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Phone Number : 302.652.4800

Industry News

How to get your credit report

Your credit score can determine whether you receive a bank loan.

Your credit score can determine whether you receive a bank loan.

If you're thinking about forming a limited liability corporation, you will likely need some source of funding. As we've discussed in this space before, one of the major factors that can influence how much money you're able to raise is the content in your credit report. Here's how you can get a copy of your score, and improve it if need be.

There are three major bureaus that provide reports: Equifax, TransUnion, and Experian. While they are likely to have similar information, there may be some discrepancies between what's included in each respective score, so you should consult all of them to make sure that you're not missing any crucial details. Each of the consumer reporting agencies is required to provide you with one free copy of your information every year, so be sure to take advantage of this opportunity to note any changes on an annual basis. 

The most straightforward way to get your data is by going online. Visit each agency's website, and you will be prompted to answer a series of questions about your identity, including previous addresses. This serves as a safeguard against identity theft, and allows the bureau to ensure that you are who you claim to be. If you don't have internet access when obtaining your report, you can also do it by phone or by mail. The process is essentially the same, and you will still have to verify your identity.

Once you've received your report, you should take care to ensure that everything on it is accurate. The earlier you rectify mistakes, the better off you'll be, so carefully read it over to make sure that everything is accurate. 

Once you have your credit information, you should consult an attorney or accountant to determine the financial viability of your business plan.