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Understanding Your Credit Reports
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Obtaining credit reports regularly is a good way to check your information from all three credit reporting agencies.
We will go over the pros and the cons of obtaining your free credit reports, and also purchasing your 3 in 1 credit reports.
Free Annual Credit Reports - You are eligible to receive a free credit report from each credit reporting agencies once yearly. You are also eligible to receive a credit report if you have been declined in the last 60 days. You will generally receive a letter of denial from where you applied for credit, and you will be able to see the credit reporting agency that was used to make the decision and also how to obtain you free credit report.
Although you can retrieve all three of your credit reports once per year the downfalls can affect the credit repair process. Any disputes filed from an annual credit report must be allotted 45 days for the credit reporting agencies to complete the investigation for any disputes that have been filed from the annual credit reports.
Each credit report you receive will be broken down into sections. Personal information, Accounts Summary, Real Estate and Mortgage Accounts, Revolving Accounts, Installment Accounts, Collection and Other Accounts, Public Records, Credit Inquiries, and Creditor Contact Information.
Understanding each section is key to learning to read your credit reports. Since all reports are arranged differently, you will need to read the "credit report key" located on every credit report type to determine what information is reporting for each and every account on the credit report.
There has been a lot of confusion over credit reports throughout the years. Since there are three credit reporting agencies, you will want to make sure you have a copy of each report from Equifax, Experian , and TransUnion. Many of the websites you can order reports and monitoring services for each bureau, also allow you to purchase a 3 in 1 credit report. This means you will see each report side by side for convenience. This is good, because you can easily compare whats on each report.
Credit reports from each credit reporting agency can be obtained for free annually by ordering directly from each agency, or the quickest most effective way to receive your free annual credit report from Equifax, Experian, and TransUnion is to visit
You will be able to verify your personal information and receive your credit report from Equifax, Experian, and TransUnion instantly online.
You are also eligible to receive a free credit report if you have been declined credit within the last 60 days. The creditor that denies you credit is required to mail you a letter of explanation. This letter will tell you the four main reasons you were declined, and also which credit reporting agency they used to make their decision. Once you have this information you can request a free copy of your credit report from that credit reporting agency.
Credit 101
