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Wise Credit Management Understanding Your Credit Score. Credit Bureaus. Equifax Experian TransUnion. What’s in your credit report?. Identification – name, address, SS# Employment – current and previous Credit – accounts, limits, payments Inquiries – requests for info.

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Presentation Transcript
credit bureaus
Credit Bureaus
  • Equifax
  • Experian
  • TransUnion
what s in your credit report
What’s in your credit report?
  • Identification – name, address, SS#
  • Employment – current and previous
  • Credit – accounts, limits, payments
  • Inquiries – requests for info.
  • Public Record – foreclosure, tax liens, bankruptcy. (Negative information remains for 7 years. Bankruptcy remains 10.)
how to order your credit report
How to order your credit report

Annual Credit Report

  • Online at www.annualcreditreport.com
  • Phone
  • Mail
if you find errors
If you find errors:
  • Notify the credit bureau
  • Notify the creditor
    • Send documentation
    • Describe the error
    • Mail to “billing inquiries” address, not the payment address
  • More information from Federal Trade Commission at www.ftc.gov
report fraud
Report Fraud
  • Contact the credit bureau
  • Post a “fraud alert”
  • Contact creditors of fraudulent accounts or unauthorized charges
  • Follow-up in writing and close accounts
  • File a report with the Federal Trade Commission www.ftc.gov/idtheft , state attorney general’s office, local police
what s your credit score
What’s your credit score?
  • Each Credit Bureau has it’s own score
  • VantageScore – joint credit score from the three major credit bureaus
  • Fair Issac Corporation – FICO score, most commonly used
purchase your credit score
Purchase Your Credit Score
  • Annual Credit Report 1-877-322-8228; www.annualcreditreport.com
  • Equifax: 1-877-576-5734; www.equifax.com
  • Experian: 1-888-397-3742; www.experian.com
  • TransUnion: 1-800-680-7289; www.transunion.com
improve your credit score
Improve your credit score
  • Pay on time
  • Keep balances low
  • Use credit
  • Limit new accounts
  • Use a variety of types of credit
managing credit
Managing credit
  • Practice careful money management
  • Beware of credit repair scams
  • Seek credit counseling if needed
extension fact sheets on credit
Extension Fact Sheets on Credit
  • Credit Help for Arkansans: Names and Numbers to Know
  • Credit and Debit Card Register
  • Trim Your Credit Line
  • Managing Credit
  • Credit Reports and Credit Scores
  • Credit Repair