 | Mark Kolarik is the President of the Kansas Teachers Community Credit Union, located in Pittsburg, KS, since 10-2002 and is a board member of the Kansas Corporate Credit Union located in Wichita, KS . He has been employed in the financial service industry for the last 31 years, having worked in several credit unions for 21years and 10 years in the banking industry. He holds a Bachelor of Business Administration degree from the University of Wisconsin-LaCrosse and is a Certificated Credit Union Executive. |
Financial
2013-03-01 14:38:21
How do I get a copy of my credit report?
Q-I tried to get approved for a credit card but was not approved because of negative information in my credit report. Can you tell me how I can get a copy of my credit report?
A-When you apply for loans or credit cards the lender will request a copy of your credit report. The lender may use your credit report, a credit score, and other information you provided (such as income or debt information) to determine whether to approve your application and what rate to offer. The credit reporting companies update your credit report as they receive new information from creditors or lenders. Your credit profile changes based on your financial activity.
Your report is divided into six main sections: identifying information (name, address, birth date and Social Security Number), employment, consumer statement, account information, public records and inquiries. Your credit report is updated with new information from your creditors approximately every 30 days, to reflect your account balances and payments you make. Late payments create a negative record. Generally, negative records will stay on your report for up to 7 years (up to 10 years for certain bankruptcy information). Positive records can remain on your credit report longer. Not all creditors report to all three credit reporting companies; the companies obtain their data independently, so your credit reports from each company could substantially differ. That why it’s important to check your credit report every 12 months to ensure that the information is accurate and up-to-date.
You can get a free report from each of the three nationwide consumer reporting companies every 12 months. The official web site is annualcreditreport.com. It is the only authorized online source for you to get a free credit report. Some other sites claim to offer “free” credit reports, but may charge you for another product if you accept a “free” report.
Managing your credit and maintaining a good credit history can lead to better rates on major purchases. Routine check-ups, along with paying your bills on time, keeping your credit card balances below 35% of their limits, and correcting any inaccuracies will help ensure your credit reports are viewed in the most favorable light.
