3 Credit Bureau Report – Free Score

David Kamau asked:




Your credit history is a record you’ve established with the 3 major credit bureaus by either paying or not paying your bills on time, or not paying at all. This history is recorded by all of your creditors on your three credit reports.

The 3 major credit bureaus are Equifax, TransUnion and Experian. They keep this information on file for you, your creditors, new lenders and other interested parties.

Parties that may require your credit history that are not lenders or creditors per se are employers and, more recently (and frightening), doctors and hospitals.

Your credit reports will reflect your payment history on all of your credit accounts you’ve had for the past.

This includes your student loans, mortgages, retail store credit cards, auto loans, telephone, and utilities (cable, gas and electric); although typically utility companies do not report until you fall into delinquency.

Federal law requires that child support delinquencies get reported.

This information can be reported for up to 7 years, or 10 years for bankruptcies. However, there is no time limit if applying for a loan of more than $150,000 or a job with an annual income of more than $75,000.

But aside from your credit history, the 3 major credit bureaus also store personal information about you, such as past and present addresses, social security number, and employment history.

The 3 major credit bureaus are for-profit businesses. They make money by selling your information.

You may be asking; how do the Credit Bureaus know if I pay my bills on time or not?

Well, the credit bureaus do not know if and how you pay your creditors. It’s your creditors that supply your information to them: it is your creditors that report your payment history to the credit bureaus; good or bad, they run and tell.

Have you wondered how debt collectors are able to find you when you move? One of the ways that debt collectors are able to track you down to your new address is through the credit bureaus.

When you apply for new credit, your information including your address is entered into your credit file. This process is called “lender reporting” where your creditors will send, typically, all three credit reporting bureaus the current status of your accounts utilizing an electronic tape.

Since lenders do pay to make reports they often do not report to all 3 major credit bureaus. This is one reason why your credit report will often differ from bureau to bureau.

Once the credit reporting agencies receive this tape, it’s loaded into their system and then unloads into their databases, hence, creating an updated record of all your accounts, address, and payment history.

In the perfect world, all your accounts should be paid on time; however, many of us fall behind. Doesn’t matter whether you were hospitalized or near-dead, all your timely payments, late payments, or missed payments are reported.

Accounts in good standing are noted as “paid as agreed.” This means that the creditor is reporting your account as being paid according to the terms of agreement you signed.

If your account is past due then your status rating changes and causes your credit ratings drop.

All the 3 major credit bureaus also indicate on your report the name of the creditor, type of account, account number and delinquency status (whether 60, 90 or 120 days late).

The worst notation on your credit bureau report is one that shows that an account is “in collection”. But even more devastating are judgments against you, bankruptcies and tax liens.

Christian

Ann Richter asked:




Have you ever wondered just what kind of information is in your credit report? It’s a good idea to contact a credit bureau to get that free copy that each individual bureau is required by Federal law to supply you with each year. This is about the only way you have of finding out your credit score, or to see if anyone has tried to get a credit card in your name. In this age of identity fraud, this happens more often than you might think.

Where are the Credit Bureaus?

There are four major consumer credit reporting agencies that serve the entire United States. They are -

Equifax

1.800.685.1111

P.O. Box 740241

Atlanta, GA 30374

TransUnion

1.800.888.4213

P.O. Box 1000

Chester, PA 19022-1000

Experian

1.888.397.3742

P.O. Box 2002

Allen, TX 75013

Innovis

1.800.540.2505

P.O. Box 1358

Columbus, OH 43216 -1358

How do Credit Bureaus Work?

When you applied for your very first credit card or loan, one of these four credit bureaus started a file on you, which included where you work and how much your income was at that time. As you moved up in the world, accumulating more credit cards, mortgage and car loans, and possibly student loans as well, these have kept tabs on you, duly noting each salary increase, job change, each account and payment, and every purchase made on your credit cards. Whenever you applied for credit, the lender will get your information from the credit bureau.

How Do I Get My Information from a Credit Bureau?

By law, you have a right to see your credit file, and not just the once a year free report that each of the four major bureaus offer. If you have any of the following criteria, you should contact one of the four big guys above at any time.

Turned down for credit, or denied a job or insurance coverage because of something in your credit file If you are out of work, and will be searching for employment during the next 60 days. If you are on welfare If there are any errors in your file because of fraud or identity theft

If you have none of these problems, and just are curious as to what is in your file, the best way to keep a close check on what’s going on is to take advantage of the freebies offered by the big four. Each limits you to one report per year, but you can play the role of smart consumer, and use this rule to your advantage. Order a report from one company, then in a few months, order another from a different company. With the proper timing, you can end up with a free credit report four times a year if you contact a different company each time.

Whether you just are curious about what kind of information is in your file, or whether you suspect identity theft, start with any of these four major credit bureaus. In a world where very little is free, it’s nice to know that you can check up on something so important at no charge.

Ruby

John Rasor asked:




Let’s say you are what most people would consider a good person. You help out in the community, volunteer to help others and even show up on the front row for church every Sunday. You recently applied for a home loan and to your surprise were denied. How could this be? You’re a good guy or gal, and deserve this loan, right? Could you be on the credit bureaus blacklist?

Since there is no such thing as a “blacklist” within the credit scoring system the answer is no. You are not on a blacklist. Your credit history are based on nothing more than factual data that lenders have provided about your pay habits.

Your fico score has absolutely nothing to do with your age, marital status, race, sex, nationality or religious beliefs. Your occupation and length of time on the job also have nothing to do with how your credit score is calculated. Only information present on your actual credit report make up your credit score.

Pretend for a moment that you are an underwriter working through a mortgage loan application. What would be of the most importance to you? Ironically, underwriters look at the same thing that the credit bureaus do.

1. Payment history is a biggie. This tells the tale of whether or not you can handle what you currently have on your plate. If you are consistently 30 days late on your car payment, why would you think you are worthy of a home loan?

2. Credit history is also important. The age of your accounts reveals your experience with credit. Multiple accounts like credit cards, student loans, car payments with several years of history, especially with perfect payment status will surely pass the test for an approval.

3. Your debt load makes a difference in how you handle available credit. If all or even a few of your credit cards are maxed out a red flag pops up. People in control of their finances typically use credit cards sparingly or always pay them off in full each month.

4. Recent inquiries can wreak havoc if you’ve had too many. Multiple credit card applications make it look like you are in desperate need of more credit, or just credit in general. Its ok to have a few inquires with multiple mortgage companies within a 14 day window. The bureaus only look at these as one inquiry since most people will shop around for the best home loan.

It always makes sense to obtain a copy of your credit report either before you make a mortgage application or if you are declined credit as a result of a low credit score. There are several arguments for this statement. One is identifying potential errors and fixing them before your lender pulls their copy. Another is having the upper hand when applying for a mortgage. If you have a great credit score use it as leverage and tell the lender up front. Request terms based on it and make that lender wait to pull your actual credit report until you have received multiple offers.

Clinton