creditor disputes it, the bureau will generally accept your written proof of the inaccuracy and remove the error.
What to do if the credit bureaus will not correct innacuracies reported by a creditor:
If it is not proven to the satisfaction of the bureas, they will generally allow the creditors item to stand. The consumer is allowed a statement to be posted, but that will not help a damaged fico score if it is payment related, etc. That is not much of a consolation for an innaccuracy that may possibly harm your credit score and cost you with other creditors. If you do not receive a correction, do not shoot the messenger! The accuracy of reporting is the duty of the creditor & bureaus.. Therefore, contact the creditors customer service manager and attempt to resolve it directly as well.
If All Efforts to Correct Data Fail - Contact Regulators!
Creditors all have stern regulatory authorities in the US. They are required to abide by consumer laws all of which your representative at the company is most likely unaware of. You may contact the creditors regulatory authorities. It may be federal, or a state agency. You may have to look at your loan documents, or look it up on line with patience. Creditors will not tell you they are regulated by the State or Federal Agency in which they hold their lending licneces or authority. They will let you go through the wrong channels such as Better Business Bureau and other non penalty sources! Be smart and find the regulator for the specific company and subsidiary if applicable. All creditors and credit collection agencies must comply with the fair credit reporting act laws. Therefore an fcc.gov complaint might be helpful.
Your Own Consumer Attorney - Paid For With Your Taxes! - The Attorney General of The State (Yours & or The Creditors!)
As a measure of last resort, but not certainly not least...you may also contact the states Attorney General where the lender is headquartered. You may make a formal complaint. They will usually send the complaint directly to the presidents office or the compliance officer of the company or conglomorate. These matters suddenly become important and get the attention they deserve. No one at the top level of a company wants to be responsible for a fine from the Attorney General.. or to be on the list of most frequent complaints as are some companies hanging by a thread.
A consumer may demand a collector cease & decist all collection letters, phone calls and credit reporting of collection accounts . and demand the dispute be handled by a court of law. Mediation of small disputes is often encouraged at the court meeting, to avoid trial, and it pays to attempt to work the matter out, if the creditor is reasonable and fair and addresses the validity of the issues. The creditor usually obtains default judgments when consumers fail to show up for court. If the consumer shows up with proof, and other key information and or a counter claim, they are generally entitled to a trial, in which case the court will strongly encourage the parties to mediate and avoid wasting the courts time on small matters. Settlements should be discussed with an attorney as they may have consequences if not complied with (such as increase to original claim and no right to go back to court if a payment is late) and in some cases even if complied with (such as potential reporting of a paid settlement to the bureaus in favor of the plaintiff). The best practice is for consumers to contact their attorney general website for consumer protection advice. It is helpful and generally has contact information to pursue obtaining assistance.
Most collectors continue to report collection data to credit bureaus on consumers, expecting that there will be no dispute in writing (Certified mail suggested as many consumers complain they are ignored).- Contact the attorney general of the state to find out consumer rights on disputed matters. Private attorneys may be very costly for small matters. For more consumer information, contact RipOffReport.com - a nice community resource site on resolving matters with difficult creditors. Many of the tips will be listed here on how to deal with non consumer friendly creditors.
How to Do Well With Creditors by
Improving Your Fico Score / Credit Score
1) Pay down your credit balances below 50% of the available limit.
2) Keep old trade lines as opposed to many new ones showing a better length of time with creditors.
3) Reduce "Inquiries" by not allowing people to run your credit report every time you shop for a car, check a mortgage rate, etc..
4) Offer or accept an additional credit card from someone who has a long established good pay history. The risk is if they dont pay on time.. it affects your credit. The upside is if it rports positively it can help build your score quickly.
5) Pay creditors on time.
6) Pay creditors more than the minimum balance even if only a small amount.
7) Do not co-sign for others unless you can afford to make the payments on a loan.. in the event they cannot. It can otherwise harm your credit!
Creditors offer valuable financial services that can help improve the lives of consumers if managed prudently and wisely. The key of course is only borrowing what you need, getting a great rate and affordable payment, and communicating if you need assistance to the creditor, to credit counselors, and if neccessary to regulatory authorities if you are in need of assistance in terms of fair reporting, fair workouts, or to cease collection activity and resolve the matter in court.
This has been a service of LendNY.com |