There are three major credit reporting agencies. They are Experian, TransUnion and Equifax. These credit agencies collect and organize information about you and your repayment history. They then make it available to those who are considering granting you credit.
People like landlords, potential and current employers, government licensing agencies and insurance underwriters will use either the credit report or the FICO score (credit score in case you didn't know) or even both to determine rates, fees, approvals, etc.
When looking at your credit report most potential creditors look for these things.
- Your FICO score
- How promptly do you pay your bills?
- How many credit cards you hold?
- What is the total amount of credit extended to you?
- How much do you actually owe on all of your accounts?
If the creditors find a history of late payments, bankruptcies, other collection activities, too many accounts, too much indebtness, maxed out lines of credit or multiple inquiries in the past twelve months, it could negatively impact your ability to get credit.
Here is where you can get your own free credit report. Just log into www.annualcreditreport.com or call 877-322-82281. You will need your name, social security number, date of birth, current address and your most recent credit information. For example: Amount of car payment, balance on your credit card, bank, etc.
This central site allows you to request a free credit report, once every twelve months from each of the nationwide consumer credit reporting agencies. Which are the ones I listed earlier, but I will list again for you. Equifax, Experian, and TransUnion. It doesn't take long, especially when you do it online. If you do decide to request your report online, you will recieve it immediately. However, if you decide to request over the phone, you should recieve it within 15 days.
Most people don't realize that just because you request your credit report does not mean you will get your credit score. That is a seperate thing all together. Should you want your actual credit score you will have to pay a nominal fee of about $10.00.
Should you want to contact the actual credit bureaus, here are the ways.
Experian (formerly known as TRW) website: www.experian.com
Equifax website: www.equifax.com
TransUnion website. www.transunion.com
There is also free help available for debt relief or counseling, so don't get sucked in by the ones requesting payment. If you want help contact a licensed budget and credit counseling agency for confidential help. This site is a free service. Consumer Credit Counseling Services of NH/VT, also on the web at www.cccsnh-vt.org
