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Get A Grip On Your Credit Position With Your Free Credit Report |
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You may wonder about the reason for being
denied a new purchase or loan. Most people are mystified by credit ratings as many lack knowledge about their rights, reasons for lenders making decisions, calculating, disputing and improving credit scores. The information on your free credit report can influence the decision to give you credit. Apart from credit report information, there are other influencing factors for a lending decision as well. You are entitled to view your free credit report to ensure its accuracy. Any errors found can be reported for correction. It's crucial to be able to view and dispute your free credit report, as apart from influencing lending decision, your credit rating also affects the interest rate offered by lenders resulting in more expensive borrowing. Before long, you'll have your free credit report. Recently the Fair Credit Reporting Act (FCRA) was amended to entitle you to a free credit report from all the nationwide consumer-reporting companies, on request, once every year. The FCRA ensures the accuracy and privacy of your information with the nation's consumer reporting companies. The FTC, the nation's consumer protection agency, monitors enforcement of the FCRA by the consumer reporting companies. Recently consumers have sought more information on their rights from the FTC under the federal FCRA and the Fair and Accurate Credit Transactions Act (FACTA), responsible for the free credit report program. Information was also requested on credit reports in general. Good credit has never been more important implying that the constant care and maintenance of an accurate credit history is of prime importance. Consumers need to check free credit report regularly not just to ward off identity theft but also to ensure that credit data is being accurately reported by the three national credit bureaus. For instance, if credit information is incorrectly reported, particularly late payments and past due accounts, your credit score can plummet damaging your loan eligibility and reducing your chances for lower loan rates. But inaccurate information need not remain on your credit report as consumers can challenge inaccurate information. Information on your free credit report includes address, method of bill payment and any history of lawsuits, arrests or bankruptcy. The nationwide consumer reporting companies to creditors, insurers, employers and businesses to evaluate your application for credit, insurance, employment or home rental sells the information on your report. Equifax, Experian and TransUnion are the three nationwide consumer-reporting companies. To view your information that lenders will determine their credit decisions on, request a free credit report from the three agencies. Credit reference agencies compile credit reports with information from two main sources, the Public Record, including electoral roll information, court judgments, individual voluntary arrangements and bankruptcies, and information from lenders and financial institutions including credit accounts, credit applications and financial associations. When you apply for a loan, the lender usually checks with a credit reference agency for information on your free credit report, to calculate your potential creditworthiness and risk. The calculations done by lenders may differ between them. An important fact is that the credit-reporting agency does not put forth any comment or advice nor does it know the effect of the information on the lender's decision. Financial advisors may advise you to regularly review your free credit report for inaccuracies and omissions. This can prove crucial when making a major purchase like a home. By checking in advance, the accuracy of the information on your credit file the credit granting process is made faster. It is no fun process to dispute inaccuracies on your credit report but for the sake of better credit, it proves invaluable. The FTC recommends disputing by mail as the best method for inaccuracies in your free credit report. There are a number of reasons for this. When writing to the consumer reporting agencies or the three national credit bureaus, attach copies of the relevant documents for the items under dispute. If you possess a copy of your free credit report, include a copy with the items being disputed highlighted. Make sure your letter clearly identifies each disputed item as well as your reasons for disputing them. |
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