It's your money
Your Credit is your own. It is a record of how you use your money and money you've borrowed. There are 4 Credit Bureaus which keep records of your transactions. The primary three used by most credit companies are Trans Union, Experian, and Equifax. Your credit report's accuracy is dependant on you.
Under the Fair Credit Report Act, you have rights regarding your credit. For more information about your rights see: www.transunion.com/content/page.jsp?id=/personalsolutions/general/data/FCRA.xml
1. Get Your Report
Get your free credit report once every 12 months from the credit bureaus if you've been denied credit within the past 60 days, if you are unemployed and are seeking employment, if you suspect inaccuracies due to fraud, or if you are receiving public assistance.
If you do not qualify for a free credit report, you may purchase them directly from the credit bureau for a minimum of 9 to 13 dollars.
2. Read Your Report
Once you have the report, any inaccuracies can be corrected directly thru the Credit Bureaus. If your having trouble understanding it, each credit bureau has a explanetory page designed to help make sense of their report. But here are the basics:
Personal Data
Your name and info
Employment Data
Current job
Public Record
Any Bancrupcy and Tax liens reported
Adverse Accounts
Bad stuff - from late payments to charged off accounts
Satisfactory Accounts
Good stuff - nothing bad here
Regular Inquiry Section
Companies that have looked at your credit at your request
Promotional Inquiry Section
Companies that have requested your name and address
Personal Credit Score
A number attached to your report like a grade to assist creditors in deciding if you get the loan and how likely you are to pay it back
Factor Description
A list of what influenced your 'grade'
Account Review Inquiry Section
Information for you not seen by creditors
Consumer Statement
Your voice - only when applicable
Special Message
If it's special and it's a message, it goes here
End of Report
The Bureau's contact information
3. If it's Bad, Dispute it!
Whether it's true or not, request an investigation of all negative accounts on your credit online, by phone or by mail for free. The company that reported the account will be contacted by the Bureau to answer the dispute. If they do not respond and verify the information within 30 days, the account must be taken off your report by the credit bureau, it's the law (See Federal Credit Reporting Act).
4. If it won't go away, Speak your Mind
When 30 days are up, and you've gotten your response, if it's still there, you have a chance to fill in the Consumer Statement section with a 100 word essay explaining your side of the story. This won't make the account go away, but it does show that you care, which can be in your favor. Remember to be polite, future creditors will see this.
5. Don't forget there are 3 Credit Bureaus
Get all three reports and work on all three. You don't have to wait for one to be fixed before starting the next. Happy fixing!
