There are three consumer repositories. Trans Union, Equifax and Experian. These three national databases are accessed and created by local credit bureaus, banks and other sources depositing and retrieving information relating to consumer credit. Your credit file is a reflection of money you have borrowed in one way or another, whether it be cash, material items or services. It is also a reflection of how you have repaid credit and any action taken by a creditor in attempt to recover money. It reflects who has reviewed your credit profile. It, of course reflects bankruptcies if filed.
Why is my credit record so important?
When an individual desires to borrow money for a house, car, furniture, cash loan or any other reason, normally, a credit manager requests a credit report through a local credit bureau, who retrieves the information from the national repositories. Most credit managers look for derogatory items in the profile and also uses it to help verify the liabilities of the consumer applying for credit.
What can I do to improve my credit record?
If you have any collection items, get them paid off. If you are placed for collection, most collection agencies give an opportunity to pay the debt immediately after they receive the account to keep the item from ever going on your credit record. Take advantage of that opportunity and pay it as soon as you are notified. Make all loan payments on time, never 30 days or more later.
How can I get a copy of my credit record?
You can obtain them by calling the toll free numbers listed below:
These are the three (3) separate national credit files. One may contain items that the others do not, so it is suggested that you request all three.