What Exactly IS a Credit Report?

Your credit report is a detailed description of your financial habits, carries the records of all your financial transactions and payment patterns. The report is one of the primary references factored in by banks and other lenders to check your financial stability to decide your creditworthiness, when they review your loan and credit card applications. Given the significance, your annual credit report is a document that must be managed well, in all cases.

A bad credit score has serious consequences and that is the reason it is as soon as you find out you have a low credit score, it becomes essential to hire a credit repair services provider. Build My Scores, with extensive experience in the domain, possesses proven expertise in detecting and fixing errors in credit reports. Our credit management specialize in handling issues to do with late payments, repossessions, foreclosures, bankruptcies, tax liens and charge offs.

Information Inside an Annual Credit Report

A credit report details on all the financial aspects of a person; from credit card details to part mortgages and inquiries, the report furnishes a fairly detailed account of their financial habits. Here is a list of information contained in a credit report:

Account Details

This section holds the details of credit cards, retail credit cards, real estate loans, auto loans and accounts in collection.

Inquiries

Visible on a credit report for 24 months, hard inquiries affect the FICO score for first 12 months and are completely removed after the stated period.

Public Records

This section holds the details of legal actions taken against an individual, including cases of bankruptcy, civil judgments and lien.

Who Maintains Your Credit Report and How?

Credit reports are maintained by the three national credit bureaus (Equifax, Experian and TransUnion). These companies maintain a detailed record of every US citizen’s financial behavior, and once a year, provides a free copy available for download from their respective websites.

Credit bureaus receive information from all financial institutions such as banks, mortgage companies, retailers and other lenders. They also receive information from government and collection agencies regarding legal actions. This thorough information collection system helps them maintain millions of financial records.

Errors in Credit Reporting

Despite the best efforts of the credit bureaus, cases or inaccurate credit reporting are a commonplace. Though the many possible reasons for a discrepancy, in most cases, the issue is damaging the credit score and therefore, must be addressed as soon as discovered. As your credit repair company, we follow all legal procedures to dispute errors to get them fixed, and also provide expert guidance to build and maintain a good credit score.

How Build My Scores Can Help

Beyond disputing errors on your behalf online, we also draft and send a request to the concerned credit bureaus and lenders, providing all details of the dispute and demanding a prompt resolution. Once a dispute is received by an agency, it has to respond within 30-45 days.

Build My Scores stands with our client throughout the process and does everything required to pump up the client’s credit report. All the procedures we follow are completely legal and the company does not claim to remove past negative records.

Unsure About Your Credit Report?

If you have never requested your credit report and are unsure about your score, Build My Scores is here to help. Feel free to contact our team of credit repair experts for a no-compulsion consultation. Just call us at 972-432-7423 or toll-free at 866-611-9531.