can I find out what is on my Credit Report
This article contains information
about how to contact the
3 major credit bureaus.
your credit report before applying for any kind
of credit. Often, you will be able to catch
and correct errors. You’ll probably find
the document(s) more interesting than you expected.
To get a copy of your credit report, contact
any or all of the three main credit-reporting
can be worthwhile to get all three reports,
because some information might have been reported
to just one bureau.
You’re entitled to a free copy of your
credit report if you live in certain states,
or within 60 days of being denied credit, employment,
insurance or rental housing. Otherwise, it might
cost you about $8.00 per report, or more for
a three-in-one combined report.
If there are errors on your credit report, have
them corrected. Somewhere in the report, often
at the end, there should be instructions to
tell you how to dispute anything that you feel
is an error.
If the report contains negative but accurate
information, you can expect it to remain on
your report for seven to ten years. If your
credit report shows a slow payment history,
you can increase your “credit scores”
by making sure you make your current bill payments
on time! Credit issuers tend to give more weight
to your recent bill paying history. A clean
payment record for the last year or two can
make a huge difference!
Your mortgage and rent payment history and student
loan payments are among the most critical determining
factors when things get really tight when determining
if you will be approved for your new home loan
or not! Many lenders ask the question “if
you don’t make your mortgage or rent payments
on time now, why should we think you’ll
make your new payment (which is often larger
than your previous payment) on time after you
buy your new home”?
Close credit card accounts you don’t use!
Many people have the erroneous impression that
a lot of open accounts increases their credit
rating. Just the opposite is true! Lenders look
at unused credit cards and credit lines as a
potential liability equal to the credit limit
they offer. You are better having fewer accounts
with an excellent payment history.
Beware of “credit repair clinics”.
They are often scams and often cost hundreds
or thousands of dollars. Only a disciplined
and on time payment record can help to eliminate
The loan officer you choose to finance your
new home can order your credit report for you.
You don’t want several lenders you are
considering, to run your credit report. Each
“inquiry” has the potential to reduce
your credit score!
Learn more about credit issues at www.ftc.gov
or if you would like to receive brochures about
credit issues from the Federal Trade Commission,
please call 1-877-382-4357.