experian credit report

experian credit report

The Importance of Reviewing Your Experian Credit Report

1. Understanding the Experian Credit Report

Your Experian credit report includes personal background information, including your name, address (and previous addresses), Social Security number, and date of birth. This personal information is taken from your credit card applications and public records. You will also find detailed information on all of your credit accounts, including when the account was opened, the type of account (mortgage, installment, revolving, etc.), the credit limit or loan amount, account balance, and your payment history. The payment history is the most crucial information in your credit report, so the first thing to scrutinize should be the accuracy of all your reported payments. This includes payments that were on time, late, or missed and shows a 7-year history of monthly payments, revealing an accurate long-term picture of your accounts. The report also includes information on your accounts that have been sent to collections or those that have been paid or settled for less than the full amount. Make sure to check these accounts for accuracy, as they can be very damaging to your credit past and future. This section also has public record information, including tax liens, bankruptcies, and monetary judgments. Make sure to double-check the public record information, as it often gets mixed with someone else who has a similar name.

2. The Impact of Your Experian Credit Report on Your Financial Life

The impact of your Experian credit report has far-reaching effects that are critical to awareness in the topic of personal credit and managing. By ensuring aspects of what is contained in your credit report are honest and true, effects on finances can be both positive and negative. Variances in credit scores can be the deciding factor in whether or not an individual will be accepted for a loan. This can range from anything such as a mortgage, credit card, car loan, or store finance. The lower interest rates offered to those with higher credit scores can be seen to save thousands of dollars over the duration of the loan. It is possible to simulate this by having the individual having a friend who is financially superior with a higher credit score act as a co-signatory to the same loan. The difference in repayment value will be more often than not, quite substantial. On the opposite side of the scale, negative effects on credit scores can lead to a denial on certain credit agreements. Requirements for agreements that are denied to those with lower credit scores are usually easier and the conditions more beneficial to the borrower. Failure to secure certain loans can lead to feelings of personal rejection and potentially added financial stress if the purpose of the loan was to consolidate debts.

3. How to Access Your Experian Credit Report

The Experian credit reporting agency does not currently offer an option to obtain your Experian credit report online. In order to receive it, you must request it by telephone, mail, or in person. To obtain your credit report by telephone, simply call 1-866-200-6020 and follow the voice prompts. You will be required to provide some personal identifying information, and then your report will be mailed to you. To receive your report by mail, you must provide your personal identifying information and then print and mail the Experian request form. This form will need to be mailed to Experian, located at PO Box 2104, Allen, TX 75013. When requesting the report by mail, you must also provide hard copies of documents verifying your identity, such as a driver’s license or state ID card, and your SSN card. Sending this information will result in your identity possibly becoming compromised, so it is not recommended to request your report this way. Finally, to receive your report in person, you can visit an Experian report center after scheduling an appointment by telephone. This method is the most hassle-free, and seems to be the most secure option as well. In general, you should plan on receiving your report within 15 days of the request being made.

4. The Benefits of Regularly Reviewing Your Experian Credit Report

Improved levels of technology have transformed the inner workings of many industries; partly down to making those industries more efficient and partly down to cutting costs. Most of us can think of little better to illustrate this point than online banking. For many, the days of queuing up in a bank to transfer money are history. Now, faster payments allow people to transfer money at the click of a button. But the improved efficiency online payments bring has its downfalls, the main one being human error. When making payments of old, you’d get a receipt and you’d recognize the name of the payee. Now, payments are coming and going instantly and there’s often a job to keep track of them. The simplest oversight can lead to missed payments and in the world of credit, that is something which can be hugely damaging to your credit score. Because missed payments stay on your credit report for at least 6 years, ensuring all your payments are on time is another reason why it is now more important than ever to keep an eye on your credit report.

Many consumers believe that if they pay their bills on time, they need not worry about their credit report. Until recently, that was generally a good assumption. But now, the credit report and the score derived from it are used in a myriad of transactions beyond the granting of credit. What your credit report says about you can be used to determine your insurance premium, employment eligibility, and even the terms of employment. Ensuring that your credit report is accurate and up to date is essential in these transactions a growing number of Americans are subject to. Read more at [website].

5. Taking Action to Improve Your Credit Score

– Customers in a Debt Management Plan or IVA: Status is rated as Severe on the credit report. People in these situations are unlikely to have been accepted for credit due to a poor credit history and must take further steps to rectify it. A plan or IVA will stay on file for six years, so it is crucial to look at avoiding further credit problems and rectifying the situation as quickly as possible.

– Missed Payments: It is vital to stop missing payments on your loans or credit cards, so Experian suggests setting up a direct debit or payment reminder. Making a late payment can continue to damage your credit history for a few months, so it is crucial to rectify it quickly. Information about missed payments will be on your credit report for at least three years, so it may take time to rebuild your credit rating. Step 1 in this process is to start making payments on time, and your credit report will show that you are current after six months of on-time payments. However, you will need 12 months of on-time payments to fully recover.

The way to maximize the chances of your future credit applications being accepted is to understand the factors that are deterring lenders from accepting you at the moment. Experian provides personalized help and 90% of members see a significant improvement in their credit score, which is a fantastic result. There are many areas where your credit report can have an impact on future credit, and the following is a plan on how to improve these areas, starting with the most damaging. This information is crucial to ensuring you have the best possible chance at being accepted for a loan, credit card, mortgage, or mobile phone contract in the future, and at the best rates.