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Check Your Credit Report: Beware From Negative Information |
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It's crucial to check credit report as it could determine your financial future. At the time of making a decision for granting credit to an applicant, creditors mostly use reports from three major credit reporting bureaus, Experian, TransUnion and Equifax. The bureaus rate a credit score on each report taking into account late payments, total outstanding debts, charged off debts, debts sent to collection, duration of credit, etc. Only when you check credit report will you find out about all this. People often find negative or derogatory entries in their credit reports and some that don't belong to them at all. Most people are not even aware of this until they are denied credit based on the negative entries. Therefore check your credit report for entries that could be false. Negative entries are of various types with some occurring frequently. Past due history: Check credit report for past due history of timely payments to each of your creditors. There are symbols indicating the number of past due payments and those that were 30-60 or 90 days old. Apart from being the most common negative entries they also have the maximum chances of being erroneous. Collections or P&L (profit and loss): Check credit report for collections and P&L. Collections are when your account is turned over to a collection company. P&L occurs when any creditor gives up trying to collect the payment from you, preferring to write it off as bad debt. Inquiries: Check credit report for inquiries from prospective creditors about your credit report. Don't forget that only with your prior permission can they request your credit report. Check each inquiry for authenticity. Public records: You also need to check credit report for public records which can include bankruptcies, liens and court judgements. The most effective method to find out if negative information is included in your credit report is to order a copy for yourself to check credit report closely. Contacting all the three CRAs as each of their files on you can have some differences can do thorough review. Once every year is the recommended frequency for this task. Due to the rising figures in identity theft crimes however, it would be better for you to check credit report from one of the bureaus every six months. You also need to check credit report prior to its use for major expenses like a car or home loan, apartment rental and job applications. Order the reports about two months ahead of the credit application or rental. It isn't at all appropriate to be finding surprises in your report at this critical juncture in life, that it includes negative entries which could even be inaccurate. It is the role of a creditor to ensure all reported information to a CRA is genuine and authentic. An account being voluntarily closed by you needs to be reported by your creditor as being distinct from an account closure for nonpayment. If you contest any differences in your creditor's reported negative entries, make sure he adds a mention of it in your file before sending it to the CRA. Therefore another reason to check credit report is to ensure the accuracy of your creditor's information. Your creditors can prove that you authorized an inquiry if you are not careful and discerning about what you sign. Should you encounter the slightest doubt or inconsistency, notify right away that you were not able to fully comprehend the authorization. Use the threat of the State Banking Commission with a complaint of deception in the authorization if the inquiry is not removed. Which makes it essential to check credit report immediately especially since it is your only means of awareness of your rights. It is necessary to check credit report for the list of inquiries made. When it is deduced that a consumer has made multiple applications while shopping around, the additional inquiries mentioned will contribute to a negative impression for financial institutions in creditworthiness terms. Bankers acknowledge that a certain number of inquiries can count in evaluating creditworthiness. Therefore tread with caution when it comes to your credit report and check credit report for negative entries. |
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