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Aw, c’mon! If it is free why do I have to give a credit card number and get billed each month for something I don’t want?
Because it really isn’t free. There are a lot of offers on the internet and even TV for free credit reports. But they come with two catches and virtually none of them are free.
Catch number one is that these are companies in business to make a profit. After all isn’t that what companies do? If they are going to make a profit, they need to charge you for something. That something is mostly along the lines of a credit report monitoring service or something of the like. Catch number two is that the scoring model is not usually the same one the lenders use. So it is essentially worthless.
What these sites don’t do is help you understand how to effectively manage your scores at all times to get and keep scores in the 700 range. This is where they need to be considering the current credit market.
First of all there is only one web site that is sanctioned by the Federal Trade Commission. Annual Credit Report dot com is the source to obtain your credit report none of the others are. This is a free site to obtain the body of your credit once a year from each of the three credit bureaus. They will however still try and sell you stuff including your credit score.
The first time you order your report DON’T BUY ANYTHING. Not even your score. You want to make certain that all of the information is yours and that it is correct. The credit score that they sell you is a different scoring model from the ones that the lenders use and is basically worthless. What you need is the body of your report and check it for accuracy.
If you have recently applied for credit, like a car loan or home loan, ask to get a copy of the report they pulled. This will have a score on it that the lenders do use.
Secondly seek out a professional in your community who understands the credit scoring system. They can analyze your report and give you tips on how to get and/or increase and keep a high score
In the following articles we’ll discuss how to read your report and what on it matters and what doesn’t affect your score.
Don Davis can be reached at 360-652-9994 or visit his web site at http://www.HTLNW.com for other contact information. Don specializes in residential and commercial lending mostly in and around Snohomish County, North King County, Skagit county and generally in the state of Washington. Don has spoken at numerous workshops and events regarding credit scoring and related topics and has helped many people substantially raise their individual credit rating. If you want to maintain a high credit score or wish to increase and maintain a high score, contact Don to schedule a meeting today.
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Would you say you know all different aspects involved in a credit report? If yes, congratulations because with the difficult economic times we are living nowadays, it is and will be quiet important understand every single detail that could affect your credit score. After all, nobody could say certainly that he or she will never apply for a loan because of an emergency or something unexpected.
Borrowers trying to get a loan are checked against their credit report, where all your financial movements are registered and hopefully shows you as a low risk investment, if you have good credit score you can get better interest rate on loan applications for example, if you do not then, you face difficulties getting a loan and many other different things.
For that very reason, it is advisable to check your credit report even if you think you do not have any problem, because sometimes there is inaccurate information registered and it is your responsibility getting those removed. However, you do not have to pay in order to get a credit report, because there are options in order to get a free one.
Then, there is no reason to be uninformed about what your credit report is showing up, a credit monitoring service is recommended just if your credit score plays an important role in your personal finance, but these are not free nor expensive.
Are you a person that honour your credit commitments in the future? that is precisely what a credit rating aims to predict, and that is the reason why most of the credit providers, if not all of them, use credit reports to evaluate the risk in offering a credit to borrowers.
Summing up, it is advisable monitoring your credit report since it is required every time you apply for a loan or some kind of credit, while there are credit monitoring services you still have the option of a free credit report and check your credit rating by yourself.
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Tips About Your Free Annual Credit Report
Did you know a review of your free annual credit report can save you thousands upon thousands of dollars? That is a staggering thought in itself; don’t you agree? But there is something worse; that can be happening to you. Your personal reputation and good credit could be ruined forever. You can lose your personal reputation and thousands of dollars if you don’t know someone stole your identity. The following tips will help to keep this from happening to you.
Identity theft has become an illegal enterprise which has profited the thieves to hundreds and hundreds of millions of dollars a year. One of the main reasons it has become so profitable is that people, just like you, have no idea their identity has been stolen. The first way you may find out about it is when the following scenario’s or something similar happen to you.
One evening you and your family are setting in the family room watching a little TV and relaxing. Suddenly you get a phone call from a mortgage company, which you know nothing about, wanting 90 days of back mortgage payments. As you’re standing there in confusion and disbelief this guy is telling you, if you don’t pay, legal action will be taken.
If not that scenario, then perhaps you get a credit card bill for a credit card you have never seen. You open the bill and there is $5000.00 worth of charges for electronics charged against your name. It also shows you are more than 60 days delinquent in payments. It is mind numbing and debasing to you and your family. Your first thoughts are how could this happen?
Chances are if this happens to you it is because your personal identity has been stolen. This thief has used your social security number, your driver’s license number, date of birth and other personal information to get approved for the credit card or loan. The many ways this can be done are beyond the scope of this article. However, there is a way you could have been alerted much sooner and perhaps shut it down before all the damage was done.
In July of 2005, the Federal Government of the United States, passed legislation that gave every citizen in the United States, including you, to be able to get a copy of their free annual credit report. All you have to do is go on-line, write or call and request a free copy from the following 3 major credit reporting agencies:
1. Equifax: http://www.equifax.com/home/ Phone: 1-800-525-6285
2. Experian: http://www.experian.com/ Phone: 1-888-397-3742
3. TransUnion: http://www.transunion.com/ Phone: 1-800-680-7289
Not only can you get your free copy of your credit report, each of these credit reporting agencies, have other programs which can help you. In case of Identity theft they have free information on how to repair your credit report. They offer 24 hour monitoring of your credit report. In addition they provide other programs which can help keep your credit rating safe.
For instance you can put a freeze on your credit report. This prevents anyone from checking your credit without your express approval. However, just for your information a freeze can also slow down the process when you apply for new credit.
As you can see, by learning about your free annual credit report, you have other services from the Big 3 which can help protect you. If you suspect fraud, identity theft and are suddenly getting approved for credit cards and other loans; it’s time to grab your free annual credit report.
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Tips On How To Keep Your Credit Report Score High
Were you aware that your credit report score is what will either make you or break you when you apply for a loan or credit card? And this is just a plain fact. The fact is the majority of companies that give credit use it to determine if you get your loan or not.
These tips contained in this article will give you a good idea of how your credit score can work for you or against you.
When you are first starting out in the world of credit it can be a Catch 22 for you. If you have no credit history your credit score will be low. Therefore when you first apply for a loan the chances are you may be turned down.
However, there is a way to build your score up. Once you have gainful employment you can to a consumer store and purchase a low dollar ticket item of several hundred dollars. Your monthly terms will be low but take the time to make your payments on time over 6 to 8 months.
By doing so this will factor into your credit report score when you go back to apply for a larger dollar amount on credit. Once you show you have been on the job and made your payments on time your overall credit report score will move up.
What can cause your credit score to go down?
1. Debt To Income Ratio
This means you have obligated yourself to pay back a high amount of your salary to monthly obligations. Let’s say your monthly income is $2000 and your monthly pay out is $1700 in obligated debt. Your debt percentage is 70% of your income. Not a good idea!
2. Slow Payments
Once your payment becomes 30 days late it is reported to the credit bureau. Even one late payment will lower your score.
Where this really becomes a threat to your credit score is when you don’t catch up the payment. The only way you can do that is to pay the late one and the very next one on time.
If you don’t do this the 30 day late payment will increase in number and each time it shows late it lowers your score.
3. Repossessions and Foreclosures
If you have a car, furniture or any other item foreclosed on this will go on your credit report for 7 years. It will continue to keep your score lower because of them.
This list could go on and on, but lets look how you can keep your score up.
It is important for you make your payments on time. A continuous record of on time payments will continue to drive your score up. The longer you have a good record the higher your credit report score will be.
The higher your score, the more likely the chances of you being able to buy a good home, a high priced car and other toys on credit. However, just because you have the ability to do so does not mean it’s a good idea to rush out there and do so.
To be straight forward about it there are many things which factor into your credit score being high or low. However, when you apply common sense to your credit worthiness you have an excellent chance of keep your credit report score high.
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How You Can Profit With Your Business Credit Report
As a small business person one of the most important assets you have is your Business Credit Report? Along with your own personal character and a good credit report you can just about name your own ticket in your local community. Furthermore it can help you expand you business to the far reaches of the world. This article will give you some ideas of how important your credit report is to your profit.
As an astute business person you know you have to have to contact new customers. In a lot of cases when you do the new customers want to know how reliable you are. Not only will they be looking for personal references but they want to know you are sound financially.
They may ask you to furnish credit references and other information about you and your company. Many times these new customers will use your business and personal credit report, to verify your financial stability and personal character. By chance, if you happen to have reports of outstanding debt, which has been unpaid or public judgments for failure to finish projects, your chances of landing this new customer or slim next to none.
Not only can the above circumstances affect your ability to grow your business, it may prevent you from obtaining proper business insurance. In many cases you may have to a large umbrella policy for liability, before you can bid on certain jobs or actually perform the job function. In today’s modern society you and your company can be sued for any and everything.
Without a proper credit rating, as reflected by your business or personal credit report, you may be refused insurance all together. If you are insured you may be considered a higher risk and end up having to pay an outrages premium. Whereas with a good business credit report the insurance companies may look very favorably upon giving you a large discount off the premium.
One of the most lucrative forms of business for a small business is government contracts. Once again your personal and business report will be verified. This becomes especially important if your company and you are required to have a security clearance in order just to bid on the project. A reflection of bad credit on your credit report can stop a security clearance or other government contracts dead in the water.
However, with your outstanding credit and personal character, because you are a small business owner you can have a leg up on the larger companies. The reason for this is the Federal government; of the United States has special preference programs for the small business owners. This means you may be able to add another stream of income to your bottom line. Once again you can see how your credit report can help make you profit.
Here is a little tip that can help you keep your business credit report looking good and help your cash flow at the same time. Most companies, when they extend credit, will give favorable repayment terms to your small business, provided your credit worthy. If the term is Invoice Net 10 days, most companies will not report you as long as you get the invoice paid before 30 days are up.
If you are in a cash flow crunch, have your bookkeeper set up to pay the invoice before the 30th of the month. Make sure the bookkeeper allows enough time for the mail. This tip should only be used discreetly and infrequently. Otherwise you will get a reputation of using your vendors to finance your business operations for 30 days.
There is a drawback to this kind of credit repayment. Many of your vendors now will start calculating a late fee and interest payments as soon as the 10 days is up. So instead of enhancing your cash flow it can further deplete it.
You as an ethical business person have the responsibility of keeping your debts paid and on time. When you do this you have seen how your business credit report can be a profit center for you.
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The Truth Behind Common Myths About Your Credit Report
It is truly amazing to note the number of “facts” that many people think they know about credit reports and how various factors affect your credit score that are just simply untrue. For as much importance that is placed on having as good of a credit report and credit score as possible these days, it is critical for the consumer to understand the truth behind how your credit score is affected by various things.
This is especially important in today’s world, as car insurance companies and even many employers are now checking a consumer’s credit report before making a decision about their insurance premiums or making a job offer.
Myth #1: When my fiance and I get married, we will have a joint credit report and the negatives from our individual reports will go away.
Nothing could be further from the truth. Even after you are married, you will still have separate credit reports. Any new credit items added to your report will be the result of opening joint accounts or having your name added to their existing account. Any negative information that was there before will still be there.
Myth #2: As long as my credit cards are not over their credit limit, they will give me a good credit score.
Not completely true. The two worst things you can do to get a bad credit score are to consistently miss or be late with payments, and to go over your credit limit. If you make your payments on time and stay under your credit limit, you will get an “ok” rating on that credit card. But to maximize the number of points you get on your credit card towards your credit score, it is best to keep your outstanding balance at about 20-30% of your credit limit.
Myth #3: When you negotiate a settlement amount with a lender, that account will show up as being fine on your credit report.
Wrong. If you have to negotiate something, that would indicate that you are working on a deal to pay them some amount less than what you actually owe. In that case, it will definitely have a negative effect on your credit score and show up as a negative item.
Myth #4: Closing old accounts will raise your credit score.
Totally inaccurate and in fact, can very potentially have the opposite effect and lower your credit score. Remember, your credit score is a picture of your credit history, and if you close old accounts, your credit history is reduced, thereby potentially lowering your overall score.
Myth #5: The best or only way to raise your credit score is to use one of the companies that specialize in that.
This is the biggest myth and also one of the biggest pieces of hogwash. Some of those companies that claim they can fix your credit can do so to varying degrees, and some cannot do a thing. But the real truth of the matter is that none of those companies can do anything that you cannot do yourself at no charge except for postage stamps. In fact, since you are the consumer who is disputing his or her own credit report, you actually have more clout in this way than those companies do.
Myth #6: Errors on your credit report are rare, and will correct themselves automatically when they occur.
Absolute baloney. The truth of the matter is that the vast majority of consumers have errors on their credit report. Compound that with the fact that those errors do NOT correct themselves, ever, unless you point out the error and dispute it.
Your credit score and credit history are used in a wide variety of places and the use of them is increasing every day. It is definitely worth your time and effort to get copies of your credit report and ensure that it is accurate, which is a huge step towards raising your credit score.
For more insights and additional information about your Credit Report Score as well as getting free copies of your personal credit reports, please visit our web site at http://www.credit-help-center.com
June 1st, 2008 credit report Posted in 3 1 credit report, 3 credit bureau report, 3 credit report, 3 in 1 free credit report, 3 in one credit report, 3in1 credit report Comments Off
Did you know that there are 3 major credit bureaus that are responsible for formulating your credit record? Often you may prefer to opt any one of the credit bureau report, and scan through it and get an overview of the dealing reported that particular bureau. But you may just skip out on the information accounted by the other two bureaus. There is a way out to access report of all these bureaus in one single document, in the form of 3 in 1 credit report. The 3 bureaus responsible for the formulation of credit report are experian, equifax, and transUnion.
As the name is suggestive comprises of presented facts from the 3 different bureaus in to 1. This format of credit report makes it an easier task for the consumer to view and comprehend the financial state of affairs. It is beneficial in getting a larger perspective of your financial situation. Furthermore, you can grasp all the financial information you require remain updated on monetary matters without skipping any vital information. The information formulated by all the 3 credit bureaus is placed side by side that facilitates better understanding and encourages comparison as well.
Appearance of the online credit report providers is on the ever increase, which has made accessibility to this important financial document even easier. The shortage of time is the chief excuse that is employed for not availing things, but this online availability of credit report can up to a point minimize the hassle to avail them.
The online providers generally require you to register by a step-by-step course of action which generally simple. After achieving this registration, the consumers are permitted these services by means of the login name and password. While choosing an appropriate credit reports online providers, authenticate it before embarking upon its services. Check out the terms and conditions to avoid any complications later on. This approach is also beneficial in understanding the conditions that you would require to abide by for accessing the financial manuscript.
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Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.
It may seem like a lot of work but it’s really easy. The hardest part is actually sitting down to do it. You’ll need to check all three credit bureaus to make sure the same error isn’t on all three but if you just have one credit report, start with that one.
First make a list of any and all errors that you find on your personal credit report. These could be in the form of personal information such as birth date or more likely there will be information that you know not to be true such as late payments or no payments recorded etc. If you think there is any possibility that you could be wrong check your past history with the creditor in question first.
You want to make sure you are right before you make the request to have any information removed from your credit report.
You will be sending the letter only to the credit bureau mentioned on the report, which would be Esperian, Equifax or TransUnion. You don’t want to sound angry in the letter, just be matter-of-fact, straightforward and business-like. Just outline the facts – name of creditor, dates, and the error(s) or problem(s) you’re finding on the credit report.
Here is a sample letter:
Date:
To whom it may concern at Esperian (or other credit bureau):
I recently acquired a copy of my credit report and found some errors that I’d like to dispute. I am enclosing documentation to prove the information is incorrect and would like a correction. I value my good standing and good credit history and want to maintain a good credit rating and credit score.
Name the creditor along with the reference date including the month, day and year if possible.
The error(s) I have found are:
I’m including copies of my payment record, with a (cancelled check or online payment print-outs or any other documentation that you have).
I would appreciate any attention to the matter as I would like my credit report to be accurate. I’m sure you understand that credit bureaus need to include only information that is accurate in my file.
Thank you for taking a look at my letter and file and hopefully making the necessary corrections so I can continue to maintain my good credit standing. Please let me know that my file has been reviewed and what action has been taken. I would also like a copy of my corrected credit report sent to the enclosed address. Thank you.
Sincerely,
Besides your full name as shown on the report, include you mailing address, a copy of the report that you have, your social security number, driver’s license photocopy and any other documentation such as a cancelled check or online payment confirmations.
Make a copy of the letter for yourself and a copy of any enclosures with the letter. Send the dispute letter by certified mail with a ‘return receipt’ requested. Then make sure to get the free credit reports from the other two main credit bureaus or reporting agencies to make sure they don’t have the same incorrect information. You can get free instant credit reports from the other two online.
May 24th, 2008 credit report Posted in 3 credit report, 3in1 credit report, about credit report, check credit report for free, check my credit report, check my credit report for free, check your credit report, clark howard credit report, combined credit report, credit report company, credit report contact, credit report corrections, credit report cost, credit report credit score, credit report definition, credit report facts, credit report site, credit report sites, credit report software, credit report time, credit report tips, credit report trans, credit report trial Comments Off
Whether you are young or old, male or female, wealthy or average, you are going to need a good credit score at some point. Getting a mortgage to buy a house or a loan to buy a car or sometimes even renting an apartment or getting a job hinge on your creditworthiness. To get the best loan terms or to be able to move in to the better apartments in the city, you need to show financial responsibility, and that is reflected in your history.
Do not miss payments or send payments in late. Missing payments or being late results in extra charges and looks bad on your credit report. The credit bureaus will lower your overall score if there are late or missed payments.
Do check your credit report yourself. It is important that your credit report be accurate, and if you never check it you will not know if there are mistakes in it. If you don’t understand your report or see something that looks wrong, contact the credit bureau in writing. Sometimes it can be a difficult task to change items in your credit report; if necessary, hire a professional to help you.
Do keep only a small number of credit cards. Having a lot of credit cards, especially if they are all opened up over the course of just a few months is a red flag to creditors.
There are no get-a-better-score-quick methods of improving your credit rating, but responsibly managing your credit cards and other bills will be reflected in your credit report over time. It is not as difficult as it may seem to improve your credit score if you follow the above advice.
If You Can Read and Write at The 5th Grade Level I Can Show You How to Raise Your Credit Score Up to 249 Points in 90 Days! Raise Your Credit Score Now is the place to visit.
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There are right ways and wrong ways to effectively achieve fast credit report repair. Unfortunately, a lot of the advice that is out there is either wrong or more complicated than it needs to be. That is because for the most part, fast credit report repair information is provided by agencies that offer their service to help you fix your credit. If they provide information that is ineffective or complicated, they hope you’ll realize that you need the help of a professional. However, it doesn’t need to be that difficult to improve your credit score.
After you have determined what your credit score looks like, the first thing you need to do is understand what is causing it to be where it is. Are there mistakes on your report, do you have a history of not paying your loans back on time, or did you try to apply for too many loans too quick? You have to review your credit report and closely analyze it to make sure you fully understand what is causing your rating to be where it is.
Once you have identified the problem areas, create a list that ranks the items that are having the greatest impact on your credit rating. This will help you decide where you need to focus your attention. For example, if you have a bankruptcy on file that should not be there, along with a few misspellings of your employer and your previous address, you’ll want to focus all of your effort on removing the bankruptcy from your file and worry about the minor details later. This will allow you to work fast and get the cooperation you need from the reporting agencies when you request an adjustment to be made.
Obviously bankruptcy on your file is going to have a big negative affect on your credit worthiness, but you also want to look at your available credit to debt ratio, your repayment history, closed accounts that should be open, and accounts that do not belong to you. When you learn how to have these removed from your credit report, you can instantly increase your score without the help of a professional.