Jul

29

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

Would FREE copies your credit report be of interest? If you are committed to repairing your credit or simply want to know what is on your credit report, I have good news for you. A free copy of your credit report is available to every consumer annually. This article discusses the free report as well as repairing your credit report once you have your credit file on hand.
Colorado, Georgia, Maine, Massachusetts, Maryland, New Jersey and Vermont always had a right to one free report per bureau each year. But now this same benefit is available in every state - one FREE credit report from each of the three major national credit bureaus every 12 months.

Additionally, consumers may be entitled to a free report under certain other conditions, such as having been denied credit, insurance or a job within the past 60 days. You’re also entitled to a free report if you think your report is inaccurate due to fraud.

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.

But under the new law, Equifax, Experian and TransUnion have an online site where you can get a free report at Annual Credit Report. There is also a toll-free phone number: 877-322-8228. Finally you can write to P.O. Box 105281, Atlanta, GA 30348-5281. Yahoo News suggests: “If you do use the postal address, it’s best to print and mail in a completed online request form. You can’t get your report unless you answer questions on the form.” There is also information available through Federal Trade Commission.

Once you have your report, what do you look for?

Here are some basic things you should check on your report. Go through your entire report entry by entry. Have the credit agency legend by your side in order to verify coding compliance. Have also a paper and pencil to annotate any item you find in error. Go slowly!

Don’t assume your personal information is correct. You could be viewing
information from someone else’s report with just a simple error such as: first name misspelled, missing Jr./Sr., erroneous address, bad zip code, wrong employer, or any other incorrect personal data.

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.

Insure marital information is correct. Are accounts listed as “joint” really joint?

Is the report in compliance with court settlements? Outdated information is
normally considered to be any item older than 7 years except for bankruptcy, which is usually 10 years.

Closed accounts should not be listed as open. Accounts you closed should
reflect, “Closed by consumer”. Otherwise it can be assumed that it was closed by the creditor– not good.

Accounts should not appear twice even in different sections.

Incorrect histories such as late payments, a credit entry you do not recognize, a pre-marital debt of your
current spouse, or other such items need your attention.

Are there missing reports that would be beneficial to show a good history, and are profiles, credit limits, and balances correct?

A former correction to your credit file that has since disappeared should be brought to the agency’s attention.

You might want to note that each bureau offers credit ID fraud called safeguard services, but for fees. For example TransUnion offers “ID Fraud Watch”. For $10.95 each quarter, you get a credit report every three months and $25,000 of identity theft insurance.

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Additionally you can purchase a credit score for a fee by contacting one of the nationwide consumer credit reporting companies.

Equifax

Experian

TransUnion

You can also purchase a credit score when you request your free annual credit report through Annual Credit Report

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Final Comments: One final point which I am often asked. If a collection company sells your account to another collection agency, can you get the first one get deleted, or will it just show as a zero balance

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.

Reporting depends on who owns the account there are several directions this can take:

If the original creditor still owns the account but assigns the debt to a collection company then both get to report on that account listing.

If the original creditor retracts the collection and re-assigns it to a new collection agency then both original creditor and the 2nd collection agency can report but the first one must remove their listing off of the credit report.

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

If the original creditor sells the debt to a collection agency then the creditor will report zero balance / sold to another lender, and the collection agency will report.

If that collection agency assigns a debt to another collection agency then it is allowable for both to report the account listing, but if they take back that account then that assigned collection agency must remove their reporting.

Now if that collection agency sells the debt to another collection agency they get to keep their reporting on the report since they owned the account at one time, and the new collection agency picks up on the reporting.

So the difference is if your account is assigned or sold

http://learncreditmanagement.com/

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.

Popularity: 5%

Jul

26

Credit Tip! You will see the addresses for each creditor on the credit report. If it is not there, then you can call customer service to ask them to provide you with the missing information.

Whenever you apply for a loan on a car or house, or whether you apply for a credit or store card, your credit history will probably be looked at by the vendor. They do this to protect their investment; after all if you are doing business with someone then you would want to know about their financial history wouldn’t you? So when you next apply for a financial product you should give a thought to any old debts (even if they are now cleared up), or even any missed payments that may show up on your credit history. But many people wonder how long negative information really stays on credit report and how much notice the lenders really take of it?

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

The question, how long negative information really stays on credit report, is not an easy one to answer. If it is a major financial disaster such as going bankrupt, then it can be there for about ten years. Although if the creditors are repaid, then many credit reports will take it off in around seven years. Of course this doesn’t mean that you cannot deal with finance houses. Actually you should try to build up a good credit history after bankruptcy by taking out pre-paid credit cards etc. and always making sure that everything is paid up when it is due. This can make a great deal of difference to your credit score and help you to rebuild you reputation.

Credit Tip! Repair you own credit report.

So how long negative information really stays on credit report is really dependent on the type of problems you were having. After all everybody has missed the occasional payment here and there and it may be that even if this is still on your credit history then it will not be looked on too badly by the credit company.

Of course it is not only negative information that is important, so wondering how long negative information really stays on credit report might not be the thing to be worried about. The credit score can also be adversely affected by a lack of credit cards etc, where the company can see that you have made payments regularly. So taking out credit can be a positive thing if you a good payer and can boost your rating. So the best way to maintain a good rating is too use the credit system and make sure that you always pay your bills on time and then whatever your credit history, you will be well on the way to making it better.

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.

For more information on free credit reports and tips on finding a cheap credit report try visiting http://www.free-online-instant-credit-report.info, a website that specializes in providing tips, advice and credit report resources to include information on reviewing your personal credit report.

Popularity: 5%

Jul

23

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.

Have you ever asked the question, “how do I get a free credit report”? Odds are if you are an adults that is looking to purchase a home, or if you were just curious, you have asked this question at least one time before. Getting a free credit report is actually not as hard as it would seem. Prior to the Internet, obtaining a free credit report was probably more difficult. But, by typing in a keyword phrase such as ” how do I get a free credit report”, the miraculous will appear and your question will be answered.

Obtaining a free credit report is actually a legal gift for all people. Since the law now allows individuals to obtain one free report per agency per year, anyone who wants to keep a close eye on their credit report can obtain a free report as often as every four months. Although this plan is being moved out slowly in order to avoid overloading the system, generally everyone can now obtain a free credit report by just asking.

This law, passed in late 2003, called the Fair & Accurate Credit Transactions Act, creates a central source consumers can use to obtain a free annual credit report.
You can obtain a free credit report from companies such as Equifax, Experian, and Trans Union. Knowing your current credit report is important, but one has to be equally cautious while getting this information. If you’re thinking about getting a loan or credit card, it’s a good idea to check your credit report.

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.

Amazingly, the Federal Trade Commission (FTC) also offers tips and guidelines on getting free credit reports. If there is an inaccuracy in your report, they also offer tips to help you get it fixed so it won’t spoil your chance of getting a loan. If you are getting ready to apply for a home loan, you should know what is on your credit report before your lender ever sees it. Individuals with several negative remarks, or credit report errors, have a lower chance of getting approved.

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

Remember that you need to review this report carefully. Carefully reviewing your basic information such as your name, address, previous addresses and social security number can ensure easy flowing if you are in the process of getting a home loan or refinancing.

The bottom line is that your credit score is important for obtaining credit, loans, or even a car. By understanding where your credit report is, and being able to fix it, you will make your life easier in the long run. So if you are one of those people that is asking how do I get a free credit report, understand that it is not only very easy to do, but it is your legal right to obtain one for free.

If you have ever asked the question how do i get a free credit report, please visit: http://www.free-credit-report-directory.com for more information.

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.

Popularity: 5%

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