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Some Facts about Your Credit Report


An outstanding credit score can help a borrower to obtain the best interest rate on their mortgage. Thus, it is crucial to know more about your credit report. TransUnion and Equifax offer their free report on credit to many consumers once every year. These free reports must be ordered each year and be reviewed closely.


If there are errors or irregularities in the report, then the issuer must be contacted with for reasons or corrections.


Report and its Errors:

  1. Tradelines Errors: This means that past trades or active trades have their errors. This error could be the address, name or total limit. Thus, upon getting the report from a reputable agency, it should be reviewed completely.
  2. Collection Information Errors: This is about the information that concerns the collection accounts in the record.
  3. Header Information
  4. Inquiries
  5. Duplicate Entries
  6. Derogatory Public Records


There are instances that errors are being seen in the report. This can only cost you to spending money if there are errors seen in the poor credit score. The borrowers must have their credit report monitored closely.


In the event that errors arise, then call for a dispute. A dispute is raised provided that there are enough reasons in the credit report. Others have improved their credit score after having a successful resolution over their dispute.


How Long Will it Take for a Negative Record to Stay on Your Own Account?


With Equifax, they are keeping information on credit transactions, secured loans and banking items for about six years. For TransUnion, they keep the information on banking items for about six years right from the date of writing off up to the date of closure.


The information on collections is being kept for six years by Equifax and TransUnion. As for the inquiries, they are being kept by Equifax for about three years and TransUnion for six years.


Thus, it is crucial for every person to have their credit profile error free and clean. They can save money on the low interest rates.

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