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HOW TO UNDERSTAND YOUR
CREDIT HISTORY
If you have ever used a major credit card or financed an expensive purchase, such as a car, you probably have a record at a local credit bureau. This record of your credit history allows creditors to check your payment habits before they give you credit.
If you have been denied credit because of information that was supplied by a credit bureau, the Fair Credit Reporting Act requires the creditor to give you the name and address of the credit bureau that supplied the information. If you contact that bureau to learn what is in your file within 30 days of receiving a denial notice, the information is free. If not, the credit bureau may charge you a small fee.
You’re always entitled to learn what is in your credit file, but credit bureaus vary in how they disclose this information. Most will send you a printed copy of your credit report. Some, however, will ask you to visit the bureau to review your record or will give you information over the telephone once you have provided proper identification.
HOW CREDIT BUREAUS WORK
Credit reporting agencies, often called credit bureaus, are companies that gather information on credit users and sell that information in the form of credit reports to credit grantors, such as banks, finance companies, and retailers. Credit bureaus keep records of consumers’ debts and how regularly these debts are repaid. They gather information from creditors who send computer tapes or other payment data to credit bureaus, usually on a monthly basis, showing what each account-holder owes or has paid. The data shows if payments are up-to-date or overdue, and if any action has been taken to collect overdue bills. The credit bureau adds this data to existing information in consumer files, creating a month-by-month history of activity on consumer accounts.
Credit bureaus cooperate with each other in passing information on to other bureaus when people move, for example. But, as businesses, they also compete for subscribers (credit grantors), who judge credit bureaus on the completeness of their records and the quality of their service.
HOW TO CONDUCT YOUR OWN CREDIT CHECK-UP
Even if you have not been denied credit, you may wish to find out what information is in your credit file. Some financial advisors suggest that consumers review their credit reports every three or four years to check for inaccuracies or omissions. This could be especially important if you are considering making a major purchase, such as buying a home. Checking in advance on the accuracy of information in your credit file could speed the credit-granting process.
You can access a FREE report from all three credit bureaus at www.annualcreditreport.com This site will provide you with a FREE report by simply providing some identifying information about yourself including your social security number, date of birth and some additional information based on what is in your credit bureau files.
If you are married, you and your spouse probably have individual credit files. These files may contain identical or different information, depending on whether you and your spouse have separate or shared accounts. You and your spouse may find it helpful to review and compare your credit histories together.
Credit information on accounts opened before June 1, 1977, that are shared by a husband and wife often are reported only in the husband’s name. However, creditors must report the credit history individually, in the name of each spouse, if you ask them to do so. Newer accounts should be reported on an individual basis automatically. If you find this is not the case, write to the creditor and request that the account be reported in both names. This will help both of you build a credit history.
Why do I offer this information free of charge? I am offering this information free of charge because I want to be your mortgage advisor. I offer more than simply a loan: I'll personally advise you on how to use and apply the principles I teach you. Worried that you can't remember all of what is contained here? Call me. I want to earn your business.
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This report was provided by:
Jacques E. Laubert, Member
Mortgage & Credit Expert
Razor Mortgage LLC
"Shaving Your Payments" ®
700 Harry L. Drive Suite 220
Johnson City, NY 13790
Tel: (607) 797-1200
Toll Free: (800) 548-2526
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DISCLAIMER - NOTHING IN THIS REPORT IS TO BE SUBSTITUTED OR TO BE CONSTRUED AS FINANCIAL, LEGAL, OR ACCOUNTING ADVICE, OR ADVICE OF ANY KIND. THE INFORMATION CONTAINED HEREIN IS SOLELY INTENDED TO BE INFORMATIONAL, AND NOT TO BE CONSTRUED AS ADVICE OF ANY KIND. THE READER ASSUMES ALL RESPONSIBILITY FOR ANY FINANCIAL, LEGAL OR ACCOUNTING ACTIONS THEY TAKE, AND UNDERSTAND THAT THE READER MUST CONSULT WITH THE APPROPRIATE PROFESSIONALS BEFORE TAKING ANY ACTIONS REGARDING THEIR FINANCIAL, LEGAL OR ACCOUNTING SITUATION. THE READER HOLDS THE AUTHOR, PUBLISHER, OR ANY DISTRIBUTORS OF THIS REPORT HARMLESS FROM ANY CONSEQUENCES THAT RESULT FROM ANY FINANCIAL, LEGAL OR ACCOUNTING ACTIONS THE READER TAKES UNDER ANY AND ALL CIRCUMSTANCES.
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Credit Reports 
