Credit Reporting and Settlements
If you are a consumer who is trying to repair your credit, getting a copy of your credit report is an essential part of this process. Credit reports are just statements that are made by credit reporting agencies about the consumer, the information included in these reports can be credit standing, credit capacity, general reputation, personal characteristics and even the consumer’s mode of living. There is many parts of a credit report, one thing that many consumers look for is what there credit rating is and who currently owns there debt. There are three different primary credit reporting agencies that are nationwide.
P.O Box 740241 Atlanta, GA 30374-0241
There are also specialty Consumer Reporting Agencies, these agencies keep records such as tenant histories, insurance claims, types of transactions made, medical records, employment history, banking activity and check writing. Listed below are some of the nationwide specialty credit reporting agencies. The contact information for each of these agencies will also be listed.
- Lexis Nexis Personal Reports:
- Tenant History Report: 877-448-5732
- Insurance Claims Report: 866-312-8076
- Employment History: 866-312-8075
- Medical Information Bureau:
- For this report either you can contact them online at www.mib.com and select the “Consumers” then “request MIB Consumer File”. Or if you rather you may contact them by phone at 866-692-6901 or 866-346-3642.
- ISO: Insurance Claims Report
- Online at www.iso.com and select “Consumer” and order a free A-PLUS loss history report. Or you may contact them at 800-627-3487
- Telecheck: Check Writing
- Online at www.telecheck.com or by phone at 1-800-366-2425
- Chex systems: Check Writing and Banking
As a consumer you want to receive your credit report once a year. You can receive a free one by contacting the Annual Credit Report Service. Provided below is how you can contact them to receive your free report.
- By phone: 877-322-8228
- By Mail: Annual Credit Report Request Service, P.O Box 105281, Atlanta GA 30348-5281
Many Credit Reports can be broken down into different categories that will make it easier for the consumer to understand what exactly is included in the credit report and what makes up there Credit Rating. Five categories that are stated in every Credit Report are stated below.
- Accounts that are reported monthly this includes credit cards, loans, etc… Anything that is taken out in your name during that month.
- Personal information about that consumer. This includes name, DOB and SSN
- Accounts that have went into default. This usually only occurs if accounts are not paid on for a certain amount of time.
- Public records, includes any lawsuits the consumer may have had, or any bankruptcies, foreclosures, wage garnishments, or tax liens.
- Inquiries, meaning if a consumer tries to open a new line of credit and is either approved or declined for that line of credit it will show on your Credit Report.
Just remember credit reports are used for everything, no matter what you do from renting an apartment to getting a job they are able to view your credit report. Here is a general list of people that can view your credit report.
- Creditors and potential creditors
- Mortgage lenders
- Utility companies
- Student loan lenders
- Insurance companies
- Car insurance companies
- Government agencies
- Collection Agencies
- Entities that would have a court order.
Also make sure that once you as a consumer receive your free credit report that you check for any errors that are listed. There are many different things that can be considered an error. These can include but not limited to
- Incorrect name, contact phone number, or address
- Incorrect date of birth or social security number
- Outdated employer information
- Martial status
- Incorrect listing of a lawsuit you were not involved in
- Bankruptcy listed that you didn’t file.
- Lawsuits or any judgments that are past the seven year listing date.
- Account that was listed as a joint account when you are not the one responsible for the account
- Accounts listed as identity theft
- Failure to list a zero dollar balance on a paid off account
- Closed accounts that are incorrectly listed as open
- Any information that is adverse that is more then seven years old
These are all important things to check when you receive your credit report. Improper maintenance of your credit reports can bring your credit score down and cause problems for you in the future if not maintained regularly. The federal government recommends that every consumer with a Social Security Number should pull a credit report no less than once time annually.