Credit Reports and What They Mean To You About

							Credit Reports and What They Mean To You
Some people find themselves with a messy financial situation and therefore credit reports are not a pleasant topic. However, credit reports provide
you with the facts. And even if the information is undesirable it can be like a helpful guide on your road to financial recovery. Being well informed is
important and necessary information can be found in your credit report.


Those reports are maintained - at least in the U.S. - chiefly by the three major credit reporting agencies: Equifax (PO Box 740241, Atlanta, GA 30374;
www.equifax.com), Experian (PO Box 2002, Allen TX 75013, www.experian.com) and TransUnion (PO Box 2000, Chester, PA 19022;
www.transunion.com).


The reports contain a multi-year history of your credit cards, home loans and other debt. They also record any late payments that occurred and how
late they were, 30-day past due, 60-day past due, etc. The reports will list any current and old address, and often your phone number and social
security number.


That information is readily available to any qualified party - a bank, a mortgage lender, a credit card issuing company and certain others during legal
proceedings. But, though the companies all genuinely try to maintain accurate records, the reports may contain errors.


Errors are sometimes made in recording payments made to bring a past due balance current. At times your credit report will list loans as active or
credit cards as open that you have closed out or paid off some time ago. There are many different computer systems operating out there that may not
always transmit information one to another accurately or in a timely manner. That leads to reporting errors.


The only thing an individual can do about this - out of self-protection, if nothing else - is to get copies from all three agencies and review them
thoroughly. Make a note of any errors, establish proof of the error, then send a registered letter with the proof to the agency asking them to correct the
data.


Thanks to recent legislation, you can obtain one free copy of your credit report per year. There are numerous ways to do that by filling out a form
online or calling. One way is to go to: annualcreditreport.com.


On a more positive note, having the information at your fingertips allows you to develop a debt-free plan for your future. Understanding your past
credit history is the first step in creating that plan.


When you receive your credit report review it carefully for any past due balances. Resolve these quickly paying off the smaller balances first and then
move along to the larger balances until all past due balances have been cleared. In time you will be on your way to a cleaner credit report.


About the Author
Find out more ways to pay credit card debt at the Pay Off Credit Card Debt website. Check out http://www.paycreditcarddebt.net for more helpful
information.


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