Before You Get A Credit Report Know This
John Mcfadden asked:
Getting your free credit report online is not easy straight forward you you might think, there are plenty of things you need to know - like being aware of the current scams in the targeting consumers, you need to get the 3 credit reports from all three major Credit Bureaus, you need to get your report every four months, you need to know about identity theft, and more.
A credit report is essential - you know that you need to have a good one - or a good credit score to be able to access credit, but do you know the key information that banks or lenders look at on your report when they are assessing gif they will lend you month or not?
The American company FiCO has a tool that helps credit bureaus determine your credit score - below is the matrix that is used:
Payment History 35%
Amount Owed 30%
Length of Credit History 15%
New Credit 10%
Types of Credit Used 10%
So you need to go though your report and look at these areas and concentrate on the ones at the top of the list. If they don’t look that healthy then maybe leave applying for a loan for at least six months - in that time frame you can look at areas to improve your credit score.
Current Credit Report Scams
There are a few scams on the internet at the moment - they will advertise a free credit report and then slug you will a service fee. Be sure that when you apply for you credit report you are sure about the additional services that they are selling to you - make sure you read all there documentation and be sure not to sign up to anything you are not sure about. Also, watch out for this one where you can get caught by supplying personal inforamtion. It works by you providing information via an online form requesting to receive a credit report. What actually happens is that your personally identifiable information is captured by the Scammers who pose as a business.
Get your correct Credit Report Information
You need to get a report form all three credit report bureaus, why you asK? because your past loan and debt information may only be on one of the reports - by law lenders have to report you financial info but only to one bureau, so if you get your report form another bureau then you don’t have access to all your financial history - so you will not be able to firstly correct wrong information but you wont get a clear assessment of where you stand, so when you apply for a loan you could be rejected. You need to get your report form all three bureaus and also make sure you keep getting the reports every 4 months - as different information will come in at different times, the best way to get your info is first apply for your report at all three bureaus and then get an addition one for each agency one-by-one every four months. This way, after a year you will be sure to have a full picture of where you are at.
I hope this information on getting your credit report was of value and you see the importance of your credit report and credit score.
BILLY
Getting your free credit report online is not easy straight forward you you might think, there are plenty of things you need to know - like being aware of the current scams in the targeting consumers, you need to get the 3 credit reports from all three major Credit Bureaus, you need to get your report every four months, you need to know about identity theft, and more.
A credit report is essential - you know that you need to have a good one - or a good credit score to be able to access credit, but do you know the key information that banks or lenders look at on your report when they are assessing gif they will lend you month or not?
The American company FiCO has a tool that helps credit bureaus determine your credit score - below is the matrix that is used:
Payment History 35%
Amount Owed 30%
Length of Credit History 15%
New Credit 10%
Types of Credit Used 10%
So you need to go though your report and look at these areas and concentrate on the ones at the top of the list. If they don’t look that healthy then maybe leave applying for a loan for at least six months - in that time frame you can look at areas to improve your credit score.
Current Credit Report Scams
There are a few scams on the internet at the moment - they will advertise a free credit report and then slug you will a service fee. Be sure that when you apply for you credit report you are sure about the additional services that they are selling to you - make sure you read all there documentation and be sure not to sign up to anything you are not sure about. Also, watch out for this one where you can get caught by supplying personal inforamtion. It works by you providing information via an online form requesting to receive a credit report. What actually happens is that your personally identifiable information is captured by the Scammers who pose as a business.
Get your correct Credit Report Information
You need to get a report form all three credit report bureaus, why you asK? because your past loan and debt information may only be on one of the reports - by law lenders have to report you financial info but only to one bureau, so if you get your report form another bureau then you don’t have access to all your financial history - so you will not be able to firstly correct wrong information but you wont get a clear assessment of where you stand, so when you apply for a loan you could be rejected. You need to get your report form all three bureaus and also make sure you keep getting the reports every 4 months - as different information will come in at different times, the best way to get your info is first apply for your report at all three bureaus and then get an addition one for each agency one-by-one every four months. This way, after a year you will be sure to have a full picture of where you are at.
I hope this information on getting your credit report was of value and you see the importance of your credit report and credit score.
BILLY
how do you get your credit report “marked” that someone may attempt to fraud you?
hottiearchitect asked:
The HR dept. at work has been compromised and a lot of employees information, including my driver’s license #, SS# and other personal information were stolen. Who knows what is going to happen with it - maybe posted on the internet somewhere. The company offered a year free for some credit report service but I don’t think this is enough - sounds like the compnay only sends you a few reports a year - by then somebody has already stolen your identity. I have tried to find info on the big 3 agencies with no luck - phone numbers listed result in nothing but a computer generated operator helping you to order your credit report for a fee or “this number has been changed…”. Is there a way to contact the big 3 credit reportng agencies and have my report marked that someone has stolen my information and may attempt to commit fraud? Can I argue with my company about the shoddy offer for one year of reporting? they screwed up - I should get more than that!
ALONZO
The HR dept. at work has been compromised and a lot of employees information, including my driver’s license #, SS# and other personal information were stolen. Who knows what is going to happen with it - maybe posted on the internet somewhere. The company offered a year free for some credit report service but I don’t think this is enough - sounds like the compnay only sends you a few reports a year - by then somebody has already stolen your identity. I have tried to find info on the big 3 agencies with no luck - phone numbers listed result in nothing but a computer generated operator helping you to order your credit report for a fee or “this number has been changed…”. Is there a way to contact the big 3 credit reportng agencies and have my report marked that someone has stolen my information and may attempt to commit fraud? Can I argue with my company about the shoddy offer for one year of reporting? they screwed up - I should get more than that!
ALONZO
How to Report an Error on Your Credit Report
justin narin asked:
Have you been turned down for a loan recently? Have you applied for store credit and been refused? Did you really want that car and find out that because of your ‘credit score’ that they would have to require an unreasonable down payment?
Credit reports are designed to help businesses evaluate the risk factor in giving you money or valuable products on a line of credit.
The Fair Credit Reporting Act promotes the accuracy, fairness and privacy of information in the files of the nation’s credit reporting agencies. The act is enforced with regard to the consumer’s rights and requiring new responsibilities for the credit reporting agencies.
For example, a reporting agency must give you a copy of your report and they must provide a list of every inquiry about your credit report within the last year.
The agencies collect data on personal identification (name, address, social security number, current employer, etc), payment histories with all current and closed lines of credit that details how much you owe, when you’ve paid on time and what, if any have been reported to a collection agency.
The final two items are all inquiries that have been made on your credit report as well as anything that is considered a matter of public record such as bankruptcies, foreclosures and tax liens.
To repair or report errors on your credit report, you must obtain a copy of your personal report and score. The reports themselves are not uniform from company to company.
Experian may not list all the data of Equifax and vice versa. So, be sure to obtain credit history reports from the same company as the creditor who turned down your application. In some states, that may require a small fee, but after September 1, 2005 all states will have to be in compliance with providing a free credit report.
Once you have the report, verify the information. Every report is also scored. Scoring is the system that creditors use to determine your credit experience. These scores are valid for all three companies and are uniform in value.
Credit scores range from 375 to 900 points, but those numbers mean little on their own. A score of 650 or better usually indicates a very good credit history. Scores between 620 and 650 are considered average, while scores below 620 may prevent a person from getting a loan. If they do receive one, it is likely one with prohibitive interest attached.
If you look at all the information on your credit report and it’s correct, then you are faced with having to improve either your payment history, lower the number of debts.
If the score is low because you possess very little credit history, investing in a secured credit card can help generate good feedback to your credit report or a co-signer who can provide the creditor with a good credit history as security for your lack of one.
Inaccurate information, however, such as reported late payments that you disagree with or a listing for a debt that is not yours is repairable. Some companies offer debt consolidation or credit repair. Before getting involved with either type, be sure you thoroughly check out the company to avoid scams.
Doing the credit repair on your own is simple enough. Write a letter, detailing the inaccuracy to the reporting company. Send the letter and copies (copies only) of any documents supporting your claim to the credit-reporting agency. Some agencies allow you to do this online through their websites; however, if you need to send them hard data it’s better to use regular postal mail.
The credit agencies are then required by law to investigate the item in question, usually within 30 days. They must forward all information to the reporting creditor and if they cannot verify the veracity of their report or the creditor does not respond, the report will then be changed and updated to reflect the data provided.
The company must then notify you in writing of the change as well as provide you with an updated credit report.
It’s important to note, that if there is an inaccuracy on Experian that there is likely a similar one on Trans Union and Equifax. Each company must be notified, separately for each item.
Also, if you have more than one item you are disputing on your credit report, then you may have to send a separate letter for each instance, to be certain that each item is addressed.
While this can be a time-consuming task at first glance, it is the best way to remove inaccuracies from your credit history and repair misinformation damage to your credit report. If you request it, the reporting agency must also send notices of any corrections to anyone who received your report in the previous six months.
If the negative information reported to your credit history is accurate, then only time can repair the damage of the negative score. Most information rolls off after 7 to 10 years, but felony convictions, information on jobs paying you over $75,000 a year or credit of more than $150,000 has no time limit.
If you had a car repossessed, you’ll have to wait about 8 years to see the repossession removed from your credit history. Open credit lines, whether the information is negative or positive, will remain active on your credit history whether you actively use the credit or not.
Applying for credit is never a fun, even for people who are considered to have good credit. There is always an inherent fear of rejection by the creditor you are applying for. If you are concerned about your credit history, keep an eye on it.
It’s recommended that you check your credit history once a year at least, because in an age of identity theft, negative credit history can be part of the collateral damage.
For more articles and suggestions, visit http://www.bills.com/credit-report-errors-articlebills/
VICTOR
Have you been turned down for a loan recently? Have you applied for store credit and been refused? Did you really want that car and find out that because of your ‘credit score’ that they would have to require an unreasonable down payment?
Credit reports are designed to help businesses evaluate the risk factor in giving you money or valuable products on a line of credit.
The Fair Credit Reporting Act promotes the accuracy, fairness and privacy of information in the files of the nation’s credit reporting agencies. The act is enforced with regard to the consumer’s rights and requiring new responsibilities for the credit reporting agencies.
For example, a reporting agency must give you a copy of your report and they must provide a list of every inquiry about your credit report within the last year.
The agencies collect data on personal identification (name, address, social security number, current employer, etc), payment histories with all current and closed lines of credit that details how much you owe, when you’ve paid on time and what, if any have been reported to a collection agency.
The final two items are all inquiries that have been made on your credit report as well as anything that is considered a matter of public record such as bankruptcies, foreclosures and tax liens.
To repair or report errors on your credit report, you must obtain a copy of your personal report and score. The reports themselves are not uniform from company to company.
Experian may not list all the data of Equifax and vice versa. So, be sure to obtain credit history reports from the same company as the creditor who turned down your application. In some states, that may require a small fee, but after September 1, 2005 all states will have to be in compliance with providing a free credit report.
Once you have the report, verify the information. Every report is also scored. Scoring is the system that creditors use to determine your credit experience. These scores are valid for all three companies and are uniform in value.
Credit scores range from 375 to 900 points, but those numbers mean little on their own. A score of 650 or better usually indicates a very good credit history. Scores between 620 and 650 are considered average, while scores below 620 may prevent a person from getting a loan. If they do receive one, it is likely one with prohibitive interest attached.
If you look at all the information on your credit report and it’s correct, then you are faced with having to improve either your payment history, lower the number of debts.
If the score is low because you possess very little credit history, investing in a secured credit card can help generate good feedback to your credit report or a co-signer who can provide the creditor with a good credit history as security for your lack of one.
Inaccurate information, however, such as reported late payments that you disagree with or a listing for a debt that is not yours is repairable. Some companies offer debt consolidation or credit repair. Before getting involved with either type, be sure you thoroughly check out the company to avoid scams.
Doing the credit repair on your own is simple enough. Write a letter, detailing the inaccuracy to the reporting company. Send the letter and copies (copies only) of any documents supporting your claim to the credit-reporting agency. Some agencies allow you to do this online through their websites; however, if you need to send them hard data it’s better to use regular postal mail.
The credit agencies are then required by law to investigate the item in question, usually within 30 days. They must forward all information to the reporting creditor and if they cannot verify the veracity of their report or the creditor does not respond, the report will then be changed and updated to reflect the data provided.
The company must then notify you in writing of the change as well as provide you with an updated credit report.
It’s important to note, that if there is an inaccuracy on Experian that there is likely a similar one on Trans Union and Equifax. Each company must be notified, separately for each item.
Also, if you have more than one item you are disputing on your credit report, then you may have to send a separate letter for each instance, to be certain that each item is addressed.
While this can be a time-consuming task at first glance, it is the best way to remove inaccuracies from your credit history and repair misinformation damage to your credit report. If you request it, the reporting agency must also send notices of any corrections to anyone who received your report in the previous six months.
If the negative information reported to your credit history is accurate, then only time can repair the damage of the negative score. Most information rolls off after 7 to 10 years, but felony convictions, information on jobs paying you over $75,000 a year or credit of more than $150,000 has no time limit.
If you had a car repossessed, you’ll have to wait about 8 years to see the repossession removed from your credit history. Open credit lines, whether the information is negative or positive, will remain active on your credit history whether you actively use the credit or not.
Applying for credit is never a fun, even for people who are considered to have good credit. There is always an inherent fear of rejection by the creditor you are applying for. If you are concerned about your credit history, keep an eye on it.
It’s recommended that you check your credit history once a year at least, because in an age of identity theft, negative credit history can be part of the collateral damage.
For more articles and suggestions, visit http://www.bills.com/credit-report-errors-articlebills/
VICTOR
Why Should You Check Your Credit Report?
michelle asked:
Why Should You Check Your Credit Report?
Checking your credit report is one of the most talked about themes nowadays. You need to maintain your credit score at a healthy level especially at a time when you require a loan. There would be circumstances where lenders would draw your credit report to judge your creditworthiness. If your credit is poor, you might get denied for a loan and it is certainly not a pleasant feeling. You must have heard about annual credit report that offers you a free of cost credit report from all three major credit bureaus, yet you would not receive your FICO scores. You can obtain this report once every year. Many changes might take place in your credit report within a period of one year. Following are some instances.
Erroneous Credit Report
Surveys have demonstrated that mistakes are quite frequent in credit reports and can spoil your capacity to obtain loans. Incorrect details in your credit report would also damage your credit rating. If your credit rating is put at risk, it may hinder you in getting a good job, a loan or better interest rates. In the credit reporting procedure, man-made mistakes occur over and over again. For reporting details regarding you, the lenders pay money to somebody. On occasions, these details might have been entered wrongly and consequently, your credit score goes down.
Protection of Identity Theft
In every three seconds, a case of identity theft is happening. When you consider this, somebody might be in the process of stealing your identity as you are going through this article. This is quite intimidating. If an identity thief has the access to your personal details and is utilizing your credit, you can’t detect that unless you draw your credit report. It can happen that some perpetrator is opening accounts in your name and buying things. Anything he does, you would not possibly come to know till it is very late. If you have arranged credit report monitoring services, you would receive e-mail alerts if any significant alterations happen to your credit report. These alterations might include somebody availing credit in your name and spending frivolously through your credit.
Conclusion
You should check your credit report as it is not something that can make you intimidated. It is always a plus factor. If you can handle your credit suitably, then you would draw your credit boldly. You can visit creditors and avail loans at better interest rates. Because many events can take place to your credit within such a small time, you must obtain a copy of your free credit report every two to three months. If you check it once a year, you would be asking for trouble and would stay in dark as to what is happening in your credit report. Save yourself by remaining on top of your credit report. Hence, check your credit report immediately.
ROBBY
Why Should You Check Your Credit Report?
Checking your credit report is one of the most talked about themes nowadays. You need to maintain your credit score at a healthy level especially at a time when you require a loan. There would be circumstances where lenders would draw your credit report to judge your creditworthiness. If your credit is poor, you might get denied for a loan and it is certainly not a pleasant feeling. You must have heard about annual credit report that offers you a free of cost credit report from all three major credit bureaus, yet you would not receive your FICO scores. You can obtain this report once every year. Many changes might take place in your credit report within a period of one year. Following are some instances.
Erroneous Credit Report
Surveys have demonstrated that mistakes are quite frequent in credit reports and can spoil your capacity to obtain loans. Incorrect details in your credit report would also damage your credit rating. If your credit rating is put at risk, it may hinder you in getting a good job, a loan or better interest rates. In the credit reporting procedure, man-made mistakes occur over and over again. For reporting details regarding you, the lenders pay money to somebody. On occasions, these details might have been entered wrongly and consequently, your credit score goes down.
Protection of Identity Theft
In every three seconds, a case of identity theft is happening. When you consider this, somebody might be in the process of stealing your identity as you are going through this article. This is quite intimidating. If an identity thief has the access to your personal details and is utilizing your credit, you can’t detect that unless you draw your credit report. It can happen that some perpetrator is opening accounts in your name and buying things. Anything he does, you would not possibly come to know till it is very late. If you have arranged credit report monitoring services, you would receive e-mail alerts if any significant alterations happen to your credit report. These alterations might include somebody availing credit in your name and spending frivolously through your credit.
Conclusion
You should check your credit report as it is not something that can make you intimidated. It is always a plus factor. If you can handle your credit suitably, then you would draw your credit boldly. You can visit creditors and avail loans at better interest rates. Because many events can take place to your credit within such a small time, you must obtain a copy of your free credit report every two to three months. If you check it once a year, you would be asking for trouble and would stay in dark as to what is happening in your credit report. Save yourself by remaining on top of your credit report. Hence, check your credit report immediately.
ROBBY
