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A credit report is a record of how you have managed your finances and repaid your debts. Your credit report will include your payment history on revolving (credit card) and installment (loan) debt, as well as any public record information, such as bankruptcies, tax liens, judgments, and foreclosures. Although your credit card and loan information will only remain on the report for seven years, the public record information will be available for ten years. There are three different private companies, or credit repositories, to which a creditor can report your payment history. Some creditors report to one or two, while most report to all three. These three repositories provide your credit history to lenders and other creditors so they can assess your credit risk. The credit repositories also provide creditors that request your report with a credit score. The credit score is used by the lender or creditor as a quick snapshot of your payment history. The higher a credit score is, the better your payment history. A credit score of 620 or above is considered to be good. You should review your credit report on a yearly basis to make sure that all the information being reported is accurate. If it is not accurate, it is your responsibility to follow up with the repositories to make sure they correct any mistakes. Requesting your credit report from each repository will not affect your credit score. In Minnesota, you can order your credit report from each of the three repositories (listed below) for $3.00 each. The reports you receive will not include credit scores.
Equifax (800) 685-1111
Experian (888) 397-3742
Trans Union (800) 916-8800 When you participate in our homebuyer education and counseling program, PRG can obtain for you a tri-merged report, which will show what all three repositories are reporting, as well as your credit score. |