Establishing credit and paying off your debt in a timely manner is just part of the routine for maintaining a good credit rating. Once in a while you should check your credit rating. There are three major firms in the nation which keep records on the credit rating of individuals. If a business has difficulty collecting a debt from someone, it will report such information to one or more of these credit rating institutions. A negative report on your credit record may mean that you will be denied some forms of credit.
Sometimes the information on your credit report is incorrect. Perhaps there was a clerical mistake. Or maybe a creditor reported an unpaid debt that was later repaid, but the record of payment never reached the credit rating institution.
According to the Fair Credit Reporting Act, you can ask for your credit report from this institution and it must provide the information for you. Generally, the firm will do so for a fee. If you find that there is false information on your credit report, there is a procedure that you can use to correct the situation.
The three major institutions that keep credit records on individuals and businesses are Equifax at www.equifax.com, Experian Information Solutions at www.experian.com, and Trans Union at www.tuc.com. Go to one or more of these sites to learn more about these organizations.
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Establishing credit and paying off your debt in a timely manner is just part of the routine for maintaining a good credit rating. Once in a while you should check your credit rating. There are three major firms in the nation which keep records on the credit rating of individuals. If a business has difficulty collecting a debt from someone, it will report such information to one or more of these credit rating institutions. A negative report on your credit record may mean that you will be denied some forms of credit.
Sometimes the information on your credit report is incorrect. Perhaps there was a clerical mistake. Or maybe a creditor reported an unpaid debt that was later repaid, but the record of payment never reached the credit rating institution.
According to the Fair Credit Reporting Act, you can ask for your credit report from this institution and it must provide the information for you. Generally, the firm will do so for a fee. If you find that there is false information on your credit report, there is a procedure that you can use to correct the situation.
The three major institutions that keep credit records on individuals and businesses are Equifax at www.equifax.com, Experian Information Solutions at www.experian.com, and Trans Union at www.tuc.com. Go to one or more of these sites to learn more about these organizations.