Credit Reports

CREDIT REPORTS are something most Americans look at infrequently at best even though many states mandate that they be provided for free to all consumers.

Credit reports are essential to banks and other lending institutions knowing whether or not you are a credible borrower. Getting your credit report is easy and pretty simple to understand.

Credit reports in America indicate that the average credit score is around 680. In looking at your on credit report is important that you verify every blemish that you find. But also to make sure that every loan payment you make shows up on your credit report as well.

There are three major credit organizations that maintain your score, Equifax, Experian, and TransUnion. In any of the credit reports you look at you can challenge mistakes and the credit bureau has up to 30 days to decide whether to correct the report in your favor.

Because the credit bureaus don't share information you will have to get your report corrected with each of the agencies separately. The process can take months, so it is wise to get your credit report well before you plan on applying for a loan.

Common Credit Report Questions:

1. Is the credit report really free?

The answer to this question depends on where you live. There is legislation in place that makes credit reports free for your examination in states such Maryland.

2. What is a good credit score?

The obvious answer is 850, the top of the credit score scale. In reality there is a range of credit scores that are excellent, good, fair and poor. If your credit score is not great it may not mean that you can't get a loan at all, just that you can't get approved for a very large amount of money.

3. Can I get all three credit reports from one place?

Yes, our credit report affiliate can provide you with online copies of all three of the major credit reporting agencies data on your record.