Jun
29
Identity theft and need to feel secure in an increasingly insecure world drives millions of Americans to checking their credit report. Still not enough people check their credit report and those who do may not know what to look for.
The common information in a credit report are:
Personal Information including your name, address, marital status, your current and former employment information.
Reported monthly accounts is where many of the identity theft issues seen. This section includes status of your debts to finance companies, commercial lenders, charge card creditors, larger department stores, etc. The type of account, your credit limit, outstanding balance, the age of your account and your payment habits show up here. Also if you are in default and have not paid any of these accounts, it will show up here.
Public records section is where you find past and present law suits, bankruptcies, liens, and court judgments. As of writing of this article this is the first section you will see in your credit report from ©Experian.
Inquires section shows the detail requests made about your credit history and identifies the who and the when for the last 12 months. Potential lenders interpret too many inquiries as a potential financial disaster looming in the horizon and may shy away from extending you credit or may charge you more to do so.
When you get your credit report, go through it with a fine-tooth comb, from the correct spelling of your name and address to all the inquires showing on your file, from your employment information to the amount you owe on your gas card.
Is your marital status correct? Are they reporting closed accounts correctly by showing “closed by consumer?” Do account show up more than once? Is the history of payments, late or otherwise, reported correctly?
If you find errors, it is your responsibility to report them. The Fair Credit Reporting Act offers a great deal of consumer protection but all of it is no good if you don’t take the steps necessary. Communicate in writing and through certified mail-return receipt serving as proof that they have received your dispute. Follow up after thirty days is you did not receive a response.
* DISCLAIMER: Vishy Dadsetan, MyPersonalFinance.com or My Favorite Shop, Inc. do not endorse any product or company. This article and website do not provide legal, insurance, or other professional services. If expert assistance is required, the services of a competent professional should be sought. Although Vishy Dadsetan has made every effort to ensure the accuracy and completeness of the information contained in this site, he assumes no responsibility for errors, omissions, inaccuracies, or inconsistencies.
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© Vishy Dadsetan |
Popularity: 6%
Jun
26
Upkeeping The Credit Report
June 26, 2011 | Leave a Comment
The How to… of the Credit Report
The Credit Report is the document that identifies you in the credit market, shows all your financial moves and more importantly, your financial situation. For example, debts, loans, debt settlement and consolidation processes, and bankruptcy if you ever filed out for one.
People need to learn how to take care of the Credit Report in order to keep it as clean as possible. All negative or wrong information can damage your report and affect your financial life. Therefore, think twice before making any sudden decisions that could affect your report.
If your Credit Report already has bad entries, and they are affecting you, there are some ways to fix them in order to have a report completely clean again. This cleaning process may take some time, but it is effective and all you will have to do is stick to your plan.
Delete wrong information
Any wrong information that your credit holds can be fixed. All you need to do is contact the credit bureaus and ask for a rectification on the entry. The Bureaus will start an investigation and after this, the entry will be removed. If you want to do it yourself, simply talk to the credit reporting agencies, and they will surely talk you through the process.
One of the most harmful points that can affect your Credit Report, is identity theft. When this kind of situation arises, you should always take legal action in order to warn the authorities and avoid any permanent damage to your report. If not, this could lead you to serious problems, such as unknown debts and loans and even worse consequences. Alert the bureaus and place a fraud alert.
Delete negative entries
Sometimes the credit reports receive damage due to previous transactions with your former creditors. It is consider a negative entry if:
- Your report has lots of charged-off and delinquent accounts.
- Your accounts are being collected right now.
- Any of your accounts shows as settled.
The first thing to do, is to identify the entries that are hurting your credit report and try to fix them as soon as possible. The entries that in general affect your credit report the most are unpaid debts. If you are not able to pay your debts or keep paying your monthly installments, look for help from Debt Settlement companies. They will help you repair your credit report. A good counselor has to sketch a good repayment plan that besides settling your debts will also help you repair your credit as well.
The most harmful entry, without any doubt is bankruptcy, staying for as long as ten years in your report. Avoid bankruptcy for as long as you can. Try another way such as consolidation, settlement or loans. Nowadays there are so many ways for debt reduction that people should only think about bankruptcy as a last resort.
Remember:
- you can always remove negative information from your credit report as long as it is not true. But if you filed for bankruptcy, it will stay on your report for as long as ten years.
- If a credit repair Company offers you the possibility to create a new credit file with a new social number, do not agree at all. This process is known as “File Segregation”, and it is completely illegal.
People need to check their credit reports frequently in order to identify the negative entries early and start the legal process. Take care of your credit report as you do with your personal assets.
Check these links to learn more:
http://www.commercialdebtcounseling.com/business/business-y/business-business-bankruptcy-filing-laws.shtml
http://www.commercialdebtcounseling.com/company-profile.shtml
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James Banks is a contributing writer to http://www.commercialdebtcounseling.com and is currently writing some special articles to guide business on how to manage debt and avoid bankruptcy. 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.
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Popularity: 6%
Jun
23
Not too long ago, we had to guess at how stable our credit score and rating was. Not any longer. Now we can get a free instant credit report without a credit card. The problem is where to get it? You want to see your credit report and rating in order to understand whether it’s heading down the right road or down the tubes. But you have no idea how to go about it. For years the only people that had access to your credit report were the banks and creditors. Not anymore. You have access to your own information.
If you are looking to obtain a free credit report without a credit card, you will need to understand that it is likely to be very different from the yearly report you may already receive. The yearly report only shows your credit report status on a monthly basis with accounts that have recently been opened or closed, just the rating. Obtaining a free credit report status is a great idea for those that are already aware of their rating but would like to understand their credit score. The score is based on your entire credit history not just the month.
Obtaining a free credit report without a credit card will allow you to understanding your credit rating and credit score. You will be able to determine where you stand on the credit rating scale that the banks use. Your credit report status will help you determine your standings based on a bar of two different colors. The green section of this bar indicates a high or positive credit rating, the red side of this bar indicates poor credit rating that needs improvement. Assess your credit rating with a free instant credit report without a credit card.
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Get all of your credit report information at http://www.goodcreditforyou.com Copyright 2006 @ Ann Born http://www.goodcreditforyou.com |
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