3 Credit Bureau Report – Free Score

Susan Jan asked:




Having a good credit rating is important because it allows us many conveniences in life, such as renting property, having credit card, and qualifying for financing etc. However, if you do not pay a creditor on time, your credit report with the credit bureau will be affected, and when your credit rating becomes poor, the above conveniences will no longer be possible. It is imperative that you take immediate steps to repair your credit.

The first step in credit repair is to get your credit report from the credit reporting agency. Once you receive your credit report, examine it closely for any inaccuracies. If you find any discrepancies, you can request an investigation in writing to the agency. The agency must then either respond within 30 days with documentation of the particular discrepancy, or remove that item from your credit report.

An immediate solution to credit repair is to contact your creditor as soon as you become aware of your outstanding debts. Your credit report depends on whether your creditor decides to report you to the credit reporting agency. Usually your creditor will be willing to discuss with you alternate payment options and solutions, because they would prefer to get some payment instead of no payment at all from you. You should propose a realistic payment plan and convince them that you can stick to it.

If your creditor does not accept your new payment terms, then your debt will go to collection, and you will then have to deal with the collection agency. Collection agents are usually more aggressive and may even threaten to take you to court if you do not comply. Bear in mind that collection companies generally buy debts at about half their value, so any payment higher than that is a profit for them. Negotiate ASAP to pay less than the full value of your debt, and collection agents generally agree to a quick payment at a small discount of the value, as they are unwilling to have the process drag on.

Another option is for you to seek the help of a credit counselor. Credit counseling is usually done by non-profit agencies, and credit counselors will advise you on and make you stick to your long term credit repair plans. Good credit counseling organizations also provide workshops, educational materials, and counseling.

Of all the credit repair options, Avoid for-profit credit repair companies at all cost because they are often scams, and propose a one size fits all quick fix. There is nothing that a credit repair company suggests that you can’t do yourself, such as obtaining your credit report etc.

It takes a long time to build a good credit rating, and just a short amount of time to destroy it. There are no quick solutions to a poor credit rating, and you will have to slowly and patiently build your credit rating again from scratch. If you avoid quick credit fixes, and instead focus on long term credit repair, you will eventually gain your good credit back.

Sam

Nitin Saini asked:




Credit report should be checked on a yearly basis. It becomes absolutely necessary to keep a check on your credit reports if your ever aced some discrepancy in your reports. Most common problem that people usually face is identity thefts. While ordering your credit bureau data always ensure that you get three copies each from TransUnion, Experian and Equifax.

The main reason for getting separate copies is that each agency gives a different report. Every creditor has their way of reporting. This means that some creditors report to just one agency where as some report to two agencies. There are also creditors who report to all three agencies depending on the loan type. Your loan history is especially shared to all three agencies when you have taken loans such as a mortgage.

In U.S., the process of keeping records of all the credit history is done for every individual. They keep record of every account you had for 5 to 10 years, loans which you have taken and also the ones that you have paid off. The history of the records helps them to produce their credit bureau data.

All three agencies keep your credit records. This means that there is every possibility of the report having errors. There have been serious discrepancies in people’s records, thus it is not just a possibility, but more of a reality.

The first question that comes up in your mind would be what would happen when you get a faulty report? It results in you FICO score or credit score being calculated at much lower than it actually is. The next question that would arise in your mind would be what effect does a faulty credit bureau data have on you? Well, your lowered credit score is making you pay extra money! You may be paying a 7% on your mortgage instead of 6%. Instead of paying a 2.9% on your car loan, which a qualified buyer pays, you might end up paying 8%. Your lowered credit score does not make you counted as a qualified buyer. These are just a few ways that make you shell out extra money.

There is no mechanism available to the credit bureaus which would automatically correct those errors. The credit bureau does not take any responsibility on their lax of reporting, as they believe it is only reporting that they are doing and they are not the ones generating it.

After checking out the view point of the credit bureau, you should take up the responsibility. You may be just a consumer or a business owner, whatever is that you do get a regular copy of you credit bureau data. Check the data minutely for any kind of discrepancy. Once you find any faulty reporting, approach the bureau directly. This should help you in getting an error-free report.

When you are checking on the reports, do not rush through it, as now you know how it could affect your credit scores. Cross check the data because error-free report will result in a higher credit score. With a higher credit score, you would not be shelling out anything extra from your pocket.

Leon

Micheal Perkins asked:




1. Get your credit information

Getting copies of your credit reports is the first step you have to take in repairing your credit. This seems pretty simplistic and obvious, but you have to do this to see what is actually on the reports, not what you think is on the reports. Most people want to focus on what is reported that affects their score. You need to ensure that all your former addresses are correct, your name is spelled properly as well as any other personal information that may be on there.

2. Make a list of discrepancies

Once you have your reports, start making a list of all negative marks on your report, make a separate list for each of the three reports. After completing your list, you must decide what items you wish to dispute. You can do this yourself, or pay someone to do it for you. You will pay an attorney or credit counselor several hundred to do this. You can do this yourself, but you must have letters that are proven to work. Simply asking for the items to be removed is not enough.

3. Write letters to each credit bureau

This is pretty easy, but also where most people make their mistakes or get frustrated and stop trying. There are two ways you can do this. First, each bureau has a website that you can use to submit letters challenging their entries. Second, you can write a letter by hand or on your computer and send it to them by mail. Decide which one seems easier to you and do that. The biggest thing to keep in mind, your letters must sound professional and be written in a way that is non threatening, but forces the credit bureau’s to investigate your challenges.

4. Send proof of your challenge

If you have any documentation that supports your challenge, send it with your letter of dispute. Even if you do not have any documentation, send a challenge anyway. The law works in your favor here. If the credit bureau can not prove your dispute is accurate within 30 days, they must remove the item your dispute. The law is very clear on this point. So keep track of how mush time has passed since you sent your letter.

5. Stay determined

The credit bureaus do not always follow the law to the letter. They will try and tell you things like they are reporting what the creditor tells them, so it’s not up to them to remove disputed items that can not be proven. Don’t listen to them! As I stated above, the law is very clear on this. Send a follow-up letter giving them the name of the law that requires them to remove the item they were unable to verify. Also let them know that failure to do so will result in you filing a lawsuit and using their letter stating their failure to verify and then remove the item as evidence against them in court. When you purchase my book I also provide you with samples of this letter also. As a side note, their failure to comply with this law means they have to pay you $1,000 for each occurrence.

6. Stay on track

When you have several disputes going at the same time it can be tricky to stay on track. It’s easy to decide to address something in a couple of days rather than as soon as you get it. You have to stay organized and follow-up as soon as you get a letter back. Time is ticking so take care of everything the day you get it. Keep each dispute in a separate file so it is easy to find exactly what you need, when you need it.

That’s it, that’s all there is to it. The thing to keep in mind is that if you have the time you can do this yourself. When you pay a credit counselor or an attorney to do this for you, they are doing exactly what I just shared with you. There is no need to pay an attorney several hundred dollars to have his secretary mail out the letters I give you, when you can do the same thing yourself.

Glen