Bad Credit Medics

Understanding how Credit Rating Agencies rate your credit history in their credit report is crucial not just for disputing the errors but also because you can learn a few points from it. But first things first; there are three Credit Rating Agencies in the US which provide a free credit report to you once in a year.
1. Experian
2. TransUnion
3. Equifax

Knowing the Credit Report
Simply speaking, credit report is history of your credit behavior over a number of years. To begin with, we need not differentiate between the reports issued by different bureaus. A credit report, good or bad, mentions all transactions you did or missed and if someone or a lender has viewed your report in the past year, all neatly segregated into different sections.

This segregation takes care of apprehensions by some of you, that self viewing of one’s own credit report will have an adverse remark.

“You can rest assured that viewing of credit report by anyone will not affect the report in any which way but not honoring your bills will.”

Credit reports need to report the facts as available to them. At the top you will find your identification which includes your contact details, SSN number, date of report etc. It doesn’t tell whether it is a free report or a paid one.

Pay Attention to the Sections on Your Public Records
Accounts that bring negative and positive points are the body of your credit report. These can be viewed by your prospective lenders and employers and anyone who is allowed by law.

Public records appear in great detail that is easy to comprehend. Chronologically, negative and positive payment histories are recorded but in different sections. What you need to look for is the correctness of each of these entries. Check for the total credit amount, your payments, balances including dates etc.

“Your Disputes Appear Here.”

All your disputes, requests and additional comments such as accounts closed remarks are at the sectional ends till they are resolved. Disputes are your legitimate objections to any report entries. You must understand that disputing is a mature art that counters a negative report and holds a viewer of your report from concluding against you.

Remember, not all requests for your credit history is viewed by all and sundry while all of them are visible to you.

Credit scores are number from 300 to 870. It is a different matter that it differs from credit bureau to another. A higher score reflects a reduced credit risk to the lender. Scores above 620 is a moderate risk profile which entitles you for many options.

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