You could be among the 25 percent of U.S. consumers denied credit this year due to inaccurate information in a credit report. And unless you do something about it, these blemishes can affect your finances for years to come. However, there are things you can do to clean up your report, so when it's time to apply for any type of credit, you'll be ready.
Stop applying for credit cards or loans of any type until you've had a chance to access and review your credit report, especially if you've had a credit application turned down within the last month. Chances are if one company rejected your application, others will follow suit. And every time you submit a credit application, it appears on your credit report.
Too many declined applications can look negative, because lenders consider the number of credit applications to be an indicator of how much credit you're trying to obtain, and can conclude that you'll be an irresponsible user of credit if they see too many inquiries.
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Keep in mind that credit reports and the mechanisms for cleaning them differ from country to country. This 2torial concentrates principally on the U.S.
There are several credit reporting agencies, each with a potentially varied account of your credit history. And since each lender may employ different ones, it's recommended to request credit reports from at least two or three different agencies.
In the U.S., the most popular credit reporting agencies, known as "the big three," are Equifax, Trans Union, and Experian. Each has a toll-free number available by calling information, and a website, accessible by typing the name of the company into an Internet search engine. To get more information or learn about agencies and policies in other countries, visit a local library, or try one of these options:
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A bank. Ask the loan officer what agency the bank uses and how to contact it.
A credit card. Call the phone number on the back of your card and ask for the name and address of the agency the company uses.
The Internet. By typing "credit report" into an Internet search engine, you'll find sites that list names and addresses of agencies, and online services that offer instant credit reports if you pay by credit card.
A credit counseling service. A good service will not only get your report, but will also provide education on how to read and fix it. When looking for a service, choose a not-for-profit one whose primary goal is education. Look in the yellow pages under "credit and debt counseling services," or type the same into an Internet search engine. Also, you can usually get a referral to one through your bank's loan officer, your accountant, or a financial advisor.
When you send a letter of request to a credit agency, include:
Your full name
Your date of birth
Places of residence for the last five years
Your social security number
Day and evening phone numbers
Your signature
A copy of your driver's license, a utility bill, or another document that reflects your name and current address