The information on your credit reports is compiled by the three credit bureaus (Equifax, Experian and TransUnion) to help lenders discover whether you are a credit risk. Your credit reports could show previous and existing loans, late payments, wage garnishments and credit inquiries. These are only a few examples of what might be contained within the reports. If your credit reports show a history of defaulting on loans, late payments or judgments, then it will be much more difficult to access credit. Our entire society runs on credit, so it is important to know what information is contained within your credit reports. Once you have this information, you can contest errors or develop strategies to repair your finances. Fortunately, are owed a free credit report each year from the three credit bureaus. How Does AnnualCreditReport.Com Work? The three credit bureaus operate AnnualCreditReport.com, the only website where you are guaranteed free…
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Last week’s blog discussed the potential negative consequences caused by having a low FICO score from any of the three credit agencies (Equifax, Experian and TransUnion). However, it is difficult to improve your credit score if you do not know what is on your reports from these agencies. There are several places where you can check your credit rating and report, including annualcreditreport.com. This is the website where you can pull one free report from the three credit bureaus each year. However, this website involves some preparation, which we have explained in a prior blog. If you get your personal information wrong during this process, then you may have to start over and call the credit bureaus directly. There are other places where you can pull your credit reports. Unfortunately, many of these services are not free. com: You can pull your credit scores from MyFICO.com. This website is operated…
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The three credit bureaus (Equifax, TransUnion and Experian) will no longer report tax liens and civil judgments without certain identifying information. From now on, a tax lien or civil judgment must contain a consumer’s date of birth and Social Security number before they can be listed on a credit report. Fortunately, most tax liens and civil judgments do not contain this information. In addition to these new credit reporting rules, the bureaus will also wait 180 days before including medical debt on reports. This is the result of a settlement between 31 attorneys general and the three credit reporting agencies. The changes to tax liens and civil judgments took effect on July 1st. However, changes to how medical debt is reported will not go into effect until September 1st. Can I Receive a Free Copy of My Credit Report? Depending on your financial circumstances, this could be good news for…
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