Your credit report is a record of your history managing and repaying debt. Your credit report contains personal information, credit account history, credit inquiries and public records. This information is reported by your lenders and creditors to the 3 credit bureaus (Experian, Equifax and TransUnion). Much of it is used to calculate your FICO® Scores to inform future lenders about your creditworthiness.
When lenders run credit checks, they're trying to assess what kind of borrower you'll be, and going over your credit score and report can help them understand how you've historically managed credit. Late payments, maxed-out credit cards and accounts in collections may paint you as an unreliable borrower. On the other hand, having a long track record of timely payments, low credit balances and paid-off accounts tends to work in your favor.
Where to get your report?
Each one of the 3 credit bureaus maintain a separate report. When evaluating your credit it is important to know what is being reported to all three. Credit reports are typically updated every 30-45 days.
There are many sites you can go to to obtain your credit report. The cost associated depends on the cite you are using.
Due to the pandemic your now able to review your full detailed report once a week. Access free report here: www.annualcreditreport.com
Credit reports may have mistakes on them, if this is the case you will be the one most likely to find them. Review your report looking for:
-Incorrect first and last name
-Address of places you did not live
-Names of employers you did not work with
-Accounts you do not recognize or listed multiple times
-Closed accounts still listed
-Inaccurate balances
-List of inquiries and more
**You as the consumer have rights under the Fair Credit Reporting Act (FCA) to dispute any information being reported to your credit report for the accuracy. However, never dispute online due waiving some of your rights during the process**
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