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For further info, contact Enterprising Solutions (805)564-6903

Copyright (c) Enterprising Solutions 1994, Santa Barbara CA

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CREDIT REPORTS, What You Need To Know! 

 
Why Your Credit History is Important  
.Although creditors usually consider a number of factors in 
deciding whether or not to grant credit, most creditors rely heavily on 
your credit history.  To check your credit history, and learn how you 
have handled credit in the past, most creditors obtain a credit report 
from a credit bureau. 
.Credit bureaus gather and sell credit information about 
consumers and are the "standard source" of information about your 
credit history.  Your credit report is based on information supplied over 
time by your creditors. It also provides information on where you live 
and work and may note other matters of public record, such as 
judgments or bankruptcies.  Your report records payments you have 
made on credit cards, installment loans, and other credit accounts, and 
helps creditors predict whether you are likely to be a good credit risk. 
.If the creditor sees a history of timely credit payments, it helps 
you get additional credit.  Some creditors are reluctant to grant credit to 
consumers who have not established a "track record" with other 
creditors first.  And most creditors will not extend credit to consumers 
with a history of delinquent payments, repossessions, judgments, or 
bankruptcy. 
 

Why You Should See Your Credit Report 
 
.Have you ever seen your credit report?  Your employer probably 
saw it before hiring you.  The landlord likely considered it before 
accepting you as a tenant.  And long distance telephone carriers even 
look at it before giving you a long distance line. 
.And you've never even seen your own credit report?!  If your 
answer in no, you’re not alone.  In fact, according to a recent study, 
less than 20% of all Americans have ever seen their credit report.  
Never before has a document, so important to the consumer, been so 
disregarded. 
.Most people become concerned about their credit report only 
when they are denied credit.  By that time, it's usually too late. As 
computers take over tasks previously done manually, your credit report 
becomes more and more important.  Some businesses have the ability 
to access your credit report directly on their computers almost 
instantly.  And when they do, they will judge you based on that 
information.   
.You should take a look at your credit report at least once every 2 
years.  This way, information is still accessible and verifiable in the 
case that you may need to have it corrected.  You should also look at 
your credit report before applying for any credit.  This may help to 
avoid any unwelcome surprises.  
Allowing you to look at exactly what your loan manager will look at, 
can prepare you for any questions that might be asked. 
.If you've never had credit problems, you might think that you 
need not be concerned.  But according to a recent government study, 
one out of every four credit reports contain errors, one out of every six 
contain errors that could cause denial of credit. 
.Sometimes Credit reports are accidentally combined, and people 
with similar names or social security numbers actually share a credit 
report!  It's not at all uncommon for family members to have 
overlapping data.  Nor is it uncommon for a credit card or loan 
company to accidentally list you as having missed a payment.  The 
problem is, you would never know it.  A bank or lending institution is 
not required to notify you when they send a bad report, about you, to 
the credit bureau.  In fact these days, reports are made to the credit 
bureaus automatically by computer, the same way your billing is 
handled.  
.Have you ever received a late notice or collection letter on 
something that you already have paid?  I'm sure you made a phone call 
or two and straightened it out immediately.  But what about the 
monthly report to the credit bureau?  You can't help but wonder if the 
mistake got corrected on that report.  
.The only way to find out what is actually on your credit report is 
to look at it for yourself.  When you do, you may be surprised to see 
that your credit record looks quit different than you expected.  The past 
and present credit accounts that you expected to see, may not be listed.  
and still other accounts that you did not expect to see might be listed.  
This is not at all uncommon because creditors are not required to report 
your account to a credit bureau.  They are free to report only the 
information that they see fit.  And they can report that information to 
whichever credit bureau they prefer.
Some creditors report all credit account transactions to all of the large 
credit bureaus.  Some creditors prefer to report an account only when it 
becomes delinquent.  And still other creditors do not report to a credit 
bureau at all.  This situation may provide for a pleasant surprise, if a 
past loan that became delinquent doesn't show up on your report.  It 
may also provide a very unpleasant surprise, if something you thought 
unimportant was reported.  Like maybe a non paid magazine 
subscription, or even worse, someone else's delinquent account record.  
The only way to find out what is on your report is to see a copy for 
yourself! 
.To find out which credit bureau's report you need to see, just ask 
your prospective creditor, which credit bureaus they use.  After all, 
there are far too many credit bureaus in the United States to be able to 
check whit them all.  The prospective credit grantor probably 
subscribes to one or all of the three largest credit bureaus in the 
country, TRW, TRANSUNION, or EQUIFAX. 
 

What You Can Do If There Are Mistakes 
 
.When you receive a copy of your report, check to see that it is 
totally accurate.  If you find any mistakes, you have the right to dispute 
the incorrect item with the credit bureau.  The Fair Credit Reporting 
Act is the Federal Law that guarantees you this right.  To dispute a 
mistake on your credit report, you will need to either write a letter to 
the credit bureau, or fill out one of their pre-made dispute forms.  When 
you dispute an item, the credit bureau will then be required to re-
investigate.  They will re-investigate the disputed item by checking the 
information with the creditor that reported it in the first place.  The 
credit bureau must correct any information that it finds inaccurate.  If 
the information with can not be verified, they must remove the item 
from your credit report.  Then, after the disputed item is re-
investigated, the credit bureau must notify you of it's findings.  If you 
disagree with the results of the credit bureau investigation, you have 
the right to file a "statement of dispute" to be included with your credit 
report.  A "statement of dispute" is a brief statement explaining your 
side of the story.  The explanation will be included in your credit 
report, and anyone that sees the report in the future will see your 
explanation. 
 

Cleaning Bad Credit 
 
.If you have bad marks on your credit report because of some past 
credit difficulties, I'm sure you're wondering about credit repair.  The 
advertisements tell you it's possible, the banks and credit bureaus tell 
you it's not! 
.Yes, it IS possible to remove bad marks from your credit report 
even though the information is true.  Yes, legally!  However, beware of 
credit repair clinics and agencies that make exaggerated claims and 
charge exorbitant prices.  Some of these businesses are run by people 
who are unscrupulous, incompetent, or worse.  Many consumers have 
given their money to credit repair clinics, only to have the clinic go out 
of business before any credit clearing was done.  There is usually no 
way to get your money back, and the consumer ends up with the same 
bad credit and $100 to $2000 less in their pocket. 
.The fact is, no agency or clinic can do anything about your credit 
report that you can't do yourself.  Also, doing it yourself is usually 
quicker, and a whole lot cheaper,  All you need is the information on 
how to do it.  Credit repair techniques are based on taking advantage of 
the Fair Credit Reporting Act, and weaknesses in the credit reporting 
system.  Although sometimes hard to find, there are some credit repair 
books available.  With a good credit repair book, you should be able to 
clear your own credit in a relatively short period of time.  (Of course, I 
recommend The Credit Repair Kit, but the I am partial because I wrote 
it.) 
.If you insist on using a credit repair clinic, check them out first.  
Inquire about them at the local Better Business Bureau and the local 
District Attorney's office.  Only use a company that has been in 
business for more than 3 years with no unresolved complaints.  And it 
may still be wise to invest 20 or 30 dollars in a credit repair book, so 
that you know what the agency is doing, and you can track their 
progress.  
I personally have not yet seen a credit report situation that is beyond 
repair, so if you have bad credit, don't give up the ship! There is still 
Hope! 
 

How To Build A Credit History 
 
.If you do not have a credit history, you should begin to build one.  
This will come in handy some day when you need a loan or a credit 
card.  The classic problem in trying to build a credit history, is that no 
one wants to grant you credit if you have no previous credit experience.  
There is a way around this.  You need to take advantage of the fact that 
some creditors are not as strict in their lending policies as others. 
.You start building a credit history by first opening a savings and 
checking account at a local bank, then by applying for credit.  First 
with the easiest creditors, then step-by-step, with the more difficult 
creditors.  The following list is in that order.  Of course the process 
takes some time, but I promise, it will be well worth it. 
 
Savings account.  Always the first step. 
 
Checking account.  Almost no business will lend you money if you 
don't have a checking account. 
 
Secured Credit Card.  A Visa or Mastercard that is secured by a savings 
account.  In other words, you put $300 in savings, and you are given a 
credit card with a credit limit of $300. 
 
Secured loans.  Basically the same as a secured credit card, except you 
take out a loan, up to the amount in your savings account. 
 
Local business credit.  Such as a furniture, jewelry, or appliance store.  
These types of stores are usually fairly lenient in granting credit. 
 
Gas station credit card.  Some gas companies are more difficult than 
others.  A good way to find out which are likely to be more lenient with 
credit, is to watch for the advertisements.  The less they advertise their 
credit card, the less desperate they are for credit customers. 
 
Department store credit card.  Watch how they push their credit card 
applications.  Some department stores actually give free gifts if you fill 
out a credit card application.  These stores want more credit customers. 
and you will probably find them to be more lenient in granting credit. 
 
Major credit card.  All banks are different.  Try your bank first.  As 
mentioned above, watching for advertisements may be good idea. 
 
Low Interest credit card.  The most difficult to get.  A list of the lowest 
interest credit cards in the country can be found in any issue of 
Barrons, available your local newsstand. 
 

Where You Can Go For Help  

Consumer Credit Counseling Service. 
A Non-Profit organization offering free or low cost financial 
counseling to help solve your financial problems.  Services include, 
budget counseling, debt consolidation, and dealing with creditors.  
Over 600 offices nation wide.  For the office near you call 1(800)388-
2227 
 
Debtors Anonymous  
 A self help organization based on the same basic principles as 
Alcoholics Anonymous. 
For the phone number of your local chapter, call (212)297-6102 
 
Enterprising Solutions 
Publishers and distributors of self help books and manuals including 
The Credit Repair Kit.  And other related credit products. 
For further information, you may contact them by writing: 
 
Enterprising Solutions 
6 Harbor Way, Suite 194Q 
Santa Barbara CA 93109
(805)564-6903 
 
QUESTIONS AND ANSWERS
 
What does it mean to have good or bad credit? 
 
Having good credit means that according to your past creditors, your 
record (credit report) is clean.  You made payments, and paid off your 
past debts satisfactorily.  Having bad credit is just the opposite.  Your 
record (credit report) shows that you have not paid off your past debts 
as agreed.  This could mean late payments, collections, non-pays etc... 
This information is held at the "credit bureau", and is provided to those 
businesses that request it. 
 

What is a credit bureau? 
 
A credit bureau, also known as a credit reporting agency, is a private 
company that provides credit history information to banks, institutions, 
and business.  When you apply for credit, the bank will contact the 
credit bureau to find out what your credit history is.  Then, when you 
pay off the loan, the bank will provide your payment record (good or 
bad) to the credit bureau.  The credit bureau is only a "records keeper".  
They put information gathered from your creditors into your file (credit 
report), then provide that 
information to businesses that request your credit report. 
 

What is the Fair Credit Reporting Act? 
 
The Fair Credit Reporting Act is the federal law that governs credit 
bureaus.  The law was written to protect consumers from the obvious 
power that credit bureaus can have over their lives. 
 

How do I locate the credit bureau that MY bank will be checking with 
when I apply for a loan or credit card? 
 
The best way to find out which credit bureau's report is most important 
to you, is to contact your prospective credit grantor (Bank, Car 
dealership etc...) and ask them which credit bureau they subscribe to.  
You will probably find that one or two credit bureaus service all of the 
banks and credit bureaus in your geographic area.  Also, if you are 
turned down for credit, the credit grantor is required to inform you 
which credit bureau they got your credit report from. 
 

Do I have a right to know what my credit report says about me? 
 
Yes, the Fair Credit Reporting Act guarantees you that right.  This law 
also gives you the right to obtain a copy of your report for free, with a 
letter of denial of credit, if that denial of credit was due to information 
found on your credit report. 
 

What will it cost me to get a copy of my credit report? 
 
Most credit bureaus charge between 10 and 20 dollars for you to obtain 
a copy of your credit report.  However, TRW, the largest credit bureau, 
will provide you a copy free of charge, one a year simply by requesting 
it.  You also may obtain a free copy of your report from any credit 
bureau that provided information that caused you to be turned down for 
credit.  For complete, up to date information how to receive a copy of 
your credit report, you may contact the three largest credit bureaus 
directly at: 
 
TRW (800) 392-1122 
 
Trans Union (714) 738-3800 
 
Equifax (800) 685-1111 
 

What is on my credit report? 
 
Your credit report contains information about your credit card 
accounts, loans, charge accounts, and items of public record such as 
bankruptcies, tax liens, and judgments.  It will list each account on 
record, who the account was with, how much was borrowed, how much 
was paid, and how timely the payments were made.  It will also list any 
accounts sent to collection agencies, accounts not paid in full, and 
defaulted loans. 
 

Who has access to my credit report? 
 
According to the Fair Credit Reporting Act, anyone with a "legitimate 
business need".  However, in most cases the report is only provided to 
credit grantors, employers or prospective employers, landlords, and 
insurance underwriters. 
 

Is any personal information on my credit report? 
 
Just your basic information such as your full name, address, social 
security number, date of birth, and place of employment. 
 

Are ALL of my accounts listed on my credit report? 
 
Probably not.  Businesses have a right (but not the obligation) to report 
to any or all credit bureaus, at their discretion.  Your previous credit 
grantors might have reported your credit experience to just one credit 
bureau, all three large credit bureaus, or they might not have reported it 
to any credit bureau.  However, most large credit grantors report to 
TRW, Transunion, or Equifax (the three largest credit bureaus in the 
U.S.). 
 

Do past accounts that have been paid stay on my credit report? 
 
Yes, your credit report contains both open and closed accounts, as well 
as accounts which have been paid, or which have no current balance.  
Any paid collections, satisfied judgments, zero balance revolving 
charge accounts, and paid installment loans are also included. 
 

How long does unfavorable information stay on my credit report? 
 
Generally seven years for most accounts, and 10 years for bankruptcies 
(with a few minor exceptions).  Beware however that accounts older 
than seven years are often found on credit reports due to "mistakes" in 
the status date. 
 

How can I find out who has checked my credit report? 
 
Each time someone requests a copy of your credit report, that request is 
listed on the report as an "inquiry".  This allows prospective credit 
grantors to see who has checked your credit in the past.  The "inquiry" 
will stay on your report for up to 2 years.  When you see a copy of your 
credit report, you will find a list of all inquiries made within the past 6 
months to 2 years. 
 

Is it possible that there are mistakes on my credit report? 
 
It is not only possible, but probable!  According to a recent government 
study, 1 out of every 4 credit reports contain errors, 1 out of every 6 
credit reports contain errors that could result in denial of credit. 
 

What can I do to correct mistakes on my credit report? 
 
The federal law allows you to dispute the accuracy of any information 
contained on your credit report.  When you dispute information, the 
credit bureau is required by law to re-investigate, then report to you the 
results of the investigation.  If they find that the information is wrong, 
they must correct it or remove it. 
 

Can adverse information be removed from my credit report even if it is 
true? 
 
Yes!  Even true information can be removed.  That's what created the 
credit repair industry.  However, beware of credit repair clinics, as they 
are frequently "fly by night" operations.  Always check with the local 
Better Business Bureau before giving anyone your money.  Remember, 
no credit repair agency or clinic can do anything about your credit 
report that you can't do yourself better, faster, and a whole lot cheaper!  
To learn about credit repair techniques used by the credit repair 
specialists, refer to The Credit 
Repair Kit available by mail from, Enterprising Solutions (6 Harbor 
Way, Santa Barbara, CA 93109).  The Credit Repair kit outlines ALL 
known techniques of repairing bad credit. 
 

Can I get a VISA or MASTERCARD credit card if I have bad or no 
previous credit history? 
 
Yes, there are several banks offering "secured credit card" programs.  
They will provide you with a VISA or MASTERCARD with a credit 
limit equal to the balance of your savings account.  Of course each 
program is different, and you should choose the program that is best for 
you.  For a FREE list of banks currently offering this program, Write 
to: Enterprising Solutions, Attn: Free card list, 6 Harbor Way, Suite 
194Q, Santa Barbara, CA 93109 
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This information is provided for informational purposes only.  The 
author and distributor assume No liability.  You should retain 
professional legal or financial assistance if required. 
------------------------------------------------------------------------------

Written & Compiled by Brian Coryat, Enterprising Solutions 
 
Enterprising Solutions is the publisher of The Credit Repair Kit, the 
most complete credit repair manual ever published. 
 
The Credit Repair Kit can be ordered direct, by calling Enterprising 
Solutions @ (805)564-6903 
 
Or you may write at 6 Harbor Way, Suite 194 
Santa Barbara, CA 93109 


The Credit Repair Kit:  The most complete credit repair manual ever 
written, The Credit Repair Kit is updated twice yearly to insure 
inclusion of ALL the latest credit repair techniques.
The Credit Repair Kit was designed to allow you to use the credit 
repair secrets previously held only by the credit repair agencies.  It 
outlines how to use consumer protection laws, and how to take 
advantage of the credit bureaus bureaucracy, to have negative 
information removed from your credit report.
Whether you’ve never had credit, or if your good credit has been 
damaged in the past, just by following the credit repair instructions 
contained within, you can qualify for credit at any major bank or 
financial institution.  This comprehensive manual will take you by the 
hand and guide you through the step-by-easy-step process proven to 
change credit reports to exactly what the banks and lenders want to see!
Using these techniques, you can now remove late payments, liens, 
charge-offs, collections, judgments, repossessions, and even 
bankruptcies.  The Credit Repair Kit can save you thousands of dollars 
in finance charges and interest payments alone!
The Credit Repair Kit Includes;

Full explanations, and step-by-step instructions of 7 proven techniques 
of deleting negative information from your credit report.

Step-by-step instructions on how to re-build a positive credit report, 
allowing you to qualify for credit at any major bank or lending 
institution.

Instructions how to obtain FREE copies of your credit report.

A full copy of The Fair Credit Reporting Act, allowing you to use this 
important federal law in your favor when dealing with the credit 
bureaus.

14 sample letters that you can copy and use.

A list of 12 banks that offer secured major credit cards, allowing you to 
get a Visa or MasterCard, regardless of your past credit history.
A 100% Unconditional Money Back Guarantee!

Never again will you suffer the embarrassment of being denied credit 
or acceptance because of your credit report.  Welcome to the world of 
total financial acceptance!
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