A Michigan credit report contains important information about the financial history of a consumer, including his or her bill payment history, current debt and past and historical loans. While a credit score report does not include a consumer’s actual risk rating, many crediting companies use reports to calculate this information. If a credit history report reveals unpleasant information about a consumer, a creditor many deny his or her application for a loan. However, credit reporting affects a consumer in other ways as well. For instance, a credit check may help a landlord determine whether to rent an apartment or a home to a new tenant. Additionally, credit history generally affects insurance rates as well, including automobile and homeowner coverage. For these reasons, it is important to get credit report information on a regular basis and review the data for accuracy. To learn more about how to get credit report information, review the sections below.
What is a Michigan credit history report?
A credit score report includes important information about consumers in the state, including their bill payment history, applications for new accounts, outstanding balances and open accounts. Furthermore, credit score reports in MI include personal information as well, such as current and previous addresses, Social Security Numbers, birth dates and telephone numbers. Credit history reports also include public records, including judgements, liens or bankruptcies under the subject’s name. Additionally, credit checks include a list of the other applicants or organizations who have ordered a copy of the report within the previous six months. In many cases, these requestors include creditors, the subject of the report and marketers who send consumers prescreened offers. To ensure that a credit report is accurate and contains no fraudulent or suspicious activity, consumers can order a copy for their review. To get started, consumers can obtain a free credit report online here.
Getting Your Credit Report in Michigan
“What is a credit report?”, consumers may wonder. When creditors obtain credit report information, they can gather important financial details about consumers before making the decision to lend them money or extend their credit. An MI credit report score can even help lenders determine whether to offer consumers high or low interest rates. However, credit reports are available to other entities as well, including prospective employers, insurance agents, utility companies and legal entities. For these reasons, it is important to check credit report information on a regular basis and dispute any errors or inconsistencies, if necessary. To get a credit report, customers can submit a request online here. When obtaining a credit report, customers need to provide the following information:
- Their name
- Social Security Number
- Date of birth
- Their previous addresses, if they have been at their current residence for less than two years
Additionally, the MI credit reporting agency may have the applicant answer several security questions as well.
How to Use a Michigan Credit Report
After obtaining an online credit report, customers can review the information for accuracy, dispute any applicable errors and freeze their accounts, if necessary. When reviewing the credit report for accuracy, it is important to pay close attention to any personal information (including names and addresses), statements of accounts and public records. Additionally, is important to review the credit history report for any unfamiliar and/or unpaid debts. If a credit report history contains inaccurate information, customers must dispute these inaccuracies in writing. To dispute incorrect credit history information, consumers must contact the reporting company as well as any creditors associated with the accounts. By law, the credit reporting company must investigate the items in question within 30 days. After the crediting company completes the investigation, they must provide the customer with written results as well as a free copy of the report. To complete a free Michigan credit check, customers may submit a request online here.
Furthermore, credit reports can help customers to avoid or detect identity theft. If consumers obtain their credit report and suspect fraudulent activity, they may file a security freeze to make it more difficult for thieves to open new accounts in their name. However, MI credit reporting freezes do not affect a consumer’s overall risk score and certain entities can still access financial information during a freeze, including governmental agencies, debt collectors and existing creditors. To place a freeze on credit score reports in Michigan, customers must contact each of the three reporting agencies, including TransUnion, Equifax and Experian. Then, customers who wish to freeze their credit report must provide each company with their name, Social Security Number, date of birth and address. In Michigan, crediting report freezes last until customers request a removal.
How does my credit score in Michigan affect me?
Credit reports do not include the actual financial risk rating of a consumer, but many crediting companies use the information on a report to calculate a customer’s overall rating. Also known as a credit score, a risk rating helps a lending institution determine whether a consumer is likely to repay his or her debts in the future. If a consumer has a low credit rating, he or she may receive higher interest rates, or a company may deny his or her application for a loan. However, high MI credit report scores generally make it easier for a customer to obtain a loan with lower interest rates. For instance, FICO crediting scores include the following:
- 300 to 579 – very poor
- 580 to 669 – fair
- 670 to 739 – good
- 740 to 799 – very good
- 800 to 850 – exceptional
Furthermore, factors affecting a FICO credit score report include a consumer’s loan and credit card payment history and his or her total debt amounts. However, VantageScore credit history reports range between 300 and 549 (very poor), 550 and 649 (poor), 650 and 699 (fair), 700 and 749 (good) and 750 to 850 (exceptional). Factors affecting these credit scores include the consumer’s payment history, age and the specific type of credit. To ensure that MI credit history is accurate and contains no fraudulent activity, it is important for a consumer to order a report and review the information on a regular basis, especially if he or she plans to rent an apartment, apply for a credit card or finance a home. To get started, a consumer may order his or her free online credit report here.