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What is an Credit Report?
A credit report is an accumulation of information
about how you pay your bills and repay loans, how much credit you have
available, what your monthly debts are, and other types of information that can
help a potential lender decide whether you are a good credit risk or a bad
credit risk.
The report itself does not say whether you are a good or bad credit risk -- it
provides lenders with the data to make the decision themselves. Credit
bureaus, also known as credit reporting agencies (CRAs), collect this
information from merchants, lenders, landlords, etc., and then sell the report
to businesses so they can evaluate your application for credit. Lenders make
their decisions based on different criteria, so having all of the information
helps them ensure that they are making the right decision.
An Credit Report refers to a consumer credit file from the Credit Reporting system, which is made up of various consumer credit reporting
bureaus: some are independent and others are owned by Equifax. It is a picture
of how you** (as an individual) paid back the companies from whom you borrowed
money, or how you have met other financial obligations. There are usually five
categories of information in an Equifax Credit Profile:
Identifying Information
Employment Information
(This is actually the last employment reported to Equifax by credit grantors,
who do not usually update this information. It is used for demographic purposes
only, not credit decisions).
Credit Information
Public Record Information
Inquiries
What is a Credit Score?
The credit score is a number that measures an individual’s credit
worthiness.
Credit scoring has been used to help creditors evaluate your ability to
repay home mortgage loans.
A score ranging from 300 to 900 which reflects the credit worthiness of a
borrower, and is primarily determined by timeliness of past loan payments,
credit card payments, credit inquiries/applications, collections, and
bankruptcies.
If you have a low score 300-600, you will have real problems getting any kind of
a loan or credit card. If you get one, your interest rate will be really
high.
If you have a low-mid score 601-699, you will have difficulties getting a decent
rate.
If you have a mid-good score 700-759, you will get good rates and loans.
If you have high score 759 and up, you should not have a problem getting the
best available interest rate and terms of a loan or credit card.
| For a $216,000
30-year, fixed rate mortgage*: |
| If your FICO® score is: |
Your interest rate is:* |
...and your monthly payment is:* |
| 760 - 850 |
6.33% |
$1,341 |
| 700 - 759 |
6.55% |
$1,373 |
| 680 - 699 |
6.73% |
$1,398 |
| 660 - 679 |
6.95% |
$1,429 |
| 640 - 659 |
7.38% |
$1,492 |
| 620 - 639 |
7.92% |
$1,573 |
*I have no idea what the current interest rate is today, but this is just an
example of how much different the score effects your interest rate.
What is NOT included on your Equifax Credit Profile:
Your race
Your religion
Your health
Your driving record
Your criminal record
Your political preference
Your income
**Note: Credit information is maintained on an individual basis. If you are
married, the information contained in the Credit Profile for your spouse may not
match your Profile identically as certain accounts may have been established in
your name or your spouse's name only. If your spouse is interested in obtaining
a copy of their Credit Profile or the Sentinel® Credit Monitoring Service, that
order should be placed separately by your spouse. Prices quoted for the Credit
Profile and Sentinel® products are for individual orders.
Can I see a sample report?
Yes, use the links at the top
How can I see my Credit Report?
You can see your Credit Report just by ordering it today
Order by Internet
For later online viewing of your personal Credit Report.
We secure the confidentiality of
your order by "electronically scrambling" the data.
Get your credit report right now!
|
Your ID's been stolen.
Now what? |
|
Step 1: Protect your finances
Contact the fraud departments of each of the three major credit bureaus.
Get a copy of your credit report, which is free to ID theft victims. Ask
that your file be flagged with a "fraud alert tag" and a
"victim's statement." That will limit the thief’s ability to
open new credit accounts, as new creditors will call you before granting
credit, generally. Insist, in writing, that the fraud alert remain in
place for seven years, the maximum, according to PrivacyRights.org.
Step 2: File a police report
You will need a police report to dispute unauthorized charges
and for any insurance claims. Be persistent; your local police
department may suggest that this isn’t necessary, because they don’t
want the paperwork hassle. Also, fill out an online
ID Theft complaint with the Federal Trade Commission or call
1-877-ID-THEFT.
That enters your case in the FTC’s “Consumer Sentinel” database, a
nationwide list of ID theft cases which can be used by law enforcement
officers to find patterns and catch criminals.
Step 3: Close all compromised accounts
The list may be wider than you realize. This includes accounts with
banks, credit card companies and other lenders, and phone companies,
utilities, ISPs, and other service providers. Dispute all unauthorized
charges – The FTC offers a sample dispute letter on its
Web
site. Disputes may require a sworn statement and a police report.
The FTC also offers a form affidavit which can be used for the sworn
statement at
www.ftc.gov/bcp/conline/pubs/credit/affidavit.pdf
More help
An Initial Fraud
Alert is a consumer statement added to your credit file that lasts
for 90 days. It alerts creditors of possible fraudulent activity
and requests that they contact you prior to establishing credit in
your name.
To place an Initial
Fraud Alert on your Credit Report, contact Equifax at the
automated fraud line 1-877-576-5734 and follow the simple prompts.
A notification will be sent to the other two nationwide credit
reporting agencies, Experian and Trans Union, on your behalf and
Equifax will send you a confirmation letter explaining additional
rights you may have, including the ability to request a free credit
file(s), depending upon your state, in connection with your fraud
alert and other steps you may want to take to protect your identity.
More detailed 17-step plan to follow if your ID is stolen
www.privacyrights.org/identity.htm
“When bad things happen to your good name” – FTC document full
of sample dispute letters and other recovery procedures.
www.ftc.gov/bcp/conline/pubs/credit/idtheft.htm
U.S. Department of Justice ID Theft kit
www.usdoj.gov/criminal/fraud/idtheft.html
Identity Theft Resource Center
www.idtheftcenter.org
Organizing your ID theft case – good paperwork is key
www.privacyrights.org/fs/fs17b-org.htm
ID theft laws vary by state – here’s a list of state laws
www.consumer.gov/idtheft/federallaws.html#statelaws
Michigan State University School of Criminal Justice ID Theft page
www.cj.msu.edu/~outreach/identity
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