Helpful Advice for Consumers

Legal Disclaimer:
The following material is provided as a service to our readers and as such is provided for informational purposes only and not intended as legal advice.

Learning About Your Credit Report

What Your Credit Report Says About You

Your credit report contains valuable information about you and your bills and credit history, particularly credit card bills. This information gathered by several major national credit bureaus is used to evaluate your credit worthiness when applying for credit, rent, employment, insurance and other financial transactions. Credit worthiness is expressed as an FICO score (scoring system developed by Fair Isaac Corporation). FICO scores range from 300 - 850. Most people score in the 600s and 700s (higher is better). Your score is influenced by several factors:

• Your payment history
• How much you owe relative to available credit you have
• Length of your credit history
• New credit recently applied for, especially if there are multiple new credit lines
• Other factors such as a mixture of loan types

Obtaining a Copy of Your Credit Report

Each year you are entitled to one free copy of your credit report from each of the credit bureaus as made possible by The Fair and Accurate Credit Transactions Act of 2003 (FACTA). The three major credit bureaus are Equifax, Experian and TransUnion.

The easiest and quickest way to get a copy of your credit report is to visit www.annualcreditreport.com once a year and request your free online credit report. You can also make your request by phone or through the mail, however it can take up to 15 days to receive your report.

You can reach each credit bureau separately by phone or website and request a copy of your credit report:

Experian-1-888-397-3742
www.experian.com

TransUnion-1-800-916-8800
www.transunion.com

Equifax-1-800-685-1111
www.equifax.com

Were You Denied Services Due to Bad Credit?

Review your credit reports for accuracy. Any mistakes or omissions should be reported to the credit reporting agency and the creditor whose information may be wrong. If you find numerous inaccuracies, for example credit applications you never made, it is possible you may be the victim of identity theft and you should report it immediately.

What If An Account on Your Credit Report Has Already Been Paid

Paying down your debt is a good first step toward regaining a good credit score. Unfortunately, if you have had negative credit information in your record in the past, it can remain on your credit report for up to seven (7) years after the date of last activity.

What if An Account on Your Credit Report Is Not Yours

If an account has been placed in your record and it is not yours, either there has been a clerical error or you might be a victim of identity theft. If you are a customer of Central Collection Bureau, we might be able to help determine if it is in error. Here is what you need to do:

1. If you can, email us a copy of your credit report (service@ccbinc.net) or fax it to us (317-887-4291 or 800-795-4291). You can also mail a copy of your report to Central Collection Bureau, 7510 Madison Ave., Indianapolis, IN 46227.
   
   [ If you are unable to provide us with a copy of your credit report, you will need to contact one or more of the credit bureaus directly to report the problem. See above for contact information. ]
    
2. Describe which account is in dispute and why.
3. If we determine your complaint is valid, we will notify the credit bureau and you.
4. If we determine the account rightfully belongs to you, we will contact you and explain why.

Improving Your Credit Scores

Here are some ways you can improve your credit score:

• Pay your bills on time. Delinquent payments can really hurt.
• Keep balances low on your credit cards.
• Pay off your debt rather than moving it from one account to another.
• Apply for and open new credit accounts only when you need them.
• Check your credit report regularly.
• If you missed a payment, get current and stay current.