Credit Bureaus - Know your Rating!

National credit bureaus such as Equifax, Experian, and TransUnion provide a personal credit report for each individual. This will enable lenders to assess whether a person has a "high-risk" or "low-risk" credit. The credit report will basically contain the following:

  • Bankruptcy records and any other court records on monetary judgments
  • Specific data about your account including opening date, loan amount, and credit limit will be found in your record
  • Names of companies who obtained your credit report
  • Your personal details including name, previous and current address, telephone number, date of birth, Social Security number, and previous and current employers.
  • Any statements of disputes are also added when you have doubts on the accuracy of the credit report.

The factors stated above will also be the basis of your credit score. Anything unrelated to credit such as your religion, race, personal lifestyle, medical history, and criminal records will not be added to the report provided by credit bureaus.

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If you find any error on your annual credit report, you have the right to dispute it; you can dispute it either online or by phone. Take note that it is important for you to be as specific as possible when reporting it to credit bureaus, otherwise the issue will not be resolved. Investigations can take up to 45 days but it can be resolved sooner.

Getting Help from Credit Repair Companies

Some people with bad credit decide to seek help from credit repair agencies. In fact, some people become so desperate that they spend hundreds, if not thousands of dollars on these types of services. However, the problem is, it's difficult to differentiate a legitimate credit repair company from establishments that simply want to take advantage of your desperate situation.

Before you decide to use any services from a credit repair agency, you should first conduct a thorough research on its legitimacy and ask for previous feedback. It is also highly recommended for you to look into companies listed with the Ethical Credit Repair Alliance (ECRA) as well.

ECRA can be likened to the Better Business Bureau (BBB) of the credit repair industry. And if you encounter any problem with a member of the ECRA, you are urged to file a complaint so the ECRA can help resolve the issue through mediation.

Legitimate credit repair company can help you improve your personal credit rating. They are experienced in helping those with bad credit and in dealing with the credit bureaus.

Is poor credit ruining your life?

Find reputable credit repair services!

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