I just ran my annual Experian Credit Report to see what's new
and to see if there was any incorrect information collected during
the past year. I run all three major credit bureau reports once a
year since it's free and a good thing to check information.
In the past few years the Experian Credit Report has changed
the layout and made it much easier to see the both the good and
the ugly items recorded. The process is easy and quick if you go
through the www.annualcreditreport.com website. You can go
here to read how easy it is: Yearly
Free Credit Report.
Once you fill out basic information like name, ssan, and
address you then are asked 3-4 security questions that confirm
your identity. These questions are about something in your credit
report that you would already know like account numbers, lenders,
or other information. This whole deal only takes about 5 minutes.
You are also offered the ability to also get your credit score.
Your credit score is not part of your credit report, it's a whole
different thing. Your credit score is based on a scoring system
based on several factors. Experian got into a tether this year
(2/2009) and no longer supplies a Fico Credit Score which is the
standard of the industry. They now supply their own credit score
which makes it difficult to compare directly to other credit
bureau Fico Credit Scores. I'm not sure it's worth the cost, but
that's up to you to decide. It's only $6, so if you are getting
ready to apply for credit, it could have some value.
You then have a new browser window open up with your current
Experian Credit Report. The top of the report has your personal
information, and a very clear index of items by category. the
index looks like this:
- Potentially negative items
- Accounts in good standing
- Requests for your credit history
- Personal information
- Important message from Experian
- Contact us
- Know your rights
Then a brief explanation of what Experian does and where it
gets it's information on you and your credit history. It mentions
disputes and where to go to learn more on how to file them. In one
glance you see everything you need to know about your credit
report.
Obviously most people head right for the potentially negative
items. You'll find public information (like tax liens,
bankruptcies, etc.), negative entries about past credit
transactions that have information like late payments,
collections, current status if past due, and so forth.
Each entry is easy to understand, no more crazy codes that you
have to look up and figure out. All information is clearly stated.
Addresses, phone numbers, contact information for the reporting
company, and all account records of payments. This is important
information if you have proof of incorrect reported data. For
example if they claim you paid late or not at all) on a specific
date and you have a canceled check or payment receipt that
conflicts with the information you can easily dispute this item.
This simplifies the process and allows you to accurately
dispute any negative items based on the actual timeline and
statements. Regardless of the type or negative information, you
have the ability to see all the facts and respond accordingly. Or
if you want to contact the lender directly, you have the contact
information and the negative information.
One area often overlooked is the accounts in good standing. If
you don't have many, or see some important accounts not listed,
you can contact your lender and request that they report this
positive account information. Especially if you paid off the item
and completed the contract. This is especially valuable for people
just starting out.
Another section that you should review closely is the requests
for your credit history. You can see who has requested credit
information and even what type of request. Some utilities, cable
companies, and other local venders usually make a name and address
only check. Insurance companies, prospective employers, and places
you apply for credit may do a more detailed credit request.
Personal information will show where you have lived in the
past, current address and contact information. It's a good idea to
keep this current so if a lender wants to contact you about good
or bad news, they can quickly find you. It also is an area than
many potential lenders look at to see how long you have lived at
your current address.
The last sections detail what methods you should use to dispute
information. You can now file disputes online and it really speeds
up the process. Be careful to follow the directions exactly and
make copies for your records. Experian gets the most complaints
about there dispute process of the three major credit bureaus. So
hang in there and don't give up, make sure you do everything
possible to follow instructions.
The Experian Credit Report gets high marks from us for
presenting your credit history in a clear and easy to understand
manner. My credit report was 18 pages, but 3-4 were about credit
rights and how to file a dispute. The length of your report will
depend on the amount of history you have on file.
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