Experian Credit Report

Experian is one the most important credit groups that offers, among other services, credit reports at the request of creditors or consumers. Many companies looking to hire somebody new and many creditors will get Experian credit reports on the people that apply for jobs or for credits. This way, they can assess the financial past and determine whether or not the applying person poses a financial risk.

But not only employers or creditors can ask for a copy of credit report, individuals can do the same as the Experian is obliged by the state to offer this service free of charge to anybody who requests it. So for example if you’ve recently been denied a credit, you can get your own credit report and find out why you didn’t get it. And the easiest way to obtain it is either online via the internet, or over the phone by directly calling the credit group.

When asking for your free copy of Experian report, you should expect to get a well documented archive of all your financial behavior plus a lot of personal information. Everything is documented from all your addresses, your working places, what credits you took up to now, whether you were late with your payments, any bankruptcies etc. By analyzing all of this information you will discover your problem areas and you could go about fixing them to the extent that they can be changed.

You can request an Experian credit report every year and you should do so regardless if you need it or not. It is a good practice for you to always be in control of your financial situation and to close up any loose ends you might have. This yearly routine will give you an advantage next time you want to take a new credit or get a new job.

Although you’re legally entitled to receive a free copy of your credit report annually from Experian, this free report will not reveal your actual credit score. To view the actual score that the lenders are seeing, get your score (plus 3 in 1 credit report) from freecreditscore.com for a free trial.

Tips On Filing A Credit Report Dispute

The financial past of each individual is listed in a credit report. These act as a guide for credit companies when deciding whether they will loan you money or not. This is why it is essential for you to have accurate information in your credit report. Any inaccuracies could lead to the credit companies refusing to loan you further monies.

According to law each and every citizen must have free access to their own credit report and it is recommended that you check it once a year in order to be sure that the information is correct. As all the information is entered by data entry personnel it is entirely plausible for mistakes to me made and if left uncorrected then they will continue to show up in future credit reports.

In case that you notice any false information listed about your financial history, you can then file a credit report dispute. When you do this make sure that the credit reporting agency will correct the mistakes as obliged by the Fair Credit Reporting Act.

When submitting a dispute letter you need to include all of your claims in writing and to describe them with as much detail as possible in order for the errors to be located and fixed as quick as possible. If you can it is also a great help to include any supporting documents you might have such as receipts, tickets, notes, invoices etc. Dont forget to make a copy of everything you have stated as well as all the documents you attached to your dispute letter.

When you file your dispute an investigation will start and your claim or claims will be assessed for their validity to be proved. After the investigation has finished, and your claims have been proven true, then any errors in your credit report will be corrected.

For more information, here's a good read on how to dispute your credit report with a sample of dispute letter for your perusal.

Understanding Credit Report & Score

Credit report is a snapshot of your credit history while credit score (calculated from the information in the credit report) is one of the most important numbers lenders use to determine whether or not you’ll qualify for new credit, and at what interest rates and terms of credit.

What's in Your Credit Report

Here are some of the information that may be included in your credit report

1. Personal Records – It contains your complete name, address, age, birth date, spouse’s name, social security information and even your employment records. So filling in accurate information every time you apply for a credit card would reveal how honest and credible you have been with these forms.
2. Financial Data – All your previous Credit card transactions, bank records, loan accounts and all other significant transactions from previous financial activities are collected and put into a reference form.
3. Open Access - This record data base includes all your tax documentations, financial statements and even bankruptcy filing.
4. Evaluation - These are inquiries from various credit institutions who have acquired copies of your credit report and statements.

Note that mistakes on your credit report may have a negative impact on your credit score. It is your responsibility to ensure that your report is accurate and up-to-date. It is advisable that you review your report every 3-6 months.

Here's the good news, by law, you’re entitled to for free credit report from AnnualCreditReport.com once a year; keep in mind, though, that this free report only shows your credit history, not your FICO score.

Alternatively you can monitor your scores from 3 credit bureaus when you sign up with creditscore.com.

Lastly, taking the time to understand credit report score is the first step in the right direction and eventually will help you find out how you can improve your credit score.

TRW Credit Report

If you’re one of those who might hear or encounter the term “credit report” for the first time, it can be somewhat confusing.

But it's important to understand your credit report as these reports reflect and often used as reference by various credit institutions in the evaluation of your loan (or mortgage or credit card) application.

Here are some of the pertinent information that that you'll see in your credit report:

1. Personal Records – It contains your complete name, address, age, birth date, spouse’s name, social security information and even your employment records. So filling in accurate information every time you apply for a credit card would reveal how honest and credible you have been with these forms.
2. Financial Data – All your previous Credit card transactions, bank records, loan accounts and all other significant transactions from previous financial activities are collected and put into a reference form.
3. Open Access - This record data base includes all your tax documentations, financial statements and even bankruptcy filing.
4. Evaluation - These are inquiries from various credit institutions who have acquired copies of your credit report and statements.

It is very important to check your credit report at least once a year so you will know what is going on with your finances.

That said, if you’re looking for a reliable credit report, you might want to avail yourself of TRW credit report.

Credit Report Terminology

Understanding your credit report may seem quite bit of a task. For someone with little financial experience, the information may appear very strange, but hopefully with the following credit report terminology, it should help make the process much easier.

Types of Accounts

• I = Individual account
• J = Joint account
• O = Open account
• R = Revolving (ex: credit card)
• I = Installment (ex: mortgage, auto loan - any type of fixed payment loan)

Payment Codes

• 1 = Paid as agreed
• 2 or 30 = 30 days past due
• 3 or 60 = 60 days past due
• 4 or 90 = 90 days past due
• 5 or 120 = 120 days past due or collection account
• 7 = Payments being made under wage earner plan or similar
• 8 or RF = Repossession or foreclosure
• CO or 9 = Charge off to bad debt or collection account
• PP = Payment plan

Credit Report Payment Terms

• Paid or Paid As Agreed = Account has been satisfied and paid in full
• Paid Settled = Paid in full, but at a reduced amount your creditor agreed upon
• Paid Charge-Off = Paid in full after the account was delinquent
• Paid Collection Account = Paid in full after the account was delinquent

Credit Report Miscellaneous Terms

• Bankruptcy = Either filed for or received a discharge
• Settled = Lawsuit was resolved before trial
• Tax Lien = IRS, State or City tax agency filed a lien against you
• Child Support = Court ordered because of failure to pay
• Judgment = Court issued after losing a lawsuit
• Judgment paid or satisfied = Judgment was satisfied

Resources: CCFCofAmerica.com