The Credit Report
The data contained in a credit report usually pertains to the following:
- Bank Credit Cards (MasterCard, Visa, AMEX, etc.)
- Retailer Credit Cards (Sears, Macy's, etc.)
- Student Loans
- House Loans
- Other Loans
If you have defaulted on any payments, the report will also include information on:
- Utility Bills (phone, power, etc.)
- Rent Payments
- IRS Liens
- Attorney's Bills
- Medical Bills
- Property Tax Bills
- Other Suits and Judgments Against You
Each individual's credit information is stored under that person's Social Security Number. When a lender requests a report on you, the credit bureau enters your Social Security Number and pulls out all the information stored in their database. This is passed on to the lender, who uses it to make his decision.
Because of the many errors that often creep into these reports, it is wise to examine your credit report every year. You can obtain it by writing to the bureaus as follows:
DATE
Dear Equifax/TransUnion/Experian:
I would like to order a copy of my credit report.
- Your full name
- Your address
- Another address if your current one is less than 5 years.
- Your Social Security Number
- Your date of birth
- Copy of your valid driver's license, or a utilities bill, which clearly shows your current address.
Sincerely,
Your signature
The cost per report is $8.00-$10.00, and it is best to get a copy from each of the three bureaus. You will receive your credit report in about 30 days, and it will consist of a listing of your various credit activities for the past 7 to 10 years. The bureaus will send you a booklet along with the report, to help you decipher the report correctly.
If you find incorrect credit information on your credit report, bring it to the notice of the credit bureau immediately and request for its immediate removal. Use the following format:
DATE
YOUR NAME IN FULL
YOUR FULL ADDRESS
YOUR SOCIAL SECURITY NUMBER
Credit Bureau Name
Address,
City, State, Zip
TO WHOM IT MAY CONCERN:
I am requesting that the information given below be immediately investigated, as it does not pertain to my account.
List Incorrect Entry
Give Date of Credit Report
Issued by: (Give name of lender)
The above report does not truly reflect my credit history and is therefore extremely detrimental to me.
Please return a report showing the result of your investigation. Should verification not be given to you within 30 days, I fully expect the above entry to be permanently deleted from my credit record.
Sincerely,
Your name
Your signature
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