You shall earn study income and borrow as small money that is absolutely needed is a good way and foundation for good credit score. Paying bills on time is also a good way of getting a good credit score. If you do this consistently over the time there will be consistency in your credit score.
If you want to buy a new house or refinance your old home you need to take loan and lenders will give it to you only when you have good credit score. Even for buying a car or taking loan for business you need loans from bankers and that will be available only when you maintain good credit history and score.
You need to know your financial status via credit reports from three agencies. You can get one copy of report from each one free once for a year. Checking and taking measures to improve it is necessary to get the required loans from lenders. This will give you information regarding fraud activities if any are there happening on your account.
According to American law of rule you got a legal right to get free copy of your credit report. You can request them directly for your credit report. Their corresponding address is
1.Equifax Credit Information Services Inc.
1.800.685.1111
www.equifax.com
2.Experian (formerly TRW)
1.888.EXPERIAN (1.888.397.3742)
www.experian.com
3.TransUnion Corp.
760 W. Sproul Rd.
1.800.916.8800
www.transunion.com
You can access your report on each corporation internet website or get it mailed to your postal address.The consumer version of credit report contains additional information like the data of people who contacted them for your financial data. It will also have data regarding who accessed your data for promotional offers.If you want credit score simulator, you can get it online from www.myfico.com .
It analyzes your personal credit information. It will tell you what happens to your credit score it you open a new account or pay a bill. Credit reports some time contains errors that have to be corrected to get the loans and approvals needed. This errors exists because credit agencies collect information from different lenders and they are not verified in any way.
The important reasons for getting errors in credit reports are
- People apply for credit with different names and correspondingly you will have different credit reports.
- The person who input the personal hand typed written information in a wrong way.
- Clerical errors while inputting the information.
- Wrong social security numbers as the input.
- Payments for posted into different accounts accidentally.
The only person who can verify the correctness of your report is and you are supposed to do that. You can dispute the wrong information with the agencies. Inaccurate information shall be corrected with in thirty days of reporting.If the dispute is not solved you can add a brief statement to the credit report. This summery shall be printed in the report issued.
Outdated information shall be removed from data sheet and the limit for general data is seven years. Bankruptcy reports shall be eliminated from report if they are more than ten years.The best way to contact any CRA is sending a telephone message or fax with corrections.Have the original copy for reference and get it filed.Underline the error in your report and send it to the agency. Add dispute form or your personal statement to it.You need to send the document to support your disputed item. If you don’t have document you need to take them from the lender and submit it.
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