Many discriminating consumers these days realize the importance of knowing their credit score. This 3 digit number affects most segments of human existence. Everything from house mortgages, to how much money a bank will lend, is determined by the report generated from the 3 credit bureaus. Since the flow of money is largely electronic these days, the type of data that is compiled about a person's credit history is heavily affected by the types of transactions that are made. For example, making a bill payment online is recorded and factored into the algorithm used by all 3 companies.
The 3 reporting bureaus: Equifax, TransUnion and Experian all offer a free credit report that consumers can obtain once a year. They can be contacted via a toll-free number to take advantage of this opportunity, or it can be requested online from their website. The numbers for each company are listed below:
The response times may vary, but the average is one to two weeks. Most people do not take advantage of this service because they do not understand how to calculate their score. However, with a simple guide, it is easy to use this in order to make better use of this type of report.
Even the credit companies make mistakes, some by incorrect information provided by a creditor and others simply by accident. It is vital to obtain this document and check for erroneous data. This can be changed by pointing out what actually should be included on the paper. Of course, written proof must be available to verify the changes, but raising the credit number should be effective to every consumer. There are agencies that will take care of most of these issues for clients who does not know how to themselves.
Although the bureaus are hesitant to give out information, the easiest way to raise that all important 3 digit number is to pay any and all debts on time. This makes up about a third of any score. One late payment can cost a significant number of points, and it does not go away quickly either. Consumers can make small adjustments such as paying bills online to ensure that payments sent in do not get lost or delayed in the mail. It is small things like this, that can make the difference between having that valued number in the high range or one much further down.