About The Credit Report And Score

When consumers apply for credit cards, department store cards, home and auto loans, the Credit Report and Score is a tool lenders use to make their decision on whether to approve the line of credit.

For the consumer, the information contained in the Credit Report and Score can mean the difference between renting or buying their dream home. The Credit Report and Score give lenders an indication on how likely a consumer is to pay back a loan. If there is negative information on the credit report and the score is too low, the consumer's application for loan could be denied. Every consumer should understand what the Credit Report and Score is and how it affects their finances.

What is in a credit report?

The credit report contains information on the consumer.  Lenders often purchase the Credit Report and Score when consumers are applying for loans or credit cards. The credit report contains personal information, such as full name, social security number, birth date, current and previous address, current and past places of employment, driver's license number and state where it was issued; public records, such as liens and judgments, bankruptcy, foreclosures, wage attachments and accounts in collection; credit history and current obligations reported by creditors, such as date when accounts were opened, types of accounts (revolving, installment loan, mortgage), payment history on each account (including late payments), unpaid child support and overdrawn checking accounts; credit inquiries and the credit score.

Equifax, Experian and TransUnion are the three major credit reporting agencies that compile financial data on consumers into a document lenders use to judge credit worthiness and see how well a consumer manages their finances.

How to get a copy of a Credit Report and Score

All consumers are entitled to a free credit report from the three major credit bureaus every 12 months. Consumers, however, have to pay for their credit score. Consumers can visit AnnualCreditReport.com to get a free credit report.

How to dispute an item on the credit report

When a consumer receives their Credit Report and Score, they may not agree with every item on the report. The consumer may want to dispute an item. Consumers can contact the credit reporting agency that provided the report.

Equifax: www.investigate.equifax.com
Experian: www.experian.com
TransUnion: www.transunion.com

For more information about the Credit Report and Score and debt, call NCO Financial Systems, Inc. or visit their consumer website at www.consumerhelpunit.org.

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