Credit Agencies And Your Credit Score |
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A common question asked is, "How can a credit reporting service be contacted?" At the bottom of this article is a useful website and addresses that can provide contact information that can be used when you are ready to contact a credit reporting service. In total, there are three companies that track consumer credit and they are Experian, TransUnion and Equifax. These credit bureaus provide businesses with credit information so that they can make informed decisions about loans and credit. For example, a credit bureau will have a record of your on time payments, payments that have been made late and how late those payments were. The three bureaus may have different data, so it is best to check all three when performing a credit search. It is advisable to check your credit report every six months. If you have a dispute with a creditor, you must contact the company originating the charge and your credit card company within 60 days of the charge. A large amount of information for resolving credit disputes can be found at: www.occ.treas.gov/customer.htm. When looking at your credit report, it is good to check the validity of all of the items mentioned in the report as well as keeping a keen eye open for how to repair your credit score. Your credit report score is a number that is a quick indicator of how good or bad your credit is. Your credit score is a numerical representation of how likely a person is to repay their debt. It uses a complex statistical model to determine a person's credit worthiness. A consumer's income and previous credit history play into the calculation. The list below shows the range of credit report scores and what they say about your credit. A (901-990) B (801-900) C (701-800) D (601-700) F (501-600) As previously stated this score is a tool used by most lenders to evaluate the risk entering a loan agreement with a particular consumer would pose. This number often is the sole determinant of how much a consumer can borrow and this directly affects the consumer's purchasing power. This system relies on the accuracy of the system. In the recent decades identity theft has caused fear in consumers and eroded trust in this system. Anyone can access their credit report for free at www.freecreditreport.com or the credit reporting services can be reached by mail at one of the following addresses: Equifax. P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111. Experian. P.O. Box 2002, Allen, TX 75013; (888) (397-3742). TransUnion. P.O. Box 1000, Chester, PA 19022; (800) 916-8800. Credit Report Repair by Daniel Wesley |
