When you hear about your credit report, do you know what is being referred to? Your credit report is a listing of all the information that is being reported about you by creditors to the various credit agencies. As there are many different credit agencies, you may have one official credit report from each agency. Let’s take a look at how you can get a copy of your reports, how you can fix them if there are errors and what happens if anyone offers to get you a new credit report.
Who Are Creditors Reporting Your Information To?
The big three credit agencies are TransUnion, Equifax and Experian. While there are other credit reporting agencies, lenders only tend to look at the credit reports and scores generated by these three agencies. Each agency may have a different model of calculating your score, which means that you may have three different credit scores despite all three agencies having the same information about you.
How to Get a Copy of Your Credit Reports
If you want to see the information that is being reported to you by creditors, you need to get a copy of your credit report. Each person gets one free copy of their report each year, and you can request multiple copies if you are willing to pay a fee that can be as little as $9 per copy. To request a copy of your report, you can do so through any credit reporting website that you choose, such as the popular CreditCardXpo.com, or through the official site, Annual Credit Report.com.
What Happens If There Are Mistakes on Your Report?
In the event that you find mistakes on your credit report, it is imperative that you let the credit agencies know as soon as possible. In some cases, a mistake may only show up on one of the credit reports generated for you. Therefore, you may only be required to contact that specific agency to get the mistake or mistakes rectified.
Unless you dispute errors on your credit report, lenders may assume that all information about you is correct. Credit agencies may conduct an investigation into whether or not your claim is accurate before getting rid of any information that an individual is disputing. It may take up to 30 days or more before your credit report is amended if your dispute is upheld.
What Happens if Someone Offers to Clean Your Credit Report?
It is critical to understand that you only get one credit report per each credit agency. If anyone offers to wipe away your credit, it is a good sign that they are offering to engage in identity theft. This is because you are now using the credit history of a minor or someone else who has not yet established a credit history as your own. If you hear something like this happening to someone that you know, you should tell someone right away to avoid further credit issues for that individual.
How Long Do Items Stay on Your Credit Report?
Items will stay on your credit report for no more than seven years unless you filed for Chapter 7 bankruptcy. In that case, the bankruptcy will stay on your record for up to a decade. Although a lender will generally only consider your credit behavior over the past year or two, a person may be denied a loan based on what is on a credit report over the last seven years.
How many credit reports do you have? While you only have one official report, you will have a report for each agency that receives information about you. Therefore, it is important to monitor each report generated for you to ensure that they are all accurate.
