Your credit report is a history of all of your financial transactions, both credit and debit. This is proof of how you spend and how well you repay debts. It is a reliable way of tracking all of your loans, rental and home ownerships, and utility records. Your credit score, based off of this report, can help you get a better rate on a loan, lower your insurance costs, and help financial institutions judge the risk of loaning money to you. Conversely, negative marks on your credit report can make it harder to borrow money, get insurance, or even find a job.
How to Get a Credit Report
Each of the three major companies, Experian, Trans-Union, and Equifax, maintain their own database and have a slightly different method of calculating credit score. These scores should be checked regularly for any discrepancies. According to the Fair Credit Reporting Act, each of these agencies is required to give you one free credit report per year. It is easy to get your annual credit report online. If you wish to view them more than once per year, you can check out their websites and pay a small fee to obtain it.
After receiving a credit report, you should carefully review it, both for negative items and to make sure all of the information is accurate. It is also important to make sure all transactions that are listed are your own. If information is not 100% correct, it may be difficult for creditors to properly access your report.
If a negative item appears on your credit report, do not fret; there are ways to dispute a negative charge to either get it stricken from the report or even changed into a positive. Using a professional and specialized service such as Bay State Credit to review and dispute these issues is much easier and more likely to have a good outcome than attempting to challenge them yourself.
It may be essential to have a professional review your credit report with an experienced perspective as they may be able to catch items that can be repaired that you may otherwise overlook. Using a service such as credit monitoring can reduce the likelihood of any negative marks appearing in the future, as well as protecting yourself from identity theft.
If you feel that your credit has been compromised or you would like to get a closer look at your credit history, be sure to check out the services we offer. We will do what we can to help you to repair your credit.