Skip to content Skip to sidebar Skip to footer

Five Unbelievable Facts About Equifax Credit Report | equifax credit report

In general, a credit rating is simply a three-digit figure ranging from 300 to 850, which indicates your creditworthiness. Credit ratings are calculated by using information on your financial history, which includes your payment history; how much debt you owe; and how long your current credit history is. Information from these factors is then combined to come up with an overall credit score. The actual formula for calculating a credit score (sometimes referred to as a FICO score) is kept secret, although most creditors use a version of it. However, anyone can access their credit report annually for free.

There are two main reasons why people check their Equifax credit reports: to monitor their credit worthiness and to check whether other people are making hard purchases at their credit cards from their cards. The way this system works, and what makes it more effective than traditional credit bureaus, is that all purchases are entered into your account for around seven days. After that period, all hard transactions are automatically deleted from your record. This way, the impact of every hard purchase stays on your report for just seven days – which means you'll know instantly whether you made a hard purchase or not. You'll also be able to see if any of the entries were erroneous.

This type of system is not only useful for potential lenders. For example, if you're a parent looking to send your child out to college, you may receive hard credit reports so that you can check whether that potential lender is approving college tuition. In addition, if you're a new graduate or just starting your job, you can use this tool to quickly identify areas where you can improve your scores. You can also use it as a reference point when talking to potential employers or landlords.

What exactly do you need to look for when using an Equifax credit reports check? Firstly, you need to identify delinquent accounts. Remember that credit reports are basically collections of financial information about payments you've made. So, the more frequently you miss a payment, the more entries appear on your credit reports. Delinquent accounts can range from simply not being paid on time to repeatedly making late payments.

Once you've identified potential issues with your Equifax credit report, you should then investigate them. One way to do that is to look at old soft inquiries. Hard inquiries, by contrast, are inquiries that lenders make on your behalf. These are less likely to affect your scores – though they will still likely affect them.

Why are hard inquiries less damaging to your Equifax credit score? Well, the first reason is that they don't last very long. After about a week, most of them will disappear – but even if they don't go away entirely, they shouldn't have a significant impact. What happens then is that lenders will start to report each time you apply for credit. Lenders see that you always pay your bills on time and so they report this to Equifax as well.

It sounds good so far, but what should you do next? If you've identified multiple instances of hard inquiries on your Equifax credit scores, then you need to contact each of the lenders that showed these entries. In fact, the way to go about it is to contact all of the different lenders, individually. Tell them that you've done a review of your financial history and you're not going to accept any new requests for credit until you get a response from each of them. They should reply in a few business days or weeks and then you'll be able to know which lenders have agreed to drop the inquiries from their records.

In the end, however, you'll probably want to focus your attention on the first couple of pages of your report. The first thing you can do is dispute the incorrect information with Equifax itself. To do this, you'll need to open a dispute with the credit bureaus that contain your credit reports – Experian, TransUnion and Equifax. You'll want to enter your dispute in the relevant field (accuracy, due date, price, etc.) and then follow up with an email to Equifax with the details of the disputed item(s) and their reply in writing.

Credit Report: Sample Credit Report Equifax – credit report – equifax credit report | equifax credit report

Credit Score Report How to Get it? – REALTOR Andrei Peresunko – equifax credit report | equifax credit report

Post a Comment for "Five Unbelievable Facts About Equifax Credit Report | equifax credit report"