The information contained in your credit reports matters. Also, if you’ve filed for bankruptcy, how your accounts are reported after bankruptcy matters. The information in your credit report dictates your credit score, and your credit score determines your credit-worthiness. The higher your credit score, the more likely it is that you’ll be able to get loans or lines of credit with low interest rates and other favorable terms.
What Information is Included in My Credit Report?
There are a number of things a credit report may list, including:
- Open and closed lines of credit.
- Account balances.
- Monthly payment history and/or missed payment history.
- Your name and social security number.
- Your current and previous addresses, name and address of your employer, and your income level.
- Anywhere you have applied for credit (any party who has pulled your credit report).
- Information regarding lawsuits, foreclosures, repossession, and whether you have filed for bankruptcy.
On-time, Monthly Payments Improve Your Credit Score
On-time, monthly payments are good for your credit score.
In fact, one way to start rebuilding your credit after bankruptcy is to have on-time, monthly payments on secured debt (like your mortgage or car payment) reporting.
Monitor Your Credit Report
It is crucial that you monitor your credit report. Whether or not you are having financial struggles, everyone should keep an eye on their credit report.
It is not uncommon for information to be misreported on credit reports. Also, it isn’t just mistakes or misreporting to be concerned about. Monitoring your credit report is a way to detect fraud and identity theft.
You Are Entitled to a Free Credit Report!
Everyone is entitled to a free credit report annually. You are entitled to one from each of the three credit reporting bureaus: Equifax, Experian, and TransUnion.
Order your free credit report(s) online from AnnaulCreditReport.com. Ordering from this site helps ensure a secure transaction. AnnualCreditReport.com is the only authorized source by federal law for free credit reports.
Credit Reporting Agencies Have A Legal Duty to Accurately Report
Pursuant to the federal Fair Credit Reporting Act (FCRA), credit reporting agencies have a legal duty to accurately report information and keep the information up-to-date.
Dispute Inaccurate Information
You have the right to dispute inaccurate, incomplete, or outdated information, or other mistakes or misreporting on your credit reports from Equifax, Experian, or TransUnion. The credit reporting agency must investigate your dispute and they must correct or delete inaccurate, incomplete, or unverifiable information within 30-days.
The Federal Trade Commission (FTC) offers step-by-step instructions for disputing inaccurate information here. The FTC also offers a sample dispute letter you can use here.
Find out more about being debt free in our guide: All About Debt Relief
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The Law Offices of Barbara B. Braziel helps people get out of debt. We offer free consultations to people in Savannah, GA and the surrounding areas. Contact us at (912) 351-9000 today!
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.