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Learn the basics to having good credit
Financial institutions send information on the loans that consumers apply for and about the loans they make to consumers to the leading credit bureaus. Each time you apply for a loan, the lender will check your credit history with a credit bureau. The information received from this report will be used by lenders, along with other borrowing criteria, to determine your eligibility for a loan and the interest rate you will pay.
A credit report is a report card on how you repay money you've borrowed. Like your reputation, your credit report tells a lot about you. If your credit rating is good, it will work to your advantage when you want to borrow. If it shows a bad credit rating, you'll find it harder and more costly to get credit.
A good credit rating takes a long time to build but a short time to destroy. Your actions are important because credit information stays in your report for up to seven years. If you ever declare bankruptcy, that remains on your record for 10 years. Filing bankruptcy may end your debt obligations, but it greatly affects your credit rating and your future borrowing options.
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What does a credit report show?
As a consumer, you have certain rights to review your record and correct inaccuracies. Information found on a report includes:
Understanding your FICO
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What is a monitoring service?
Identity theft and fraud protection are the major reasons why people order credit bureau reports today. For this reason, Oak Trust has partnered with TransUnion which offers a low-cost monitoring service to our members, through TrueCredit. This service gives you peace of mind by continually watching for activity on your credit report. No longer do you have to pay for individual credit bureaus on a hit or miss basis.
Through TransUnion's TrueCredit, you will receive weekly email alerts to changes in your report, as well as immediate notification about credit report changes including fraudulent activity, new inquiries, new accounts, late payments and more. Subscribers will also receive an easy to read updated credit report four times a year.
For more information on the cost of the service, or to order visit TrueCredit. (TrueCredit is part of the TrueLink family ofservices, a TransUnion company.)
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How can I get a copy of my credit report?
Each credit bureau has its own pricing for credit reports and scores. However, some states have mandated low or no fees for credit reports when purchased directly from credit bureaus. Contact each credit bureau for specific fees for your state.
Under the Fair Credit Reporting Act, you may be entitled to receive a free copy of your personal credit report. The circumstances for the free report are if, based on information from a credit bureau, you have been declined credit, employment or housing in the last 60 days, or if adverse action has been taken against you in the last 60 days.
Nationally, there are three credit bureaus: TransUnion, Experian, and Equifax. You can order your credit report online, by phone or by mail directly from these companies.
>>Back to Top
Financial Counseling
Feeling financial stress? To access financial education and counseling help, please call 1-800-284-1698.
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- What is a credit report?
- What does a credit report show?
- Understanding your FICO
- What is a monitoring service?
- How can I get a copy of my credit report?
- Financial Counseling
Financial institutions send information on the loans that consumers apply for and about the loans they make to consumers to the leading credit bureaus. Each time you apply for a loan, the lender will check your credit history with a credit bureau. The information received from this report will be used by lenders, along with other borrowing criteria, to determine your eligibility for a loan and the interest rate you will pay.
A credit report is a report card on how you repay money you've borrowed. Like your reputation, your credit report tells a lot about you. If your credit rating is good, it will work to your advantage when you want to borrow. If it shows a bad credit rating, you'll find it harder and more costly to get credit.
A good credit rating takes a long time to build but a short time to destroy. Your actions are important because credit information stays in your report for up to seven years. If you ever declare bankruptcy, that remains on your record for 10 years. Filing bankruptcy may end your debt obligations, but it greatly affects your credit rating and your future borrowing options.
>>Back to Top
What does a credit report show?
As a consumer, you have certain rights to review your record and correct inaccuracies. Information found on a report includes:
- Your name and any variations of your name
- Your Social Security number
- Your date of birth
- Previous addresses
- Current address
- Employment data
- Credit accounts (type of account, amount owed, and payment history)
- Public records (liens, bankruptcies, civil judgments, etc)
- Inquiries (list of companies that have asked for your report)
Understanding your FICO
- Understanding Credit Reports and Scores
- Common Definitions and Terms
- What is a good FICO® score
- Why scores go down
- How Do I Access My Report?
>>Back to Top
What is a monitoring service?
Identity theft and fraud protection are the major reasons why people order credit bureau reports today. For this reason, Oak Trust has partnered with TransUnion which offers a low-cost monitoring service to our members, through TrueCredit. This service gives you peace of mind by continually watching for activity on your credit report. No longer do you have to pay for individual credit bureaus on a hit or miss basis.
Through TransUnion's TrueCredit, you will receive weekly email alerts to changes in your report, as well as immediate notification about credit report changes including fraudulent activity, new inquiries, new accounts, late payments and more. Subscribers will also receive an easy to read updated credit report four times a year.
For more information on the cost of the service, or to order visit TrueCredit. (TrueCredit is part of the TrueLink family ofservices, a TransUnion company.)
>>Back to Top
How can I get a copy of my credit report?
Each credit bureau has its own pricing for credit reports and scores. However, some states have mandated low or no fees for credit reports when purchased directly from credit bureaus. Contact each credit bureau for specific fees for your state.
Under the Fair Credit Reporting Act, you may be entitled to receive a free copy of your personal credit report. The circumstances for the free report are if, based on information from a credit bureau, you have been declined credit, employment or housing in the last 60 days, or if adverse action has been taken against you in the last 60 days.
Nationally, there are three credit bureaus: TransUnion, Experian, and Equifax. You can order your credit report online, by phone or by mail directly from these companies.
>>Back to Top
Financial Counseling
Feeling financial stress? To access financial education and counseling help, please call 1-800-284-1698.
>>Back to Top
 Oak Trust Credit Union is federally insured by the National Credit Union Administration |
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