What Is A Credit Report?
Even if you have heard of a credit report, you may not know exactly what it is. If so, this credit report article is for you. Learning about your credit report is important in any campaign to eliminate credit card debt and obtain a good credit status. So, you should at least know the credit report basics.
What is this credit card report then? For a start, whenever you borrow money from a legitimate commercial lender, your record of repayments will be public. Each time you make a payment, whether it is on time or late, it will go on the record on which your credit report will be based. Also, each time someone requests a copy of your credit report, that will be noted as well. If you are involved in a bankruptcy, or have a tax lien, it will all go on the credit report.
So, as you can see, your financial transactions, as they involve credit and debt, will be available for all to see.
Why Does the Credit Report Matter?
A credit report is often thought of as something that lenders use when deciding whether or not to extend you credit. That is true-you will not be able to apply for a credit card, car loan or mortgage without the potential lender first checking to see if you are credit worthy. Additionally, though, insurance companies are now using credit reports to determine whether or not someone would be a good risk, as are employers. If you are thinking of renting an apartment, house or commercial space, remember, you will need a good credit report!
Getting a Copy of Your Credit Report?
You have decided, then, that your credit report is something you should take an interest in, and you are right. But how do you get a copy of your personal credit report? There are three credit reporting agencies, and it's a good idea to get a copy of your report from all three-just in case there are discrepancies. The credit report agencies are:
Experian (located at www.experian.com)
Trans Union (located at www.transunion.com )
Equifax (located at www.equifax.com)
You will have to provide the following information to the credit reporting agencies, in order to get a copy of your credit report: a) your full legal name, (b) your current address, as well as your last (if you've been at your current one for less than five years), (c) your date of birth, (d) your social security number and (e) a signature. You are entitled to one free copy of your credit report every year, but you will need a copy from all three agencies. Expect to pay a small fee to receive any other copies.
What Are The Other Free Credit Reports?
It also may be possible to get a free copy of your credit report if you meet certain criteria. They are:
* You are unemployed, but plan to look for a job within the next two months.
* You have been the victim of credit identify fraud, or some other fraud that will affect your report.
* You are currently receiving welfare payments.
* You've recently had a credit application turned down.
What If You Don't Like What You See In Your Credit Report?
If your credit report has bad marks on it, you have two possible courses of action, depending on whether or not the marks are true. If you have made some mistakes in the past, there is no magic formula that will erase them! You will have to get some help-either through a credit counseling company-or simply work to pay off your debts and be on time with your payments. Those marks will stay on your report for seven years-or ten years for a bankruptcy.
If, on the other hand, you find that there are false statements on your credit report, you have some options to clear them up. You should write a letter to each credit reporting agency explaining the mistake, along with any proof that you have to back up your claims-such as paid receipts-and then wait. They will have 30 days to investigate the claim and make a decision.
Having a good credit report is key to all your financial future as far as credit transactions go. If you have never seen your own credit report, why not take the step now and get a copy?
Roy Thomsitt is owner and part author of http://www.eliminate-credit-card-debt-now.com
MORE RESOURCES:
 China Daily | Stock markets end week of credit crunch worries Newsday, NY - Credit-crunch worries continued to weigh on US stock markets Friday, but the hemorrhaging evident for most of the week was contained. ... Video: Stocks Fluctuate After Fed Corporate Debt Plan Paulson OKs Bank Stock Purchase Plan Easy credit and financial crisis |
 AFP | Tighter credit card limits add to woes MiamiHerald.com, FL - Now credit cards may become the next focus of the credit crisis. BY FRED TASKER Maria Osorio, 62, of Sunrise, never meant to run up her credit cards the way ... Credit Crisis Collapse What Happens Next? Regional financial experts focus on lending; say credit crunch is ... Market news this week for strong stomachs |
 Boston Globe | Global leaders seek answer to credit crisis San Francisco Chronicle, USA - At the same time, loan markets everywhere remained broken, especially the critical wholesale credit markets, in which financial institutions lend each other ... Video: Bernanke: More Economic Pain Ahead TREASURIES-Surge in Europe as shares skid on credit woes Stocks down despite government moves to free up credit |
 The Associated Press | US will work with partners on credit crisis: Bush CBC.ca, Canada - It was the 21st time in 26 days that the president has spoken publicly about the credit crisis gripping financial markets and dragging down stock markets. ... Meeting G7, Bush Vows World Economic Fix |
 China Daily | Lehman Credit-Default Swap Payout Could Climb as High as $365 Billion Washington Post, United States - By Heather Landy NEW YORK, Oct. 10 -- In what may shape up to be the most expensive payout ever in the credit-default swap market, sellers of insurance ... STOP FINANCIAL WMD'S: Credit Default Swaps Insurance on Lehman Debt Is the Industry’s Next Test Lehman Credit-Swap Auction Sets Payout of 91.38 Cents (Update1) |
Is my credit union safe? Los Angeles Times, CA - By E. Scott Reckard, Los Angeles Times Staff Writer The government-run National Credit Union Share Insurance Fund insures most deposits at credit unions, ... Got Your Money in a Credit Union? You Too Are Safe In tumultuous financial times, credit unions might be an option to ... LETTER: Your money is safe with credit unions |
Fears Grow That Tight Credit Could Crush GM, Ford NPR - Standard & Poor's downgraded the credit of both companies and their financing arms this week. AFP/Getty Images Ford F-150 trucks sit at a dealership in ... Video: Money Minute: GM, GE, Oil GM, Ford too big to fail? CREDIT WATCH HITS GM, FORD |
Financial troubles spread to credit unions Los Angeles Times, CA - By E. Scott Reckard, Los Angeles Times Staff Writer It's not just giant banks on the brink these days: Losses are clobbering nonprofit credit unions that ... |
 New York Times | Credit cards, credit crunch: consumers feel pinch as issuers `go ... Newsday, NY - The credit crunch and weak economy also are taking a toll on credit cards. Perhaps you have noticed that you're receiving fewer offers for credit cards in ... Your Money One Thing You Can Control: Your Credit Score |
 Boston Globe | Transcript: President Bush's Radio Address FOXNews - The Fed has joined with central banks around the world to coordinate a cut in interest rates — a step that should help free up credit. ... Text of Bush's remarks Friday on the economy Comprehensive strategy to tame crisis: Bush Bush says financial rescue plan big enough to work |
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