What is Your Credit Report?

Credit Report Many of you know what a credit report is but do you know what it entails?  A credit report is a document containing almost all information relating to the financial and monetary affairs for a particular person.  It includes information about where you live, your modes and sources of bill payment, and your overall financial status. This information is gathered over a long period of time from various sources, specifically those that have extended you credit.

Credit report companies can then sell this information to lenders, employers, landlords, and other service providers to help them decide whether to approve a particular person’s application for a loan, credit card, insurance agencies, housing opportunity or job. Anyone with a permissible purpose can look up your credit report. This includes potential lenders, landlords or employer, even companies you’ve allowed to monitor your activity to avoid identity thefts. Government agencies can also look up a limited part of your credit report.

Now you can see that a credit report contains essential information that can affect key decisions about your financial matters, so it’s of even greater importance to make sure that these records are correct. Financial advisors and consumer advocates suggest that you review your credit report periodically to avoid any kind of inconvenience that may arise due to mistakes in your credit report.

But how many of us really do that? According to a consumer action study, 27 percent of Americans have never checked their credit. The number of US adult victims of identity fraud was 9.3 million in 2005 and 8.4 million in 2007. The mean fraud amount per fraud victim was $5,720 in 2007.

Recently a woman from Oregon won $18.6 million over credit report mistakes that she was trying to get rectified for two years. But how many of us can wait to get this lucky while facing several credit and loan refusals losses worth thousands of dollars?  The solution that will let you save yourself from all this trouble is checking your report periodically and taking help from experts so that your upcoming plans for a new house, business or even a car loan stay intact.  

Checking your report is easy. You can order a free report once a year. The copy of your report must contain all of the information in your file at the time of your request. You also have the right to know the name of anyone who received your credit report in the last year (for most purposes) or the last two years for employment purposes.

If any company denies your application on the basis of a credit report, they must supply the name and address of the credit bureau they received the information from. You have the right to receive a free copy of credit report within 60 days of receiving the denial notice based upon credit. 

After receiving your credit report, review it very carefully and consider getting help from expert agencies like Expert agencies have a keen eye for mistakes and shortcomings.  Look for any activity that might not look familiar to you. If you see any evidence of fraud, bring these to our attention immediately. Tell the credit reporting company and creditor or information provider in writing what information you think is inaccurate and dispute the item.  Also, if you see any unpaid bills you simply forgot about, act to take care of them right away. Resolve the debts and ask the businesses you owed money to send letters to credit reference agencies stating that the issues have been sorted out. 

All these are long and tedious procedures but getting these issues fixed cannot be second in priority to anything else.  Also, it’s not uncommon to miss out on details, causing you troubles in these huge reports.  This is where expert help comes in handy.  Expert agencies like us take care of all these steps, paying full attention to all the necessary details from finding out flaws to getting these rectified in the records.  We help you repair your credit report for a minimum fee and save you thousands of dollars in losses! 

Posted in: Business Credit, Business Start Up

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