If you find mistakes on your credit report- such as incorrectly reported amounts on an account, or an account that doesn’t belong to you, you can fill out the dispute form included on a mailed copy of a credit report, or use an online form to dispute the discrepancy online.
The credit reporting agency must then verify the information within 30 days of your filing the dispute (or the mistake must be removed). If they find it to be correct, and you still disagree- you can contact the creditor directly to have it corrected. If they find the information you’ve disputed to be incorrect, they are required to remove the item from your credit report.
Article from destroydebt.com
Free Credit Score - How to read a credit report
Reading Credit Reports
Credit reports are divided into four different segments: identifying information about the individual, credit history, public records, and inquiries made to the credit file.
Identifying information should include your name and address, and social security number. If you see a few variations of your name or more than one social security number, it’s because one of your creditors has reported it incorrect, but that information should remain because taking it off can hurt the connection between the report and the creditors who use it.
Identifying information also includes your employer(s), driver’s license numbers and sometimes your spouse’s name.
Credit history includes a list of individual accounts and account numbers (which may be encrypted). Information for each account will usually show the date it was opened, the type of credit (mortgage, car loan, installment, revolving), total amount of your loan and the amount you still owe, as well as the status of the account (open, closed, paid as agreed, inactive) and how you’ve been making payments on the account (on time, 30 days late, 90 days late, etc).
Public records is a section that you hope has nothing in it. This section provides details for bankruptcies, tax liens and judgments. This section will lower your credit score faster than anything else can.
Inquiries provide a list of “hard” inquiries- credit you’ve applied for and can affect your credit score- although FICO ignores most inquiries when coming up with their scores for individuals, and “soft” inquiries from credit card lenders who check your file before sending out promotional credit card offers. Soft inquiries do not raise or lower your credit score.
Article from destroydebt.com
Credit reports are divided into four different segments: identifying information about the individual, credit history, public records, and inquiries made to the credit file.
Identifying information should include your name and address, and social security number. If you see a few variations of your name or more than one social security number, it’s because one of your creditors has reported it incorrect, but that information should remain because taking it off can hurt the connection between the report and the creditors who use it.
Identifying information also includes your employer(s), driver’s license numbers and sometimes your spouse’s name.
Credit history includes a list of individual accounts and account numbers (which may be encrypted). Information for each account will usually show the date it was opened, the type of credit (mortgage, car loan, installment, revolving), total amount of your loan and the amount you still owe, as well as the status of the account (open, closed, paid as agreed, inactive) and how you’ve been making payments on the account (on time, 30 days late, 90 days late, etc).
Public records is a section that you hope has nothing in it. This section provides details for bankruptcies, tax liens and judgments. This section will lower your credit score faster than anything else can.
Inquiries provide a list of “hard” inquiries- credit you’ve applied for and can affect your credit score- although FICO ignores most inquiries when coming up with their scores for individuals, and “soft” inquiries from credit card lenders who check your file before sending out promotional credit card offers. Soft inquiries do not raise or lower your credit score.
Article from destroydebt.com
Free Credit Score - Credit Score Breakdown
5 Parts of a credit score
Your credit score is determined and broken down into 5 separate parts.
The 5 factors of a credit score collectively make up your total score.
A credit score falls into the range of 300 to 850. The higher your score,
the better. Credit scores are determined by one of three credit report bureaus
all of whom use their own scoring calculation method. Equifax uses the beacon
system, TransUnion has the Fico Risk Score system and Experian uses the Fair Isaac Risk system.
Lenders may determine your score based on other factors such as your income
and length of employment. The 5 factors of a credit score are:
Payment history: 35 percent of total credit score
Outstanding debt: 30 percent of total credit score
Established credit: 15 percent of total credit score
New credit accounts: 10 percent of total credit score
Types of credit: 10 percent of total credit score
H55DB5SNAT8R
Your credit score is determined and broken down into 5 separate parts.
The 5 factors of a credit score collectively make up your total score.
A credit score falls into the range of 300 to 850. The higher your score,
the better. Credit scores are determined by one of three credit report bureaus
all of whom use their own scoring calculation method. Equifax uses the beacon
system, TransUnion has the Fico Risk Score system and Experian uses the Fair Isaac Risk system.
Lenders may determine your score based on other factors such as your income
and length of employment. The 5 factors of a credit score are:
Payment history: 35 percent of total credit score
Outstanding debt: 30 percent of total credit score
Established credit: 15 percent of total credit score
New credit accounts: 10 percent of total credit score
Types of credit: 10 percent of total credit score
H55DB5SNAT8R
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