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Online Credit Report: What Credit Agencies Are Saying About You |
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Unknown to you, your online credit report is the subject of discussion for businesses and credit agencies. You may have missed a car payment or two during an illness, have been to court against a lender for refusal to pay for bad service, been falsely accused by an ex-spouse about money laundering habits, etc. Such possibilities along with false and incomplete details may feature in the online credit report used by agencies for your credit rating. Every month an average of 2 billion pieces of information are downloaded for updating information on you and other consumers. The information being so vast in the system, there may not be any verification about it being genuine and so mistakes are inevitable. There is also the possibility of another person's online credit report leaking into your file. The situation is made worse by the fact that there is not one but at least three major credit files on you with three different companies. Apart from the three credit agencies (Equifax, Experian and TransUnion), even smaller agencies sell information on your financial life. With such a lot of information in circulation, it's vital that you know what is being said about you. Dean Taylor, a business manager of an automobile dealership outside Atlanta suggests checking your online credit report at least twice a year to avoid all kinds of problems may prove crucial. Having dealt with financing and checking online credit report for seven years, Taylor explains that the big three credit bureaus are not credit verifiers and use information they receive. Often it may not be enough. A poor online credit report may mean a negative credit rating which could be the reason for a denial for a home or car loan, apartment rental and even a job. This makes it crucial to verify the information on your online credit report and protect credit rating. Don't delay or your house may be on the market and the bank holding up your new home or car loan due to a mistake that can be fixed. Verifying and correcting online credit report first requires you to see a copy of the report yourself. Online credit report should be checked from all the three credit bureaus due to difference in reporting information. Check the websites of Equifax, TransUnion and Experian or one of the several online credit services to get a copy of your online credit report once a year to keep track of authenticity. Online credit report can also be ordered by phone or mail. $8 to $15 may have to be paid unless you are a resident of Colorado, Georgia, Maryland, Vermont, Massachusetts or New Jersey where it's free. If recently denied credit or made a victim of fraud, moved or become unemployed, you qualify for a free copy of your online credit report. According to Mary Grate-Pyos, a financial expert in Washington DC area the individual online credit report reveals everything about your financial life. Spending habits, employment record, frequency of payments and the amount of credit are all revealed. But your online credit report is very likely to have incorrect information. The most common errors on online credit report are payments not recorded properly, explains Taylor of Atlanta. It could be a late fee that you were unaware about or the wrong amount recorded by the bank but it is essential to be in control of your credit accounts. Thanks to the Fair Credit Reporting Act, creditors must give genuine information to credit bureaus which are given 30 days for corrections. Creditors have to respond to a request within 30 days otherwise the credit bureau deletes the information for lacking verification. Failure to delete errors in 30 days merits a complaint to the Federal Trade Commission's Consumer Response Center. You and your creditor have the responsibility for the information being correct. If the dispute is not sorted out, a brief addition can be made in your online credit report to explain your position in the dispute. This can include delayed bill payments due to health, family tragedy or unemployment, which prospective creditors may consider. In case of inability to pay the bill for a while, contact your creditors about your intention to pay the debt. Sometimes you may be given additional time before being reported to a collection agency. |
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