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Understanding Credit Reports Better |
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The fact that credit-reporting industry appears confused is because there are different types of credit reports that are issued. Every credit report provider though uses a different layout style, but they provide the same information.
The credit report generally contains information like when was the account opened, what kind of credit account it is (mortgage, installment, revolving), the credit limit, the current balance, the late of last update from the creditor, etc. Types Of Credit Report Consumer Reports: An individual can access basic consumer report when he orders up his own credit history. He can order the credit report from his local credit bureau at a price ranging between $8 and $15. If you have been rejected for credit, the bureau that rejected your request has to give you a free copy. Merchant Reports: Many merchants get reports similar to that issued to consumers. These are often the kind of reports that small local businesses and smaller local landlords will pull on you. Standard Factual Reports: For years, this was the credit report typically used by mortgage lenders for real estate loans. This type of credit report is the most expensive and the most detailed. Generally, the larger contract credit providers prepare the standard factual report. Facts To Understand About Credit Reports Consumers don't have access to merchant or standard factual credit reports. The different reports can be a problem sometimes if a consumer pulls his credit report, while a lender pulls a scored model. Consumers often wonder why a creditor won't accept a consumer's recent credit report, so the consumer doesn't have to pay the lender another credit report fee. The three reasons are; a) that a lender has to protect himself from possible investor lawsuits by pulling the lender's report directly, b) lenders are usually getting a more accurate credit report, and c) if they are using the scoring system, they are ordering a report which is already scored so they don't have put the effort or time into the scoring the credit report. The point to understand in credit business is that in case of offering surety for someone else's credit, you are pledging your credit on behalf of that individual. If that account develops bad history, it becomes your history too. If there is inaccurate or incorrect credit information on your credit report that is damaging your credit rating, you have to rectify it immediately, by cross checking with your accounts department. You should mail a letter to the credit repository that supplied the credit information, disputing the erroneous credit entry. Conclusion If the information stays on your report, one of three things has happened. The creditor has documented their claim to the repository's satisfaction or you did not provide adequate documentation that the derogatory information is incorrect, or you did not properly dispute the claim. There is one other possibility - identity theft. Being a victim of identity theft, you are in for a tough time to clear your credit. |
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