Merged Credit Reports
Who are the three national credit
Free reports -- Can I get a free credit report?
Divorce -- Does a divorce decree relieve me of my old debts if the judge says so?
Risk Scores -- How can I raise my risk score?
What is the Fair Credit Reporting Act?
Who are the three national credit
Equifax, Experian, and Trans Union. These three credit bureau systems are the most used repositories for credit information in this country. Smaller, local credit bureaus normally affiliate with and contribute their information to one of these three. These three credit bureau systems are competitors and do not normally share information. Sometimes lenders and other creditors report information to one of these systems. Sometimes they report to two or all three. To get all your credit information, it is best to check all three credit bureaus.
Free reports -- Can I get a free
We cannot get a free credit report for you because we have to go to the three credit bureaus and buy your credit information for our Trucredit Report. In certain circumstances, free reports are available to you under Federal or State law. Visit www.annualcreditreport.com for more information regarding your free annual credit report authorized under Federal law.
Divorce -- Does a divorce decree
relieve me of my old debts if the judge says so?
A divorce decree may not always absolve you from your bills. You may still be obligated to repay the joint debts you and your ex-spouse incurred while married. This applies even if a divorce judge directs your ex-spouse to pay a bill. It's best to consult a lawyer about such questions.
In addition, when the ex-spouse responsible to pay a debt according to a divorce decree, becomes delinquent in paying a joint bill, the creditor may have the right to report that derogatory information on your credit report. If your ex-spouse doesn't pay at all, the creditor may ask you to repay the debt and may even take legal action against you for unsettled accounts.
Therefore, if you are getting a divorce, try to pay off your remaining joint balances before divorce and close all accounts you and your spouse share. If that is not possible, ask your joint creditors to have joint accounts closed and remaining balances transferred to new, individual accounts established in the name of the responsible party. Then, after the divorce is final, you can begin to develop credit separately and independently.
Risk Scores -- How
can I raise my risk score?
Here are our tips:
1.Make sure your credit report is accurate.
2. If you can pay off past-due and collections balances. Unpaid balances normally lower your score.
3. If you have many accounts it may be best to close some accounts that are no longer used or necessary. Too many open accounts may lower your score. Note if you only have a few accounts opened, it may be better to leave them open, especially if they are older accounts with a good credit history.
4. Minimize shopping for new credit cards and loans. When you apply for credit cards and loans, it generates a credit inquiry on your account. Too many inquiries may slightly lower your score.
5. Pay down high balances on revolving credit cards (if you can). High balances relative to the card's credit limit may lower your score.
6. Establish good paying habits with no late payments for 12 to 24 months. Even if you have bad credit in the past, remember that a pattern of paying your bills on time more recently will help.
What is the Fair
Credit Reporting Act?
It is a federal law protecting consumers by requiring consumer credit reporting agencies to adopt reasonable procedures regarding confidentiality, accuracy and proper use of your credit information. For a summary of your rights under the Fair Credit Reporting Act (FCRA), click here. For the complete text of the Fair Credit Reporting Act (FCRA), click here.