Consumer_Finance - Credit Access

What is a credit report?

A credit report provides information about where you live and how you pay your bills, as well as whether you have been sued or filed for bankruptcy.

Why is a credit report important?

Credit reports are important because they are used by creditors, insurers, employers, and other businesses to evaluate your applications for things like credit cards, insurance, employment, or renting a home.  Credit reports can affect whether you can get a loan and how much you have to pay to borrow money.

Getting a copy of your credit report allows you to make sure the information used by these companies is accurate, complete, and up to date.  Having a copy of your credit report also helps to protect you against identity theft because the report will allow you to see if someone has used your personal information to open an account in your name.

What is a credit score?

A credit score is your three-digit number generated by a mathematical algorithm using information in your credit report. It’s designed to predict risk, specifically, the likelihood that you will become seriously delinquent on your credit obligations in the 24 months after scoring.

What should I look for when reviewing my credit report?

Make sure that you recognize the information on your credit report including your personally identifiable information, such as names, addresses, Social Security Number, accounts and loans. Make sure everything is accurate and complete.

What do I do if I find something incorrect on my credit report?

Mistakes on your credit report could negatively affect your ability to get credit, insurance, or even a job. You must dispute any issues with the credit reporting agency. If you find mistakes or incomplete information in your credit report, tell the credit reporting agency, in writing, what information you think is wrong. The credit reporting agency generally must investigate your complaints within 30 days.  

Who are the credit reporting companies?

Equifax
Experian
TransUnion

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