Know whats in your credit report
Consumers should know what is in their credit report. Please consult the credit reporting agency compiling your credit report for any information pertaining to your credit history. You may also Order a Copy of your personal credit report for more information.
Developing a positive credit history is one of the most important personal financial steps you can take. Keep in mind there are steps you can take to improve your credit worthiness.
Improving your score checklist:
- Pay off as many account balances in full as possible
- Have a verifiable address. At least six months at the same residence is preferable.
- Stable employment history
- Timely payment of the minimum amount due for each open account
- Close old accounts you never use
- Correct former addresses or other factual errors
- Check to see if you are a victim of Credit Card Fraud. If you suspect this is so:
- Report lost or stolen checks or credit cards as soon as possible
- Get a new card, account number and password if you use an ATM card for banking
- Contact the Social Security Administration if someone is using your social security number
- Contact the credit agency's Fraud Victim Assistance Department. At Trans Union, the number is 800-680-7289; at Experian, 800-301-7195; and at Equifax, 800-685-1111.
If your credit report reflects inaccurate or outdated information, you can correct it. Notify your local credit bureau of the problem in writing. The credit bureau will notify the creditor involved. The creditor will investigate and report back to the bureau to correct errors that have occurred. The three major credit reporting agencies are: Experian, 800-682-7654; Trans Union, 800-888-4213; and Equifax, 800-685-1111
If you already have a debt problem, it is likely that your credit rating has already been affected. If you are unable to meet the original contracted terms of your credit agreement your creditors will register that you are in default. This will be recorded on your credit file and will normally be retained on your file for 6-7 years.
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