Dec

30

Credit Tip! Tell the CRA what information you believe is inaccurate on your credit report. Include copies, never originals of documents that support your position.

Navigating a credit report can be a bit confusing but it is important to understand how all of those numbers affect you whether or not you are considered credit worthy. A credit report is broke into four basic sections and each one is important to your credit score.

The first section contains your identifying information

This is just the basic information that identifies who you are. It can include a list of addresses where you have lived, your name and any other names you have gone by, your social security and driver’s license numbers, spouse’s name, date of birth and telephone numbers that have been linked to your name.

The second section contains your credit history

This section will list all of the credit accounts that you have. It will tell how long you have had the account, what kind of account it is, if it is a joint account, amount that the loan was for or the credit limit you have, total amount that you owe, amount of monthly payments, Status of the account, and if you have been making your payments on time. This section might also include notes that tell if you typically pay late or have a debt that was never able to be collected.

Credit Tip! Residents of Colorado, Maryland, Massachusetts, New Jersey, and Vermont are entitled by state law to one free credit report from a credit-reporting agency per year. Residents of Georgia are entitled to two free credit reports.

The third section contains your public records

This section includes any bankruptcies, tax liens, or judgments against you. If it is in the public records, it will show up in this section of your credit report.

The fourth section contains inquiries

Anytime someone requests your credit report, that information goes into this section. That means that every time you fill out an application for credit, that credit request will be noted on your credit report. Not all inquiries on your credit report were initiated by you. Soft inquiries are those requested from companies looking to contact you unsolicited and offer you a pre-approved loan or credit card.

View our recommended sources for a personal credit report.
Also, check out our recommended online companies to help you eliminate credit card debt, or view our recommended lenders for home refinancing for people with problem credit.

Popularity: 5%

Dec

29

Tip! Learn About Credit And credit repair.

You may have heard that bad credit report repair is impossible or illegal. Bad credit report repair is possible and if you contact a law firm which specializes in credit report repair, then it can all be done legally. If you contact a company that is not a law firm, then they may be doing something ineffective or illegal. The only way to be confident that the credit repair information you are getting is legal, accurate and effective is to contact an attorney. Not all attorneys specialize in bad credit report repair. Those who do generally charge a fee for initial consultation and a monthly fee, one company offers to refund overpayment if they are not able to remove a substantial amount of negative credit report information.

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Some companies charge for credit repair information, giving you what amounts to helpful hints; where to get your credit report; how to write a letter and other so called credit repair information that you can find on your own for free. These and companies that advertise that they can accomplish bad credit report repair in less than thirty days should be avoided.

The Attorneys Guide To Credit Repair.

Whether it is referred to as “problematic”, “less than perfect” or just “bad credit”, anyone with a credit score below 680 can benefit from bad credit report repair. Why? Because lenders charge higher interest rates to people with what they call “sub-prime” credit scores. How much can that amount to? A $20,000 car that is financed for a period of five years at an interest rate of 14% for someone who has sub-prime credit costs them an extra $4722 in interest. At 20% for someone with bad credit, that same car costs an extra $8593. If bad credit report repair is effective and costs around $1000 (could be less, could be more), then a person with less than perfect credit would still save almost $4000 and the person with bad credit would save about $7500. Bad credit report repair is a worthwhile investment.

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None of this can be accomplished if you are currently behind on payments to your lenders, whether credit cards or loans. You may need debt management or credit counseling, but you will not need credit repair information until you can put these issues behind you. Credit counseling, while helpful when you are in over your head, is not the same as bad credit report repair. Even if you have had a bankruptcy, bad credit report repair may be helpful.

Attorney Prepared Credit Report Repair. Legal And Easy Ways To Repair Your Credit Report, Save Money, Avoid Scams, And More.

It is sometimes possible to achieve some results on your own, but it may be time consuming, frustrating and ineffective. You will also be unaware of everything that you can accomplish unless you contact a lawyer that specializes in bad credit report repair. The credit repair information available from credit bureaus and government agencies only mention some possibilities; how to report discrepancies or inaccuracies. Sometimes, items are not removed in a timely manner, even though the credit bureau says this is not true. If you cannot afford to hire a legal firm, you can begin bad credit report repair by writing a letter which disputes information listed on your credit report to the appropriate credit bureau. They have thirty days to respond.

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You should try to keep all emotion out of these letters and put your request in very simple terms. You may have to write a follow-up letter, if the credit bureau does not respond in a timely manner. This letter should also be unemotional and simply state that you have waited a reasonable amount of time (30-45 days) and you would like the inaccurate information removed immediately and a new copy of your report sent to your home address. When you see a company selling something called a credit repair kit, check out the contents before you buy. The previous credit repair information (concerning letter content, etc) is what they are usually selling.

Tip! Determine what you can cut back on. Credit repair means work and you will likely need to give up on some stuff so that you can improve your situation.

If you are able to achieve results, you are one step closer to bad credit report repair. If the credit bureau does not respond to the follow-up letter, your only real option is to contact an attorney. For more information about bad credit report repair, visit the Credit Repair Blog.

The writers and editors of the Credit Repair Blog are dedicated to providin accurate credit repair information. Visit us at http://creditfixnow.blogspot.com.

Popularity: 6%

Dec

27

Credit Tip! Many credit card companies will decide whether or not to issue you a credit card with a high limit based on your credit report. If in doubt they may not issue a card at all or issue a card with a very low limit or risk.

Your credit report can be one of the most important pieces of information when it comes to your financial health. It is important that you have an understanding of all that it contains and how it relates to future credit you may apply for.

Your credit report says a lot about you

Your credit report tells a lender what kind of borrower you are. It tracks late payments, collection requests, and bankruptcies. It also tracks on time payments, loans that are paid off, and accounts that are opened and closed. It is your history and it can affect your future.

Too much credit can hurt you

It seems silly, but having too many credit card accounts on your credit report can actually hurt you even if you have no late payments and carry a low balance. Lenders worry that because you have the ability to run up high credit card bills, you might accrue a large debt and be unable to pay them back because you have other bills to pay. If you have credit cards in your wallet that you seldom use, close the accounts. Instead of carrying three gas credit cards, trim down to one, or put your gas purchases on a general use credit card.

Credit Tip! Also if you have been denied credit on the basis of information in a credit report, you are entitled to a free copy of your credit report from the credit bureau that supplied the credit report.

What you don’t know can hurt you

Credit reports contain a lot of information about you and with the volume of information they are compiling, it is possible that it contains some mistakes. Perhaps you have closed an account that your credit report states is open or you have paid off a balance that is still listed. Whatever the discrepancy, if you notice an inaccuracy on your credit report, it is up to you to contact the credit bureau and get it corrected.

What you don’t do can hurt you

Missing credit card payments costs you more than just late fees. Having late payments reported on your credit report can keep you from getting a home loan or even buying a car and once accurate negative information is on your credit report it takes 7 years to get it erased. It is important to make your payments and make them on time and to carefully consider every purchase you place on a credit card.

Credit Tip! Send your letter by certified mail, return receipt requested so you can document what the credit reporting agency received. Make sure your letter is dated, and don’t forget to keep copies of everything you send.

View our recommended sources for a free trans union, experian and equifax credit report.
Also, view our recommended online companies to help you with debt problems, or view our recommended problem credit mortgage lenders online.

Popularity: 5%

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