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Everett, MA
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What is a credit report?
  • A credit report is a summary of your financial reliability
  • It is prepared by credit bureaus (also known as credit reporting agencies)
  • Primarily used by lenders, employers and others who, under federal law, have a legitimate need for the information, such as when you apply for a loan, insurance policy, apartment or job.
What is in my credit report?
  • Identifying information
  • Public record information
  • Credit history information
  • Inquiries
How do credit bureaus get their information?
  • Lenders voluntarily supply the information to them
How often should I get a copy of my report & where can I get it?
  • Once per year from each of the three credit bureaus
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What kind of problems could I encounter?
  • Make sure it accurately reflects how you have paid your bills.
  • Verify that all the accounts listed are yours.
  • Look for accounts you don't use and may have forgotten. You may be able to raise your credit score by closing unnecessary accounts.
How do I correct wrong or incomplete information in my credit report?
  • Immediately tell the credit bureau, in writing. Each credit bureau has their own procedures for submitting this type of information.
  • Identify each item in your credit report that you dispute.
  • Send your information by certified mail.
What if I have a question or complaint involving a credit bureau?
  • First attempt to resolve the issue directly with the credit bureau. If unsuccessful, contact the FTC at 877-FTC-HELP.
What is a credit score and why is it important?
  • A credit score is a number calculated by a credit bureau or lender for use in making a decision on a loan application.
  • Many lenders use a system developed by Fair Isaac & Company called "FICO score".
  • The better your credit score, the better your chances are of getting a loan with an attractive rates and terms.
What are the most important factors in determining my credit score?
  • How you pay your debts
  • How much debt you owe
  • Late payments on loans
  • Past bankruptcy
  • Debt collections
  • Court judgment ordering you to pay money as a result of a lawsuit
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