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How To Get Official Credit Report

Best For Improving Credit: Creditwise

How to Get Your Credit Report from | Credit 101

You can check your TransUnion credit report and credit score through CreditWise, a credit report and credit score tool from Capital One. Credit Wise is available for free, even for those who arent Capital One customers. Sign up is simple and easy. You wont have to enter any credit card information, theres no trial subscription to cancel, and your credit information is updated weekly. You can access Credit Wise online or use the mobile app to keep up with your credit score.

Importance Of Having A God Credit Score For Business Loans

Personal credit scores work for business loans the same way as with other loans. Anything less than the 600 mark means you probably cannot find a lender at least any of the large financial institutions wont lend to you. A score of 700, however, gives you a much better chance at landing a loan offer most lending institutions and at reasonable rates. This is for personal loans for business. If you apply for a business loan, you may want close be as close to 800 as possible, as business loans mean stricter lending standards.

Pay Credit Card Balances Down

This is a crucial aspect of maintaining a healthy credit scorepay balances down and but not off. Your credit utilization ratiohow much credit you utilize as opposed to your debtis a major factor when it comes to calculating the credit score. A rule of the thumb is that you should keep that ratio at or ideally below 30%). In fact, credit experts are at the opinion that less than 20% is ideal to boost your score to the top. However, it is important to not go all the way to 0% because it wont show an established payment history they can base their calculations on. Credit bureaus base a bulk of their scoring model by the overall money you owe and how close you are to the limits on your credit cards. Hence, a low balance and a healthy credit utilization ratio are the keys to a good score.

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Fixing Errors In A Credit Report

Anyone who denies you credit, housing, insurance, or a job because of a credit report must give you the name, address, and telephone number of the credit reporting agency that provided the report. Under the Fair Credit Reporting Act , you have the right to request a free report within 60 days if a company denies you credit based on the report.

You can get your credit report fixed if it contains inaccurate or incomplete information:

  • Contact both the credit reporting agency and the company that provided the information to the CRA.
  • Tell the CRA, in writing, what information you believe is inaccurate. Keep a copy of all correspondence.

Some companies may promise to repair or fix your credit for an upfront fee–but there is no way to remove negative information in your credit report if it is accurate.

What Is The Minimum Credit Score Required For A Car Loan

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While there is no minimum credit score requirement when it comes to a car loan, having a good credit score will get you favorable loan terms. If your score is on the lower side it can significantly affect your ability to get approved for the loan and also affect the loan terms.

Having a credit score that is on the lower side could result in fewer loan offers and exorbitantly high-interest rates. But that doesnt necessarily mean that you shouldnt apply for a car loan. Read on to better understand the potential barriers when you have a low credit score, ways you can increase your chances of loan approval, and the score favorable for a loan thereby receiving better offers.

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Where Can I Get My Credit Score

You actually have more than one credit score. Credit scores are calculated based on the information in your credit reports. If the information about you in the credit reports of the three large consumer reporting companies is different, your credit score from each of the companies will be different. Lenders also use slightly different credit scores for different types of loans.

There are four main ways to get a credit score:

Check your credit card or other loan statement. Many major credit card companies and some auto loan companies have begun to provide credit scores for all their customers on a monthly basis. The score is usually listed on your monthly statement, or can be found by logging in to your account online.

Talk to a non-profit counselor. Non-profit and HUD-approved housing counselors can often provide you with a free credit report and score and help you review them.

Use a credit score service. Many services and websites advertise a free credit score. Some sites may be funded through advertising and not charge a fee. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your free score. These services are often advertised as free trials, but if you dont cancel within the specified period , you could be on the hook for a monthly fee. Before you sign up to try one of these services, be sure you know what you are signing up for and how much it really costs.

What Is A Credit History

Sometimes, people talk about your credit. What they mean is your credit history. Your credit history describes how you use money:

  • How many credit cards do you have?
  • How many loans do you have?
  • Do you pay your bills on time?

If you have a credit card or a loan from a bank, you have a credit history. Companies collect information about your loans and credit cards.

Companies also collect information about how you pay your bills. They put this information in one place: your credit report.

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Specialty Consumer Reporting Agencies

Specialty consumer reporting agencies prepare reports on consumers’ histories for specific purposes. The reports cover employment, insurance claims, residential rentals, check writing, and medical records. Think about ordering a specialty report if you are ready to buy homeowners or automobile insurance, open a checking account, apply for private health or life insurance, or rent a home or apartment.

Property Insurance Claim Reports: Insurance companies often check reports of this kind when you apply for homeowners or automobile insurance. One of these reports is the CLUE report .2 CLUE reports contain information on property loss claims against homeowner’s insurance and automobile insurance policies. A CLUE report contains personal information, such as your name, birth date, and Social Security number. It also contains a record of any auto or homeowner property loss claims you submitted to an insurance company. It includes the type of loss, date of the loss, and amount paid by the insurance company. It lists inquiries, or companies that have checked your claim history.

Another property loss report is called A-PLUS . The A-PLUS database is compiled by a smaller company and is less commonly used than the CLUE database. You may order a CLUE report and an A-PLUS for free once every 12 months.

Tenant History Reports: Landlords sometimes check your tenant history as well as your credit history. You may order a free copy of your tenant history report once every 12 months.

How Is My Credit Score Calculated

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Your credit score is calculated on the basis of your past credit behavior. Weight is attached to all actions pertaining to your credit behavior right from submitting an application to credit to its approval or rejection and further on to repayment or default on a credit product. Everything has a bearing on your credit score.

While actions like prompt repayment of EMIs and clearing of credit card bills will add to your credit score and take it higher. On the other hand, actions, like missing your payments or totally stopping your EMIs or settlement of debt, bears a negative impact on your credit score. The other factors that bear an effect on your credit scores are the length of your credit history, mix of secured and unsecured credit in your portfolio and your credit utilization ratio.

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What To Do If You Find Errors

If you spot something on your credit report that doesnt seem correct, federal law grants you the right to have the error fixed in a timely manner. This involves a process known as a dispute in which you file a written request to the credit bureau reporting the error. Once you report a mistake, the credit bureau has a legal obligation to investigate within 30 days.

Before you submit a dispute, double-check. Sometimes an account listed on your report wont look familiar, because it operates under a different name For example, retail credit cards might be listed under an associated bank. .Retail store accounts sometimes are listed by the name of the bank that actually owns the account rather than the name of the store, says Griffin. Thats a common source of confusion. You may need to call the phone number listed on the back of your card to ask which bank issues the account.

If you cant verify the accuracy of any information on your report, its better to be safe than sorry. Filing a dispute doesnt cost anything and shouldnt take more than a few minutes to complete. Each credit bureau has its own process for disputes, and youll need to contact each individually.

Once you file a dispute, the credit bureau should respond in writing with the results of their investigation within a month. Many disputes are addressed in a matter of days. In many cases, this will resolve the issue. However, if the outcome isnt in your favor, you still have options.

See Your Latest Credit Information

See the same type of information that lenders see when requesting your credit.

Your Credit Report captures financial information that lenders use to determine your creditworthiness. This includes the type of credit accounts, current balances, payment history, and any derogatory items you may have. You will also get a summary of your account totals, total debt, and personal information.

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Fix Mistakes In Your Credit Report

When you get your credit report, check that:

  • all the loans and debts listed are yours
  • details such as your name and date of birth are correct

If something is wrong or out of date, contact the credit reporting agency and ask them to fix it. This is a free service.

Some companies may try to charge you to get all negative information removed from your credit report. The only thing they can ask the credit reporting agency to remove is wrong information. And you can do that yourself see .

If there are loans or debts in your report that you know nothing about, it could mean someone has stolen your identity. See identity theft for what to do.

Who Can See And Use Your Credit Report

How to Use

Those allowed to see your credit report include:

  • banks, credit unions and other financial institutions
  • offer you a promotion
  • offer you a credit increase

A lender or other organization may ask to check your credit or pull your report”. When they do so, they are asking to access your credit report at the credit bureau. This results in an inquiry in your credit report.

Lenders may be concerned if there are too many credit checks, or inquiries in your credit report.

It can seem like you’re:

  • urgently seeking credit
  • trying to live beyond your means

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What Is The Best Credit Score For A Credit Card

Typically, there is no general minimum credit score requirement to get a credit card. You can get a score builder credit card having no credit score at all. However, some credit cards, particularly those having an excellent reward and cashback program, do have a very high minimum credit score requirement. Other lenders will approve you for a credit card even if your credit score is very low.

As with any other types of credit, when it comes to getting a credit card, a higher credit score means that you will have more options like a better interest rate and a better rewards program. If you have a credit score say around 750, then you can apply for premium credit cards with a higher credit limit and benefits, as opposed to having a credit score of around 500 where you can be rejected or offered a credit card with high-interest rates and low credit limit.

But it doesnt mean that you are out of your luck if you have low credit score. Many lenders offer credit cards specifically for those with bad credit. The rewards may not be as great, and you may be offered a lower credit limit, but this type of score builder card can be a great way to build your credit history or rebuild your credit score.

They Can Affect Your Ability To Get Approved For A Loan From Some Lenders

While you may be able to get approved with a lower credit score, a majority of lenders look for a high credit rating before approving any kind of loan. Hence, the pool of possible lenders will be smaller if your score is low. If you are rejected from multiple lenders, it will only affect your credit rating further.

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What Happens After A Debt Collector Contacts You

Within five days after a debt collector first contacts you, the collector must send you a written notice that tells you the name of the creditor, how much you owe, and what action to take if you believe you do not owe the money. If you owe the money or part of it, contact the creditor to arrange for payment. If you believe you do not owe the money, contact the creditor in writing and send a copy to the collection agency informing them with a letter not to contact you.

Grading By The Credit Rating Agency

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Ratings are divided into the following categories:

  • High grade
  • Substantial risks or near default
  • In default

However, there can be other grading categories adopted by different agencies. But the essentials remain the same. The rating denotes Highest High Moderate Weak Poor Default.

The rating given to a company known as an investment grade. An investment grade is the rating that indicates that a public or corporate bond has a relatively low risk of default. Credit rating firms, also known as Bond rating firms, use different designations consisting of upper- and lower-case letters ‘A’ and ‘B’ to identify a bond’s credit quality rating with AAA and AA being high credit quality and A and BBB being medium credit quality. AAA, AA, A, and BBB are considered investment grade. Credit ratings for bonds below these designations such as BB, B, CCC, etc. are considered poor credit quality, also commonly referred to as “junk bonds.” Companies having such ratings are considered “speculative grade” and are exposed to changing economic conditions and could face big setbacks if economic conditions weaken. However, these companies have demonstrated both the capacity and capability to meet their debt payment obligations.

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Are There Other Ways I Can Get A Free Report

Under federal law, youre entitled to a free report if a company denies your application for credit, insurance, or employment. Thats known as an adverse action. You must ask for your report within 60 days of getting notice of the action. The notice will give you the name, address, and phone number of the credit bureau, and you can request your free report from them.

  • youre out of work and plan to look for a job within 60 days
  • youre on public assistance, like welfare
  • your report is inaccurate because of identity theft or another fraud
  • you have a fraud alert in your credit file

Outside of these free reports, a credit bureau may charge you a reasonable amount for another copy of your report within a 12-month period.

Consent And Credit Checks

In general, you need to give permission, or your consent, for a business or individual to use your credit report.

In the following provinces a business or individual only needs to tell you that they are checking your credit report:

  • Prince Edward Island
  • Saskatchewan

Other provinces require written consent to check your credit report. When you sign an application for credit, you allow the lender to access your credit report. Your consent generally lets the lender use your credit report when you first apply for credit. They can also access your credit at any time afterward while your account is open.

In many cases, your consent also lets the lender share information about you with the credit bureaus. This is only the case if the lender approves your application.

Some provincial laws allow government representatives to see parts of your credit report without your consent. This includes judges and police.

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What Details Would Be Mentioned In The Credit Report Of An Individual

A credit report is nothing but a reflection of the credit history of an individual. Therefore, a credit report contains details on all the aspects that affect a credit score.

A credit report would contain details of all your credit, present and past and their status. It also contains details of your repayment. Your detailed credit utilization report also makes a part of your credit report. The number of secured loans against unsecured loans can also be found in the report. The other details in the credit report would be the longest period for which you have held any credit account and the number of hard inquiries in the past 1 year against your PAN.

A credit report will also contain your basic information like name, PAN, address, phone number, etc.


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