Accurate Credit Report Information

Credit report information is invaluable when determining your credit worthiness. It is your Credit Bible when it comes to knowing how you will stack up if you should decide to purchase a home or car or apply for a credit card.

As your Credit Bible, you should handle this information with care and keep it close at all times. It is important to understand that credit report information can affect many aspects of your life, including being hired for a new job!

There are three credit reporting agencies - TransUnion, Experian and Equifax. These credit reporting agencies are the storage facilities for all credit information related to you and your past (and present!) financial dealings. If you want to see what your financial "scores" are, you can request a FREE credit report from each of these credit reporting agencies once each year.

A credit report is comprised of basically two kinds of information - personal and financial. Personal information includes items like your name and address. Financial information includes items relative to your credit, such as the names of your creditors, the amount owing to each creditor, how many times payment has been late, etc. If you find that there is old or inaccurate personal information on your credit report, can send a letter correcting personal information on your credit report to the three credit reporting agencies.

Often it is difficult to understand the process by which the credit reporting agencies score individual credit reports. Some people think this is done on purpose so consumers will have a hard time understanding their credit score. In an effort to alleviate the frustration this may cause you, you may review free credit report score information by following this link, credit scores . If you want additional general information related to the scoring process used by the credit reporting agencies, please feel free to send me an email and I will try to answer your questions.

Removal of information from credit report findings can be done if there is erroneous information contained on the credit report. A credit reporting agency may not remove information that is correct and can be validated. However, you can request the removal of erroneous information by sending a written request to the credit reporting agency. The credit reporting agency then has a "reasonable" amount of time to confirm the information. A "reasonable" amount of time is thought to be 30 days.

Upon receipt of the request to remove erroneous information, the credit reporting agency will contact the creditor that submitted the information and will request the creditor to validate the information. If the creditor can validate it, the credit report information will remain on your report. However, if the creditor cannot validate the information or if the creditor cannot provide the required information to the credit reporting agency within the "reasonable" amount of time, the information must be removed from your credit report.

All in all, it is important to keep an eye on your credit report information and to understand how the scores were obtained. After all, as mentioned above, credit reporting information is your Credit Bible!

---

Return to Top of Page Credit Report Information

Please visit our home page for First Time Home Buyer