Dec
31
Understanding Your Credit Report
December 31, 2010 | Leave a Comment
If you’ve been wondering what’s in your credit report, you’re probably way over due for a look at your credit history and score. But with so much information packed into each credit report, it can often be frustrating trying to decipher all of the codes, abbreviations and numbers within them. If you’re not sure how to read your credit report, you’re not alone. It can be tough trying to figure it all out, so keep reading to gain a better understanding.
For your convenience, many credit reports list personal information, credit history, public records and inquiries in different columns. This will make it easier for you to read and understand them. If you’re not sure what FICO means, it stands for Fair Isaac Corporation and it’s the most popular scoring system used by lenders.
You can expect to see your full name, address and social security number listed on your credit report. As you skim this information, check to see if everything is correct. As you go down this page, you will also see previous addresses listed along with your date of birth, phone number and employer name.
Check the public records section of your credit report if you have had credit problems in the past, such as collection accounts and bankruptcy. Don’t forget to go through this section, because if any of the listed information is false, your credit rating could be greatly affected.
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The credit history portion of your credit report will contain a list of all the credit accounts you’ve ever opened and closed. They will detail if you have paid on time or been late and might offer remarks, such as “pays on time” or “pays 30 days late.” The three major credit bureaus, Experian, Equifax and TransUnion have tried to make reading credit reports easier on consumers by making their information less complicated.
Anytime you have applied for a line of credit in the past, it has been detailed in the inquiry section of your credit report. Review this section to see just who has been asking for a copy of your credit report. If you see anything suspicious, report it, but keep in mind that anytime you apply for an apartment, personal loan or credit card, your credit has been run.
It might take you a few tries to fully comprehend your credit report, but you’ll get there. The important thing is that you are keeping track of your credit history and rating and that is a wise investment for your future.
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Credit Tip! Get a copy of your credit report. Take advantage of the free government credit report from each of the National Consumer Credit Bureaus: Equifax, TransUnion and Equifax.
Visit Credit and You.com for more information on how to understand your credit report and what you can do to repair your credit if you have negative marks on your creidt report. |
Popularity: 6%
Dec
28
Identity Theft - Monitor Your Credit Report
December 28, 2010 | Leave a Comment
The recent security breach at credit card processor CardSystems Solutions has many consumers worried. Thanks to a well-placed computer virus, nearly forty million credit card numbers were stolen, and cardholders nationwide are justifiably concerned about identity theft. Should a thief steal your identity, he or she could run up thousands of dollars worth of debt in your name and it could take years to sort out the ensuing financial mess.
Fortunately, a relatively new tool is available to consumers to help alert them to potential fraudulent activity on their credit record. Each of the three main credit bureaus offer a subscription-based credit monitoring program, as do numerous banks and financial institutions. Fees vary, but $50 or so per year is typical. The bureaus will notify consumers of activity conducted under their names, including the opening of new accounts, changes of address, credit inquiries from lenders, late payments and lawsuits and liens. Notification can come in the form of e-mail or even a message to your cell phone, if you like.
Should you be notified of suspicious activity, you can then call the appropriate agency, be it a lender, the credit bureau itself or the police, if necessary. The packages vary in both prices and features, so interested consumers should shop around to find a plan that works to fit their needs.
A free alternative is to obtain a free credit report. Thanks to a law passed last year, Americans can obtain one free report from each of the three credit bureaus per year through a special Website. By obtaining one report every four months, consumers can keep an eye on activity under their name for free. This is not nearly as effective as subscribing to a monitoring plan, which will notify you when activity takes place, but it is better than doing nothing at all. With the recent security breaches by major credit card processors, consumers who are worried about being victims of identity theft have genuine concerns. The credit bureaus are doing what they can to help, and the monitoring programs and free credit reports are a step in the right direction.
©Copyright 2005 by Retro Marketing.
Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lending.
Popularity: 6%
Dec
25
How to Check Your Credit Report for Evidence of Identity Theft
December 25, 2010 | Leave a Comment
How to Check Your Credit Report for Evidence of Identity Theft
By: Howard Goff
Imagine finding the home of your dreams. It’s the perfect location, the perfect style, even the perfect price. Excitedly, you start the loan application process. You know this part of the process will be easy since you’ve always paid your bills on time and only have one credit card which you pay off every month in full. To your surprise, however, your application is refused because multiple credit cards have been taken out in your name, maxed out, and never paid. Your credit is ruined, and your dream home will never be a reality thanks to an identity thief.
This scenario may be hypothetical, but similar situations happen to people all over the country daily. Many people are victims of identity theft and don’t even realize it until they need to use their credit for something, such as buying a car or a home. However, it doesn’t have to be that way. If you check your credit reports yearly, you can make sure that no unauthorized activities are ruining your credit.
Now that you can receive a copy of your credit report free, the only possible excuse for not monitoring it is that you can’t understand how to read it and that’s what we’re going to discuss now.
The credit report is divided into four parts. The first part contains your personal information, such as name, social security number, and employer. You may want to check over this part for mistakes, but if you’re interested in catching identity theft activity you won’t find the evidence here.
Instead, one of your focuses should be on the second part of the report. This is your credit history, which includes a list of all your creditors. For each account, you’ll find the date the account opened, the type of account it is, the amount the account was originally for, the amount still owed, the amount of the payments, the status of the account, and your payment history. Go over each entry in this section of your report carefully. If you find any accounts which you do not remember opening, make note of them.
If any information, such as amount owed, on the accounts does not match your expectations, then make a note of that also.
Once you’ve reviewed the credit history portion, you’ll find the public records section. Again, this probably won’t be of much use to you if you’re tracking down identity theft evidence because it includes liens, bankruptcies, etc. However, do make sure the information in this section is accurate. Some lenders believe that almost 80% of all credit reports do contain some types of errors and since this section is important you want it to be accurate.
The last section - the Inquiry section - should also be evaluated carefully. You see, each time you or a potential creditor checks your credit report, a note of that inquiry is made in this section. Victims of identity theft are likely to see a number of inquiries, which he or she cannot account for. Now do keep in mind that there are two types of inquiries reported in this section. The “soft” inquiries, as they are called, refer to inquiries made by potential creditors that you did not request. For example, a credit card company may check your credit history before sending you an offer for a gold card. The “hard” inquiries are the ones you need to be interested in because these are the inquires that you supposedly requested. If there’s anything on that report you don’t agree with, then make a note of it.
Once you have checked your report, contact the credit bureau and the creditors about any mistakes or discrepancies you notice. If you think you’ve been a victim of identity theft and need to know what steps to take next or if you want more suggestions on how not to become a victim, you need to read Identity Theft: A Resource Guide from PCSecurityNews.com. The ebook is available at http://www.PCSecurityNews.com .
*’How to Read a Credit Report.” Bankrate.com.
Author Howard Goff teaches you how to reduce your risk of becoming an Identity Theft victim in his e-Book “Identity Theft, A Resource Guide”. This article is just part of the incredible content contained in this 50-page gold mine of information. Get your free copy of this guide today at: identity theft . Howard Goff has 3 years of specialized experience in the security industry and has been involved in the internet for over 15 years. He founded http://www.pcsecuritynews.com in early 2003 where his company has offered advice and security products to hundreds of thousands of people. Visitors to this website have access to an extensive FAQ and free spyware removal .
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