Posted by admin on Mar 19, 2010 in
Credit Tips
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We often hear that a personâs credit report is very important because lenders, employers and even landowners check this document to measure oneâs credibility and financial capability. But what really is inside your credit report? Do you really understand how it works? Letâs take a closer look on what your credit report is made of:
Inside Your Credit Report
Credit reporting agencies collect information from your creditors, debt collection agencies or from the court and compile all these information in one report. Everything listed here are considered to be accurate unless the owner of the credit report files a dispute about certain details in his report. However, if the information is correct âwhether positive or derogatory – it will stay on your credit report for up to seven years.
Information that is contained in a credit report include a personâs full name, Social Security Number, date of birth, past and present home addresses, phone numbers, Driverâs license number, employment history and other personal details. If you do find any error, you must notify the credit reporting bureaus immediately and request that these details be corrected.
Liens, wages, foreclosures, bankruptcies and other public records are included in a credit report. It also contains a comprehensive summary of a personâs accounts from all his creditors or lenders regardless of what type of debt it is. It presents charges, penalties, date of payments, amount of debt, credit limit and everything that has to do with a personâs credit.
Credit Report and Inquiries
Each time a creditor or a company makes an inquiry about your report is also included. This is why consumers are warned against submitting too many applications from various lenders and banks all at the same time. Too many inquiries in your credit report can damage your score especially if you have been rejected by a lender.
Read more... Tags: Credit, Made, Report
Posted by admin on Mar 11, 2010 in
Credit Tips
When it comes right down to it you already know that there are many reasons that you are judged by your credit every single time you try to make a financial decision and even for employment anymore. This is why you have to check your credit rating at least twice a year. There are many things that you have to understand about credit and why you have to keep yours under control and check it from time to time. Here are some helpful credit tips for you.
1. Understanding your Report
It would do you very little good to pull your credit report twice a year if you have no idea what it means and how to read it. There are two basic categories that will consume the majority of your report, the paid on time side, and the not paid on time side. The paid on time side will be listed first and it will have all the different debts, credit cards, and loans that you are currently paying on and you are on time with. The not paid on time side will be all the different debts that you have ever paid on late, even if it was just one payment.
2. What to look for when you check your credit rating
Your actual rating is also known as your FICO score. This is what you are judged on and when you check your credit rating you need to be looking to see what is on your report. You need to make sure that your report is correct and all the debts listed are yours. If there are debts on your report that do not belong to you, then you need to contact the credit bureau and get these debts off your report. Read more...
Tags: Check, Credit, Pull, Rating, Reasons, Report, Should, Twice, Year
Posted by admin on Feb 26, 2010 in
Credit Tips
As of Jan 1, 2004 according to FCRA Act, all credit bureaus will be required to give out one free copy of credit report per year. However they are not required to give you a free copy more than one time in a year.
A free copy of credit report will help protect you and your family from any financial crisis. If you haven’t recently seen a copy of your credit report, it would be advisable you obtain a copy of your credit report as quickly as possible. It is always recommended to check your credit report at least once in six months. Now days in just a few clicks you can have access to your credit report online. Getting a free copy of your credit report has no obligations and is absolutely risk free.
You are entitled for a free copy of credit report if
• You are entitled for a free copy of credit report if you have been denied credit
• You are unemployed and intend to apply for employment within 60 days.
• If you are a public welfare assistance
• If you report has been revised
• If you credit report contains inaccurate information due to fraud or theft
To obtain a copy of your credit report you need to provide the following information in writing
• Your personal information including you name, address, date of birth, telephone number and so on.
• You also need to submit your previous residential address if any especially if you need to obtain your five year credit history
• You also need to submit your social security number
• You also need to provide a signature at the end
Safeguard your credit (Tip that can help) Read more...
Tags: copy, Credit, Free, Report
Posted by admin on Feb 24, 2010 in
Credit Tips
These are just a few of the best credit tips and facts to help you improve your credit report and score and give you some ideas for fixing or repairing your credit. When buying a car get pre-approved first at your bank or credit union for example, because car dealers will contact several companies in an effort to get you the cheapest rate and this will affect your FICO score because you’ll have several hits at one time on your credit report.
It’s often recommended to drastically reduce your credit card use leave your credit card at home. However many people find it hard to do this if they need to carry it in case they need to call for a tow truck or other emergency. Weigh the risks.
If you can’t make your payments on time, contact your creditors immediately. Always be proactive when it comes to any debt you have. Develop a simple plan to repay your debt, and do your best to follow that plan even if it’s only to pay a small amount each month.
If you contact your creditors write down the specific names and phone numbers of your contacts at the companies. Follow up any phone conversations with creditors with letters confirming any agreements you’ve made.
Keep in constant contact with your creditors until you resolve your credit problems. Bankruptcy should not be the first solution to your financial problems. It doesn’t wipe your credit slate clean or give you a fresh start because it stays on your credit report for up to ten years.
The ability to buy a car, and/or get a home loan absolutely depends on your credit history and score. Some employers will use your credit score in their evaluation of you as a future employee. Read more...
Tags: Credit, FICOCredit, Free, Quick, Repair, Report, Score, Tips