Why You Should Review Your Credit Report
& what to do if you find a mistake.
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[/av_textblock] [av_textblock size=’24’ font_color=’custom’ color=’#2e7cd1′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Credit Score vs. Credit Report: What’s the difference?
[/av_textblock] [av_iconlist position=’left’ iconlist_styling=” custom_title_size=” custom_content_size=” font_color=’custom’ custom_title=” custom_content=’#020202′ color=’custom’ custom_bg=” custom_font=’#3089e8′ custom_border=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] [av_iconlist_item title=’Credit Score:’ link=” linktarget=” linkelement=” icon=’ue8de’ font=’entypo-fontello’] A number calculated by the credit reporting agencies, based on your credit report, to rank your creditworthiness.
[/av_iconlist_item] [av_iconlist_item title=’Credit Report:’ link=” linktarget=” linkelement=” icon=’ue84d’ font=’entypo-fontello’] A detailed report of your financial history, including age and number of credit lines, repayment history, and types of credit.
[/av_iconlist_item] [/av_iconlist] [av_hr class=’invisible’ height=’-50′ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ admin_preview_bg=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Your credit report contains personal information about where you live, how you pay your bills, whether you have filed for bankruptcy, or if you’ve been sued. It lists inquiries that have been made about your credit as well. When you apply for a new credit card and the company says it’s running a credit check, it’s looking up your credit report to review your financial past.
[/av_textblock] [av_textblock size=’24’ font_color=’custom’ color=’#2e7cd1′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Get the Facts for Free.
[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] When you are trying to improve your credit score, it’s important to track your credit by ordering your free reports from www.annualcreditreport.com. You’re entitled to a free credit report once every 12 months from each of the credit reporting bureaus, Equifax, Experian, and TransUnion, through this website. Many financial advisors suggest that you stagger your requests over those 12 months so that you can monitor them for accuracy and changes.
[/av_textblock] [av_textblock size=’24’ font_color=’custom’ color=’#2e7cd1′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] If You Find a Mistake…
[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] The credit bureau and the company that provided the information to the bureau are both responsible for correcting errors found in your report. If you find any errors, you can dispute these and get them corrected by following these steps:
[/av_textblock] [av_iconlist position=’left’ iconlist_styling=’av-iconlist-small’ custom_title_size=” custom_content_size=” font_color=” custom_title=” custom_content=” color=’custom’ custom_bg=” custom_font=’#3089e8′ custom_border=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] [av_iconlist_item title=’Send a dispute letter to the reporting company documenting each error on your report.’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Send a letter to the creditor who provided the incorrect information.’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Explain why you dispute each item and request that the errors be removed or corrected.’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Include copies of documents that support your position.’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’If your dispute results in a change to your report, the credit bureau must give you a free copy to review.’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Ask the company to send notices of correction to anyone who requested your credit report in the last six months.’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’][/av_iconlist_item] [/av_iconlist] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Reviewing your credit report and seeing your financial history in detail can help you see where there is room for improvement. Staying within your budget, paying off your debts, and limiting your credit cards can set you on the path to a higher credit score and more favorable loan terms. Our award-winning team of mortgage professionals are always available to discuss your eligibility for a home loan! Contact us today!
[/av_textblock] [av_textblock size=’10’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] *Lake Area Mortgage; A Division of Royal Credit Union is not a credit counseling or financial advisement firm. This information is for educational purposes only and is not to be taken as guidelines or guarantees to improve your credit or financial situation.
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