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Credit Report FAQ

What is the purpose of a credit report?
This is a financial document that records all of your past financial activity. There are three credit bureaus, Equifax, Experian and TransUnion, which help to maintain these reports and pass them to other lenders and creditors as necessary.

How many credit reports can a person have?
Everyone has three credit reports, one from each of the major bureaus based on the information they have discovered about your credit history.

How quickly should I request my credit report?
It is generally recommended that you request a copy of your report each month. Requests can be sent every 30 days, and monitoring this report regularly is important to maintaining your financial status. You can request a free credit report gov from annualcreditreport.com once per year.

What if there is an error in my credit report?
If you have been regularly checking your report and you notice an error or a sign of fraudulent activity, you should report this right away. The sooner you contact these bureaus the easier it will be to have these items removed.

 

Credit Score FAQ

How soon can you look at your three credit scores?
If you are a member of a credit score company you will be able request your credit score from each of the major bureaus at any time. Once this request is forwarded you will get a report of all your major credit scores.

What is the purpose of identity verification?
This is used to confirm the identity of the person whose credit score you are seeking. This will make sure that you are being identified correctly and receiving accurate information about what is in your credit report.

What does identity verification do?
Going through identity verification helps to ensure that the credit report you receive truly belongs to you. Otherwise, you will receive a group of data that is not relevant and not helpful to you maintaining your financial status.

Will requesting a copy of my credit report lower my credit score?
Regularly accessing your credit score is known as a soft inquiry. These do not lower your credit score. This is considered a way of keeping informed of your financial status and is not generally considered a negative item that would cause your score to dip.

Why can’t I see my credit score?
There are a number of issues that could prevent you from seeing your credit score properly. These could be, but are not limited to: technical issues, failing to verify your identity, or the credit bureau failing to respond to the verification you have sent.

Why do different credit bureaus provide different credit scores?
Each agency may have been provided different information from lenders or other financial agencies, and your credit score will vary based on these different facts.

What things affect my credit score?
Most financial actions you take impact your credit score but the things with the highest impact– include failing to pay your bills or having a great deal of debt.

 

Credit Monitoring FAQ

How does monitoring your credit work?
You can monitor your credit score by requesting a copy of your report every 30 days. This will help you keep track of what is going into your report and allow you to take better care in your financial activity.

What do credit alerts do?
Credit alerts can be sent to customers to let them know about any activity that has taken place on their credit report.

How quickly will I get credit alerts?
As soon as an activity appears on your credit report, an alert will be sent to you. These changes are typically accurate, up to the minute.

How expensive is credit monitoring?
The expense it costs you to monitor your credit will vary, based on which company you are working with to get your credit score.

What activities are included in credit alerts?
You will be notified when any: late payments, new inquiries, change of address, change in documentation, change in verification details, new users, suspicious activity, public records or different accounts are listed on your credit report.

What errors in the alert system should I be aware of?
There may be fraudulent information under your name on your credit report. If you are receiving a notification of an activity you did not participate in, you should report it immediately. Contact your credit company and the three major credit bureaus to ensure that they are aware of this fraud.

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