You Think You Know Everything About Your Credit Report ?
Posted by Jame Bowen on Tuesday, April 24, 2012
Improving your credit score is a thing that everyone tells someone with low credit to do. The next issue then would be how. The first answer of course is ask for your credit report and begin managing your debt. We suggest that you seek information that will help you in repairing your credit. First seek out a reputable credit agency that has a proven track record and actual feedback of their client's success. After, consider using the advice of this agency or a credit counselor, but following up on that advice yourself rather than have an agency report your credit repair progress to the credit bureau.
What does FICO mean
FICO is a way of reporting your credit with a score between 300-850 with 300 being below standard, 500 being poor, and 700+ being A+ credit. FICO stands for Fair Isaac Company credited with creating this scoring method from the data in your credit report. According to myFICO.com 90% of lenders use this credit scoring system. It would be a good idea to find out your score. This score decides what APR you will receive for a mortgage or auto loan. Simply put it decides how much your monthly payments will be. For a score of 500-600 you may pay 3% or more in interest per month comparing to a neighbor buying the same item with a credit score of 700-800. This cost someone with a low score thousands more dollars a year for the same item. Needless to say a bunch of credit card companies and other lenders to those with bad credit take full advantage of this information to ask for extremely high interest rates.
How much time Does Credit Reporting Remain on Record
After seven years most debts are cancelled. The adage time heals old wounds applies even to credit scores as derogatory data such as slow pays, etc., will be eliminated from your report after seven years. Reports relating to good credit standing are generally retained on your records. After these damaging entries are erased from your report, your credit score should improve your credit repair efforts. Be careful to make timely payments and watch for error reporting.
How Can I Correct Errors on my Credit Report
The best way to address mistakes once you get copies of your credit report from all three credit bureaus is to write each of them. Document all of the errors and put down your dispute with the report along with copies of any evidence you may have. Also get in touch with the creditor that made the error and do the same. Credit repair efforts may improve your score after these corrections have been made.
Visit my credit report for more information.
What does FICO mean
FICO is a way of reporting your credit with a score between 300-850 with 300 being below standard, 500 being poor, and 700+ being A+ credit. FICO stands for Fair Isaac Company credited with creating this scoring method from the data in your credit report. According to myFICO.com 90% of lenders use this credit scoring system. It would be a good idea to find out your score. This score decides what APR you will receive for a mortgage or auto loan. Simply put it decides how much your monthly payments will be. For a score of 500-600 you may pay 3% or more in interest per month comparing to a neighbor buying the same item with a credit score of 700-800. This cost someone with a low score thousands more dollars a year for the same item. Needless to say a bunch of credit card companies and other lenders to those with bad credit take full advantage of this information to ask for extremely high interest rates.
How much time Does Credit Reporting Remain on Record
After seven years most debts are cancelled. The adage time heals old wounds applies even to credit scores as derogatory data such as slow pays, etc., will be eliminated from your report after seven years. Reports relating to good credit standing are generally retained on your records. After these damaging entries are erased from your report, your credit score should improve your credit repair efforts. Be careful to make timely payments and watch for error reporting.
How Can I Correct Errors on my Credit Report
The best way to address mistakes once you get copies of your credit report from all three credit bureaus is to write each of them. Document all of the errors and put down your dispute with the report along with copies of any evidence you may have. Also get in touch with the creditor that made the error and do the same. Credit repair efforts may improve your score after these corrections have been made.
Visit my credit report for more information.