Only organizations with a legitimate business reason – and anyone who has your written consent – can check your credit. Understanding the what, when and how of credit inquiries is an important part of protecting your credit scores.
Thanks to the U.S. Congress, placing or removing a Credit Freeze from consumer credit reports will be free for everyone. The federal legislation also calls for TransUnion®, Equifax® and Experian® to expedite consumer freeze requests.
Consumers will see certain negative information that can impact their scores scrubbed from their credit reports if the nation’s three credit reporting agencies can’t comply with more stringent reporting rules that must be fully implemented by June 2018.
Starting in April, the three major credit reporting agencies will remove tax liens from all consumer credit reports, which could mean a boost in scores for some consumers. TransUnion, Experian and Equifax are taking this step because of gaps in the information they receive on tax liens.
Civil judgments can be reflected on your credit reports and negatively affect your credit scores. Credit reporting companies regularly update your records, which is why consistent reviews of your credit reports are important.
If you are found responsible by a judge in a civil judgment lawsuit, the most frightening part of the ruling could be its impact on your credit reports and scores.
One in five consumers has had an error on at least one of their three credit reports, illustrating just how important it is to check your report for mistakes. But what errors should you check for, and what should you do if you spot one?
An error-free credit report can mean the difference between being approved or denied for a loan. It’s up to you to confirm that your credit reports contain your correct history.