Reasons To Consolidate

Stop Collection Calls
Lower Monthly Bills
Free Credit Counselors
Repair Your Credit
Get Out of Debt For Good
Foreclosure Facts
Loan Modification
Debt Elimination
Debt Settlement
Debt Negotiation
Personal Debt Freedom
Debt Management Plans
Debt Consolidation Guide
5 Steps To Debt Relief
Types of Debt Relief
Tips To Reduce Debt
Understanding Tax Debt
Payday Loan Relief
Debt Negotiation Letter
Debt Verification Letter
Credit Card Help
Credit Card Rules Changes
Store Credit Cards
Fix Credit Card Debt
Debt Consolidation Loans
How Debt Consolidation Affects Credit
Free Bill Consolidation?
Reduce Your Debt
The Debt Snowball
Financial Planners
Medical Debt Guide
Seniors in Debt
How to Keep Your Job
What if You Don't Pay Bills
Wage Garnishment
Mortgage Hardship Letter
Get Out of Debt
Bad Credit Personal Loan
Life After Bankruptcy


Credit reports and how they are formed

Credit reports are formed on the basis of the payment history of consumers. This includes the payments made to clear debts, loan repayments, credit card bills and other bill settlements, types of loans taken, time taken to clear the same, default and non payments history and various other related factors. These factors are used to make the credit report. Equifax, Experian and TransUnion are the three main credit reporting agencies in the United States of America. These agencies also provide credit scores to consumers based on their requests. Credit scores can be free or paid for.

Getting your free credit report

The FCRA or the fair credit reporting act provides all citizens of the U.S to get a free credit report from each of the three crediting bureaus. This free credit report has to be provided by each of the bureaus in 12 months. The best way to keep a track of your creditworthiness is to apply for these reports on the basis of rotation. This way you can get at least one credit report, once in 4 months, from each of the three bureaus. There are slight differences in credit reports of these companies but it is very marginal. These credit reports can be seen online or can also be mailed as per the request made.

A beginners guide for using your credit report

The credit report is not your bank statement which should be seen and kept away. The free credit report can help you to keep a track of your finances and also check your creditworthiness. Once the report is availed you should check if the payments made by you are reflected on the report. Also the errors or discrepancies in these reports should be immediately reported to the credit reporting agencies and the creditors. This will also help to improve the credit score which is based on these reports.

How can the credit report be improved?

Once you get the free credit report, and check that there are no errors or misinformation on the report, you should try to analyze the same. A poor credit report will reflect on your credit scores and creditworthiness. An effort should be made to settle all previous debts or unpaid bills. It is best to repair your credits when they are at a gradual fall because this can lead to a severe decrease in credit scores and your creditworthiness.

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