Information The Credit Reporting Agencies Don't Want You Know

Most people don't take advantage of this service because they don't understand how to calculate their score. However, with a simple guide, it is easy to use this in order to make better use of this type of report. Even the credit companies make mistakes, some by incorrect information supplied by a creditor and others simply by accident. Failure to do so could damage your credit worthiness. Credit reporting agencies can also monitor your credit for you. However, to use such a service you have to pay a monthly fee. The benefit is that you can see potential red flags sooner and maybe even stop identity theft in its tracks.

Today we have grown into a nation looking for instant gratification, the buy now pay later syndrome. So, without a good credit rating it will be very difficult to get the things you want at the time you want them. When you apply for credit, lenders want to know about you, your employment history, your income, your assets, and most importantly they want to know about your credit history. There are multiple credit myths and rumors that surround the realm of credit reporting. Some are urban legend, and have become so widely disseminated that they are taken as gospel; others are deliberately encouraged by lenders to terrorize or cajole debtors into compliance. The following is a compilation of the most common credit myths concerning your credit file, and the reality that all consumers should be aware of. Myth: Credit reporting companies are subsidiaries for or working on behalf of the federal government.

You can say that credit agencies do hold a strong power in your finances.

This information is mostly used to tell if you are legible for mortgages and other types of loans. They would even affect the interests of your credit card and other debts. You can say that credit agencies do hold a strong power in your finances. Unfortunately due to human failure, there are some cases when erroneous data will be placed in your credit history. If you fail to check these errors instantly, you may not know that you are already in trouble. If you either know or suspect you have a credit problem, there is no way to know what you are up against unless you get a copy of your credit report. This is where any major roadblock to getting credit will surface. Even before you attempt to obtain or increase credit lines, you should first obtain all credit reports that are available on you. You can accomplish that by calling for one or more of the credit bureaus listed and asking for your credit report.

• 350-619 Poor


• 750+ Excellent


• Loan-to-value rations


• Investigating credit disputes is something they are only forced to do by the law


• Pinger Systems/Associated Credit Services Inc., 652 E. North Belt, Ste. #400, Houston, TX 77060


• We know that Credit bureaus are still enormous corporations with enormous power


• Credit scores


• CIB "Credit Bureau Inc."/EQUIFAX, P.O. Box 4091, Atlanta, GA 30302

You will find that creditors may use one of the three credit reporting companies, however it is not unusual for them to use all three. The Fair Credit Reporting Act (FCRA) contains rules regarding who can access your credit report. You are also entitled to copies of your credit reports, and today with the internet there are many fast and easy ways to obtain credit reports online. If you suspect that you are a victim of identity theft or fraud, if you are unemployed or if you receive welfare assistance.

The agencies strive to research and correct mistakes in a timely manner, usually within 30 days. You requests should always be in writing and as detailed as possible, with copies of any documentation you have. This makes it easier for each credit reporting agency to act quickly. The health of your credit is essential to your financial health and well-being. Monitoring your credit score is one way, perhaps the most important way to gage your credit's health. By taking advantage of what the credit reporting agencies can offer, you will be helping yourself to better financial health.