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A credit report contains details about your financial behavior and some personal identification. This information is gathered from many sources, mostly from creditors that have extended you credit.
Lenders, landlords, and other service providers buy information regarding your financial history in the form of a credit report to help them decide whether to approve your application for a loan, credit card, or housing.
Understanding the information on these reports can help rebuild your credit score.
The typical credit report includes four types of information. By monitoring these four areas and keeping them in the best order possible, you can assure yourself of a strong financial future.
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How to get free credit reports
The Fair and Accurate Credit Transactions Act (FACT Act) was signed into law in December 2003.
The FACT Act, a revision of the Fair Credit Reporting Act, allows consumers to get one free comprehensive disclosure of all of the information in their credit file from each of the three national credit reporting companies once every 12 months.
Because there are three major credit reporting companies, you can get 3 reports, one from each company per year, for FREE!
Where do you go to get these free credit reports?
https://www.annualcreditreport.com/cra/index.jsp
The FACT Act, a revision of the Fair Credit Reporting Act, allows consumers to get one free comprehensive disclosure of all of the information in their credit file from each of the three national credit reporting companies once every 12 months.
Because there are three major credit reporting companies, you can get 3 reports, one from each company per year, for FREE!
Where do you go to get these free credit reports?
https://www.annualcreditreport.com/cra/index.jsp
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Take advantage of the worksheets, helpful links, and exercises throughout the courses. These exercises will reinforce your newly learned skills.
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How to fix errors on your credit report
If you find an error, fix it as soon as possible. If you see evidence of fraud, contact the credit reporting companies immediately. Explain the situation and ask that a fraud alert be placed in your file. Also report the fraud to the police, and your creditors.
Keep a record of everything you do. Send all correspondence "return receipt requested", and make copies of any letters or documents you send. Keep original documents to show a creditor at the time of your application, if the inquiry is still under review.
Keep a record of everything you do. Send all correspondence "return receipt requested", and make copies of any letters or documents you send. Keep original documents to show a creditor at the time of your application, if the inquiry is still under review.
5 ways to improve your credit
1. Print clearly when applying for credit.
2. Use your complete name. Providing complete, accurate and consistent identification on your credit applications helps establish your credit history correctly from the beginning.
3. Pay your bills on time. Most lenders look at the most recent information on a report.
4. Prepare a budget, and live within it. In the age of self-help and empowerment, managing your finances should top your list.
5. Review your credit report 60 to 90 days before making a major purchase.
2. Use your complete name. Providing complete, accurate and consistent identification on your credit applications helps establish your credit history correctly from the beginning.
3. Pay your bills on time. Most lenders look at the most recent information on a report.
4. Prepare a budget, and live within it. In the age of self-help and empowerment, managing your finances should top your list.
5. Review your credit report 60 to 90 days before making a major purchase.
Preventing Identity Theft
Although, it is not possible to entirely prevent identity theft and fraud you can substantially reduce the likelihood that it will happen to you by taking these steps.
Be careful about giving our personal information
Protect your mail
Guard your credit cards
Watch your billing cycles
Find our who has access to your information at work
Be smart about passwords and PIN's
Fraud Alerts
Because this information is to large to list here, please visit:
www.yourfinancialuniversity.com
For the free online courses that detail this infomation and more.
Be careful about giving our personal information
Protect your mail
Guard your credit cards
Watch your billing cycles
Find our who has access to your information at work
Be smart about passwords and PIN's
Fraud Alerts
Because this information is to large to list here, please visit:
www.yourfinancialuniversity.com
For the free online courses that detail this infomation and more.
The 3 Major Credit Reporting Companies
- Experian
- You can get (1) free credit report from Experian, every year.
- Transunion
- You can get (1) free credit report from Transunion, every year.
- Equifax
- You can get (1) free credit report from Equifax, every year.
Good Habits
Your credit report is your financial reputation. The good news is that your reputation is in your hands.
You can improve it, fix it, and even trash it.
It is very important that you monitor it 3 to 4 times a year and keep it up to date.
If you have old credit cards that you do not have a balance on and are not using, close them. Having these accounts open, without monitoring, can be dangerous.
The more credit accounts you have, the more options credit hackers will have if they try to steal from your identity.
Keep your credit report clean and neat.
You can improve it, fix it, and even trash it.
It is very important that you monitor it 3 to 4 times a year and keep it up to date.
If you have old credit cards that you do not have a balance on and are not using, close them. Having these accounts open, without monitoring, can be dangerous.
The more credit accounts you have, the more options credit hackers will have if they try to steal from your identity.
Keep your credit report clean and neat.
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