Your Access to Free Credit Reports
The three consumer reporting companies set up one
central website, toll-free phone number and mailing
address through which you can order your free
annual report. Your credit score is NOT free.
To order online: www.annualcreditreport.com
To call: 877-322-8228
Or complete the Annual Credit Report request form
and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
1619 Plainfield Avenue NE
Grand Rapids - (616) 336-3490
Credit Reports & Credit Scores
On March 1, 2005 the FACT Act allowed Michigan
residents the ability to receive a free credit report
annually from each of the three nationwide
consumer reporting companies - Equifax, Experian
and TransUnion.
LOCATIONS
901 Gezon Parkway SW
Wyoming - (616) 531-7865
14111 White Creek
Cedar Springs - (616) 696-3650
Toll-free: (888) 336-3490
www.mykccu.com
Equal Housing Opportunity
Federally Insured by NCUA
NMLS Company ID # 372758
You need to provide your name, address, Social
Security number and date of birth. If you have
moved in the past two years, you may have to provide
your previous address. For security purposes, you
may be asked for some information that only you
would know, such as the amount of your monthly
mortgage payment. Each company may ask you
for different information because each may have
information from a different source.
IMPORTANT: The nationwide consumer
reporting companies will not send you an e-mail
asking for your personal information. If you
get an email or see a pop-up ad claiming it’s
from www.annualcreditreport.com or any of
the three nationwide credit bureaus, DO NOT
REPLY or click on any link in the message - it’s
probably a scam! Report it to the FTC*. The three
consumer credit bureaus will not call, they will
only ask for additional information via US mail.
*FTC- Federal Trade Commission. To report a claim, visit
www.ftc.gov or call 1-877-FTC-HELP.
Service: The Way it Should Be!
What’s a Credit Report?
A credit report is a summary of your financial
reliability. Basically, your history of paying debts
and other bills. It is prepared by credit bureaus
primarily for use by lenders, employers and others
who, under federal law, have a legitimate need for
the information, such as when you apply for a loan,
insurance policy, apartment or job.
What’s In My Credit Report?
Basically there are four parts:
1. Identifying Information.
2. Public record information-previous defaults or
legal judgments against you, including bankruptcy.
3. Other credit history-including a list of your credit
cards and loans, and if payments were on time.
4. Inquiries-this section lists the creditors or other
parties that have requested your credit report.
What’s a Credit Score?*
A credit score is a number calculated by a credit
bureau, lender or other company for use in making
a loan decision. Many lenders use a system called
the “FICO score.” Think of credit scoring as a point
system based on your credit history, designed to help
predict how likely you are to repay a loan or make a
payment on time. Everyone with a credit record has
a credit score. Different lenders may use from one
source to another. In general, the better your credit
score, the better your chances of getting a loan with
an attractive interest rate.
What Makes Up a FICO Score?*
35%: Based on payment history, on-time payments or delinquencies.
30%: Capacity.
15%: Length of credit.
10%: Accumulation of debit in the last 12-18 months
(number of inquiries & opening dates).
10%: Mix of credit, i.e. installment (raises) vs.
revolving (lowers). Also, the number of finance company loans (the more, the lower the score).
What Actions Will Hurt My Score?
• Missing payments: Regardless of the dollar amount.
• It may take 24 months to restore credit with one late payment.
• Credit cards at capacity (maxing them out).
• Shopping for credit excessively.
• Opening up numerous credit accounts in a short period of time.
• Having more revolving loans in relation to installment loans.
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What Doesn’t Affect My Score
Debit ratio.
Length of residence.
Income.
Length of employment.
How Can I Get a FREE Copy of My
Report?
There is no single credit report. Most likely, each of
the three major credit bureaus has a report on you.
Many experts suggest you obtain your report from
each.
Free Credit Reports:
www.annualcreditreport.com
(877) 322-8228
Credit Bureaus
Equifax - www.equifax.com
(800) 685-1111
Experian - www.experian.com
(888) 397-3742
TransUnion - www.transunion.com
(877) 382-4313
*FICO Score is not part of your free annual credit report.
How Often Should I Get My
Report?
Many financial advisors suggest you review your
credit report once a year. It’s especially important to
review your report before making a major purchase
so you can have an error corrected before it impacts
your credit approval. You may request a copy of your
credit report annually at no cost to you.
What Do I Look For In My
Report?
• Make sure the report accurately reflects how you have paid your bills.
• Verify that all the accounts listed are yours.
How Can I Improve My Score?
• Pay down amount owed on credit cards.
• Make payments on time.
• Slow down on opening new accounts, only open what you need.
• Build a solid history with years of positive experience.
• Move revolving debt into installment debt, such as home equity.
How Do I Correct Wrong or
Incomplete Information?
Immediately tell the credit bureau in writing.
Federal law requires credit bureaus to investigate
your complaint (generally within 30 days), send
you a response and correct any errors. Identify
each item in your credit report you want to dispute,
state the facts and request a correction. Contact in
writing, the company that provided the inaccurate
information and request a correction of its records.
If a credit bureau’s investigation does not resolve
your issues, the law allows you to submit a brief
statement about the matter that must be attached to
your credit report.