Tuesday, March 17, 2009

Credit Bureaus

I have people ask me all the time, "How to repair my credit?" They will ask "Where do I start?" I frequently hear "Do I need to pay someone to fix this mess for me?" There always seems to be confusion over the process and what to do first. And who can be blamed for the confusion more than the credit companies who make it all so complicated? The best advice I can give anyone asking me these questions is to start simple and try to keep it that way. Below you will find the first simple step in the journey.

The first thing you need to do when attempting to resolve credit problems is understand the problem thoroughly. The way you can do this with credit problems is to get three copies of your credit report. Yes, I said three.

You need a copy of your credit report from each of the major credit bureaus. The reason for this is not every creditor reports to all three bureaus, thus it is important to see what each one has to say. Remember you are allowed one free credit report a year. You can find the three major credit bureaus at the links below.

Experian

TransUnion

Equifax

Something else to be very aware of is that if you have been denied credit in the last six months then you are entitled, by law, to a free credit report. This is to allow you the knowledge of why you were denied, and to assist you in getting the issues resolved. Everyone wants to have their credit in fine order and the government, for all their misguided ways, still want the same thing as it makes our country stronger to be able to take care of our finances. To be able to purchase the necessities of life and some of the luxuries as well is where everyone is the most well off, becasue there is then plenty of commerce to be had for everyone.

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