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Properly Reviewing Your Credit Report

Wed, 09 May 2012 17:31:09 +0100

As soon as that you know how to ask for a copy of your credit report, the next thing you need to do will be verifying the file for accuracy. Start by looking over the personal information area of your credit report. Be attentive so that your name is listed and spelled correctly, and so should be your current and past addresses. Verify to be sure your date of birth is listedcorrectly, and also your current and former employers. If you see any error, start a list documenting everything that you will have to dispute with the credit bureau.

Next, verify the public record part of the report. This is the part of your report that records any tax liens, judgments, bankruptcies, or legal claims against you; verify the list with patience to figure out if any of the data contains errors. Put down anything that is false or that has been satisfied (paid off) to your list of changes to be made.

The following part to verify will be the collection history part of your report. This part contains the collection agency that is working to collect the debt from you. The original creditor with whom your debt originated will be listed under the collection agency; with patience verify all of the dates of account openings and closings. Go through all balances owed for accuracy and compare with the date of reporting to figure out if the creditor is updating the balances properly. If any info is listed in the collection part that is false, write it down on your list. Also write down that each creditor should have contact data listed.

The last part you will verify is the current activity part. This shows all of your currently active accounts. For example, the collection history section, you should verify the accounts data with patience (dates opened and closed, balances owed, last reporting date, etc. )#), verify to make sure the creditor's contact data is listed, if you need to correct any data in this part of your report. Following, make sure all accounts you have closed are listed as closed, including the date they were closed. Finally, verify the late activity columns to figure out if any of your payments have been documented as late.

As soon as you have reviewed your credit report and have saved the errors, you are ready to dispute any errors you have found.

Visit my credit report for more information.

So How Do You Ask For Your Credit Report

Sat, 28 Apr 2012 16:06:38 +0100

A credit report is a record of your own credit history. Creditors go to your credit file when first deciding whether or not to release you credit.

A credit report does not contain any data on your race, religion or political preferences, but it does have information on:

    Your Personal Identifiers: your legal name, present and past addresses, present and past employers and your social security number.
    Current and Past Credit Accounts: this part includes all your present credit accounts including credit limits, balances and payment histories.
    Public Record Information: Here they gather any tax liens, bankruptcies and legal judgements against you.
    Credit Inquiries: Data regarding businesses that have asked your credit file within the last 12 months.

It's vital to periodically check your credit file as more than half the credit reports contain a bunch of errors, according to the Federal Trade Commission (FTC.gov) Often, there can be errors from the credit bureaus themselves: the credit info is sent to the 3 major credit bureaus by tapes or written reports, and a simple typographical error may inadvertently add negative data to your file.

Creditor mistake happens when the reporting company accidentally sends the wrong information about you.

Finally, considering that the major credit bureaus are competitors, they do not give information. So positive data may be reported to Equifax and Experian, but is absent from your credit file at Transunion.

For these reasons, it's vital to verify your free credit report before any major purchase or at least annually to report any mistakes.

Asking for your Free Credit Report is simple. The Federal Trade and Accurate Credit Transactions Act (FACT) of 2003 allows you to get a free annual credit report from the 3 major credit bureaus once a year at no charge.

Visit my credit report for more information.

You Think You Know Everything About Your Credit Report ?

Tue, 24 Apr 2012 14:54:26 +0100

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.

Few Facts About The Credit Report Companies

Tue, 17 Apr 2012 17:14:21 +0100

Credit report companies will generally play a vital role in assisting you with loans and credit, if you find one that is good. However what really can they do to help you when you know it's the moment to employ their help. Here you will find some things you can expect from credit report companies.

Obtain Your Credit Report - Any credit report company worth its salt will be able to get your personal credit report fast and easy. Yes, obtaining your credit report is cost free, free of charge, but these people can do it faster as they know where and how to get yours from all three credit bureaus. Normally this is worth the cost in spared time.

Assess Your Credit Report - As soon as you have gained access to your credit report, you then must start the laborious task of reading it. Credit report companies know precisely where to look and what it means for your credit standing. They will be able to point out the problems in your personal credit report.

Give Tips To Increasing Your Credit - As soon as they have looked at your credit report, a credit report company will be able to offer a list of exact steps that you should take to improve the problem areas of your credit history. This is generally going to be in the form of challenging dubious or mistakes on your credit.

Increase - If you don't wish to do it yourself, then credit report companies can in reality implement ways to increase your credit rating by challenging false or misleading claims on your credit report. These people have big experience at doing this and know precisely who to contact and how to contact them regarding problems on your credit report. This service can be a great time saver.

From what you have read, credit report companies can save you a lot of time and hassle, and in the long run will generally be able to help you increase your credit score and gain access to more and cheaper finance.

Visit my credit report for more information.

4 Credit Report Myths You Should Know

Thu, 12 Apr 2012 15:30:35 +0100

Considering how important your credit report and your resulting credit score are for you, it never ceases to amaze me how many people trust in and rely on misconceptions, myths, and downright bunk about how credit reporting really functions.

A good part of people do not know that they have three entirely separate and different credit reports, one from each of the three credit reporting bureaus. Because these bureaus do not share data it means that not one of them has a clear and complete image of your credit. And that's not all, chances are extremely high that your credit report with at least one (if not all) of the credit bureaus contains mistakes, and the only way the errors will get erased is if you dispute them.

However let's spend some time here discussing about some very popular myths about credit, credit scores, and credit reporting, and see what the real deal is on this misconceptions.

Myth #1: Paying off a negative account on your credit report will get it erased from your report.

That account will stay on your credit report for years, as it is part and parcel of your credit history. Don't forget that, your credit history is exactly that - a history of your dealings with credit, and simply because an account is closed or paid off does not dismiss the fact that it continues to be part of your credit history.

Myth #2: Paying off an account will make your credit score to improve significantly.

There are a large number of factors that come into account when the credit bureaus calculate your credit score. Most important amongst those factors are: have you been paying your financial obligations on time with at least the minimum payment due. Paying off an account completely can in reality do more bad than good. Having credit in good standing, but maintaining your balance less than about 32% of your credit limit is a wonderful place to be, and you receive no additional points by paying off that account.

Myth #3: Verifying your credit reports will decrease your credit score.

The financially savvy consumer will verify his credit report at least annually, sometimes more often. Every time someone asks for a copy of your credit report, that fact is noted, but it is also noted as to who asked for your credit report. If it was you, then it doesn't impact your credit score, on the other hand, it affects if it was requested by 12 different loan companies, which is almost sure to raise a red flag and decrease your score.

Myth #4: Cosigning for a loan does not imply that you are responsible for the account.

The reason you were asked to co-sign on a loan or an account for someone is because they themselves don't have enough credit history or have bad credit history. The fact that you are co-signing on it is you telling the financial institution "hey, if they default on this, I'll take care of it", so you do have responsibility for the loan. But this is not all - if the person who took out the loan begins to default on it, then it is also your credit score that is going to be damaged, because again, you co-signed on it, giving you some responsibility for making sure they repay it on time.

Know how the credit game is played. You cannot win any game if you don't know the rules, and since credit affects a lot of different areas of your life, it is definitely worth your time to understand the factors and the myths about how your credit score is derived.

Visit my credit report for more information.

A Spotless Credit Report

Mon, 09 Apr 2012 16:45:26 +0100

A clean credit report can make life much easier than would otherwise be possible with a credit report littered with negative items. A good credit history can often significantly impact your chances of getting a loan, finding employment, renting an apartment or buying a car.

Sometimes, the negative items on your credit report are a direct result of financial decisions you have made in the past. However, there are times when your credit record states negative items that should not be listed. Next you will see methods to identify these types of errors and a bunch of helpful tips that will help you get them removed.

Identifying Negative Items

The credit reporting agencies and credit bureaus that track and report your credit history are not infallible. They make mistakes. That is why most experts advise that you request a copy of your credit reports from the main agencies. That is the only way you can identify errors and begin the process of removing negative items that should not be listed. Maintaining a clean credit report requires this type of annual review of your credit reports.

Correcting Errors

You need to write a letter to the credit bureau that issued the credit report where you found an error. Include copies of any documentation that you have to prove your case. Include a copy of your report with the errors circled. This will make it easier for the agency to identify the items in dispute. In your letter, ask them to remove the error(s) from your credit report. The credit bureaus are obliged to investigate legitimate disputes within 30 days. If the credit bureau removes the errors, ask them to send notices to anyone who has received your credit report during the past 6 months. They are required to do this, but you must ask them.

Erasing Negative Items

If you find negative items on your credit report that are reported accurately, the only way to truly erase them from your credit report is to either wait until such items are dropped by a time limitation or work with a creditor to have items removed.

Your credit history can either make life easier or more difficult. It can impact your ability to purchase a home loan, get a car, get a job, or even rent an apartment. But, through vigilantly checking your credit reports annually, you can keep track of any errors that need to be erased.

Maintaining a clean credit report, free from errors, can result in qualifying for loans with favorable interest rates. Over time, a clean credit history can save you thousands of dollars and offer peace of mind.

Visit my credit report for more information.

Do You Know Your Credit Report Laws ?

Mon, 09 Apr 2012 16:40:01 +0100

Do you know what's in your credit report? Because of the terms of the Fair Credit Reporting Act (FCRA), you have the right to know exactly what credit reporting agencies are putting on your credit report. That's just one of the rights that the FCRA guarantees you - and every consumer.

The Fair Credit Reporting Act was enacted to ensure the accuracy and privacy of your credit report. All businesses that use information on your credit report to determine whether or not, to lend you money or offer you credit are bound to follow guidelines that are set out by the Fair Credit Reporting Act. The provisions of the Fair Credit Reporting Act explain how long particular financial information may be retained on your report, and also ways for you to make corrections to information that is contained on your credit report, guarantee your right to see your credit report, and give you rights when dealing with creditors.

What exactly are these guidelines and how can they really help you if a credit agency is reporting untrue or misleading information about your credit history?

1) You have the right to see your credit report.

If you have been turned down for credit, housing or employment based on information provided by a credit reporting agency, you have a right to know which agency provided the report. Upon your request, the creditor has to give you the name and address of the credit reporting agency that they used. Next, the credit reporting agency must provide you with your credit report after your written request for it, and they must do so for no more than the cost of copying and postage.

2) You have the right to correct your credit report.

If the credit report you receive contains mistakes you have the right to request that it be corrected with the accurate information. The request must be made in writing, and the credit reporting agency to whom you make the request must investigate it within 30 days of their receipt.

3) You have the right to receive a corrected copy of the report at no additional charge. However, you may have to pay for postage.

You may make a written request to have a corrected copy of your credit report sent to you, or to any agency that has requested your credit report in the past six months for credit purposes, or in the past two years for employment purposes.

4) They must honor a written request to cease further contact with you.
In a world where your credit report is often your way to a better-paying job, housing, credit and many other things, it's important to know what credit agencies are reporting about you. A lot of consumer protection agencies strongly recommend that you request and carefully read your credit report every year so that you can correct any inaccuracies, or request that reports of special circumstances be attached to the report. It's a small task that could save you a lot in the long run.

Visit my credit report for more information.

All About Credit Report Laws

Sun, 11 Mar 2012 14:36:59 +0100

Do you know what's in your credit report? Because of the terms of the Fair Credit Reporting Act (FCRA), you have the right to know exactly what credit reporting agencies are putting on your credit report. That's merely one of the rights that the FCRA guarantees you - and every consumer.

The Fair Credit Reporting Act was enacted to ensure the accuracy and privacy of your credit report. All businesses that use information on your credit report to determine whether or not, to lend you money or offer you credit are bound to follow guidelines that are set out by the Fair Credit Reporting Act. The provisions of the Fair Credit Reporting Act detail how long particular financial information may be retained on your report, and also ways for you to make corrections to information that is contained on your credit report, guarantee your right to see your credit report, and give you rights when dealing with creditors.

What exactly are these guidelines and how can they really help you if a credit agency is reporting untrue or misleading information about your credit history?

1) You have the right to see your credit report.

If you have been turned down for credit, housing or employment based on information provided by a credit reporting agency, you have a right to know which agency provided the report. Upon your request, the creditor must give you the name and address of the credit reporting agency that they used. And also, the credit reporting agency must provide you with your credit report upon your written request for it, and they must do so for no more than the cost of copying and postage.

2) You have the right to correct your credit report.

If the credit report you receive contains inaccuracies you have the right to request that it be corrected with the accurate information. The request must be made in writing, and the credit reporting agency to whom you make the request must investigate it within 30 days of their receipt.

3) You have the right to receive a corrected copy of the report at no additional charge. However, you may have to pay for postage.

You may make a written request to have a corrected copy of your credit report sent to you, or to any agency that has requested your credit report in the past six months for credit purposes, or in the past two years for employment purposes.

4) They must honor a written request to cease further contact with you.
In a world where your credit report is often your road to a better-paying job, housing, credit and many other things, it's important to know what credit agencies are reporting about you. A good part of the consumer protection agencies strongly recommend that you request and carefully read your credit report every year so that you can correct any inaccuracies, or request that reports of special circumstances be attached to the report. It's a small task that could save you a lot in the long run.

Visit free credit report for more information.

How To Sustain a High Credit Score

Fri, 02 Mar 2012 21:16:50 +0100

For many consumers the excitement of buying a new car, new home or some other well deserved but high priced item can come to a grinding halt if their credit scores are low. With that in mind it's vitally important to maintain your credit score while at the same time making sure you can do everything legally possible to send your credit score towards the higher end of the grading scale. After all this number is the key to obtaining a large amount of credit at very favorable rates. Let's take a look at a few ways you can achieve and more importantly sustain a high credit score.

Currently the most commonly used credit score is the widely popular FICO (Fair Isaac Company) score. The median FICO score for the average United States consumer stands at about 723. A credit score in this range will qualify you for the average rates that are offered nationwide. Fall below this median average with your credit score and you will be subject to higher rates resulting in a higher monthly payment. Maintain a credit score higher then the FICO average of 723 and you will be able to obtain credit at a much more favorable rate and thereby enjoy lower monthly payments resulting in more discretionary dollars from your hard earned paycheck at your disposal.

In order to keep a high credit score you need to make sure you keep a close eye on the five factors that impact your FICO or credit score. They include your previous and current payment history, your dollar amounts owed in current outstanding credit, your length of credit history (hopefully favorable), your types of credit used and any new credit you may have recently incurred.

Clearly you can see why having and maintaining a higher credit score is to your economical benefit. The key to obtaining and keeping a high credit score is to closely monitor several factors that could and will influence the bottom line of your credit score. They include the following: Paying your bills on time, maxing out your credit cards, applying for a new mortgage, vehicle loan, credit card or department store card. They may also include applying for new credit cards in order to conduct balance transfers or false money juggling, declaring bankruptcy and other financial activities that may not benefit your credit score in a positive light or fashion.

Probably the best way to make sure you keep your credit score high is to regularly and closely monitor your credit report. This detailed report shows your entire credit history and plays a big part in determining your credit score when lenders run a check against your credit before you obtain financing through their establishment or company. Make sure to obtain a copy of your credit report at least once every year. This annual checkup of your credit will only increase your chances of keeping your well earned credit score higher versus lower.

Visit free credit report for more information.

Do You Know The Difference Between Soft and Hard Credit Inquiries?

Thu, 23 Feb 2012 21:10:30 +0100

First of all I'll explain what inquiries are.

Long story short an inquiry means that someone looked inside your credit report. Your credit report is used by creditors and lenders to decide whether or not they will grant you credit. But not just that, they are used by insurance companies to decide whether or not they will cover you with an insurance policy. Obviously they will take a look at your credit report, an inquiry, in order to come to a decision.

Credit reports are used by landlords if you submit an application to rent an apartment or house. They ask you for your social security information, birth date and other information in order to check your credit report and your credit rating or FICO score and this, again, is an inquiry.

At the same time having too many inquiries can be negative, because it could mean that you are attempting to get more credit than you can handle.

So How Do You Delete Inquiries On A Credit Report?

Watch out for any unauthorized inquiries because thieves may have requested credit in your name. They may be pretending they're a legitimate business or company that has a legal right to access your credit report. You can easily get these removed by simply writing a letter with documentation and an explanation.

You also need to know that there are two kinds of inquiries. There are "soft" inquiries and "hard" inquiries. "Soft" inquiries will not affect your FICO score. It's only viewed by you and does not impact your credit score. When you request a copy of your credit report you will be noted as an inquiry, a "soft" inquiry. Any of the creditors you have now can take a look at your credit report during your association with them and these are also "soft" inquiries.

"Hard" inquiries do affect your credit report and FICO score. When you apply for credit whether it's for credit cards or an auto loan for example, this will reflect on your credit score. Lenders are concerned that you have too much outstanding credit now and only so much income. They want to make sure that you can pay back.

These inquiries will expire naturally in two years. You may not be able to remove them before that if they're correct. If there are any inquiries that you have not authorized, you can get them deleted by writing a letter to the credit bureaus or credit reporting agencies that listed them.

There is however one exception: if you have two inquiries from the same source you may be able to get them merged so that one is deleted.

Lastly you need to know that inquiries that have been on your credit report for more than six months are usually not taken into account when creditors or lenders consider granting credit or loans. This should get some problems off your shoulders.

This is pretty much everything you need to know about credit report inquiries, what they are and how to remove them from your credit report. Keep following free credit report for more information on credit reports and related topics.