1. Who provides the the credit report services?
There are 3 credit bureaus in the U.S. and they are Equifax, Experian and TransUnion.
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
(800) 916-8800 or (800) 888-4213
2. Whats the info in the credit report?
(1). Personal information like name, SSN, date of birth, current address, previous addresses, employer, etc.
(2). Credit card, mortgage and loan information like credit card number, credit card status, open date, balance, credit line (credit limit), update date, minimum payment, records of the money return, etc.
(3). Inquiry: (a). Hard inquiry: It is the inquiry from the banks or credit card companies, authorized by you. This kind of inquiry has a negative impact on your credit score. (b). Soft inquiry: When the credit card companies wanna do some promotions, they can run a soft inquiry on your credit report. This type of inquiry has no negative impact on your credit score.
(4). Collection information.
(5). Public records. (bankruptcy, mortgage, frozen assets, decree, etc)
3. Who is interested in my credit report?
Banks and credit card companies, cell phone companies, insurance companies, employers, landlords.
4. How do the 3 credit bureaus get the info on my credit report?
You credit report info is provided by these: banks, credit card companies, insurance companies, collection companies, government, court.
5. How long do they keep the info in my credit report?
Usually, it is 7 years.
bankruptcy: 10 years.
>$75000’s work: forever.
criminal record: forever.
>$150,000’s life insurance: forever.
inquiry: 2 years.
6. How to get my credit report?
If you are rejected when applying for a credit card or loan, you will receive a letter. This letter will tell you how to get your free credit report.
You can also contact the credit bureaus directly.
7. What can I do if I find something wrong with my credit report?
You can dispute if you find something wrong in your credit report.
8. I did not find anything about the employers and insurance in my credit report, why?
It is possible that your employers or insurance companies do not provide any information to the credit bureaus.
9. How long does it take to update the credit report?
For the inquiry, it is the real-time update. The update speed of other records depends on the related corporations. Usually, the credit card records can be updated every month. If you are planning to get a housing loan or car loan, you’d better start to improve your credit score earlier. Because it takes time to update your credit report and to improve your credit score.
10. What should I do if my personal info is stolen?
1). Call your bank and credit card company.
2). Call the fraud department of the credit bureau to place a fraud alert on your credit file.
3). Close your stolen accounts.
4). File a police report.
5). File your complaint with the FTC.
11. What’s my credit score? (info about the credit score)
Currently, the most common credit score is the FICO credit score. It is calculated from the credit report. Because the 3 credit bureaus have different credit reports for you. Your credit score can be different for these 3 credit bureaus.
12. I can not find the credit score from my credit report, why?
You need to purchase your credit score. It is not free.
13. What’s a good credit score? ( loan credit score, credit score mortgage )
Usually, the credit score is between 350 and 850. You will have a better chance to get the best offer when applying for the loans if your credit score is very high. For the housing loan, you can get a good offer if your credit score is above 650. For the car loan, it is 720.
14. What affects my credit score?
Negative factors: bankruptcy, collection, default payment, late payment.
Credit history (the longer the better).
Open accounts with balance.
Credit usage (the best ratio of Balance/Credit Limit is 1-2%, >50% is negative)
Inquiry (Hard inquiry will have a negative impact on your credit score, especially the hard inquiry within 6 months)
15. How to improve my credit score?
Pay your bills on time.