Category Archives: Credit Reports

Correcting Credit Report Errors

By | Credit, Credit Reports, Financial Education | 2,852 Comments

Make sure the information in your credit report is correct.

This is extremely important to deciding whether or not you qualify for a loan from a lender. The decision is based in large part on the information in your credit report.

However, credit reports may often contain errors. If you find an error in your credit report, have no fear. Just follow the process below:

  1. Send the credit reporting agency a letter stating information you think is inaccurate.  Include copies (not originals) of documents that support your position and prove your identity.  In addition to providing your complete name and address, your letter should clearly identify each incorrect item in the report, state the facts and explain why you dispute the information, and request deletion or correction.
  2. Credit reporting agencies must investigate the information within 30 days.
  3. If the investigation shows that the information is inaccurate, all three credit reporting agencies must correct the information in your credit report.
  4. When the investigation is complete, the credit reporting agency must give you the written results and a free copy of your report if the dispute results in a change.
  5. If an investigation doesn’t find an error, but you still believe your credit report is inaccurate, you can contact the creditor directly and try to resolve the problem.
  6. You also have a right to explain your side of the story on the credit report if the issue remains unresolved.  You may write up to 100 words to explain the situation.  If you were a victim of identity theft it is your responsibility to update/correct the information on your credit report. Click here for detailed information on identity theft.

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*It should be noted that through Rapid Home Solutions’ Partnership In Homeownership Program, the aforementioned process is handled by our team on your behalf.

All About Credit Reports

By | Credit, Credit Reports, Financial Education | 4,427 Comments

A credit report is a record of how you have paid your credit card debt and other loans.  Your credit report information shows whether or not you have paid your bills on time, the amount of money you owe to your creditors, and if you have loans that you have not paid back.  Credit reports are compiled by three major credit reporting agencies – Equifax, Experian and TransUnion.

Review your personal credit report at least once a year and especially before making a large purchase, like a house.   Review the four types of information found on your credit report:

1. Identifying Information – Your name, address, Social Security number, date of birth, and employment information.

2. Trade Lines – These are your credit accounts. Lenders report on each account you have established with them. They report the type of account (bank card, auto loan, mortgage, etc.), the date you opened the account, your credit limit or loan amount, the account balance, and your payment history.

3. Inquiries – The inquiries section contains a list of everyone who accessed your credit report in the last two years. The report you see lists both “voluntary” inquiries, spurred by your own requests for credit, and “involuntary” inquires, such as when lenders order your report so they can make you a pre-approved credit offer in the mail.

4. Public Record and Collection Items – Public record information includes bankruptcies, foreclosures, suits, wage attachments, liens, and judgments. Information is also included about overdue debt from collection agencies.

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Each of the three credit reporting agencies will provide you with a free copy of your credit report, at your request, once every 12 months.  Order your report from a central website for the three agencies, a toll-free telephone number, and a mailing address.

By Phone:
1-877-322-8228

By Mail:
Annual Credit Report
Request Service

P.O. Box 105281
Atlanta, GA 30348-5281

How To Check Your Credit

By | Credit, Credit Reports, Financial Education | 1,894 Comments

If you already know that your credit score is low or that your credit is in need of restoration, the best thing to do is for you to pull your own credit (that does not create an inquiry). You will want to begin working on improving it before you apply or reapply for a any loans. Luckily Rapid Home Solutions can help you restore your credit very quickly with easy. Register Here!

How can I pull my own credit report?

You can pull your own credit report online and for free by going to AnnualCreditReport.com

Note: This is the only authorized source for the free annual credit report that’s yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies – Experian, Equifax, and TransUnion – every 12 months. Although the information on the report is for free, you do have to purchase your score if you want to see it.

Working on your credit requires commitment and patience, and you should be aware that any improvement will be noticeable after about 45 days to several months. The good news is that, with dedication, you can definitely improve your credit.

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*Actual RHS Client credit report screenshot after signing up with us.