Frequently Asked Questions
What is RateMatch?
RateMatch is a service that compares the loans on your credit report with those offered by your financial institution.† Your RateMatch loan savings report will offer details of any money-saving opportunities you might have available. If you have opportunities to save on your loans, you will be given the option of sending your RateMatch report information to your financial institution so they can contact you about refinancing your loans.
Is a RateMatch Report a firm offer of credit?
No.† Your RateMatch report will show you how much you could save if you choose to refinance with your financial institution. After the information is forwarded to the financial institution, they will contact you to finalize the information needed to refinance the loan or loans.
But I thought the RateMatch report showed me how much I can save based on my credit report?† Isnít that good enough?
Each financial institution has different lending criteria.† The credit report and credit score is a big part, but other things such as length of employment, how long youíve lived at your present address, etc., play a role in the loan underwriting and approval process. Thatís why the additional information must be gathered before you can be approved for a loan.
General Credit Report Questions
How do I get a copy of my Credit Report?
Simply click the button on the home page and youíll be sent on your way. Our service offers you a simple, safe, and secure way to order your credit report via the Internet.
What is in my credit report?
There are four primary categories of information contained in each type of credit report:
o Your name and a.k.a.
o Current and previous addresses
o Social Security number
o Telephone number
o Date of birth
o Current and previous employers
Your history of paying bills as reported by credit grantors or public records such as:
o Retail stores
o Finance companies
o Mortgage companies
o State and Federal Courts
Items that may affect your creditworthiness, such as:
o Tax liens
o Public Records (including child support judgments)
o Companies that received your I.D. or credit information for the purpose of offering you credit, providing a service, or for employment.
Will my spouseís information be on my credit report?
No. Your credit file is exactly that - YOURS. The only information that will be shared by your spouse, family or friends will be loans that you hold jointly, such as a home mortgage taken out by a husband and wife, a loan cosigned by a parent for a child, etc.
Can I get my spouseís report?
No. Only the individual requesting the information will be able to access their unique file. To obtain another personís credit information is against the law.
When should I order my credit report?
The best time to obtain your credit file is before taking out a loan for a major purchase, such as a house or car, in order to make sure there are no discrepancies on your file that may affect your credit. If you do not apply for credit on a regular basis, you may want to obtain a copy of your file every year to make sure everything is in order and to guard against ID theft.
It says that my credit report is provided by Equidata. Who is Equidata?
Equidata is a company based in Newport News Virginia founded in 1905, committed to providing credit reports to consumers and providing the best customer service possible.† Your community bank or credit union partnered with Equidata in order to cost-effectively make your credit report easy to access.
Is ordering my credit report from Equidata safe?
Yes. This website is secured by 128-bit SSL encryption technology for all personal and financial data input. Encryption is a way of coding the information in a file so that if it is intercepted by a third party as it travels over a network, it cannot be read. Equidata can only read your encrypted information. Due to the fact that we are dealing with the credit histories of individuals and since identity theft is on the rise, we take every precaution to ensure that your personal information is delivered only to you for both online and offline delivery.
Will receiving my credit report through Equidata appear as an inquiry on my credit report?
When you obtain your consumer credit report from Equidata, a "soft" inquiry is recorded. It will not adversely affect your credit or your credit rating since it cannot be seen by creditors.
What do I do if there's inaccurate information on my credit report?
In order to have inaccurate and/or unverifiable information removed from your credit report, you should write directly to the national credit reporting agency (CRA) that supplied the information. The CRA has a reasonable amount of time to investigate disputes regarding possible inaccuracies contained in a credit report. The CRA must then give you the results in writing.
Is there a refund policy for credit reports delivered online?
Equidata processes requests for all credit reports promptly and therefore, have a NO REFUND policy for credit reports that are delivered online.
What happens if I enter incorrect information on the order form?
Please take the time to fill in ALL the information that is required. We are not responsible for incorrect information provided on the order form.
Can I order a credit report on someone else?
No. You are only able to obtain your own credit report and no one else. These reports are provided to you, the consumer, and are not used for business purposes.
Some individuals and businesses are allowed, for permissible purposes, to obtain personal credit reports on persons other than themselves. There are strict laws and penalties in place to ensure that this privilege is not abused.
Why should I see my credit report?
Your credit report can have a significant impact on your financial future. With good credit, you can obtain benefits of all kinds; a home mortgage or lease on an apartment, an auto loan, low-interest credit cards, and more. But if your credit history is unfavorable, many of these financial options may be unavailable to you. Either way, you have a right to know what to expect when someone runs a credit check on you.
That's why it's crucial that you check all of your credit files--and monitor your credit regularly--to protect your good credit rating, even if you do pay all your bills on time. The Federal Trade Commission encourages consumers to check their credit report at least every few months to avoid any surprises that may be clues to a possible identity theft.
How long does information stay on my credit report?
Derogatory items such as late payments and most public record items remain on your credit report for 7 years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and tax liens, which remain for 7 years from the paid date. Active positive information may remain on the report indefinitely. Inquiries, or requests for your credit history, remain on the credit report for up to two years.
Credit Score Questions
What is a credit score?
A credit score is numeric snapshot, based on information in your credit file, of how likely you are to repay debts such as loans or lines of credit. Lenders use this number to determine not only whether to offer you credit, but to determine what interest rate you will pay. Credit scores also are designed to indicate your creditworthiness in comparison with other consumers. Generally, the higher your score, the more "creditworthy" you are to lenders.
What is my credit score based on?
Credit scoring is based on many factors that may include:
o Payment history
o Amount of available credit
o Amount of credit currently being used
o Length of credit history
o Recent requests for credit
Under the Fair and Accurate Credit Transactions Act (FACT), credit scoring may not use gender, marital status, national origin, race, or religion as factors. Of course, lenders usually do not base credit decisions solely on credit scores. Lenders usually make other considerations, such as income and length of employment at current employer, when evaluating applications. Also, many consumers do not realize that achieving the best credit scores may take 20 to 30 years because lenders consider older credit histories optimal.
Why should I get my credit score?
When you order your own personal credit report, you can see the same credit history a lender sees, but a score can tell you how a potential lender sees your credit history. It tells you how the lender is likely to evaluate your history, whether to approve you for a loan, and determine your interest rate. Checking your credit score and credit report from Equidata.net does not affect your credit rating.
How can I improve my credit score?
To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It's likely to take some time to improve your score significantly.