The credit statement, also known as the credit report, will show all your past and current payments of bills, loans, credit lines, and other financial transactions. The information is provided to you on a monthly basis and is sent by the three main credit bureaus in the United States of America: Equifax, TransUnion, and Experian.
With a good credit rating, your credit score will reflect your history of payment, and this will help to determine if you are going to be approved for new loans, credit cards, auto loans, and home loans. However, having a bad credit rating can have far greater negative effects on your life, because it can make it impossible for you to get employment, and may even deny you housing or apartment loans if you do not have a stable source of income. This will then cause your credit score to drop, and you will have to start the process over again.
The credit report should contain the following information; names, addresses, current address, Social Security numbers, current employer, dates of birth, social security numbers, previous addresses, and any open accounts that you have had. In addition, you should check your credit history to make sure that all the accounts have been closed, and that all accounts are current and still valid.
If you find errors in your credit report, there are several ways you can dispute these errors. First, you can write to the credit reporting companies and request a copy of your credit statement.
Another way to dispute an error is to take the time to review your credit report with a free credit report website that allows you to view your report online. Once you have reviewed your report and can verify the errors, then take the necessary steps to dispute them with the credit bureaus. The bureaus are obligated under law to investigate any errors that they discover within one month of the date of the entry.
To protect your credit rating from errors, there are many resources available to protect your credit. These resources include repairing your credit report and making sure that all payments are reported on time. Also, it is always best to have your report at least once every twelve months.
Credit bureaus do make . . . . . . mistakes, and it is always best to check and dispute any errors on your credit before you apply for loans or credit cards. Doing so will allow you to ensure that you get the best possible interest rate on the loan or credit card that you apply for.
Your credit score and information are what the lenders will use to determine the rates for which you will be able to borrow money. Having a low score will not only affect the rates that you can receive, but also how much money you pay on the loan.