Of the three most popular credit reporting bureaus is Equifax, which as a customer with them; you can access your most important credit information. The main product of Equifax is the Equifax Credit Report, which provides not only the FICO credit score, but also other information for possible employers and lenders.
Most customers choose the Equifax report since it is easy and clear to understand compared to other credit reporting agencies.
What is included in my report of my credit history?
The money that you put into an Equifax credit report is well worth it - you'll get the credit report and something extra as well. Through Equifax's website, you'll immediately have full access to your credit report and FICO score. What your creditors know will no longer be a mystery, and you won't have to wait on the mailman to see what your credit report reveals.
You will be able to see whether or not you have a good payment pattern, if you have excessive inquires, and any other paying habits that you might not be aware of. This will give you all of the information that you need in case you have to contact the creditor in charge of one of your former accounts.
Furthermore, Equifax credit report actually simplifies the more complicated terms so that you will be able to easily read through and understand your credit report on your own. Often, information given by these reports can become difficult to comprehend.
Equifax makes sure that you know exactly what is going on with your bankruptcy score or anything else in the report. Not only will you have the information, but you will have a clear explanation of what each part of your report means and how it impacts your credit score.
The "Interactive Score Simulator" offered by Equifax makes it popular since it helps consumers understand their credit scores better. You can know the impact of your credit score with the ability of this tool. Based on the report, you can plan to get your credit back on track.
You just might need a secured credit card or choosing to open a high interest credit card account might make it possible for you to rebuild your credit. An Equifax credit report will help you begin no matter which path you choose.
The primary Equifax credit report that you will find on the website is called ScorePower. This is their basic package that gives you access to whatever you need. On the site, you will see that there are options for other packages, as well.
You will be asked if you would like to sign up for additional services when you sign up for the $15.95 ScorePower report. Since you have access to your credit report, you can monitor it and more than likely you aren't going to need the other products offered. When you obtain your Equifax Credit Report online, you will be glad to know that you can take advantage of superb customer service and have the ability to easily dispute any part of the report that is incorrect.
Equifax, Experian, and TransUnion ? to provide you with a free copy of your credit report, at your
request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the
files of the nation's consumer reporting companies. The Federal Trade Commission (FTC), the nation's
consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
A credit report includes information on where you live, how you pay your bills, and whether you've
been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the
information in your report to creditors, insurers, employers, and other businesses that use it to
evaluate your applications for credit, insurance, employment, or renting a home.
You may order your reports from each of the three nationwide consumer reporting companies at the
same time, or you can order your report from each of the companies one at a time. The law allows you
to order one free copy of your report from each of the nationwide consumer reporting companies every
12 months.
Q: Are there any other situations where I might be eligible for a free report?
A:Under federal law, you're entitled to a free report if a company takes adverse action against you
such as denying your application for credit, insurance, or employment and you ask for your report
within 60 days of receiving notice of the action. The notice will give you the name, address, and
phone number of the consumer reporting company. You're also entitled to one free report a year if
you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report
is inaccurate because of fraud, including identity theft. Otherwise, a consumer reporting company
may charge you up to $9.50 for another copy of your report within a 12-month period.
Q: Why do I want a copy of my credit report?
A: Your credit report has information that affects whether you can get a loan ? and how much you
will have to pay to borrow money. You want a copy of your credit report to: ?Make sure the information is accurate, complete, and up-to-date before you apply for a loan
for a major purchase like a house or car, buy insurance, or apply for a job. ?Help guard against identity theft. That's when someone uses your personal information ? like
your name, your Social Security number, or your credit card number ? to commit fraud. Identity
thieves may use your information to open a new credit card account in your name. Then, when they
don't pay the bills, the delinquent account is reported on your credit report. Inaccurate
information like that could affect your ability to get credit, insurance, or even a job.
Q: What if I find errors ? either inaccuracies or incomplete information ? in my credit report?
A: Under the FCRA, both the consumer reporting company and the information provider (that is, the
person, company, or organization that provides information about you to a consumer reporting
company) are responsible for correcting inaccurate or incomplete information in your report. To take
full advantage of your rights under this law, contact the consumer reporting company and the
information provider. 1.Tell the consumer reporting company, in writing, what information you think is inaccurate. Consumer reporting companies must investigate the items in question ? usually within 30 days ?
unless they consider your dispute frivolous. They also must forward all the relevant data you
provide about the inaccuracy to the organization that provided the information. After the
information provider receives notice of a dispute from the consumer reporting company, it must
investigate, review the relevant information, and report the results back to the consumer reporting
company. If the information provider finds the disputed information is inaccurate, it must notify
all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the written results
and a free copy of your report if the dispute results in a change. (This free report does not count
as your annual free report under the FACT Act.) If an item is changed or deleted, the consumer
reporting company cannot put the disputed information back in your file unless the information
provider verifies that it is accurate and complete. The consumer reporting company also must send
you written notice that includes the name, address, and phone number of the information provider. 2.Tell the creditor or other information provider in writing that you dispute an item. Many
providers specify an address for disputes. If the provider reports the item to a consumer reporting
company, it must include a notice of your dispute. And if you are correct ? that is, if the
information is found to be inaccurate ? the information provider may not report it again.
Q: What can I do if the consumer reporting company or information provider won't correct the
information I dispute?
A: If an investigation doesn't resolve your dispute with the consumer reporting company, you can ask
that a statement of the dispute be included in your file and in future reports. You also can ask the
consumer reporting company to provide your statement to anyone who received a copy of your report in
the recent past. You can expect to pay a fee for this service. If you tell the information provider that you dispute an item, a notice of your dispute must be
included any time the information provider reports the item to a consumer reporting company.
Q: How long can a consumer reporting company report negative information?
A: A consumer reporting company can report most accurate negative information for seven years and
bankruptcy information for 10 years. There is no time limit on reporting information about criminal
convictions; information reported in response to your application for a job that pays more than
$75,000 a year; and information reported because you've applied for more than $150,000 worth of
credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be
reported for seven years or until the statute of limitations runs out, whichever is longer.
Q: Can anyone else can get a copy of my credit report?
A: The FCRA specifies who can access your credit report. Creditors, insurers, employers, and other
businesses that use the information in your report to evaluate your applications for credit,
insurance, employment, or renting a home are among those that have a legal right to access your
Both Richard Lakin & Parker Graham are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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