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Do you know everything you want to about your credit report?

Here are a number of answers to some key questions you may have about credit reports and your personal Credit Score. If you have more question, or specific questions, contact your FVSB loan representative.

What is a credit report?

A credit report is a summary of your financial reliability – for the most part, your history of paying debts and other bills. It is prepared by credit bureaus (also known as credit reporting agencies) primarily for use by lenders, employers legitimate need for the information, such as whey legitimate need for the information, such as when you apply for a loan, insurance policy, apartment or job. The wealth of information gathered by credit bureaus, coupled with the speed of today's computer systems, explains why consumers can quickly get loans and other services.

What is in my credit report?

In general, your credit report has four parts:

  • Identifying information.
  • Public record information…gathered from local courthouses used to determine if you have previous defaults or legal judgments against you.
  • Credit history information…such as a list of your credit cards and loans, and whether payments were on time.
  • Inquiries…a section that lists the creditors or other parties that have requested your credit report.

How do credit bureaus get their information?

Lenders voluntarily supply the information to credit bureaus on an ongoing basis; no federal lays require companies to submit the data. Having access to current and reliable information about you helps lenders make informed decisions and offer you financial products and services more quickly.

How can I get a copy of my report?

Typically, there is no single credit report . Most likely, each of the three major credit bureaus that operate nationwide – Equifax, Experian and TransUnion – has a credit report on you. And because of the credit bureaus may have different information and findings, many experts advise you to obtain your report from each.

The Fair and Accurate Credit Transactions Act (FACT Act) enables you to obtain a free copy of your credit report once a year from each of the three major credit bureaus (Equifax, Experian and TransUnion). For detailed information, contact the Federal Trade Commission (FTC) at www.ftc.gov .

How often should I get my credit report?

Many financial advisors suggest that you review your credit report once a year. It's especially important to review your credit report before making a major purchase so you can correct an error before it slows down your credit approval or prevents you from getting the best possible loan terms.

What kinds of problems could I encounter?

While federal law requires lenders and other companies providing information to credit bureaus to give accurate information, mistakes do happen. So, when you look at your report:

  • Make sure it accurately reflects how you have paid your bills. If you always pay your credit cards and other loans on time, but your credit report erroneously shows late payments, you'll want to correct that immediately.
  • Verify that all the accounts listed are yours, especially if you have a common name or share a name with a relative (such as John Doe, Jr.). You also want to be careful that an identity thief hasn't opened new accounts in your name to commit financial fraud.
  • Look for accounts you don't use and may have forgotten. You may be able to raise your credit score by closing unnecessary credit card accounts.

How do I correct wrong or incomplete information in my credit report?

  • Immediately tell the credit bureau, in writing. Federal law requires credit bueaus to investigate your complaint (generally within 30 days), send you a prompt response and correct any errors.
  • Identify each item in your credit report that you dispute. State the facts and request a correction. The law also requires the source of inaccurate information to correct the record at the credit bureaus.
  • Send your letter by certified mail. Contact the company that provided the inaccurate of incomplete information and request a correction of its records, too. If a credit bureau's investigation does nto resolve you concerns, the law allows you to submit a brief statement about the matter that must be attached to your credit report and provided to anyone that accesses your report in the future.

What if I have a question or complaint involving a credit bureau?

First, try to resolve the matter with the credit bureau directly. If you are not satisfied, contact the FTC. The FTC does not resolve individual disputes, but it does provide useful information that may help consumers resolve their problems. Visit them at www.ftc.gov or call too-lree, 1-877-FTC-HELP (1-877-382-4357).