Credit Reports Galore - denied free experian equifax

Karen B asked:


The Fair Credit Reporting Act, or FCRA, was made into law by Congress to make sure that the information on your credit report is legitimate. This Act gives you, as the consumer, many rights that you may not be cognizant of. This is key as a homeowner or as a potential home buyer because your credit report will establish whether or not you qualify for a loan. If you are eligible, the information on your credit report will serve as the basis for what interest rate the mortgage lender offers you. If there are mistakes on your credit report, you could be denied for a loan or offered a higher interest rate than you deserve. Mistakes on your credit report can be costly.

Mistakes on Your Credit Report Often Go Unnoticed Until You Buy a Home

A mistake can linger on your credit report for years and may go by unnoticed until you try to make a major purchase like a home. Some mistakes are caused by the sheer volume of paperwork that the three credit reporting agencies deal with each and every month, while other errors are typos or other clerical errors. There may be a mistake with your social security number, your loan application or even a variation of your name that can create havoc on your credit report.

Learn How to Approach and Correct a Mistake on Your Credit Report

The number of mistakes on credit reports led to the formation of FCRA, but unfortunately many home owners do not understand how to tackle the mistakes that are on their reports. Once you discover an error, it is important to learn what the next steps in correcting your credit are.

These are the rights that FCRA guarantees you:

–If you are denied a loan, that financial institution has to tell you if you are refused because of your credit report.

–You have the right to know at any given time what the contents of your credit report are.

–You have the right to dispute misinformation on your credit report with the credit reporting agencies.

–Information on your credit report that is incorrect must be taken off or corrected.

–You have the right to dispute wrong information with the source.

–Your credit report can not have obsolete information.

–Lenders and other institutions must have your permission to access your credit report.

It is essential to realize that credit reporting agencies report and are not accountable for whether the information on your report is right or wrong. That responsibility remains on the consumer’s shoulders. When you begin a dispute with one of the agencies, keep careful records and always make sure you have a copy of the evidence that you submit to them to dispute the item. Also, look into all three agencies for inaccurate information and start a dispute with all three agencies for each item that is incorrect.

Vigilance is the Optimum Way to Guard Your Credit Report and Good Name

Be aware that you may have to dispute information more than once. Maintain records of these disputes and any supporting evidence you use. It is always a good idea to dispute information at all three bureaus at the same time. These companies do not compare notes on reports and there is no other way of ensuring that all inaccuracies are taken care of. Know your rights and specifics about how long particular data may stay on your credit report. Be vigilant, and you will be able to have confidence in your credit score.



OWEN

Danny Thompson asked:


Because of a new federal law passed in 2005, you can now get your credit report free from all 3 of the major credit bureaus (Equifax, Experian and TransUnion).

Thanks to this legislation, credit reporting agencies are required to provide you with a free copy of your credit report on an annual basis upon your request using the established method. Basically, this boils down to requesting your free reports using from each bureau using the centralized system that was designed for this very purpose. If you contact any of the three bureaus directly they will charge you for the report. This is one great example of where following directions actually pays off!

In previous years one would have to pay as much as $19 or more for just one credit report. Now monitoring your credit is easier thanks to this new federal law. The only problem is that the new law only provides you access to one free credit report per year from each of the three credit bureaus.

Why Credit Monitoring Matters

If you want to keep good track of your credit (as you probably should) you will have to check your credit on a more regular basis. Many financial planners recommend that you check your record on a monthly basis. The easiest way to do this is to sign up for a credit monitoring service that will do the work for you. You can also request your credit report on your own from time to time to check it. You can do this for free by taking advantage of one of the many free credit report promotions available online.

Remember, effectively monitoring your credit is crucial to your financial health because outdated or inaccurate negative information on your credit could potentially cost you a new job, a rental apartment or money in the form of higher interest rates when you borrow from a financial institution — that is assuming you get approved.

If you are not concerned about being a victim of identity theft and only want to check your credit report on a yearly basis, be sure to take full advantage of your rights under the new law and order your free credit report from each agency using the Annual Credit Report centralized system.

This new centralized system offers consumers the opportunity to order credit reports online, via mail, or by phone. Ordering online is of course by far the fastest and easiest way to get a hold of your credit reports from all three agencies. Depending on the information you provide, you may even be able to have instant access to your free credit reports online.

Where to Order your Free Annual Credit Report

Individuals without access to the Internet can request their free credit reports using either the toll-free line or by sending a written request to the the following mailing address:

Annual Credit Report Request Service

P.O. Box 105281

Atlanta, GA 30348-5281

Get Your Credit Report Free Without Delays

When you get ready to request your free reports online, make sure you have all the information you need to request your report handy. Typically they will ask to verify your identity by providing information that only you would have. This is done to protect you and your credit. Having the information you need ready will avoid a delay in receiving your credit report free by mail.



CARMELO

cynthiastewart asked:


The credit report in United States is a document prepared by each of the three main credit reporting agencies Equifax, Experian and TransUnion. This report is absolutely essential to get any kind of loan from banks and other agencies. The credit report determines your credit score which is an indication of your financial health. A lot of misconceptions prevail regarding the credit report and credit score. In this article we try to clear some of these misconceptions.

1. The credit reporting agencies make random guesses for credit score

The credit reporting agencies do not arbitrarily decide on your credit score. In fact every loan, mortgage or credit card you take is closely monitored by the financial institution that provides it. The way you tackle your debt, repayment and interest rates is tracked by the company and sent to the credit rating agencies to calculate your credit score. The software used to calculate your credit score is FICO (Fair Issacs Corporation) after the people who designed it. It is a fairly complicated piece of software that decides on your credit score based on established parameters.

2. The credit reporting agencies are biased

No, not at all. No consideration whatsoever is given to factors like race, gender, nationality, marital status, or religion. It is your finances that matter. The feedback received by credit rating agencies from your banks, lenders etc. are the only things that matter. The idea is to establish your credit trustworthiness.

3. I have to pay heavy fees to credit reporting agencies to get my credit report

This is grossly untrue as the Fair Credit Reporting Act (FCRA) makes it mandatory for each of the credit reporting agencies to send a free copy of your credit report on your request each year. So, you can have a copy of your credit report absolutely free of cost once a year. If you require more than that you have to pay a small fee to the respective credit reporting agency. In fact, it is advised that you regularly check your credit report. It is indeed one of the best financial practices.

4. My credit report is available to public

Nothing could be more incorrect than this fact. Your credit report is Top Secret information. The lending institutions when they are in a process of giving you some loan can get a glimpse at it and that too with your permission.

5. The credit report prepared by the agencies is final and can’t be altered

If you find any errors in your credit report, you can report it to the credit bureau and get it investigated. If there are errors, your credit report will be corrected and your credit score will reflect the corrections. To make sure that your credit score represents your true credit history it is advised that you regularly check your credit report and scrutinize it correctly. If any discrepancies are noted, immediately contact the issuing agency and get it corrected.

By debunking these misconceptions regarding the credit report a person can get more focused on maintaining a good credit score and healthy financial state.



IRWIN