What Your Credit Report Reveals About You And How To Fix Common Mistakes

What are credit reports?

Credit reports are a profile of your entire credit history. Your credit score is generated from the credit report that the credit agencies hold.

Who are these credit agencies?

There are three credit agencies in the US today: Experian, TransUnion and Equifax. Between these three agencies, every single adult American who has ever used credit will have a credit profile. Any organization that gives credit of any kind, such as retailers or banks, will be checking your credit history with one of these companies. By sharing this information with agencies, companies can protect themselves from consumers who are uncreditworthy.

How detailed is the information these companies hold?

The answer is, very detailed indeed. Think of your credit report like your medical history. These credit agencies are keeping track of the health of your credit! They know where you live, they know if you have a criminal record, and they know if you have ever filed for bankruptcy. Every credit application you have ever made will sit in your report, and they will know how reliable you are with monthly payments. And most importantly of all they will know exactly how much credit you have in total. Your credit report will be updated within 30 days, with your very latest information.

How can I get access to my credit report?

You are entitled to a free credit report once every 12 months from each credit agency. If you find a mistake, you can contact the credit agency online and submit evidence to support your case. It normally takes them 30 days to start an investigation and between 30 to 90 days to correct an error if you have proven your case.