The law allows you to obtain a free copy of credit report from the lenders three major credit reporting agencies: Experian, Equifax and Trans Union. Before you request a credit report, there are a number of things that must be in order. As a credit consumer, you have the right to complain about what's in your credit report and there are a number of ways that you can order a copy of it.
You are entitled to get a copy of your credit report, under the following conditions: you have been denied credit because of the content of your report; you believe your report is inaccurate because of fraud; or you want to make sure the information matters so that the person attempting to extend credit to you sees it the right way. When you request your report, there may be a charge involved, but the charge is usually less than $10.
When you get your report, take an honest look at it. It may not be a problem if your credit is good or bad, but for those with bad credit, they can find many errors on their credit report. You should examine your report and figure out if there are any errors. If there are, you should have them checked out simply because the errors might or may not be down to you. One possibility is that the debt you're trying to pay may not be showing. Another possibility is that you may have been able to pay your bills, but the amounts may not show that you have actually paid the bill. Some credit cards and loan companies notify credit bureaus if payments are made late so, if you're three months behind on your car loan, they can raise your rate because of the delay in payments. If the report is correct, when you correct your report, there shouldn't be any problems. If your credit is bad enough that you don't qualify for credit card or loan companies to extend credit to you, there are solutions. You can get a secured credit card and pay the money back as soon as you can, or you can get a loan from a bank or a lender that reports to all three credit bureaus so that you can begin to improve your credit. You should get several smaller credit accounts reporting on your credit report if you can. This is necessary for as long as you carry over your receivables, and it shows that you are making payments so you can get a regular credit card in the future. If you your credit is poor, some banks will avoid you and lend you money or close your accounts. These banks will report your credit to the bureaus, but it is up to you to obtain the credit and make the payments. If you could get a credit card, loan, or charge account and make the payments on time, you would be a much better credit risk. All lenders want to make sure they are going to get their money back, so you can apply for as many credit cards, loans, or charge accounts as you want. In the end, though, your credit report may be marred by non payments and late payments, but that is not the point of the credit report. If you pay everything on time, your credit report should improve over time. An important factor in getting credit is the income the prospective spouse earns, and also the income of both spouses. If the prospective spouse earns more than the average family in their income bracket, there may be some problems. This is approximately 80% of the income to apply for most credit. For purposes of this guide, we're only discussing the income that a young couple may bring in together if both the prospectives work.
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