The Importance of Credit
Credit scores and credit requirements have moved to the front of lending guidelines. For better or worse, time and time again I’ve learned how little consumers really know and understand about credit. I think our government and our educators do a pretty terrible job at teaching consumers what is really important about their credit history and about credit reporting in general. .
Everyone should do the following: Go to www.annualcreditreport.com and request your free credit report from each of the three major credit bureaus. There is no charge for this service and in fact, it is your legal right. A federal law called the Fair Credit Reporting Act (FCRA) provides that every consumer is entitled to request and receive a copy of his/her free credit report at least once annually from each of the three major credit reporting companies.
I have used the information to help many borrowers monitor and repair their outdated, duplicated and erroneous credit reports at absolutely no cost to them. Beware of other credit companies that advertise and try to sell you “free” credit reports. The ONLY federally approved website appointed to comply with the Fair Credit Reporting Act is www.annualcreditreport.com.
By requesting and receiving your report from each of the three major bureaus, Experian, Equifax and TransUnion, you will want to review the data for accuracy and make notes of those tradelines that are not reflecting correct and current data. If you find that any of the data is duplicated, inaccurate, not rated current, or that doesn’t even belong to you, you have the ability to dispute those tradelines and to request an investigation. These procedures are clearly outlined in the FTC bulletin called How to Dispute Credit Report Errors. The bureaus have 30 days in which to complete their investigation and you will be notified of their findings when the investigation is complete.
The entire process is simple, secure and most importantly, it is absolutely FREE to you as the consumer! Ignore all of those other credit companies that offer you their services with fees and charges. They are NOT offering you anything that you cannot accomplish yourself without cost! Anyone can handle these processes and will be much wiser as a result. In addition, corrections to the reported data may render improved higher fico scores in many cases.
The FTC also provides other bulletins that provide additional pointers and information such as the booklet Building a Better Credit Report,Getting Credit: What you Need to Know About Credit, Credit and Divorce, and Need Credit or Insurance? Your Credit Score Determines What You’ll Pay. I have used these resources many times over the years to assist family members, friends and borrowers learn more about their credit reports and repair their erroneous credit.
Take this opportunity to read up and educate yourself on credit and be sure to pass the information on to others who may benefit as well!
The entire process is simple, secure and most importantly, it is absolutely FREE to you as the consumer! Ignore all of those other credit companies that offer you their services with fees and charges. They are NOT offering you anything that you cannot accomplish yourself without cost! Anyone can handle these processes and will be much wiser as a result. In addition, corrections to the reported data may render improved higher fico scores in many cases.
The FTC also provides other bulletins that provide additional pointers and information such as the booklet Building a Better Credit Report,Getting Credit: What you Need to Know About Credit, Credit and Divorce, and Need Credit or Insurance? Your Credit Score Determines What You’ll Pay. I have used these resources many times over the years to assist family members, friends and borrowers learn more about their credit reports and repair their erroneous credit.
Take this opportunity to read up and educate yourself on credit and be sure to pass the information on to others who may benefit as well!
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