Credit bureaus and lenders

There are three main credit reporting agencies in the U.S. These are Trans Union, Experian, and Equifax credit reporting bureaus. These credit bureaus are dependent on lenders and other financial institutions to make their credit reports. These include the latest information on debts cleared by debtors and bills that have been paid. All the three bureaus prepare the credit reports on basis of the payment history of debtors. All three bureaus provide the debtors with a free credit report every 12 months. These reports can also be availed at different time intervals so that debtors can get at least on free credit report, in every 4 months from each of the credit reporting bureaus.


Credit repair through credit reports

One of the best ways to check your credit status is through these credit reports. Credit report can be checked online. Getting the credit reports at different time intervals helps the debtors to keep their reports more updated and also check them more frequently. These credit reports more updated about their credit status. Debtors can also check the latest changes which have been made to the credit reports. The online means are the fastest way to check your credit reports. Errors on these credit reports should be immediately informed to the crediting bureaus.

Reasons for errors on credit reports

There are various reasons for errors on these credit reports. These reports are not updated regularly there are chances that there can be some delay in the latest payments being reflected in the reports. Bureaus are dependent on the lenders for information while preparing these reports. Any delay on behalf of the lender or the failure of lenders to inform about debts paid can result in the bureaus not being able to make these rectifications. Also there are chances of manual errors on these reports. This can be while data entry or misinformation or other reasons also.

Improving credit status

Credit can be repaired and credit scores can be improved through these credit reports. All errors on the credit reports should be informed to the credit bureaus. These errors can be disputed. Misinformation and errors on the credit reports are one of the biggest reasons for poor credit status. Disputing them resolves the problems and debtors can get a new credit report in just 30 days as per the FCRA. Hence it is essential to avail the free credit reports and dispute the errors for credit repair.