Credit scores range between 300 and 850. The scores that are over 700 are termed good. And a credit score of 850 is an excellent score. And anywhere below 700 needs improvement.
You may be one of those people who are afraid to get a copy of their credit report for fear to check their credit scores. But, you shouldn’t be. The good news is that checking your credit report does not impact your credit scores.
In essence, checking your credit report and scores is significant to ensure your personal and account details are correct. Besides, getting the report can help spot signs of possible identity theft.
According to CNBC, failure to check your credit report adds risks. And around 20% of consumers find errors in their reports. Thus, ignoring such report errors can lower your credit scores.
On the other hand, following up on your credit report will help you know how to maintain high scores. The higher your score, the higher the likelihood of getting lower interest rates on your loans and credit cards.
So, when you understand how your report impacts your credit score, you can find ways to push your numbers higher. Reliable credit repair services assured that poor credit scores can be reversed. So there’s really not much to worry about when checking your credit report.
But if you are still confused about what a credit report is and how to get one, keep on reading.
What’s a Credit Report?
A credit report is a statement with a track record of your personal and financial credit activities. Certified Credit Bureaus prepare the credit reports. It includes details collected from your:
- Debt information
- Public records
- Personal identification
Your report will include information such as:
- Payment history
- Debt balances
- Items under default
- Items under collections
- The institutions you owe money to
How Can You Get a Credit Bureau Report?
Visit the Correct Site
First, begin by checking into the right site. This will depend on the country you’re based in. For example, if you reside within the United States, visit AnnualCreditReport.com. In such a case, confirm that the site is correct. This is because some sites have names that sound similar.
Key in Your Personal Information
You’ll require details like your name, address, date of birth, and social security number to log in. Again, the requirements will depend on your country’s specifics.
Once you key in the required details, the personal data will be matched automatically against your files for identification purposes.
Send a Credit Report Request
You can request your credit report from your country’s leading credit bureaus. In the case of the USA, the three major credit bureaus include Equifax, TransUnion, and Experian.
Respond Successfully to Security Questions
Anytime you send a report request, you’ll get a few questions about your finances. These are personal questions that no one but you can only answer. Examples of the questions could be:
- What’s the approximate amount that you pay for your mortgage?
- When did you take your auto loan, and who holds it?
There are instances where you may experience some difficulty using the site. This is especially when answering security questions concerning older accounts.
If you cannot remember those details, you can request your reports via e-mail, phone call, or text message. Usually, this process does not involve security questions.
In fact, the visually impaired consumers are advised to call and request their reports in the form of:
- Braille reports.
Generate Your Online Credit Report
Once you answer the security questions successfully, you can access your credit report. Ensure you save the report on your desktop. Print it out for later access if you’re using a public computer.
Read Your Report Carefully and Check Possible Errors
Ensure you’re keen on reading and checking your report. Look for the common errors people often find in their reports like:
- Accounts that you never authorized or aren’t yours.
- Old, negative information cleared long ago and should not be included in the report.
- Any other wrong or negative information.
Such errors have great possibilities of hurting your credit score. You might also spot other error types like outdated employment information. But, such isn’t included in your credit score.
Based on a study done by the Federal Trade Commission, 1 in every 5 people get an error on their credit reports. These faults can lower your credit score and harm your chances of getting new credit lines. Still, if you get the credit line, the errors can make the credit terms costlier.
Seek Credit Repair Services to Correct Detected Errors
Thankfully, if you have an error on your report, top-rated credit repair services can help you fix the mistakes. The top-rated credit repair services aim at ensuring that everyone has a fair chance of attaining good credit. They want to make sure that you learn what it takes to enhance a lasting good credit.
Besides, the affordable credit repair services can help you understand what’s written on your report. They can also guide you on how your credit score works. With this knowledge, you can take complete control of your financial future. As a result, you get to live a free and happy life with no credit worries.
Monitor Your Credit Report and Scores Often
It’s essential to continue monitoring your credit scores and reports regularly. This can help keep off problems like identity theft or overlooked payments.
Importance of Credit Repair Services
Your credit report will often contain many items on it. Some of these items could be impacting your credit scores negatively. Top-rated credit repair companies do all they can to remove the negative items from your credit report. They ensure they correct any wrong or old stated items from your report records.
They also remove the collection account from your credit report and take care of any dispute process. In this case, the credit repair professionals will contact the applicable credit bureaus and dispute every item on your report.
They achieve this by going through all the processes needed to remove those items. This ensures that your report turns back positive. The procedures are done based on the Fair Credit Reporting Act.
According to this act, everyone has the right to dispute items on their report that appear inaccurate. Also, it’s everyone’s right to deny information that is no longer authorized to be on their credit reports.
Whenever you check your credit report, ensure that all your personal information, such as your name and address, is accurate. Also, make sure that there aren’t details you don’t recognize.
In short, ensure the information on your account is accurate and complete. This includes payment histories, account balances, and credit limits. Do you see some account details listed that you don’t believe are yours? If so, seek help from top-rated credit repair services.
Requesting your credit report is a great way to ensure it presents only accurate information. On the other hand, not checking your credit report often is risky.
If there are mistakes, your credit score might be lower than it should have been. When you apply for your next loan or credit card, it could incur more interest than it would with an error-free report.