New Haven Debtor Rights Attorney Explains The Importance of Credit Reports
As a New Haven Debtor Rights Attorney I often get asked why a credit report is so important. Credit reports contain information regarding your current and past loans, including home mortgages, car loans, and credit cards. But it also includes your current and past residences, and your previous payment history (i.e whether you have ever been late on a payment). Finally, and most critically it states the current amount of credit has already been made available to you. This number is calculated based on your current amount outstanding and the sum maximum amount available to borrow.
There are three credit reporting agencies: Experian, Equifax, and Transunion. I advise my clients as a New Haven Debtor Rights Lawyer that it is essential that you make sure your credit report at each of these agencies is accurate. For example, an inaccurate date of last payment can reduce your credit score as can an inaccurate reporting of the amount available under a card.
You have a right to request a free credit report from each of the agencies once a year. Your credit report & score can largely impact your reputation, employment prospects, your ability to be approved for a loan, the rate at which the loan is made, and even whether you’ll be approved for insurance.
If you need help with a credit report, contact our experienced New Haven Debtor Rights Attorney.
- The Right to an Accurate Credit Report
- Obtaining a Copy of Your Credit Report
- Preventing Identity Theft with a Credit Report
- Items that Can Negatively Impact Your Credit Score
- Common Credit Report Errors
- How to Dispute an Inaccurate Item on a Credit Report
- The Time Length of Negative Items on Your Credit Report
- How to Add a Note to a Credit Report