Credit reports have information regarding your debt history and current debt. Each report is summed up by a number, a credit score. For more information on what a credit score is and how to establish one, click here.
Main Elements of a Credit Report
- Subject’s information: All of their personal information, including social security number, date of birth, employer, etc.
- Credit score: Number up to 850 and codes that explain what actions (or inactions) have had a negative impact on the score
- Credit summary: Summary of currently open loans
- Collections history: Items that the issuing financial institution sent to collections (usually for multiple delinquencies)
- Trade lines: Currently open debt
- Inquiry history: List of institutions/companies that have run your credit
Disputing Your Report
If you see something on your credit report that you believe is incorrect, you can file a dispute.
- Disputes are 100% free to file
- Filing itself does not have a negative impact on your score; however, there can be changes to your score as a result of filing.
- Make sure to file with the proper filing agency (for example, you can see that the above example was through Transunion)
- File with the reporting agency via mail, phone, or online.
- The reporting agency will contact the creditor.
- No response <30 days: the data will be removed
- Response <30 days that report is inaccurate: the data will be fixed
- Response <30 days that report is accurate: the data will remain unchanged
If you need assistance with reading your report, give us a call, and a loan officer will be glad to help!