If you’ve ever applied for a loan or a credit card, you know the importance of your credit report.
Your credit report is maintained by consumer reporting companies that make it available to bankers, creditors, employers and a host of others.  The report tells them if you pay your bills on time, whether you’ve filed for bankruptcy, and if you have past-due accounts that have been referred to collection agencies. A clean credit report ensures that you can get loans at lower interest rates.

If the report contains inaccuracies, dispute those in writing.  Credit reporting bureaus are required by law to investigate such disputes. 

To maintain a good credit record, make at least the minimum payment on all your bills on time.  If you can’t do so, contact the creditor and explain your situation.  Many will renegotiate your payments.

Tips on Improving your Credit Scores
• Review your credit report annually and dispute items if they are inaccurate

• Pay your bills on time and strive to pay credit card balances every month

• Learn to live within a budget and don’t bounce checks

• Consolidate your loans to pay them off

• Be careful with personal information to avoid Identity Theft—protect your name, social security number and all account numbers

DORA Resources:

Division of Banking - Tel:  303-894-7575     

Division of Financial Services - Tel: 303-894-2336      

Division of Securities - Tel:  303-894-2320     

Other Resources:

Federal Law states that you can receive a free copy of your credit report yearly - www.annualcreditreport.com or call 877-322-8228.

Contact the 3 Credit Reporting Agencies: www.equifax.com     www.experian.com    www.transunion.com   

The Federal Trade Commission - Building a Better Credit Report

You can also fill out the Annual Credit Report Request Form at www.ftc.gov/bcp/conline/include/requestfromfinal.pdf and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA  30348-5281

Federal Trade Commission:  Facts for Consumers

Federal Trade Commission:  Credit Repair: How to Help Yourself