Nov

28

Credit Tip! Creditors use your credit report and score to decide whether or not you should be given a loan.

Have you ever been denied a credit card or home loan, and you simply just didn’t know why? The credit provider or lender told you that your credit history just wasn’t up to par in order to qualify for the line of credit or loan.

Well sure you made a few mistakes in the past, perhaps a few late payments, and of course there is some debt that you are aware of. But then again, doesn’t everyone? You certainly didn’t believe that your credit report history was bad enough to not qualify for a credit card or loan, even at a higher interest rate.

Let me tell you a secret, many people have absolutely no idea what is on their credit report! Your credit report has, in the past, been something not readily available to you, or an expensive item to attain. Many people are just not aware that your credit history can determine your financial activities for your entire life. This is becoming more prevalent as credit awareness and education is deemed necessary. So it is important to always be apprised as to what is really on your credit report!

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.

There can be either two items on your credit report: accurate or inaccurate. Credit providers may have reported inaccurate information on your report! Mistakes happen that you may not even be aware of. A move, changed phone number, lost mail, open credit cards from 15 years ago that you simply didn’t know existed, and other easily overlooked or forgotten items do happen, more than one might think. Hey, who has time to keep track of every single financial item when life, as we know it (busy, fast paced) is hardly ever forgiving?

Many people get down on themselves for having a bad credit score. But this is not necessary! It is not a reflection of who you are. Really. You may have never been educated on how to handle your finances or extenuating circumstances may have greatly effected your credit. So in order to stay on top of your credit history, and not be blind sided by an embarrassing, unexpected rejection, check your credit report!

Credit reports are no longer some far off document that is hard to get a hold of. After all, it is YOUR credit report, right? Shouldn’t you have easy access to it? Well somebody else thought you should too, and the Fair Credit Report Act (FCRA) was enacted just for this reason. Here are the terms:

Credit Tip! Education loans are also sanctioned by colleges, universities, and other institutions based on your credit report. So, if your kids are planning to go to college and qualify in professional courses then their whole future will depend on your having a �healthy credit report.

• Every person is entitled to a free credit report if a credit company takes an adverse action against you, or if your application for credit or insurance is denied.

• You are entitled to a free credit report if you are unemployed and plan to get a job in 60 days, are on welfare, or if your report is inaccurate because of fraud including identity theft.

Credit Tip! Don’t attempt to create a separate credit identity to get around your flawed credit report.

• Equifax, Experian and Transunion, all nationwide consumer reporting companies, are required to provide you with a free copy of your credit report every 12 months.

Now there is no excuse for you not to keep on top of your very important credit report. All you have to do is go to www.annualcreditreport.com and request your free report! Or, you can call 1-877-322-8228. Always check your credit report before you apply for any mortgage loan or line of credit.

So you have your credit report, what next? Evaluate each item as accurate or inaccurate. Which items can you clear quickly by simply closing a card or calling a creditor and paying off an old debt? If there are inaccurate items, you must make a dispute in writing with supporting information. This means copies of any documents that support your claim. You must send this information to both the credit consumer company as well as the credit provider.

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.

If your dispute is accepted and changes are made, the company must send you the changes in writing as well as send you a new credit report with the inaccurate information removed. The credit provider may not make the same claim against you again. If you find inaccurate information and get it fixed, then your credit report will be better, and another step towards getting that lower mortgage rate has been made!

If there are negative items that are accurate on your report, then you must take action towards fixing them! If you are not sure what to do, consult a financial advisor at your bank who can help you set up a repayment plan, consolidate debt if need be, or even investigate debt forgiveness.

Negative items will stay on the credit report up to seven years, but if you make an effort to begin paying back debts, and show you are serious about qualifying for a mortgage loan, then you are yet closer to proving to a mortgage lender that you are both willing and able to pay back a loan. And these two things: willingness and ability are exactly what a lender evaluates when considering a person for a loan.

Credit Tip! 5. Beware of credit-repair scams. Sometimes doing it yourself is the best way to repair your credit. The Federal Trade Commission’s “credit repair: How to Help Yourself” explains how you can improve your creditworthiness and lists legitimate resources for low-cost or no-cost help.

Fixing your credit of accurate negative items takes personal effort and time. However, fixing inaccurate information that can greatly increase your credit score, can be done fairly quickly. If you are serious about getting a mortgage loan, or even a better mortgage loan to save you money, consult your credit report before you take any steps at all!

By understanding where you stand, you can either choose to go forward and find a mortgage loan that is within your limits, or repair your credit before making a move. Even if you are not considering a loan or line of credit, always stay on top of your credit history because you never know when a better score can save you time, money, and huge headaches!

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

John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: http://www.scourtheweb.com/mortgage/

Popularity: 5%

Nov

25

Credit Tip! Education loans are also sanctioned by colleges, universities, and other institutions based on your credit report. So, if your kids are planning to go to college and qualify in professional courses then their whole future will depend on your having a �healthy credit report.

1. Is it a myth or reality that you have more than one credit score?

A. Reality. There are 3 credit companies (Equifax, TransUnion, and Experian) that produce 3 credit scores.

2. Is it a myth or reality that bad credit will drop off after seven years?

A. Myth. If an account is in collections and the creditor reports this every month, that account will remain on your credit report for as long as the creditor reports it. It will drop off 7 years from the report date. So if the creditor reports every month, then your 7 years starts over every month.

3. Is it myth or reality that you can pay someone to clean up your credit?

A. Definitely myth. You’re throwing away money. This is called a very temporary quick fix that you can do yourself. What companies do is dispute every credit line that is derogatory at the end of the month to saturate the credit companies who then contact the creditors. The creditors have 30 days to respond. If they don’t respond in 30 days, the disputed credit line is dropped off your credit. However, once the creditor responds, even though it is after 30 days, that disputed credit line is added back to your credit report and you are back at square one.

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.

4. What is the best way to clean up your credit report?

A. The best way is to pay your creditors on time every month. If you have collections or judgments, try to make a settlement payment or make payment arrangements.

5. How do you build your credit score?

A. You build your credit score by paying bills on time. Keep balances low on credit cards. Apply for and open new credit accounts only as needed. Also, don’t close unused credit cards as a strategy to raise your credit score, it will only hurt your score.

Credit Tip! Even accurate data in your credit report must be deleted if it’s not verified.

Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. And like most people with bad credit, including myself, we want to correct our mistakes.

I’ve made mistakes like everyone and did not take my credit seriously. I’ve also fallen for the credit repair Scams from companies. And like I wrote earlier, I just threw that money away.

I’m not ashamed to say I had bad credit. But I did something to correct it. It’s never to late. The best way to start is re-establishing credit and keeping it in good standings.

We all deserve to be happy in life without any worries and problems.

I just want to let all know that the Devil is a liar. You can have the same opportunities as someone with good credit. There are companies out there that will work with people with bad credit. But you have to be serious about being responsible and maintaining that good credit you get.

Credit Tip! The credit report plays a significant role in the functioning of consumer credit markets. Since loans are advanced based on the credit reports the chances of loans going bad are minimal.

Check out www.TheOfficialReviewSite.com/credit_repair.html for those companies wanting to give you another chance.

Don’t wait another day. Get started now!

H. Randolph is a professional freelance writer and an avid budgeter who does research and reviews at http://www.TheOfficialReviewSite.com for consumers wanting to save money and get the most for their money.

Popularity: 5%

Nov

22

Credit Tip! Even accurate data in your credit report must be deleted if it’s not verified.

Cleaning up credit report requires changing ones spending, saving and bill payment habits. One can achieve a good credit report from the agency if you know how to improve bad credit report. Companies that provide credit cards to people with bad credit are required to make monthly reports to major credit bureaus, which maintain credit history of millions of people across the country.

Credit card companies usually have an integrated system that enables them to be well connected to these bureaus to verify the credit rating of people applying for bad credit cards. Cleaning up credit report is a learning process. It requires a lot of changes in your financial habits. Every time an individual is evaluated while applying for credit, the lenders analyze an individual’s credit worthiness before approving for a fresh credit.

Credit Tip! The credit report plays a significant role in the functioning of consumer credit markets. Since loans are advanced based on the credit reports the chances of loans going bad are minimal.

How to Improve Bad Credit Report?

There are easy ways of cleaning up ones credit report. You need to do this especially if you have a bad credit record. The first step is to analyze how such a report happened. If it was for not making any payments to the credit card bills, the right move is to complete the payments towards the debt and close it. The right step towards cleaning up credit report would be to cut off all that made it bad in the first place. A late payment usually becomes a problem at a later stage. If money is limited, then one must curb the spending.

An unorthodox solution to solve a bad credit situation is to apply for more credit from known companies, which are flexible in paying back. By borrowing small sums, one can make quick easy payments in small amounts. This will enable you to impress other people whom you can approach later on. The next step would be a close investigation of ones credit report provided by the bureau.

Negotiating Credit Reporting

The information provided by the credit bureaus can sometimes go wrong, as they have to maintain the ratings of millions of people. Credit can be denied on the basis of the credit report. One should get a copy of the report from the bureau and review it. The information should be thoroughly examined for all possible errors. If any derogatory information is provided, one can contest the issue and bring it to the notice of the bureau. The bureau must reinvestigate, make necessary changes and send the corrected copy to all the creditors who have analyzed the earlier one in the recent past.

Credit Tip! 2. Pay your bills on time. One of the most important things you can do to improve your credit score is pay your bills by the due date. You can set up automatic payments from your bank account to help you pay on time, but be sure you have enough money in your account to avoid overdraft fees.

Negotiating credit card reporting and cleaning up credit card report are very important steps to ensure timely and hassle-free loans.

You can improve your credit rating through the process of bad credit repair. Read our credit repair tips to get you out of debt fast. Obtain free annual credit report to start analyzing your credit history.

Popularity: 4%

— keep looking »

Bad Credit Repair



Most Popular Posts

bad credit repair

This is where the debug output will appear.