Annual Credit Report can be confusing. CreditBot experts stay dedicated to demystifying credit for you. Annual Credit Report contains personal and financial information of a consumer that creditors and other companies use to evaluate applications for credit purposes, insurance, employment, or financing any purchase. Inaccurate information could affect your ability to get credit or insurance.
We can explain how to read and interpret your credit report, how banks and financial institutions use your credit information to make lending decisions, and how your credit reports influence your various credit scores. You can also get easy-to-understand interpretations of what factors affect your credit report, including payment history and credit utilization, and pointers on how to improve it at CreditBot. We help you to maintain and assess your credit data with confidence and accuracy. In this way, you can maximize your working opportunity.
It is also important not to confuse your credit score with your credit report. Your credit report and your credit score are not the same things.
- Credit Report:
- Credit Score:
Your credit report contains information that a credit reporting company has received about you. Your Credit Report provides information for lenders and others about how you make payments, your current and past credit, and whether your accounts are in good status.
A credit score is a number a creditor (including banks providing mortgage loans, credit cards, and financing agencies) use to make decisions about whether or not to offer you credit.
View your Credit Report from CreditBot to understand that how you connect to a lender.
We collect, analyze, evaluate, and process the credit data in different ways. Our team will assist you on how to improve your credit records with time. We check your credit card report regularly & will help you to make perfect financial decisions.
|Credit Report||Credit Score|
|What Is It?||Your credit report is a summary of all of your credit history over time. It contains the status of your credit (doubtful, settled, etc).||Your credit score is a numerical representation and summary to determine your creditworthiness|
|Where Can You Get It From?||You can get your credit report from CreditBot or with any major credit agency||You can get your credit score from CreditBot or other places like FICO|
|What Kind Of Information Does It Show?||1) Name, Address, Social Security Number (SSN).
2) Types of credits you use.
3) Balances, Accounts & Available Credit.
4) Information related to Bankruptcy & Tax
|1) The amount of debt you owe.
2) Time period of your credit history.
3) New credit availed.
A higher credit score on your report represents a lower credit risk for new loans provided to the individual and vice versa. Therefore higher your credit score, the greater is your creditworthiness as determined by the lender and the lower the perceived risk of lending you more money. So your credit report contains your entire credit history, and your credit score is a summation of the same. It acts as a snapshot of your credit history concerning all past and current debt instruments. When you apply for a loan or credit card, the prospective lender will likely pull your credit score. That will help them determine the prospective borrower’s credit risk.
When you receive your reports, check each section carefully, and determine whether the information is correct. Your credit reports may include:
- A list of institutions that have provided you any credit.
- The total amount for each credit that you have taken.
- Any missed or late payments as well as bad debts.
- A list of institutions that have obtained your credit report within a certain period.
- How often do you pay your credit or loans on time and the amount you have paid.
- Any bankruptcies or other public record information.
Federal law sanctions you to dispute credit report errors with the credit bureau on whose report you find the error. CreditBot helps you analyze and identify any inaccurate information on your credit report and dispute it for you. We formulate strategies to avoid the imposition of any contrary errors. We assist you in maintaining your credit reports.
- Evaluate all three credit reports:
- Collect supporting documents:
- Dispute credit reports error:
- Review the response:
We always try to find the error on your credit report and then review your reports with the bureaus to make sure we have all the information. There may be inadequate discrepancies amongst your reports as creditors do not report the account activity to all the three bureaus. If any error has risen in one, it’s wise to observe if it’s there in the others.
Depending on the errors, we assemble the documents supporting your case like credit card statements, payment receipts, loan documents, bank statements, etc. Our focus is to make it as simple as for the investigators to examine that are claims are legitimate.
All three bureaus Equifax, Experian, and Transunion have two methods to file the dispute, either online or by writing a letter. We help you file your dispute and share the supporting documents with the bureaus.
The credit bureaus investigate your dispute and then tell you the outcome in writing. Under most conditions, the bureaus must respond within 30 days. We keep a constant tap on the results provided by the bureaus till the errors are solved.