Getting Credit Information
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A credit report gives detailed information on a person’s credit history prepared by a credit bureau and is used by lenders to judge the creditworthiness of its applicants. It includes personal data, a summary of credit history, detailed account information and details of accounts turned over to a credit agency. Any negative information on a credit report can greatly affect your credit score for about 7 years. In the case of bankruptcy, the information will stay on the credit report for up to 10 years. Therefore, it is important to be aware of all the information that becomes a part of your credit report and know the answers to all commonly asked questions on the issue. With the help of our professionals, we can find the solution to your credit headaches.
WHAT IF THE INFORMATION FOUND ON MY CREDIT REPORT IS INCORRECT?
If the information on your credit report is inaccurate or outdated, you can dispute it by getting in touch with the creditor directly in writing. The contact details of most creditors are generally available on the last pages of a credit report. Once you have officially lodged a dispute, the repositories will then update and make changes to your credit report accordingly.
WHAT IF I CAN’T GET IN TOUCH WITH THE CREDITOR?
In such cases, you can directly contact the repositories and if the creditors fail to respond within 30 days, the repositories must take the matter into their own hands and fix. The repositories can be contacted using the following details:
- Experian (Formerly TRW)
- P.O. Box 949
- Allen, TX 75013-0949
- (888) 397-3742 (Free)
- www.experian.com
- TransUnion
- Corporation
- Consumer
- Disclosure Center
- P.O. Box 390
- Springfield, PA 19064-0390
- (800) 916-8800 (Free)
- (800) 888-4213 (Free)
- (714) 680-7292 (Fax)
- www.transunion.com
- Equifax
- P.O. Box 740241
- Atlanta, GA 30374-0241
- (800) 685-1111 (Free)
- www.equifax.com
WHY AREN’T MY CREDIT BALANCES UP TO DATE?
Creditors usually report new information once a month and you might have to wait for a little to see the updated balance in your report.
I HAD MY CREDIT REPORT CORRECTED. WHY IS IT NOT UPDATED?
Your information may not have been cleared with the credit bureaus.
I am a co-signer on a loan. Why did it appear on my credit report?
In the case of default by the primary borrower, a co-signer has to take the responsibility of payment. You can provide proof that the primary borrower is paying on time in order for your credit report to not get affected by a co-signed loan.
WHAT IS A CREDIT BUREAU SCORE?
A credit bureau score determines the likelihood of a borrower with a certain credit history to default a new loan. The score ranges from 450 to 850 points and is based on a complex mathematical formula developed after studying millions of consumers’ credit history. A higher score shows a better credit risk.
HOW IMPORTANT IS MY CREDIT SCORE?
The credit score’s importance varies greatly depending upon the loan program you decide to choose. Some lender companies value a credit score to a great deal while other do not take it into account altogether.
HOW CAN I IMPROVE MY CREDIT SCORE?
Several steps can be taken to help improve your credit score:
- Get incorrect credit history information removed or fixed.
- Close accounts that are not in use
- Establish long-term payment histories with creditors to prove your stability
Credit can be very complex and it is important to have a professional assist you with getting it straightened out.
