What Is Factual Data on My Credit Report?

If you’re looking for factual data on your credit report , you’ll want to check out this blog post. We’ll go over what factual data is and how it can impact your credit score.

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Introduction

Factual data is information that can be verified as true and accurate. On your credit report, factual data includes items such as your name, address, employer, credit accounts and payment history. This information is gathered by the credit reporting agencies from your creditors and public records.

As a consumer, you have the right to dispute any information on your credit report that you believe is inaccurate, incomplete or fraudulent. The Fair Credit Reporting Act (FCRA) gives you this right, and the credit reporting agencies are required to investigate any dispute that you raise. If they find that the disputed information is inaccurate, they must remove it from your credit report.

In some cases, you may also have the right to have negative information removed from your credit report if it is more than seven years old or if it has been reported inaccurately. However, there are some exceptions to these rules, so it’s important to understand your rights before you dispute any information on your credit report.

If you find errors on your credit report, take steps to correct them as soon as possible. By law, the credit reporting agencies must investigate any disputes that you raise within 30 days. Once they have completed their investigation, they must provide you with a written report of their findings. If they find that the disputed information is inaccurate, they must remove it from your credit report.

You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) if you believe that a creditor or credit reporting agency has violated the FCRA or other consumer protection laws.

What is Factual Data?

Factual data is defined as information that can be proven to be true or false. This data is usually objective and can be verified. Some examples of factual data would be your name, address, date of birth, etc.

Types of Factual Data

Factual data is information about your credit history that is used to calculate your credit score. This data includes items such as late payments, collections, and bankruptcies. It also includes information about your credit accounts, such as the type of account, the date you opened it, your credit limit, and your current balance.

Personal Information

Your credit report will list your personal information including your name, current and previous addresses, Social Security number, date of birth, and employment history. This information is used to verify your identity and is not used in the calculation of your credit score.

Account Information

Your credit report will show a variety of information about your financial history. This will include everything from your personal identification information to your credit utilization. It’s important to know what each type of information means as you review your credit report.

Factual data is defined as any accurate pieces of information that are verifiable and pertain to an individual, business, or object. This data can be objective, meaning it is not influenced by opinions or feelings, or subjective, meaning it is influenced by personal opinions and feelings.

When it comes to credit reports, factual data includes items such as your name, address, Social Security number, date of birth, and employment history. This data is objective and can be verified through public records or other documentation.

Public Record Information

Public record information is information about bankruptcies, judgments, tax liens, and other similar items. Public records stay on your credit report for seven years or 10 years for bankruptcies.

This information is important to lenders because it gives them an idea of how you handle your financial obligations. Late payments, judgments, and bankruptcies stay on your report for a long time and can have a negative impact on your credit score.

How is Factual Data Used?

Factual data is any information that is verifiable and can be used to support a claim or conclusion. This data is distinct from opinions or assumptions, which cannot be verified. Factual data can take many forms, including but not limited to measurements, observations, calculations, and records.

In the context of credit reporting, factual data includes items such as your personal information (name, address, etc.), account history (payment history, balances, etc.), and public record information (bankruptcies, tax liens, etc.). This data is used by creditors and others to assess your creditworthiness.

It’s important to remember that your credit report is a factual record of your credit history—it is not an opinion or judgement about you. As such, you should make sure that the information contained in your report is accurate and up-to-date. If you find any errors, you can file a dispute with the credit bureau to have them corrected.

How to Dispute Factual Data

Your credit report is a snapshot of your financial history. It includes information about your credit accounts, your payment history, and any public records. Factual data is the information on your report that is factual and can be verified. This includes your name, address, and employment history. If you find any errors in your factual data, you can dispute them with the credit bureau.

Obtain a Copy of Your Credit Report

If you find factual data on your credit report that you believe is wrong, the first step is to obtain a copy of your report. You are entitled to one free report from each of the credit bureaus once every 12 months. You can order your report online from AnnualCreditReport.com, the website set up by the three credit bureaus.

Once you have your report, review it carefully to identify any errors. If you find an error, contact the credit bureau and request that the error be corrected. The credit bureau will investigate and correct any errors that it finds.

You can also dispute errors with the company that provided the information to the credit bureau. For example, if you find an error on your report that was reported by a lender, you can contact the lender directly to dispute the error.

Identify the Incorrect Information

If you see something on your credit report that you know is inaccurate, gather any documentation you have to prove it and dispute the information with the credit bureau.

The credit bureau will then investigate the matter and get back to you within 30 days. If they find that the information is inaccurate, they will remove it from your report and send you an updated copy.

Gather Documentation to Support Your Dispute

When you dispute an item on your credit report, you’re asking the credit bureau to investigate the accuracy of that information. The credit bureau will then contact the creditor or lender that reported the incorrect information and ask them to verify it. If the creditor or lender can’t verify the information, it must be removed from your credit report.

To support your dispute, you’ll need to gather any documentation that you have that supports your position. For example, if you’re disputing an error related to a collection account, you should include a copy of your payment history or any correspondence between you and the creditor. If you’re disputing an error with an account that’s still open, you may need to provide documentation showing that the account is in good standing.

In general, it’s a good idea to include as much documentation as possible with your dispute. The more information you can provide, the easier it will be for the credit bureau to determine whether or not the information on your report is accurate.

Submit Your Dispute to the Credit Bureau

If you find factual errors on your credit report, the best way to dispute them is to submit your dispute directly to the credit bureau that issued the report. The credit bureau will then investigate your claim and make any necessary corrections to your report.

You should submit your dispute in writing, and include as much supporting documentation as possible. For example, if you are disputing an error related to your employment history, you should include a copy of your resume or employment contract.

It’s important to note that the credit bureau is not required to investigate every dispute that it receives. Therefore, it’s possible that your dispute will not be investigated at all, or that the investigation will not result in any changes being made to your report.

If you are not satisfied with the outcome of your dispute, you can also file a complaint with the Consumer Financial Protection Bureau (CFPB).

Conclusion

Factual data is the core information contained in your credit report. This data includes your personal information, account history, and inquiries. All this information is used to generate your credit score, which is a numerical representation of your overall creditworthiness.

Your personal information includes your name, address, Social Security number, and date of birth. This information is used to verify your identity and to create a file in the credit reporting agency’s database.

Your account history includes information on all your open and closed accounts, including lines of credit, loans, and credit cards. This information is used to calculate your payment history — one of the most important factors in your credit score. The account history section also includes public records such as bankruptcies, foreclosures, and tax liens.

Inquiries are divided into two categories: hard inquiries and soft inquiries. Hard inquiries are made when you apply for new credit and can slightly lower your credit score. Soft inquiries are made when you check your own credit report or when an employer checks your report as part of a background check. Soft inquiries have no impact on your score.