Credit Information

Where does a credit report company get information?

Credit report companies get information from public records search companies as well as the three largest credit bureaus: TransUnion, Experian and Equifax.

What can I do if I disagree with information on my credit file?

The information on your credit report is reported by creditors. If you believe information is incorrect or does not belong to you, you can dispute it by contacting your creditor directly in writing as well as the credit bureau. You should find the contact information for the creditor on your credit report.

Why are the balances on my accounts incorrect?

The balances on your credit report are reported to the credit bureau once a month, usually at the end of your billing cycle, so they usually do not reflect your current balance.

Will a loan I have co-signed appear on my credit file?

When you co-sign a loan, it will appear on your credit report because you have accepted responsibility if the primary borrower defaults. For loan qualification purposes, the co-signed loan can be overlooked if you show proof that the primary borrower has made payments on time for the last year and is current on the loan.

How long can negative information remain on my credit report?

Most negative information must drop off your credit report 7 years after the date of the original occurrence, except Chapter 11 and Chapter 7 bankruptcy, which remain for 10 years.

What is a credit score?

A credit score is a mathematical calculation assessing a borrower's risk based on information on their credit report. There are many different credit scores, each developed by a different company or credit bureau, but most range from 450 to 850 points. The higher the score, the better the consumer's risk.