Understanding Your Credit
What Does Your Credit Report Say About You?
YOUR CREDIT REPORT COMES DOWN TO A FEW IMPORTANT QUESTIONS
What is your credit score?
Credit history is a record of the “health” of each reporting credit line. Your credit score is created from the list below. Account Variety means having a diverse set of account types, installment, mortgage, revolving, etc… New Credit can show up from employment screening, utility providers, insurance related inquires, and other credit inquiries.
Credit issues will not haunt you forever when you actively try to improve your credit. Lenders know that “life circumstances” happen such as illness, divorce, loss of job or accidents. The key is to show the lender that prior to the life circumstance you showed responsible use of credit and that after the life circumstance you re-established your credit. As you add new information to your report the old information ages. Scores will change gradually, as you change the way you handle credit.
Remember the older the trade line (credit), the less
impact it has on your scores.
CREDIT REPORT PROBLEMS?
Fixing credit reporting issues , such as incorrect collections showing up, late payments showing up when paid on time, active accounts that are closed, can be fixed. The key is to identify any issues and work toward having them corrected. If you want to take action, the first step would be to call the bureaus at:
Equifax- 1-800-685-1111 or go to www.equifax.com
Experian- 1-888-397-3742 or go to www.experian.com
TransUnion- 1-800-916-8800 or go to www.transunion.com