How to Report Good Credit to the Credit Bureau
When collecting credit information from you the three credit reporting agencies Equifax, Experian, and TransUnion, receive their data from companies that do business with you. Each agency has data on you and your credit accounts in order to create a full report at the end of each year. Even though they get their information from the companies that do business with you there are a few occasions where you can add your own information directly.
Here are a few tips on how to report good credit to the credit bureau:
As you earn positive information regarding stability and account history it is imperative to add that to your account. The most important task when creating good credit is to pay your bills on time. This will have a positive impact on your score and also show you can handle your current situation. If you have enough money at the time you receive your bills you can even pay them before the statement date. This can reduce your balances that are being reported and you can still use your credit cards for the remainder of the month. Additionally, if you keep old accounts open for a long period of time you can enhance your score. This will also show the bureau that you are capable of maintaining your bills.
In contrast, if you find yourself with negative information on your credit report you have a few options to dismiss it. Everyone has the right to add a 100-word statement to explain why this negative information occurred. It is important to note that this information has zero influence on your credit score, but it might help explain why you have negative reports in the first place. This will help when lenders or employers are asking questions about bad credit when reviewing your report.
Furthermore, lenders like to see personal information that proves you are a stable person. This information includes your address, telephone number, your current employer, your previous employer, and your social security number. These items do not affect your credit score, but lenders will like to see them when creating your report. It is fairly common that you have to send a letter that includes proof to document this information to the credit agency so they can verify who you are. Sensitive information will have to be sent, so make sure you take the right steps to secure the package.
Even though there are a few occasions where you can add your own information directly you should always make sure your account information is correct. You should take the time to review each report to compare all information on each account. If you do not get one of the three reports from each bureau you have the right to request reports by calling and informing them which one you need. If you find flaws make sure you take care of them sooner than later because it may impact your credit score.
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