Credit Report Guide - Information and Advice

"A guide to understanding your online credit report."

Do you understand what's on your Credit Report?

What exactly is a Credit Report?

Credit Rating is a scientific calculation that uses statistical models to assess an individual's credit worthiness based on his or her credit history and current credit accounts. Credit scoring was first developed in the 1950s, but has become more widely used over the last 20 years.

In the early 80’s the three major credit reporting bureaus, Experian, Equifax and Trans Union all worked in conjunction with the Fair Isaac Co. to develop scoring models that allow each credit bureau to offer a score based solely on the contents of the credit bureau's data about an individual. Most creditors use these credit scoring systems to evaluate an individual before extending credit, especially home mortgage companies.

Creditors can order credit reports from any or all of the 3 credit reporting bureaus to check your credit score.
Today with advancements in the Internet, you can also order a copy of your credit report with relative ease. Credit reports usually come with a credit report analysis as well.

Depending on which credit reporting bureau you get your report from, your scores may vary slightly. Each credit reporting bureau has a slightly different way of calculating your score but the scoring models have been normalized so that the scores are almost equivalent to each other.

The scoring system is built on a scale from 375 points to 900 points. A score of 700 represents a good score. Click here for your Free credit report w/free credit score.

It is a good idea to check you credit report every so often. It is not uncommon or impossible for a credit report to have a mistake that is affecting your credit in a negative manner. If you feel there is a mistake on your credit report you can dispute the credit information.

Credit Report Dispute

To dispute inaccurate information on your Equifax, Experian, or TransUnion credit report, write to the bureau that supplied the information.

In your letter be sure to include:

• Your full name, first, middle and last and any applicable suffixes (Jr., Sr., II, etc.)
• Your complete mailing address
• Your date of birth
• Your Social Security number (this is necessary to access your credit report)
• The name and account number of the creditor and item in question
• The specific reason for your disagreement with the disputed item
• Your signature
   

For further dispute information please contact:

Equifax Information Services, LLC
Mail
P.O. Box 740256
Atlanta, GA 30374-0256

TransUnion
Mail
TransUnion Customer Relations
P.O. Box 34012
Fullerton, CA 92834
Or, fax the dispute request to (714) 447-6032

Experian
DisputeInfo@consumerinfo.com

Related Pages

Credit History and Mortgage Approval - Your credit history affects your mortgage approval chances - Get a free credit report with credit score and qualify for a lower mortgage loan rate.

Credit Score Improvement - Credit scores myths and facts - How to improve your credit score - Get a free credit report with free credit score and improve your numbers.

Choosing A Mortgage Lender - Facts to consider in choosing a mortgage lender - Five steps to getting the best loan by leveraging online mortgage rates.

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