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101 Powerful Tips for
Legally
Improving Your Credit Score
Dealing With Your Credit
Report to Deal With Your Credit Score
Page 2 of 2
However, if you notice that
the same credit card company has you listed as having late
payments three months when you paid on time, then it is time to
contact the credit company and ask how to resolve the problem.
The information reported
about you to credit bureaus should be accurate - if it is not,
then the credit company should work to make sure that they
correct the problem so that it does not happen again. You have
an advantage in this - the credit company, unlike the credit
bureau, depends on your business for their money.
This means that the credit
company (or any other bill company presenting inaccurate
information about you) is well motivated to correct the problem
or risk losing you as a client.
If you find that a company
consistently reports inaccurate information about you to credit
bureaus, consider making a formal complaint to the company about
it or switch companies. There is no reason why one company’s
poor organization should cost you your good credit score.
Tip #24: Look out where
you get your credit report - and what it contains
You can get your credit
score from any number of resources. One place you can get it
from is from credit bureaus themselves. You can pay for the
service, but you qualify for one free credit report a year or
qualify for a free credit report if you have recently been
turned down for credit or if you think you may have been the
victim of identity theft.
If you can, get a copy of
your free credit report from each of the three major credit
bureaus. If you can’t get a free credit report, you should
still try to get one, even if costs a few dollars. The savings
you will enjoy on your loan rates when you improve your credit
score will more than pay for the cost of the reports.
There are a number of online
companies that offer free online credit reports. These offers
are very attractive because you get an online report without
having to wait for a report to be sent to you, and you often can
get several reports from the different credit bureaus at once,
which can save you time.
However, these online
companies vary widely, so you will want to compare a few
different firms before choosing one. You will also need to read
the online company’s agreement very carefully - some promise
free credit reports only with the purchase of a credit repair
program or some other kit. In some cases, you can decline the
offer and still get the report but in other cases you cannot.
Buyer beware.
Also, some companies will
offer you free credit reports that are really a combination of
reports from the three major credit bureaus. This is not
useful, since you will want to compare each of the three credit
bureau reports and fix each credit score separately. You will
want to look out for online companies that offer credit reports
that are very condensed and you will want to avoid companies
that will spam you (send you unsolicited emails) trying to get
you to subscribe to some service. Always read carefully to see
whether the free credit report offer is legitimate.
That said, there are a
number of online companies that offer credit reports and credit
scores at no charge and these can be a useful way for you to
start your credit repair, especially if you are comfortable
around computers.
If you don’t qualify for a
free credit report from the credit bureaus, a legitimate online
company may be your best bet of getting your credit information
so that you can start repairing your credit risk rating.
You do qualify for one free
credit report per year. You can get this credit report through
email at www.annualcreditreport.com or by calling 877_322_8228.
You can also ask for your
free credit report by mail by sending a letter to Annual Credit
Report Request Service, P.O. Box 105281, Atlanta, GA 30348_5281
or by filling out the form available at the Federal Trade
Commission's Web site at:
http://www.ftc.gov/bcp/conline/edcams/credit/docs/fact_act_request_form.pdf
No matter where you get your
credit score and credit report, make sure that you get the most
complete information package you can. Credit reports are not
very exciting or even easy to read. If you are ordering your
report online, look for one that includes graphs or lots of
details that are easy to understand.
Make sure that you get both
your credit report and your credit score - even if you have to
pay extra. If you get just your report, you will not be able to
follow the secret and complicated math formulas used to arrive
at your score and the report itself will not make as much
financial sense to you if you don’t have your score in front of
you, as well.
When you do get your credit
report you will notice that it contains lots if information
about you, including:
1) Your personal and contact
information. This will include your name and your address, as
well as your past several addresses, your social insurance
number, your employers (past and present) and your birth date.
2) Your personal information
about credit. A credit report notes all the details of your
loans, including the types of loans you have now and have
recently had, the dates these loans were opened, the credit
limit on each loan, how well you have been repaying those loans
(this is important - skipped or late payments count heavily
against you in your credit score), and who your lenders are.
3) Information about you
that is on the public record. This may include bankruptcies,
unpaid taxes, unpaid child support, tax liens, your dealings
with collection agencies, foreclosures, loan defaults, civil
lawsuits that you have been involved in, and other information.
Much of this will stay on your credit report and will seriously
affect your credit score.
4) Information about who has
looked at your credit report and credit score. Every time that
someone looks at your credit score it is called an “inquiry.”
Your credit report lists who has looked at your credit report in
the past two years and how often you have applied for loans and
credit in that period of time. Too many inquiries tends to look
bad and tends to affect your credit score.
When you get your credit
report, it is important that you look at all parts of your
credit report and understand what you are reading. Mistakes in
any area of your credit report can affect your score, so be sure
to check the entire report for inaccuracies and errors.
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