Tell Me About Credit And How To Check It
Are you unsure who your creditors are? Would you like a free credit report but don’t know how to get one? Here are some tips:
Requesting a Credit Report
AnnualCreditReport.com is the only website authorized by federal law to provide you with a free annual credit report. They pull the report from each of the three major credit bureaus: Equifax, Experian, and TransUnion. You're entitled to one free report from each bureau every 12 months. Simply visit the website, fill out the necessary information, select which bureau's report you'd like to view, and you're good to go.
If you prefer not to go online, you can request your free credit report by phone or mail. Call 1-877-322-8228 to order or mail for your reports. Mail a completed Annual Credit Report Request Form to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Remember to include your full name, address, Social Security number, and date of birth in your request.
Since you're entitled to one free report from each bureau every 12 months, consider spreading out your requests throughout the year. For example, order your Equifax report in January, your Experian report in May, and your TransUnion report in September. This way, you can keep a closer eye on your credit throughout the year without having to pay for additional reports.
While AnnualCreditReport.com is the official source for free credit reports, many impostor websites exist. They are out there and claim to offer the same service. These sites may try to charge you fees or sign you up for extra services. Double-check the URL and be sure you're on the correct website before entering any personal information.
Once you've obtained your free credit report, take your time and review it. Check for errors such as incorrect personal information, accounts that don't belong to you, or fraud. If you spot any problems, report them to the credit bureau ASAP to have them corrected.
Disputing Errors on your Credit Report
Disputing errors in your credit history is important. This step is to ensure that your credit report reflects your financial history. Here's how you can dispute the wrong things on your credit report. First, you obtain a copy of your credit report. Second, Review each report carefully to identify any errors or wrong things. Third, look for any incorrect information on your credit report. Things like accounts that don't belong to you, incorrect account statuses (e.g., accounts reported as delinquent when they are current), inaccurate balances, or fraudulent activity. Fourth, Collect any papers that support your dispute. Bank statements, payment records, messages with creditors, or identity theft reports if applicable. These papers can be useful evidence to support your dispute. Fifth, Contact the credit bureau(s) reporting the information that was wrong. You can usually start a dispute online, by mail, or by phone. Provide clear and specific details about the information you are disputing and why it is wrong. Include copies of any supporting papers.
After that, you can also directly dispute wrong information with the creditors or lenders that provided the information to the credit bureaus. They are required to investigate your dispute and correct any wrong things. After you submit a dispute, the credit bureau will investigate the matter by contacting the creditor or lender. They have 30 days to complete their research, although it may take longer in some cases. Once the review is complete, the credit bureau will provide you with the results of their review in writing. If the disputed information is found to be wrong, the credit bureau will update your credit report. Follow up with them if it is necessary. If the case does not resolve the dispute to your liking, you can follow up with the credit bureau. You will have to provide more evidence or escalate the matter further if needed. It's important to monitor your credit reports for wrong things. You should dispute any errors quickly to ensure that your credit history remains accurate and reflects your financial situation the right way.
Does getting a credit report affect my credit score?
Checking your credit reports or credit scores will not impact your credit score. Regularly checking your credit reports and credit scores is a good way to ensure that information is accurate. Hard inquiries in response to a credit application do impact credit scores.
AUTHOR: EMILY PAUL, HELPLINE ATTORNEY FOR CENTER FOR ARKANSAS LEGAL SERVICES