Archive for September, 2008
Can a Realtor disclose my credit report to my roommate?
Posted by admin in Law & Ethics on September 15, 2008
kelsith asked:
My roommate and I are looking for a house to rent, and the Realtor had us both apply. She called my roommate, and told her my credit score as well as other personal details. Is this legal? Do I have any recourse for it?
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My roommate and I are looking for a house to rent, and the Realtor had us both apply. She called my roommate, and told her my credit score as well as other personal details. Is this legal? Do I have any recourse for it?
Caffeinated Content – Members-Only Content for WordPress
Do you Know the Difference Between a Hard Inquiry Or Soft Inquiry On your Credit Report
Liz Roberts asked:
By know, you know that too many inquiries can hurt your credit score.
If you are trying to get a credit card with a really good rate, you may
have been shopping around for a while so that you can get the best
possible deal. Chances are, you may have found a few different cards that
you like, but there were a couple of things that you did not like about
each one. Sometimes, you will find one that you like but you have to
pay an annual fee. Other times, you will find one with no annual fee but
there will be really high late charges or other miscellaneous fees.
However, you should not be applying for all of these cards. Looking
through all of the terms for each one of them is one thing, but applying
for all of them is another. Were you aware that making a number of
inquiries could actually hurt your credit score? Well, it can and could
actually end up doing quite a bit more damage than you would think.
The truth of the matter is, every single time that you apply for a
credit card or inquire about any type of a loan or store credit, the
information will show up on your credit report. This is called a “hard
inquiry”. A hard inquiry can actually drop your credit score by several
points. Many times, people will apply for different kinds of credit while
they are completely unaware that the inquiries are going against their
credit score. It is actually too bad that this information is not given
to these individuals up front so that better choices may be made.
Another common misunderstanding is that requesting a copy of your
credit report can actually hurt you. However, this type of an inquiry is
called a “soft inquiry” and should never count against your credit
score. If this kind of error ever shows up on your credit report and it is
showing against you, it is very important that you go through the steps
to resolve the error immediately.
Mortgage Inquiries
The credit reporting agencies have made one exception knowing that
today there are so many mortgage companies you can go to for a home
loan. They have made it that multiple mortgage inquiries made within 14
days are treated as one inquiry. You should try to do all your “rate
shopping” within a 30 day period. These inquires are generally not counted
against your score.
Many creditors will look to see the exact amounts of credit inquiries
that you do have on your credit report. Depending on the guidelines of
each creditor, four or more inquiries within a certain time frame of six
to nine months can be considered to be quite an excessive amount. If
they do deem this amount of credit inquiries as excessive, they could end
up denying your credit request. This request and denial will then show
up on your credit report along with any others that you may have. All
of these inquiries will hurt your credit score. So choose what you apply
for carefully and really think about whether or not this new credit
card or loan is worth dropping your credit score by a few points.
Caffeinated Content – Members-Only Content for WordPress
By know, you know that too many inquiries can hurt your credit score.
If you are trying to get a credit card with a really good rate, you may
have been shopping around for a while so that you can get the best
possible deal. Chances are, you may have found a few different cards that
you like, but there were a couple of things that you did not like about
each one. Sometimes, you will find one that you like but you have to
pay an annual fee. Other times, you will find one with no annual fee but
there will be really high late charges or other miscellaneous fees.
However, you should not be applying for all of these cards. Looking
through all of the terms for each one of them is one thing, but applying
for all of them is another. Were you aware that making a number of
inquiries could actually hurt your credit score? Well, it can and could
actually end up doing quite a bit more damage than you would think.
The truth of the matter is, every single time that you apply for a
credit card or inquire about any type of a loan or store credit, the
information will show up on your credit report. This is called a “hard
inquiry”. A hard inquiry can actually drop your credit score by several
points. Many times, people will apply for different kinds of credit while
they are completely unaware that the inquiries are going against their
credit score. It is actually too bad that this information is not given
to these individuals up front so that better choices may be made.
Another common misunderstanding is that requesting a copy of your
credit report can actually hurt you. However, this type of an inquiry is
called a “soft inquiry” and should never count against your credit
score. If this kind of error ever shows up on your credit report and it is
showing against you, it is very important that you go through the steps
to resolve the error immediately.
Mortgage Inquiries
The credit reporting agencies have made one exception knowing that
today there are so many mortgage companies you can go to for a home
loan. They have made it that multiple mortgage inquiries made within 14
days are treated as one inquiry. You should try to do all your “rate
shopping” within a 30 day period. These inquires are generally not counted
against your score.
Many creditors will look to see the exact amounts of credit inquiries
that you do have on your credit report. Depending on the guidelines of
each creditor, four or more inquiries within a certain time frame of six
to nine months can be considered to be quite an excessive amount. If
they do deem this amount of credit inquiries as excessive, they could end
up denying your credit request. This request and denial will then show
up on your credit report along with any others that you may have. All
of these inquiries will hurt your credit score. So choose what you apply
for carefully and really think about whether or not this new credit
card or loan is worth dropping your credit score by a few points.
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Annual Credit Report: Helps to Keep a Track on Your Financial Dealings
Sophie Wilson asked:
Until and unless the need arise, most of the people do not particularly prefer to keep a track on their financial dealings. Having knowledge about the credit scenario is very much important as it enables the person to know about his/her financial standing. Besides, it is on the basis of these details that creditors approve any sort of financial assistance. So, it becomes extremely important to have a detailed report and in this regard, annual credit report can be of great assistance.
Credit report contains the information pertaining to credit history, payments made along with credit worthiness and personal information of a particular person for one complete financial year. In accordance with the federal laws, these credit agencies devise and manage the reports for credit up keeping. You can access the credit report from any of the 3 credit agencies, which are Transunion, Equifax and Experian.
The annual credit report from these agencies will offer almost the same information, but the way of presenting the information varies. This implies that there are chances of missing some details about your credit standing. Instead, you must take the precaution and collect credit report from each of these agencies. It may be that some lenders or individuals may provide some misleading information, which may very well affect your opportunities in the financial market. This is why, it is very much important to consult a credit report, so as to check out if there are any errors or wrong information documented on your credit report and get it corrected.
With the inception of online mode, getting an annual credit report has become a lot simpler and easier. In fact, one can use the services to access the report at any point of time and that from any place. However, before availing the services, it must be verified whether the service provider is a reputed one or not. Moreover, you should read the terms and conditions carefully, so as to avoid any future hassles. By doing so, you can very well access the report without any hurdles.
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Until and unless the need arise, most of the people do not particularly prefer to keep a track on their financial dealings. Having knowledge about the credit scenario is very much important as it enables the person to know about his/her financial standing. Besides, it is on the basis of these details that creditors approve any sort of financial assistance. So, it becomes extremely important to have a detailed report and in this regard, annual credit report can be of great assistance.
Credit report contains the information pertaining to credit history, payments made along with credit worthiness and personal information of a particular person for one complete financial year. In accordance with the federal laws, these credit agencies devise and manage the reports for credit up keeping. You can access the credit report from any of the 3 credit agencies, which are Transunion, Equifax and Experian.
The annual credit report from these agencies will offer almost the same information, but the way of presenting the information varies. This implies that there are chances of missing some details about your credit standing. Instead, you must take the precaution and collect credit report from each of these agencies. It may be that some lenders or individuals may provide some misleading information, which may very well affect your opportunities in the financial market. This is why, it is very much important to consult a credit report, so as to check out if there are any errors or wrong information documented on your credit report and get it corrected.
With the inception of online mode, getting an annual credit report has become a lot simpler and easier. In fact, one can use the services to access the report at any point of time and that from any place. However, before availing the services, it must be verified whether the service provider is a reputed one or not. Moreover, you should read the terms and conditions carefully, so as to avoid any future hassles. By doing so, you can very well access the report without any hurdles.
Caffeinated Content
The Benefits Of A Free Credit Report In The UK
Dave Joa asked:
Today you can easily get instant access to a free copy of your UK credit report online.
But what are the benefits of being able to see this record of your credit history and the other details that the credit reference agencies hold about you on your personal credit file.
In order to look at every potential benefit that your credit report could give you, we need to look at what your credit report is used for.
Who Uses Your Credit Report And How?
Your UK credit report will be used by financial institutions whenever you apply to them for credit cards, loans or mortgages and by other companies when you apply for any product or service that requires you to sign up for some form of credit, such as a mobile phone contract.
All these companies want to know your current credit rating and they will determine this using your credit score, which they calculate with their own company formula using information on your credit history and current credit status from a copy of your credit report.
This credit check will involve checking your credit report from one of the three credit reference agencies in the UK all of which gather relevant credit and personal ID information about you to create your credit file.
Failed A Credit Check?
If you fail a credit check and don’t get the loan or credit you applied for, you usually will not be told why or which credit reference agency was used.
However, the details held on your credit report can help you find out what is causing your application to be refused.
The reason may not even be a valid one as it is very easy for a mistake, typing error or old inaccurate information to be held on one of your three credit reports.
Such errors may relate to your credit history or the other personal data on your credit record, which is used to confirm your identification and what you put on your application form.
Major Benefit
A higher credit score will help ensure that you get the loans or credit you want and that you will get a better rate of interest than if your credit rating were lower.
To ensure that your credit score and therefore your credit rating is as high as it can be you need to make sure that everything on all three of your credit reports is accurate and up to date.
You therefore need to get a copy of your credit report from each of the 3 credit reference agencies. Never assume that if one is correct that the others will be!
Fortunately you can get instant online access your credit report at each agency for free as all agencies are currently offering a free trial of their UK credit report service.
You should take advantage of this to check all three of our credit reports and fix them if you find any problems. Just talk to the relevant agency about how to get issues with your credit report resolved.
Remember that this could take time so start as soon as possible, especially if you are planning to apply for a loan or other credit some time soon.
Other Benefits
Your credit reports are a great asset and should be checked and maintained just like you check you bank statements. If you do not check them they could easily become your greatest liability.
Effective management of your credit report could save you a lot of money over time and ensure that you are not refused credit when you need it.
If you are going to apply for a loan or mortgage then it makes sense to check you credit reports before applying as failed applications will be recorded on your credit file and can lower your credit score making your next credit application even more likely to fail.
When you fix your credit reports and get your credit score to be as high as possible you will be able to borrow more money from lenders and get more credit and all at lower interest rates.
Checking you credit report regularly is a great way of making sure that your identity has not been stolen and used in fraud to steal money or pay for products and services using your personal details and your money.
Compare reports from different credit agencies to make sure that they are all the same because when you apply for credit you have no way of knowing which credit reference agency your potential lender will use.
What Next?
It is very easy to check your UK credit reports and you can do this online for free.
So do it now before you forget to make the most of this opportunity.
personal credit report
Today you can easily get instant access to a free copy of your UK credit report online.
But what are the benefits of being able to see this record of your credit history and the other details that the credit reference agencies hold about you on your personal credit file.
In order to look at every potential benefit that your credit report could give you, we need to look at what your credit report is used for.
Who Uses Your Credit Report And How?
Your UK credit report will be used by financial institutions whenever you apply to them for credit cards, loans or mortgages and by other companies when you apply for any product or service that requires you to sign up for some form of credit, such as a mobile phone contract.
All these companies want to know your current credit rating and they will determine this using your credit score, which they calculate with their own company formula using information on your credit history and current credit status from a copy of your credit report.
This credit check will involve checking your credit report from one of the three credit reference agencies in the UK all of which gather relevant credit and personal ID information about you to create your credit file.
Failed A Credit Check?
If you fail a credit check and don’t get the loan or credit you applied for, you usually will not be told why or which credit reference agency was used.
However, the details held on your credit report can help you find out what is causing your application to be refused.
The reason may not even be a valid one as it is very easy for a mistake, typing error or old inaccurate information to be held on one of your three credit reports.
Such errors may relate to your credit history or the other personal data on your credit record, which is used to confirm your identification and what you put on your application form.
Major Benefit
A higher credit score will help ensure that you get the loans or credit you want and that you will get a better rate of interest than if your credit rating were lower.
To ensure that your credit score and therefore your credit rating is as high as it can be you need to make sure that everything on all three of your credit reports is accurate and up to date.
You therefore need to get a copy of your credit report from each of the 3 credit reference agencies. Never assume that if one is correct that the others will be!
Fortunately you can get instant online access your credit report at each agency for free as all agencies are currently offering a free trial of their UK credit report service.
You should take advantage of this to check all three of our credit reports and fix them if you find any problems. Just talk to the relevant agency about how to get issues with your credit report resolved.
Remember that this could take time so start as soon as possible, especially if you are planning to apply for a loan or other credit some time soon.
Other Benefits
Your credit reports are a great asset and should be checked and maintained just like you check you bank statements. If you do not check them they could easily become your greatest liability.
Effective management of your credit report could save you a lot of money over time and ensure that you are not refused credit when you need it.
If you are going to apply for a loan or mortgage then it makes sense to check you credit reports before applying as failed applications will be recorded on your credit file and can lower your credit score making your next credit application even more likely to fail.
When you fix your credit reports and get your credit score to be as high as possible you will be able to borrow more money from lenders and get more credit and all at lower interest rates.
Checking you credit report regularly is a great way of making sure that your identity has not been stolen and used in fraud to steal money or pay for products and services using your personal details and your money.
Compare reports from different credit agencies to make sure that they are all the same because when you apply for credit you have no way of knowing which credit reference agency your potential lender will use.
What Next?
It is very easy to check your UK credit reports and you can do this online for free.
So do it now before you forget to make the most of this opportunity.
personal credit report
Will my business credit cards activity affect my personal credit history and FICO score?
Smiley asked:
I am a self employed photographer and own my own photography business. I have several personal credit cards and several business credit cards I use for business expenses. As I am preparing to buy a home I recently requested my credit reports and FICO scores from all three credit bureaus. I did not see my business credit cards showing up on any of the 3 credit reports. Why is this as I thought my “business” cards were just regular credit cards with the name of my business on them? Since I do have substantial balances on these cards from my business expenses will this effect my FICO score even though these business cards do not show up on my credit reports?
Kansieo.com
I am a self employed photographer and own my own photography business. I have several personal credit cards and several business credit cards I use for business expenses. As I am preparing to buy a home I recently requested my credit reports and FICO scores from all three credit bureaus. I did not see my business credit cards showing up on any of the 3 credit reports. Why is this as I thought my “business” cards were just regular credit cards with the name of my business on them? Since I do have substantial balances on these cards from my business expenses will this effect my FICO score even though these business cards do not show up on my credit reports?
Kansieo.com
Personal Credit Report Erroneous? – Correct It!.
Abhishek Agarwal asked:
You just discovered errors in one or more of your credit reports, or even worse, accurate references to late payments or other negative issues that lower your credit scores. Take a few deep breaths and try to stay calm, because credit report errors can be fixed. It’s possible to remove many negative items, too–and without help from companies that promise to repair your credit.
How To Dispute Errors on Your Credit Report
a) Make a copy of your credit report and circle every item you believe is incorrect.
b) Write a letter to the reporting agency (the address will be printed on the report). Explain each dispute and request an investigation to resolve the issues. If you have supporting paperwork, send it along, coding pages to match dispute paragraphs. Do not send your originals.
c) Send all materials by certified mail, return receipt requested, so that you can prove the packet was received.
d) Send a similar letter of dispute to the creditor whose reporting statements you disagree with.
Refer to a billing statement to find the correct address for disputes, because it’s usually different from the payment address. If your dispute involves personal information, such as your current address, enclose a copy of your driver’s license or a utility bill in your name to verify your residence.
The reporting agency will initiate an investigation, contacting your creditors to verify the accuracy of the information. If the creditor cannot verify that the entry is correct, it must be removed. When the investigation is complete, the agency must send you a free copy of your report if changes were made.
If the investigation uncovers an error, you have the right to ask that a corrected version of your credit report be sent to everyone who received the report during the past six months.
Remember;
Contact your creditor first, and then allow a bit of lead time before you submit the dispute to the reporting agency. By the time the dispute is verified, the creditor will hopefully have corrected the error.
Internet Disputes;
You can initiate an investigation from many online credit reports by following the links provided and checking the disputed items as directed. There sometimes isn’t a place for remarks–you’ll simply check a multiple-choice reason for each dispute.
If Changes Aren’t Made
If the credit reporting agency says the original information is accurate, it must provide you with a written notice that includes the name, address, and phone number of the person who made the report. If you still disagree, initiate a second investigation.
Unfortunately, in the real world the reporting agencies often try to sidestep that requirement, giving you standard, computer-generated information rather than the facts you need to find the person or department who made the negative report. Keep plugging away until you have the answer you’re looking for.
If your attempts to correct an entry are unsuccessful, you can ask the reporting agency to insert a 100-character explanation next to it that explains your side of the story.
What if You Hit a Dead End
I know from personal experience that it’s sometimes difficult to have information changed, even if you can prove it is incorrect. A family member has not been able to have an incorrect employer notation corrected, even though he has not worked at the company for many years. The standard response from the credit reporting agency is that they would not have the information if he had not included it on an application for credit.
Why did that happen? Someone likely keyed-in a previous employer as a current employer. Sometimes you simply cannot get through to them that errors exist.
Negative Entries
Bankruptcies remain on your credit report for ten years, while other types of entries are generally reported for seven years. If an account that was previously past due has been brought current, and has been either paid off or kept current for at least a year, the creditor might agree to an early deletion of the past due references.
Write a letter to your creditor and request that the negative entries be removed. They’ll often comply if they see you are up to date and handling your account in a positive way.
Another tactic you can use to clean up your credit report is to dispute a negative item even if you believe it is accurate, but you’ll have to follow your conscience to decide if that’s an ethical way to go
Caffeinated Content
You just discovered errors in one or more of your credit reports, or even worse, accurate references to late payments or other negative issues that lower your credit scores. Take a few deep breaths and try to stay calm, because credit report errors can be fixed. It’s possible to remove many negative items, too–and without help from companies that promise to repair your credit.
How To Dispute Errors on Your Credit Report
a) Make a copy of your credit report and circle every item you believe is incorrect.
b) Write a letter to the reporting agency (the address will be printed on the report). Explain each dispute and request an investigation to resolve the issues. If you have supporting paperwork, send it along, coding pages to match dispute paragraphs. Do not send your originals.
c) Send all materials by certified mail, return receipt requested, so that you can prove the packet was received.
d) Send a similar letter of dispute to the creditor whose reporting statements you disagree with.
Refer to a billing statement to find the correct address for disputes, because it’s usually different from the payment address. If your dispute involves personal information, such as your current address, enclose a copy of your driver’s license or a utility bill in your name to verify your residence.
The reporting agency will initiate an investigation, contacting your creditors to verify the accuracy of the information. If the creditor cannot verify that the entry is correct, it must be removed. When the investigation is complete, the agency must send you a free copy of your report if changes were made.
If the investigation uncovers an error, you have the right to ask that a corrected version of your credit report be sent to everyone who received the report during the past six months.
Remember;
Contact your creditor first, and then allow a bit of lead time before you submit the dispute to the reporting agency. By the time the dispute is verified, the creditor will hopefully have corrected the error.
Internet Disputes;
You can initiate an investigation from many online credit reports by following the links provided and checking the disputed items as directed. There sometimes isn’t a place for remarks–you’ll simply check a multiple-choice reason for each dispute.
If Changes Aren’t Made
If the credit reporting agency says the original information is accurate, it must provide you with a written notice that includes the name, address, and phone number of the person who made the report. If you still disagree, initiate a second investigation.
Unfortunately, in the real world the reporting agencies often try to sidestep that requirement, giving you standard, computer-generated information rather than the facts you need to find the person or department who made the negative report. Keep plugging away until you have the answer you’re looking for.
If your attempts to correct an entry are unsuccessful, you can ask the reporting agency to insert a 100-character explanation next to it that explains your side of the story.
What if You Hit a Dead End
I know from personal experience that it’s sometimes difficult to have information changed, even if you can prove it is incorrect. A family member has not been able to have an incorrect employer notation corrected, even though he has not worked at the company for many years. The standard response from the credit reporting agency is that they would not have the information if he had not included it on an application for credit.
Why did that happen? Someone likely keyed-in a previous employer as a current employer. Sometimes you simply cannot get through to them that errors exist.
Negative Entries
Bankruptcies remain on your credit report for ten years, while other types of entries are generally reported for seven years. If an account that was previously past due has been brought current, and has been either paid off or kept current for at least a year, the creditor might agree to an early deletion of the past due references.
Write a letter to your creditor and request that the negative entries be removed. They’ll often comply if they see you are up to date and handling your account in a positive way.
Another tactic you can use to clean up your credit report is to dispute a negative item even if you believe it is accurate, but you’ll have to follow your conscience to decide if that’s an ethical way to go
Caffeinated Content