Have you thought about getting a copy of your Credit Report? Years ago there were complaints that credit reports were hard to read for the consumer. In past years Equifax, Experian and Trans Union had changed the format of the reports to make them more readable and understandable. Each of the 3 Credit Reporting Agencies or ( CRAs) have ways of referencing a credit report with them.
For Instance:
Equifax – Confirmation number
Experian – Report Number
Trans Union – File Number
These particular reference numbers will be asked if you are disputing any of these credit bureaus.
To make matters more difficult, “Credit Report” is not the official term. The Fair Credit Reporting Act calls the credit report for consumers “Consumer Report.” The industry refers to the report that creditors sell as “credit report.” Nether less either one has the same purpose. They give an account of your personal credit history with creditors.
Here is an example of what you need to identity you with all 3 Bureaus.
First Name:_______ Middle Name:________ Last Name:_______
Birth date:_______ Social Security Number:________
Current Address: Typically two year residence history
Current Employer: ________
Here is what to expect to see on your credit report.
1. Your identifying information listed above:
2. Your Payment history, including auto payments, credit card payments, installment loans, and mortgage history.
3. Public Records: bankruptcies, tax or other liens, and judgments.
4. Inquires showing which companies accessed your credit report for different purposes.
Identity Information
This information is very important, and needs to be accurate. The CRAs use your personal information to determine which report to route your information. If you input the wrong information when getting your credit report, it can lead a report that results in mixed files, and other inaccuracies. This definitely pertains to inputting the correct social security numbers. Maybe you are a JR, and your information is getting mixed with your father or son. Believe it or not this is a common problem with credit reports. You may have to dispute this information with the CRA that is reporting incorrectly.
Credit History
A bankruptcy can remain on your credit report for 10 years; other negative information typically is on there for 7 years unless you can get the creditor to give you a letter to delete a negative item from the CRAs. A tax lien that is not paid can stay on your report for ever. Once you pay it, from the paid date it stays on your report for 7 years. Here are terms and there meaning as they are listed on your report.
Public Records: Bankruptcies, court and default judgments, liens, and foreclosures
Late Payments: Typically falls into one of the four categories, 30 day late, 60 day late, 90 day late, and 120 day late.
Charge Offs: Accounts that are in default of original contract and terms. Charge off is a book keeping term which means the creditor reports obligations as a loss.
Collections: A account that is so delinquent that the obligation is turned over to a collection company for collection.
Typically after all the bad is listed, the report will list all the accounts in good standing. Experian and Trans Union reports “never late”, and Equifax reports as “pays as agreed.”
You will want to always make sure all information is accurate.
Inquiries
Any time someone checks your credit for loan, credit card, installment loan or a mortgage you will have on of two types of inquiries: “hard” and “soft.” Soft inquiries don’t drop your credit score, but too many hard inquiries you could drop your score.
Account History Status Codes
Equifax report will list codes showing how you are classified when you do not pay your bills on time. Also a credit report will show types of credit, “I” for installment loan, “R” for revolving and “M” for mortgage. Here are numeric codes as well.
1: On Time
2: 30-59 Days Past Due
3: 60-89 Days Past Due
4: 90-119 Days Past Due
5: Over 120 Days Past Due
7: Included in Wage Earner Plan
8: Repossession
9: Charge Off
Blank: No Data Available for that month
0: Unrated
Description of Accounts
Date Account Closed
Date Account Opened
Company Name – The Creditor
Account Number
High Credit
Credit Limit
Terms of payments 360 months or 30 yrs
Number of months reviewed
Date Reported
Balance
Past Due Date
Activity
Date of Last Activity
Charge Off Amount
Deferred Payment Date
About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.
