Your credit rating actually affects your life a lot more than you realize. It determines the kind of car you drive, cell phone you use, and where you live and work. Even the businesses you patronize are determined by your credit rating. To be denied credit or have your credit card canceled can be devastating. Your credit does not have to be delinquent in order for this to happen. If your credit score drops below a certain number, your interest rates may skyrocket beyond your ability to pay the debt. Your credit score has such an impact on your everyday life that it is important to make every effort to improve your credit rating. Doing so will help ensure a brighter future.
In order to begin to improve your credit rating, you will first need a copy of your credit report. Contact a Credit Reporting Agency (CRA). The three largest CRAs in the United States are Equifax, Experian, and Trans Union. If you’ve been denied credit within the past 60 days you are entitled to a free copy of your credit report. You’re also entitled to a free copy if you feel you are a victim of identity theft or if you’re unemployed and are planning on looking for employment within the next 60 days. The customary fee for a credit report can cost up to $9.00.
There are also online sources that allow you to access parts of your report, if not all of it, at no cost. If anything on your credit report seems to be incorrect, you are entitled to question it. Write to the CRA that provided your report. Make sure that your letter is polite and professional. If it isn’t, you’ll just look like another person who is making an invalid claim and may not get the treatment you deserve.
If there are no errors on your credit report, it doesn’t mean that there’s nothing you can do to improve your credit rating. Vigilance regarding credit use will pay off with a good credit score. When you use credit cards, pay them off as soon as possible. Communicating with your credit card company is a good step to take when you find yourself in trouble. If your balance is out of control call the credit card company and asked for a lower interest rate. Sometimes a lower interest rate will make the monthly payment easier to make. Always pay more than the minimum amount due. Doing so will help improve your credit rating.
If you have credit cards or other credit accounts that you do not use cancel them. Each open account has a credit limit. All of these credit limits add up to give you a high debt ratio. When you apply for a loan, the lender will look at your debt ratio. If it looks too high for you to be able to pay off they will deny you a loan.
Look at your credit report and make sure that all of the accounts have been authorized by you. Check all credit card statements to make sure that you are the one who is made all of the purchases. Keeping up with your credit report will be rewarding when you decide that you’d like to make a major purchase.
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Tuesday, November 24, 2009
Monday, November 23, 2009
How Does My Credit Report Affect Me
Whenever you apply for a loan, credit card, or a mortgage, your credit rating will be evaluated. Even when you apply for jobs, insurance, or look for an apartment, your credit may be checked. In these situations you should ask yourself, will my credit report affect me. Take into consideration that every time you use credit your transactions are most likely being electronically recorded. The three largest credit bureaus in the United States are Equifax, Experian, and Trans Union. These agencies sell your information to any business or lender who requests it. Typically, those who check your credit are trying to find out if you are a trustworthy person when it comes to financial obligations. Your credit report can reveal even minor financial setbacks that you may have suffered. This in turn can cause you to be denied credit or service.
It is important to remember that a low credit score isn’t the only thing that prospective lenders are concerned with. When the business receives a copy of your credit report they frequently look beyond the credit score. Surprisingly, the number and type of inquiries into your credit history can hurt your credit rating. Anytime your credit is checked for the purpose of a bank loan, auto loan or mortgage, your credit score can drop as much as five points per inquiry. One or two of these will not affect your score much.
Applying for several loans a one time however, can have a serious negative impact on your credit report. If several inquiries for the same purpose are made within 30 days, your credit score won’t be greatly affected. Inquiries for the purpose of employment, pre-approved credit, or for your own copy of your credit report will not negatively affect your credit rating.
Matters of public record that can be found on your credit report can be a red flag to businesses that are checking your credit. An eviction is one of the matters of public record that will show up on your credit report. Usually, evictions are lengthy processes that are legally and financially draining. There is no winner in the eviction process. When it comes to eviction, the landlord loses out on rent while the tenant who is being evicted ends up with bad credit. Technically, rent is considered a monthly credit obligation. In effect, eviction is just like repossession due to delinquency of a loan.
Landlords frequently screen applicants for evictions in their history. The evictions process is lengthy and the rent and has usually been delinquent for several months before the eviction proceeding begins While good people do get evicted from apartments, the property owner may very well view this as a record of being irresponsible and untrustworthy. Utility companies such as cell phone, cable, and Internet providers may also look at the section of your credit report dealing with matters of public record. Even though these public record matters don’t seem that they would pertain to a credit report they are rather important.
View Credit Report
It is important to remember that a low credit score isn’t the only thing that prospective lenders are concerned with. When the business receives a copy of your credit report they frequently look beyond the credit score. Surprisingly, the number and type of inquiries into your credit history can hurt your credit rating. Anytime your credit is checked for the purpose of a bank loan, auto loan or mortgage, your credit score can drop as much as five points per inquiry. One or two of these will not affect your score much.
Applying for several loans a one time however, can have a serious negative impact on your credit report. If several inquiries for the same purpose are made within 30 days, your credit score won’t be greatly affected. Inquiries for the purpose of employment, pre-approved credit, or for your own copy of your credit report will not negatively affect your credit rating.
Matters of public record that can be found on your credit report can be a red flag to businesses that are checking your credit. An eviction is one of the matters of public record that will show up on your credit report. Usually, evictions are lengthy processes that are legally and financially draining. There is no winner in the eviction process. When it comes to eviction, the landlord loses out on rent while the tenant who is being evicted ends up with bad credit. Technically, rent is considered a monthly credit obligation. In effect, eviction is just like repossession due to delinquency of a loan.
Landlords frequently screen applicants for evictions in their history. The evictions process is lengthy and the rent and has usually been delinquent for several months before the eviction proceeding begins While good people do get evicted from apartments, the property owner may very well view this as a record of being irresponsible and untrustworthy. Utility companies such as cell phone, cable, and Internet providers may also look at the section of your credit report dealing with matters of public record. Even though these public record matters don’t seem that they would pertain to a credit report they are rather important.
View Credit Report
Thursday, November 19, 2009
How To Get A Copy Of Your Credit Report
Credit reporting agencies (CRAs) provide employers, insurance companies, landlords, and credit card companies with copies of your credit report. If you were ever denied credit or service as a result of the information on your credit report, you are entitled to a free copy of that credit report. In order to obtain your free copy, you need to know the name, contact numbers and address details of the CRA that furnished the report to the business that denied you.
In order to receive you free credit report you need to contact the CRA within 60 days of receiving your denial letter. As provided under the Fair Credit Reporting Act (FCRA), certain other circumstances may also entitle you to one free copy of your credit report each year. If you were a victim of fraud, receive welfare, or are unemployed and will be seeking employment within the next two months, you may receive a free copy of your credit report. If you don’t meet these criteria, A CRA could charge you up around $9.00 if you need a copy of your credit report.
If you are denied credit or service, you need to find out the reason for denial. Reviewing your credit report and checking for errors is important. If you need credit in the future, you’ll have to take steps to improve your credit rating now. If you take the steps now, you can avoid denials in the future.
If by some chance you find a mistake on your credit report, you need to contact the CRA immediately. Write a formal letter identifying the information that is incorrect and a request that the incorrect information be deleted from your report. Include copies of supporting documents that will backup your claim. It is a good idea to include a copy of your credit report and highlight or circle the information that needs to be corrected. Don’t forget to include your own Contact information so that the CRA can reach you if they have any questions.
Legally, a CRA must investigate your dispute within one month of your initial claim. The CRA must go back to their source of the disputed information. If the CRA finds that there was indeed a mistake on your credit report, they are responsible for contacting all of the CRAs in the country regarding this mistake. By doing this, all of this CRA’s we’ll have your corrected information and there will be no chance of another credit report containing wrong information. Once the mistake as been corrected, you should obtain another copy of your report to double check that the report is accurate.
Repairing damaged credit can take a lot of effort on your part. In order to prove that the CRA has made an error, you may have to research the matter with your bank as well as within your own files to find the correct information. In the end, you may be rewarded with a higher credit score, and a better credit report.
View Credit Report
In order to receive you free credit report you need to contact the CRA within 60 days of receiving your denial letter. As provided under the Fair Credit Reporting Act (FCRA), certain other circumstances may also entitle you to one free copy of your credit report each year. If you were a victim of fraud, receive welfare, or are unemployed and will be seeking employment within the next two months, you may receive a free copy of your credit report. If you don’t meet these criteria, A CRA could charge you up around $9.00 if you need a copy of your credit report.
If you are denied credit or service, you need to find out the reason for denial. Reviewing your credit report and checking for errors is important. If you need credit in the future, you’ll have to take steps to improve your credit rating now. If you take the steps now, you can avoid denials in the future.
If by some chance you find a mistake on your credit report, you need to contact the CRA immediately. Write a formal letter identifying the information that is incorrect and a request that the incorrect information be deleted from your report. Include copies of supporting documents that will backup your claim. It is a good idea to include a copy of your credit report and highlight or circle the information that needs to be corrected. Don’t forget to include your own Contact information so that the CRA can reach you if they have any questions.
Legally, a CRA must investigate your dispute within one month of your initial claim. The CRA must go back to their source of the disputed information. If the CRA finds that there was indeed a mistake on your credit report, they are responsible for contacting all of the CRAs in the country regarding this mistake. By doing this, all of this CRA’s we’ll have your corrected information and there will be no chance of another credit report containing wrong information. Once the mistake as been corrected, you should obtain another copy of your report to double check that the report is accurate.
Repairing damaged credit can take a lot of effort on your part. In order to prove that the CRA has made an error, you may have to research the matter with your bank as well as within your own files to find the correct information. In the end, you may be rewarded with a higher credit score, and a better credit report.
View Credit Report
Wednesday, November 18, 2009
What Type of Information is on a Credit Report
If you have ever applied for a credit card, mortgage, student loan, or any other type of loan, your information is stored in a consumer reporting agency database. These agencies are responsible for collecting information about consumers who use credit. A consumer reporting agency, or CRA, is responsible for preparing credit reports for any lender who might give you credit or business wanting to check your credit. Credit card companies, financial institutions, landlords, insurance companies, and prospective employers are all examples of companies who may request a credit check. They usually purchase your credit report from one of the three largest CRAs, or credit bureaus in the United States. These credit bureaus are Experian, Equifax, and Trans Union.
The information on your credit report is personal information and can play an important role in your financial wellness. The Fair Credit Reporting Act, or FCRA entitles you to see your credit report. Any agency that provides a copy of your credit report to another business is obligated to provide that same report to you, should request it. You’ll be able to see a list of all businesses who have inquired about your credit within the last 24 months. If you have been denied credit, insurance, housing, or employment due to your credit report you are entitled to a copy of your report. You should do this within 60 days of the denial. You’re denial notice should have the name of the CRA as well as the address and phone number so that you can contact them to request further information.
No matter which CRA provides your credit report they all have four main sections. It is important to understand the information that is listed in each section. You should review the information in each section carefully to make sure it is accurate.
The first section of your credit report has basic information in it. Although this seems like an unimportant part of your credit report, it is probably the most important in terms of the accuracy. Your name and address, date of birth, social security number, and employer are all listed here. Previous addresses, employment information, and whether or not you rent or own your home may also be provided in this section if the prospective creditor requests it.
The second section of your credit report will contain your payment history. All of your accounts will be listed here. The amount of credit you have as well as you are payment record are listed in this section.
The third section contains your public record. Foreclosures and bankruptcies tax liens, and any other information available to the public is part of this section in your credit report. In
The final section in your credit report shows all the inquiries that have been made about your credit in the past 24 months.
Any information that is incorrect on your credit report should be reported immediately. Incorrect information can be a sign of identity theft or prevent you from obtaining credit when you need it.
View Credit Report
The information on your credit report is personal information and can play an important role in your financial wellness. The Fair Credit Reporting Act, or FCRA entitles you to see your credit report. Any agency that provides a copy of your credit report to another business is obligated to provide that same report to you, should request it. You’ll be able to see a list of all businesses who have inquired about your credit within the last 24 months. If you have been denied credit, insurance, housing, or employment due to your credit report you are entitled to a copy of your report. You should do this within 60 days of the denial. You’re denial notice should have the name of the CRA as well as the address and phone number so that you can contact them to request further information.
No matter which CRA provides your credit report they all have four main sections. It is important to understand the information that is listed in each section. You should review the information in each section carefully to make sure it is accurate.
The first section of your credit report has basic information in it. Although this seems like an unimportant part of your credit report, it is probably the most important in terms of the accuracy. Your name and address, date of birth, social security number, and employer are all listed here. Previous addresses, employment information, and whether or not you rent or own your home may also be provided in this section if the prospective creditor requests it.
The second section of your credit report will contain your payment history. All of your accounts will be listed here. The amount of credit you have as well as you are payment record are listed in this section.
The third section contains your public record. Foreclosures and bankruptcies tax liens, and any other information available to the public is part of this section in your credit report. In
The final section in your credit report shows all the inquiries that have been made about your credit in the past 24 months.
Any information that is incorrect on your credit report should be reported immediately. Incorrect information can be a sign of identity theft or prevent you from obtaining credit when you need it.
View Credit Report
How To Read and Understand Your Credit Report
Any time you apply for credit from a financial institution or other lender they will want to know about your credit history. Every financial move you make is listed on your credit report. Missing or paying late on a loan or credit card is recorded in this report, as well as any other financial issues that might occur. You should obtain a copy of your credit report every year so that you can review it and make sure that there are no surprises. You can take steps to raise a low credit score if you know why your credit score is low. Understanding your credit report can be the key to your financial wellness.
At first glance, you may only want to concern yourself with the credit score and skip the rest of the report when. It is extremely important to review the entire report, especially the information that you already know that may seem unimportant. Your name and address, social security number and date of birth must all be correct. Don’t overlook spelling or other errors that may seem to be minor mistakes. Even though the information is stored on an electronic database there’s still the possibility of human error. More importantly, misspellings and incorrect information can mean that you are a victim of identity theft or fraud. If you find any errors on your credit report, makes sure that you report them immediately.
This section the immediately following your background information is a credit summary. This summary will show past and current accounts. Mortgages, lines of credit, and credit card information are all contained in this section. The outstanding balance and status of these accounts is available for prospective lenders to view. When reviewing this section of your credit report, make sure that all of the accounts that are open were opened by you. Fraudulent accounts can be opened by people who steal your identity.
Your account history shows detailed information about each of the different accounts that you have. Relevant dates, balances and monthly payment amounts are some of the details included here. Other specific information is noted in this account history section, such as the creditor name, type of account, monthly payment amount, credit limit, and any comments a creditor has made regarding your account. Information regarding accounts that have been sent to collection agencies, other than the date, is not available in this part of your credit report.
Following your account history is the public a record segment of your credit report. You’ll find information that is of public record such as tax liens bankruptcies delinquent child support, and any other judgments that may have been made against you
The final section of your credit report lists any inquiries that have been made about you in the last 24 months.
As they get a copy of your credit report whenever you are planning on applying for a loan or suspect that there has been fraudulent activity. You should also take a look at your credit report any time you’ve been denied credit.
View Credit Report
At first glance, you may only want to concern yourself with the credit score and skip the rest of the report when. It is extremely important to review the entire report, especially the information that you already know that may seem unimportant. Your name and address, social security number and date of birth must all be correct. Don’t overlook spelling or other errors that may seem to be minor mistakes. Even though the information is stored on an electronic database there’s still the possibility of human error. More importantly, misspellings and incorrect information can mean that you are a victim of identity theft or fraud. If you find any errors on your credit report, makes sure that you report them immediately.
This section the immediately following your background information is a credit summary. This summary will show past and current accounts. Mortgages, lines of credit, and credit card information are all contained in this section. The outstanding balance and status of these accounts is available for prospective lenders to view. When reviewing this section of your credit report, make sure that all of the accounts that are open were opened by you. Fraudulent accounts can be opened by people who steal your identity.
Your account history shows detailed information about each of the different accounts that you have. Relevant dates, balances and monthly payment amounts are some of the details included here. Other specific information is noted in this account history section, such as the creditor name, type of account, monthly payment amount, credit limit, and any comments a creditor has made regarding your account. Information regarding accounts that have been sent to collection agencies, other than the date, is not available in this part of your credit report.
Following your account history is the public a record segment of your credit report. You’ll find information that is of public record such as tax liens bankruptcies delinquent child support, and any other judgments that may have been made against you
The final section of your credit report lists any inquiries that have been made about you in the last 24 months.
As they get a copy of your credit report whenever you are planning on applying for a loan or suspect that there has been fraudulent activity. You should also take a look at your credit report any time you’ve been denied credit.
View Credit Report
Tuesday, November 17, 2009
What Is A Credit Report Used For
Your life as well as your financial security may very well depend on how others view your credit report. A prospective lender will pay a credit reporting agency fro your credit report. Anything negative on your credit report will have an adverse effect on a loan application. You won’t necessarily get a chance to explain these negative factors to a lender. For example, you may miss an auto loan payment because of a banking error or change of address. No one will get to hear your side of the story. A bad credit report can mean the difference between buying your dream home and staying where you are. This makes keeping track of your credit report especially important if you were considering that loan in the near future.
There is a wealth of personal information on your credit report. Information pertaining to your credit such as the number of credit cards you have and your timeliness and paying bills is reported. Other personal information like changes in address, whether or not you have ever been sued, claimed bankruptcy, and even if you’ve ever been arrested are all present on your credit report
Experian, Equifax, and Trans Union are the three major credit reporting agencies in the United States. Their function is to collect organize and store your information on their databases. When a lender requests it, these companies will sell them a copy of your credit report.
There are several types of businesses who will by your credit history information. If you are looking to move into a new apartment, the landlord or property owner will most likely run a credit report to see if you will pay your rent when it is due. Prospective employers will want to know your credit history to see if you have ever been sued or have financial problems. When you apply for a credit card, the credit card company will want to know if you are worth the risk and insurance companies might want to check if you’re likely to pay your bill on time. Mortgage brokers and banks will also want to see your credit history. You may be denied a loan if your credit is poor, but you may also be eligible to receive special rates if you have good credit.
There are four things that any lender would want to know before loaning money to a person. The first thing they want to find out is exactly who you are. Your name (including any aliases), social security number, date of birth, and addresses both past and present are the most basic pieces of information available about you on your credit report. The second thing a lender wants to know about is your accounts this includes bank accounts credit cards, outstanding loans, and anything pertaining to other debt that you may have. Third, a lender would want to know matters of public record. Tax liens, bankruptcy, and any other judgments against you fall into this category. Finally, a lender will want to know about any other inquiries that have been made regarding your credit report within the last 24 months.
View Credit Report
There is a wealth of personal information on your credit report. Information pertaining to your credit such as the number of credit cards you have and your timeliness and paying bills is reported. Other personal information like changes in address, whether or not you have ever been sued, claimed bankruptcy, and even if you’ve ever been arrested are all present on your credit report
Experian, Equifax, and Trans Union are the three major credit reporting agencies in the United States. Their function is to collect organize and store your information on their databases. When a lender requests it, these companies will sell them a copy of your credit report.
There are several types of businesses who will by your credit history information. If you are looking to move into a new apartment, the landlord or property owner will most likely run a credit report to see if you will pay your rent when it is due. Prospective employers will want to know your credit history to see if you have ever been sued or have financial problems. When you apply for a credit card, the credit card company will want to know if you are worth the risk and insurance companies might want to check if you’re likely to pay your bill on time. Mortgage brokers and banks will also want to see your credit history. You may be denied a loan if your credit is poor, but you may also be eligible to receive special rates if you have good credit.
There are four things that any lender would want to know before loaning money to a person. The first thing they want to find out is exactly who you are. Your name (including any aliases), social security number, date of birth, and addresses both past and present are the most basic pieces of information available about you on your credit report. The second thing a lender wants to know about is your accounts this includes bank accounts credit cards, outstanding loans, and anything pertaining to other debt that you may have. Third, a lender would want to know matters of public record. Tax liens, bankruptcy, and any other judgments against you fall into this category. Finally, a lender will want to know about any other inquiries that have been made regarding your credit report within the last 24 months.
View Credit Report
Sunday, November 15, 2009
How To Understand Your Credit Report
At least once a year you should that obtain a copy of your credit report. Some time in the future you may want to make a major purchase which would require a loan or line of credit. Whether you obtain this report on line or via mail from a consumer reporting agency is unimportant. Knowing your credit score is important because if it is low there are steps you may be able to take to improve it – but first you must understand it.
Looking at your credit report for the first time when may seem confusing. Your credit score is a three digit number which gives you your overall score against that of other consumers. While this number is important, it is not the most important factor in your credit report. A lender will look at the number of accounts you have and also your timeliness in paying your loans. If you have a lot of financial obligations such as a mortgage, car loan, and several credit cards, a company may deny your loan application. Even if you pay all of your financial obligations on time, it can still have an adverse affect. The reasoning is that your credit is “too deep” and adding another loan payment might make you unable to fulfill your financial obligations. The opposite is also true. If for example you have a mortgage and no credit cards, the lender will not get an accurate idea of how trustworthy you are when it comes to paying back the debt. They may deny your loan because they don’t know enough about you based
on your credit report.
Examine your credit report carefully. A score of 300 to 399 is considered poor credit. 400 to 599 is fair and 600 to 849 is good. If your score is 850 to 930, congratulations! Your credit rating is very good. Pay close attention when analyzing your name and address date of birth and Social Security number. Names that are on the accounts are also important. If you have joint accounts make sure that both names are present. Correcting any mistakes you find is important because it could be related to identity theft. Identity theft is when someone fraudulently uses your personal information usually for credit purposes. Additionally make sure that all accounts that are on your credit report are accounts that you authorized.
Following your credit score, personal and account information, is another section with additional information. A summary of your credit scores from the three main credit reporting agencies follows. In addition, your history of any late payments you have made in the last two years will be included on your credit report. Bankruptcies, liens, and judgments against to you are also part of your credit history. There is also what is called a credit risks score. When your credit risk or explains the reasoning behind a low credit score. Too many open accounts and credit inquiries within the last year can contribute to a high credit risk score, which is something you don’t want but.
View Credit Report
Looking at your credit report for the first time when may seem confusing. Your credit score is a three digit number which gives you your overall score against that of other consumers. While this number is important, it is not the most important factor in your credit report. A lender will look at the number of accounts you have and also your timeliness in paying your loans. If you have a lot of financial obligations such as a mortgage, car loan, and several credit cards, a company may deny your loan application. Even if you pay all of your financial obligations on time, it can still have an adverse affect. The reasoning is that your credit is “too deep” and adding another loan payment might make you unable to fulfill your financial obligations. The opposite is also true. If for example you have a mortgage and no credit cards, the lender will not get an accurate idea of how trustworthy you are when it comes to paying back the debt. They may deny your loan because they don’t know enough about you based
on your credit report.
Examine your credit report carefully. A score of 300 to 399 is considered poor credit. 400 to 599 is fair and 600 to 849 is good. If your score is 850 to 930, congratulations! Your credit rating is very good. Pay close attention when analyzing your name and address date of birth and Social Security number. Names that are on the accounts are also important. If you have joint accounts make sure that both names are present. Correcting any mistakes you find is important because it could be related to identity theft. Identity theft is when someone fraudulently uses your personal information usually for credit purposes. Additionally make sure that all accounts that are on your credit report are accounts that you authorized.
Following your credit score, personal and account information, is another section with additional information. A summary of your credit scores from the three main credit reporting agencies follows. In addition, your history of any late payments you have made in the last two years will be included on your credit report. Bankruptcies, liens, and judgments against to you are also part of your credit history. There is also what is called a credit risks score. When your credit risk or explains the reasoning behind a low credit score. Too many open accounts and credit inquiries within the last year can contribute to a high credit risk score, which is something you don’t want but.
View Credit Report
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