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Credit Reports
Overview of Credit Reports and Their Content
by InvestorGuide Staff (Write for us!)
(Click on the links within the article to get definition of that word)
Checking your credit report is the best way to gauge the risk you pose to prospective lenders such as banks, loanofficers, and landlords. Getting your credit report is easy, and can be done online. The "Big Three" credit bureaus are Experian, Equifax and TransUnion.
Equifax, P.O. Box 740241, Atlanta, GA 30374-0241 (888) 766-0008.
Experian, P.O. Box 2002, Allen, TX 75013 (888) 397 3742.
Trans Union, P.O. Box 2000, Chester, PA 19022 (800) 916-8800.
While many lending institutions report consumer credit information to all three bureaus, some report only to one, so your credit report might differ slightly from one bureau to another. You can order your
credit report from each agency individually, or order all three at once from sites such as TrueCredit. We recommend that you check your credit report at least once every two years, and immediately prior to any significant borrowing you're anticipating.
Getting your credit report isn't free (usually), but it is inexpensive. Credit bureaus can charge no more than $8 for your report. However, there's no charge if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days of receiving the notice of the action. The notice will give you the name, address, and phone number of the credit bureau to contact. In addition, you're entitled to one free report a year if you can prove that you're unemployed and plan to look for a job within 60 days, or if you're on welfare, or if your report is inaccurate because of fraud.
Another important feature of a credit report is a credit risk score. This information is sometimes provided to a credit grantor, but it usually won't be included in the copy of your report that you receive. A credit risk score is an quantitativeevaluation of a person's creditworthiness based on an analysis of that person's credit report. The calculation is based on a complexweighting of
many factors, including payment history, outstanding debt, credit history, pursuit of new credit, and types of credit in use. Although different credit scoringsystems exist, the most common is the Fair Isaac (FICO) score. Credit scores range from 375 to 900, with 650 being about average. A higher score indicates better creditworthiness. As your credit history changes, your credit score will change.
In addition to the standardcredit reports, there are also specific-purpose reports for certain circumstances. The two most common are the mortgage report and the employment report. Both are similar to standard credit reports but focus on certain areas relevant to mortgages or employment while ignoring others.
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