FREE Credit Report
Keeping tabs on your credit report is extremely important. Creditors use the report in making lending decisions so it is imperative to review it at least once a year for accuracy. Mistakes happen. Sometimes a creditor places a debt on the wrong person’s credit report. Take advantage of the opportunity to request a free credit report once a year from www.annualcreditreport.com.
Creditors submit payment history of its clients to one or more of the three major credit bureaus, Equifax, Experian and TransUnion. Consumers are identified by their social security numbers. SSN’s are like a person’s financial footprint. Good bad or otherwise, it follows consumers throughout their life. Additional identifiable data used include birth dates, current and previous addresses and employers. The credit report from each bureau may appear a little different but they all contain the same important information:
Trade Lines – credit accounts
Creditors report the type of account, date the account was opened, credit limit or loan amount, account balance and payment history.
Each time a consumer applies for a loan, line of credit or credit card, the creditor will request a copy of their credit report. Any credit inquiries in the past two years will appear in this section.
Public Record and Collection Items
Information about bankruptcy, property liens, foreclosures, wage garnishments, law suits and judgments are collected from state and local courts.
First order your free credit report. Then review the report for accuracy. You will want to notify the credit bureaus of any discrepancies you may find. The CreditUgly Do It Yourself Credit Repair & Financial Software can make the dispute process Easy as 1,2,3. Some situations may require documentation to support the claim. The software will let you know what you need to submit with each letter. Many times in a divorce the assets and liabilities are split between husband and wife. Simply submitting the divorce decree can place the account on the correct credit report. The Do It Yourself Credit Repair and Financial software will guide you through the process of disputing any discrepancies that you may find.
Pay close attention to accounts that have been paid off, settled or written off. Always keep copies of correspondence with creditors.
Learn more about the Do It Yourself Credit Repair and Financial Software by Clicking Here
If you missed it, you can get your free credit report at www.annualcreditreport.com.
A healthy and accurate credit report is a huge key to financial stability.