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The Personal Credit Report That Suits You The Most |
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There are three national personal credit report agencies. These three are independent of each other and do not share
information. Therefore what is in one report may or may not be in another. Equifax, one of the three personal credit reporting companies, delivers comprehensive nationwide coverage through an online database of 190 million consumer credit files. This database offers complete credit granting decision support in a clear, concise reporting format that is designed for easy use. Equifax also automatically combines multiple files, groups key consumer data into tightly organized sections and provides enhanced reporting features for maximum decision-making speed and efficiency. In an Equifax personal credit report the information is divided into five categories. They are, identifying information, employment information, credit information, public record information and inquiries. The employment information is usually the last employment reported to Equifax by credit grantors, who do not usually update this information. It is, however, used for demographic purposes only and not credit decisions. If you have credit information in your credit report that you want removed, payment of the debts doesn't mean automatic removal. The length of time an information remains on your credit file will vary from information to information. For credit accounts, accounts paid as agreed will remain on the report for up to10 years. And accounts not paid as agreed will remain for 7 years. Collection accounts remain on the report for up to 7 years. If you want courthouse records removed, you will have to wait for 7 years from the date filed, except for bankruptcies, which will be on record longer. Bankruptcy charges, non-dismissed or non-discharged, remains for 10 years from the date filed. Then there are unpaid tax liens, which remain indefinitely, while paid tax liens remain for up to 7 years from the date released. Paid or unpaid judgments remain on file for 7 years from the file date. And for New York State residents, satisfied judgments remain for only 5 years from the date filed, while paid collections remain for 5 years from the date of last activity. In California residents' personal credit reports, all tax liens remain for 7 years, whether paid or unpaid, from the date filed. Another personal credit report company is Experian. It collects information about you and your credit history from public records, your creditors and other reliable sources and makes them available to current and prospective creditors and employers as allowed by law. Many credit grantors rely exclusively on Experian data for credit information. They may also use Experian personal credit reports in combination with reports from Equifax and TransUnion. Many companies, when deciding whether to grant you credit, use the FICO score, which is based on your Experian personal credit report. The third personal credit report organization is TransUnion. TransUnion's national consumer credit information file includes public record information and accounts data from national, regional, and local credit organizations. This information is incorporated into a personal credit report that provides the consumer's history of payment on financial obligations. The payment history contained in this file is reviewed by credit grantors to help them determine whether to extend credit to individuals. There are many different types of personal credit report on offer these days, that most people are puzzled as to what suits them and their needs the most. As long as you follow certain guidelines when you order your personal credit report, you will be alright. There are two basic kinds of personal credit reports: a single bureau report and a 3-in-1 merged report. While a single bureau report is a file that represents the data from just one credit bureau, a 3-in-1 merged report is a personal credit report that includes data from all three credit bureaus: Equifax, Experian, and TransUnion. When determining your ability to pay back a loan, lenders usually examine your 3-in-1 personal credit report. Your selection of the credit report that suits you most will depend on your needs. It depends on when you decide to see your personal credit report for the first time. Is it after you have been refused credit? Also, your choice of personal credit report will depend on which aspect of your credit history you need to see. Do you need a comprehensive view of your credit history? If you intend to apply for a major house or automobile loan, you need to check your credit report six months in advance. Another time you need to see your personal credit report is when you need to clean up your credit or improve it. |
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