All About Credit
Equifax Credit Information Services, Inc.
P.O. Box 740241
Atlanta, GA 30374.
P.O. Box 4500
Allen, Tx 75013
TransUnion Consumer Solutions,
P.O. Box 2000,
Chester, PA 19022-2000.
Innovis, Attn Consumer Assistance
875 Greentree Road, 8 Parkway
Center, Pittsburgh, PA 15220
5 factors used to calculate your credit score include:
Payment history: 35% of your score
Amounts owed: 30% of your score
Length of credit history: 15% of your score
Type of debt: 10% of your score
Inquiries: 10% of your score
Payment History (35% of Your Score)
indication for lenders and creditors whether an individual is a lending risk due to a history of late or missed payments.
Amounts Owed (30% of Your Score)
Amounts owed is how much debt you’re carrying. Having a high amount of debt owed could mean you’re having trouble paying your bills and is another red flag for companies measuring your creditworthiness.
There are three key factors that go into determining your mark in the amounts owed category including your credit utilization, amounts owed on installment loans, and overall balances.
Length of Credit History (15% of Your Score)
The longer your credit history, the better. Your credit card history is calculated using an average.
Type of Debt (10% of Your Score)
Types of accounts that make up a consumer’s credit report. The different types of credit that might be part of a consumer’s credit mix include credit cards, student loans, automobile loans, and mortgages
Credit Inquiries (10% of Your Score)
Request by an institution for credit report information from a credit reporting agency
Disputing an Item on your credit report:
Gather proof: Put together the evidence to send to the credit bureau. Include documents to prove your identity like a copy of your state issued ID, driver’s license, or utility bill with your current address.
State your case: Write a letter to the bureau detailing the information you found that’s incorrect and include your proof in the letter. Also, include a copy of your report with the errors marked.
Send the letter through certified mail: Make sure to request a return receipt. After you send in a letter, the creditor has to investigate the item(s) you found within 20 days unless your claim is found to be frivolous.
Do not use the online dispute. The online dispute option may have fine print that says you give up the right to re-dispute that claim if the bureau makes a decision that’s not in your favor.
If your request is approved...
The credit bureau will send you an updated copy of your credit report. You should also ask them to send a correction notice to anyone that’s performed a credit check on you in the last six months.
Remember, you have three credit reports from three credit bureaus. If you found an error on one, you should check the others to make sure they’re accurate as well.
If your request is denied…
Within 15 days of the date, the investigation is concluded, the credit bureau has to show proof of the information from the company used to verify the item on your credit if you request it. If they cannot provide this information, the item has to be removed from your credit report.
Develop an organization system to keep track of your credit reports, the information to back up your dispute, and the date you need to request verification of the record.
Being persistent may cause them just to correct the information rather than jumping through the extra hoop of getting you the proof.
Both the bureaus and the entity that provides the data on your report are equally responsible for keeping it accurate. If you noticed an error, it’s important to also resolve the error with the original creditor.
Call up the company that reported the error to the credit card bureaus to find out how you can file a dispute. Send the same proof that you send to the credit bureaus to the reporting entity.
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