Aug
31
Credit Report - Quick Tips On How to Repair, Improve and Raise Your Credit Score Quickly
August 31, 2011 | Leave a Comment
With so much of today’s living based on personal credit the importance of having a good credit report cannot be stated enough. Today your credit report impacts your ability to get a loan, to get a car, to rent an apartment just to name a few things that are impacted by your credit report and credit rating. You may and are usually denied access to credit if your credit score is low which makes your credit rating bad, making you ineligible for credit and a high credit risk.
Of course if you are denied credit under any circumstance you can choose to see your credit report and see the reason why you were denied credit. Being denied credit due to a bad credit score should not be surprising to you if you already know your credit score is bad. What should be the concern is how to repair your credit report as quickly as possible and be able to get credit securely without fear of being denied.
One of the quick ways to start repairing your credit report is by direct contact with the reporting agency. If you find an inconsistency in your credit report the first thing to do is to point out the inconsistency and send any supporting documents that will clarify the discrepancy. The advantage of this is that the agency is compelled by law to investigate the issue and correct your credit report.
When you do contact the credit report agency they are compelled to investigate the particular company you have the dispute with. Here’s why this is one of the fastest ways to repair you credit. If within two weeks there is no confirmation from the company being disputed they must remove the item from your credit report thereby improving your credit score and credit rating. But you have to be vigilant about this as it requires a follow up from you to ensure that later part is actually done.
Here is a little secret as to why this is the best kept secret to repairing your credit. Most creditors usually will not respond if the item has been in existence longer than a year old and is less than five hundred dollars. There is also the added bonus of retrying a second time if the first is not completely successful after an initial thirty day period.
Most people don’t know this and it is another secret you can use to your advantage. You can actually add explanatory comments to your credit report which is permanent. Anyone who views your credit report will see this and factor your explanation in any decisions towards extending credit to you. This works best if you have a plausible explanation, like a charge that should not have been.
Many people who have been hit with credit problems and bad credit reports usually loose all hope in repairing their credit. This should not be as there are little known secrets that can help repair and put credit report back in order really fast and in short order.
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James Hegarty is a financial consultant that specializes in personal credit and finance. For more credit report information and tips on how to get a free credit report and score visit http://www.fast-free-credit-report-tips.info |
Popularity: 11%
Aug
28
Obtaining Your Credit Report Safely - Find Your Score Check Your Rating
August 28, 2011 | Leave a Comment
Are you among the millions of Americans who owe money and are having difficulty
paying off your debts? Well, the right place to start when you are looking to
get out of debt and improve your credit rating is to get a current copy of your
credit report. However, before you look for help online, there are a number of
things you need to be aware of so that you do not get burned. You should be wary
of agencies that offer to help by providing you with credit counseling. There
are many scams on the internet involving companies that will promise you the
moon and not deliver - or worse.
There are three highly reputed agencies that offer credit reports. The two that
I am familiar with are Equifax and Transunion, but it is a good idea to get
copies of your credit report from all three when trying to repair your credit
score. I am also aware of another one that is very well-known, but is one to
stay away from. It’s www.freecreditreport.com. I say that because McAfee Site
Advisor warns this site may contain misleading information and should be
approached cautiously.
Whatever you do, avoid websites that you know nothing about when
trying to get your credit report because you will need to give sensitive
personal information you do not want ending up in the wrong hands. Stay away
from those sites offering free reports, as they may fall into that category.
It’s well worth it to pay a nominal amount to an agency that you know you can
trust. It is never worth the risk of compromising such important, private
information.
Should you happen to find yourself in a situation where either you or your
spouse have been denied financial assistance or employment due to a poor credit
rating, the same advice applies. Always make certain that you go through a
reliable agency to obtain copies of your credit reports. Fortunately, in such
situations, you legally have the right to review your reports to see what was on
them that led to your rejection. However, you only have a limited time in which
to do this, so be forewarned. In most cases, the letter of rejection contains
this information, in addition to agency contacts where you can go to obtain the
details of your credit scores. Getting your credit report is the first step on
the road to mending your credit score, and having the knowledge of where to go
to get it makes an often frustrating task that much easier.
Popularity: 12%
Aug
25
The Credit Report You’ve Never Heard Of - The Fourth Crediit Bureau
August 25, 2011 | Leave a Comment
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services.
They all make the same claims:
Do yourself a favor and save some money, too. Don’t believe these promises. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
Did you know that there’s a fourth credit bureau of considerable influence in this country? The company is called Innovis, and you might want to contact Innovis and find out what information this company is reporting about you.
As recently as 2003, Innovis denied that it was actually in the credit-reporting business. There are numerous published reports in which the company flat-out denied that the information it gathers or sells about consumers could be used by creditors for the purpose of extending credit. Shortly thereafter, consumer advocates - like the Public Interest Research Group (PIRG) - starting insisting that Innovis was in fact a credit bureau and should have to abide by the same rules as other credit agencies.
After some outside pressure and scrutiny, Innovis now acknowledges that it is, indeed a credit reporting agency. According to published reports, Innovis primarily collects negative information about consumers: things like late payments, judgments, bankruptcies, collection accounts, repossessions, and so forth. That information is then sold to banks and other financial institutions. Well, if you do get credit offers, you certainly want them to be the best ones available, like low interest rate balance transfers, for instance.
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Did you know?
No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA).
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But when companies buy data from Innovis, reportedly what they are screening for is people with “bad” credit - or at least people who used to have bad credit. This can have two effects on you. First, it would screen you out of the lists of top-tier consumers who are getting low-interest credit offers. Second, it makes you open game for getting a host of credit offers you probably don’t want to get. Think about it for a minute: If a bank or credit card company is actively targeting consumers with poor credit histories, what kind of credit offers do you think they’ll be making? More than likely, they’ll be throwing out high interest-rate offers - above the 20% level - or solicitations for “secured” credit cards.
Again, if you’re already considered a “sub-prime” borrower, you don’t want to get these offers. So make sure you write Innovis and find out what information the company has about you. Unlike the other credit bureaus - that let you get your credit report online or talk to representatives over the telephone, Innovis doesn’t make it easy to establish contact. The only way you can obtain your Innovis credit report is by writing the company.
To get your Innovis credit report, send them a letter asking for your credit file. Be sure to include your name, current address, and social security number. Innovis also requires your previous address for the last two years if you haven’t been at your current residence for two years, your date of birth, a copy of your driver’s license or a utility bill to verify your address, your telephone number, your current employer, and your signature.
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Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on all aspects of Credit Repair and is president of Information Organizers, LLC. Credit Tip! Repair you own credit report.
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Popularity: 12%
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