Why should you check your credit report from all the 3 credit bureaus?

27-June-2015 written by : FSI-Team

With a specific end goal to acquire the most precise details of your credit report standing, it is highly proposed for you to get your reports from all the three agencies. It is insufficient for you to get just your Experian credit report or CIBIL report or Equifax report, since it may not provide you with the entire picture as far as where your credit score stands.

There may be a couple of items on your Equifax credit rating report, but you will want to contact the other two bureaus and get your reports from them to notice exactly who you owe and how much.

When opening a line of credit, getting a house or a car, or simply obtaining a loan from a bank, the bank may report to one of the three agencies. A few companies just report to Equifax while another may just report to Experian. Presently, some may report to more than one company and a few companies may report to all three.

Everything you do that involves credit- -your credit cards, personal loans, car loans and mortgage loans, all have an effect on your credit rating. However, if you pay your bills on time and have every one of them in great standing, this affects your credit score positively. Banks use a variety of different credit rating models for the scores they give you, which is the reason you may have different credit scores for different credit bureaus.

Credit scores are affected by the number and severity of late payments, the sort, age and number of credit accounts, your total obligation and any enquiries that ask for your credit score. Credit scores are not affected by any of your personal data, for example, age, race or marital status.

You should continue to attempt to improve your credit score. Pay your bills on time and keep your balances low on credit cards and other "revolving credit". A high outstanding obligation can negatively affect your score. You should apply for credit as you need it and pay off the obligations you have rather than moving it around. Stay up to date with the information in your credit report. Experian, Equifax and CIBIL offers you access to your credit score, which you can view for a nominal expense. You can then watch your Experian, Equifax, or CIBIL credit score's fluctuations and know how your obligations are affecting your credit score.

To maintain your credit score yourself, the first thing you will need is accurate information on how to dispute your derogatory accounts and a demonstrated strategy to put into action. This information is available on online credit repair manuals, many of which cost less than the down payment required by a company.



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