Archive for February, 2010
Free Credit Report
Money Only asked:
We live in a credit oriented world. We all get credit at some point, so it’s hardly surprising to learn that we all have a credit history. If you are curious about your credit rating, and you should be, you can obtain a free credit report from a number of sources. This will let you see what the credit companies see when you apply for a loan or a mortgage.
Applying for a free credit report can actually save you money, if used properly. It is important that your electoral role details are up to date, for example. There are other public re\cord that will be compiled to create your credit history, any CCJ’s against you, for example. You can also discover who has been conducting credit searches on you. In short, a free credit report will let you know everything a lender will discover about you if you apply for credit of any kind.
Whenever you apply for credit that information is passed to a credit agency and kept in your personal credit file. That becomes a kind of footprint that other credit lenders can check up on to see how many others you have sought credit from. If you have made a lot of applications in a short period of time, it will look bad for you; especially if there have been an equally high amount of refusals.
The advantage of this system is that credit lenders can access your entire credit history with one single request. They do not have to ask several different places for the information. There are advantages to you to. You can also apply for a free credit report from a single agency, rather than having to chase all over the place to try and find out what information is kept on your credit history.
The information you will receive in your free credit report includes things like, who is living in your home in addition to you, if you have any financial affiliation with them, or they with you. Because of this, another person’s past credit history may affect your present credit standing. For this reason you should be very careful whom you do business with, or have a financial link with.
If you want to have a free credit report of your own credit history, court history and government agency involvement, you can apply through the terms laid down in the Data Protection Act. This states the terms under which the free credit report reference agencies can supply you with a copy. There will be probably be an administrative fee, but it should be quite small and only necessary to cover their costs.
There are many agencies willing to supply you with a free credit report. A search in any of the major Internet search engines will yield positive results. You should be careful, however, as there are always identity fraudsters who are out to take your personal details and use them to your detriment wherever they can get the chance.
DOUG
We live in a credit oriented world. We all get credit at some point, so it’s hardly surprising to learn that we all have a credit history. If you are curious about your credit rating, and you should be, you can obtain a free credit report from a number of sources. This will let you see what the credit companies see when you apply for a loan or a mortgage.
Applying for a free credit report can actually save you money, if used properly. It is important that your electoral role details are up to date, for example. There are other public re\cord that will be compiled to create your credit history, any CCJ’s against you, for example. You can also discover who has been conducting credit searches on you. In short, a free credit report will let you know everything a lender will discover about you if you apply for credit of any kind.
Whenever you apply for credit that information is passed to a credit agency and kept in your personal credit file. That becomes a kind of footprint that other credit lenders can check up on to see how many others you have sought credit from. If you have made a lot of applications in a short period of time, it will look bad for you; especially if there have been an equally high amount of refusals.
The advantage of this system is that credit lenders can access your entire credit history with one single request. They do not have to ask several different places for the information. There are advantages to you to. You can also apply for a free credit report from a single agency, rather than having to chase all over the place to try and find out what information is kept on your credit history.
The information you will receive in your free credit report includes things like, who is living in your home in addition to you, if you have any financial affiliation with them, or they with you. Because of this, another person’s past credit history may affect your present credit standing. For this reason you should be very careful whom you do business with, or have a financial link with.
If you want to have a free credit report of your own credit history, court history and government agency involvement, you can apply through the terms laid down in the Data Protection Act. This states the terms under which the free credit report reference agencies can supply you with a copy. There will be probably be an administrative fee, but it should be quite small and only necessary to cover their costs.
There are many agencies willing to supply you with a free credit report. A search in any of the major Internet search engines will yield positive results. You should be careful, however, as there are always identity fraudsters who are out to take your personal details and use them to your detriment wherever they can get the chance.
DOUG
The Importance of a Free Credit Report
Peter Nisbet asked:
The importance of getting your free credit report cannot be overemphasized. In the current economic climate, with such a strong squeeze on credit, everybody’s credit rating is at risk, and even if you think you have a premium credit score, you might be in for an unpleasant shock. People are getting such shocks not only daily, but hourly throughout the USA.
However, before we discuss that, let’s have a look at what a credit report is and what information it gives you. It contains four parts basically: your personal details, your credit history, public records appertaining to your financial stability and finally, inquiries made by third parties as to your credit record. While you might not understand the need for this information, they are carefully examined by potential lenders.
To put it in general terms, your credit report is a record of your credit history and your financial stability. It contains financial details such as mortgages, loans, mail order agreements, credit cards, banking facilities and so on, and includes your repayment history, any late payments, missed payments, defaults and so on. It also includes any details of credit or loan applications you have made, and whether any have been turned down.
If your credit report is bad, you will either not be offered credit or will have to pay a higher interest rate than those with a good credit report. In some cases you will be refused credit. Hence the importance of knowing what your credit record is like. The same is true of your credit score that lenders use to assess your credit-worthiness.
The implications of a bad credit report include you being refused a credit card application, a loan, a mortgage, a car loan and any other form of credit. You could even be refused a mail order agreement or even a car hire. That is not the end of it, because the same could apply to your partner and your children if they reside at the same address as you. When your kids look for a mortgage of their own before being married, or seek a loan for their first car, they could be refused because of your poor credit record.
That is fine if the record is correct, because although it is bad for you, at least it will have been deserved. However, it has been estimated that up to 90% of credit records are inaccurate, and that a large proportion of people are being wrongly refused credit. Not an entire 90%, obviously, but a lot of people are being unfairly refused credit, and that could be you or your kids. You won’t know till you apply.
Why wait till then? Why not just get a credit report now, so that you know where you stand. It makes sense, and since it is free what are you waiting for? Did you know that anybody can see your credit report? In the USA, the Fair credit Reporting Act (FCRA) allows employers, creditors, landlords, insurers and any other business to have access to your credit report for purposes of credit, renting a home, employment or any other reason where your financial situation could be of interest.
These reports are available in the USA from three agencies: Experian, Equifax and TransUnion, and each has to provide you with a free copy of your credit report annually on request. Once you have a bad record on your report you have to wait 7 years to have it removed.
However, there are companies that help you to check up on your report and have any inaccurate data removed. You could easily have your next credit request refused due to inaccurate or false information. Identity theft or even mistaken identity is no longer uncommon. Nor is it uncommon for office staff to make typing errors and you to have something on your credit record that never occurred.
In today’s economic climate your credit is the one thing you must do all that you can to protect, so make sure you implement your right to a free credit report. There are companies that can get your free report from all three agencies, and then check it with you to make sure that nothing is untoward. With 90% containing inaccurate information, that might be highly likely. If so they can help you to get these false records removed.
It’s your credit, and it affects everybody living in your home. Get it checked out now with a free triple credit report. Also check up on your credit score at the same time.
MARLON
The importance of getting your free credit report cannot be overemphasized. In the current economic climate, with such a strong squeeze on credit, everybody’s credit rating is at risk, and even if you think you have a premium credit score, you might be in for an unpleasant shock. People are getting such shocks not only daily, but hourly throughout the USA.
However, before we discuss that, let’s have a look at what a credit report is and what information it gives you. It contains four parts basically: your personal details, your credit history, public records appertaining to your financial stability and finally, inquiries made by third parties as to your credit record. While you might not understand the need for this information, they are carefully examined by potential lenders.
To put it in general terms, your credit report is a record of your credit history and your financial stability. It contains financial details such as mortgages, loans, mail order agreements, credit cards, banking facilities and so on, and includes your repayment history, any late payments, missed payments, defaults and so on. It also includes any details of credit or loan applications you have made, and whether any have been turned down.
If your credit report is bad, you will either not be offered credit or will have to pay a higher interest rate than those with a good credit report. In some cases you will be refused credit. Hence the importance of knowing what your credit record is like. The same is true of your credit score that lenders use to assess your credit-worthiness.
The implications of a bad credit report include you being refused a credit card application, a loan, a mortgage, a car loan and any other form of credit. You could even be refused a mail order agreement or even a car hire. That is not the end of it, because the same could apply to your partner and your children if they reside at the same address as you. When your kids look for a mortgage of their own before being married, or seek a loan for their first car, they could be refused because of your poor credit record.
That is fine if the record is correct, because although it is bad for you, at least it will have been deserved. However, it has been estimated that up to 90% of credit records are inaccurate, and that a large proportion of people are being wrongly refused credit. Not an entire 90%, obviously, but a lot of people are being unfairly refused credit, and that could be you or your kids. You won’t know till you apply.
Why wait till then? Why not just get a credit report now, so that you know where you stand. It makes sense, and since it is free what are you waiting for? Did you know that anybody can see your credit report? In the USA, the Fair credit Reporting Act (FCRA) allows employers, creditors, landlords, insurers and any other business to have access to your credit report for purposes of credit, renting a home, employment or any other reason where your financial situation could be of interest.
These reports are available in the USA from three agencies: Experian, Equifax and TransUnion, and each has to provide you with a free copy of your credit report annually on request. Once you have a bad record on your report you have to wait 7 years to have it removed.
However, there are companies that help you to check up on your report and have any inaccurate data removed. You could easily have your next credit request refused due to inaccurate or false information. Identity theft or even mistaken identity is no longer uncommon. Nor is it uncommon for office staff to make typing errors and you to have something on your credit record that never occurred.
In today’s economic climate your credit is the one thing you must do all that you can to protect, so make sure you implement your right to a free credit report. There are companies that can get your free report from all three agencies, and then check it with you to make sure that nothing is untoward. With 90% containing inaccurate information, that might be highly likely. If so they can help you to get these false records removed.
It’s your credit, and it affects everybody living in your home. Get it checked out now with a free triple credit report. Also check up on your credit score at the same time.
MARLON
Im being sued for a car accident that happened 2 yrs. ago for personal injury, will this show on my credit?
Posted by admin in Law & Ethics on February 22, 2010
sweetgirl asked:
Hello, I was in an accident over 2 years ago ( it was my fault).
Two months ago I found out I was getting sued for personal injury…I have a lawyer and believe this lawsuit is completely ridiculus because I talked to the guy for a good half hour after the accident and he was fine, not to mention his car only had a slight dent in the front corner…anyway, I know about the public records section of credit reports and I just wanted to know if a pending lawsuit will show up on it, or will it only show if I lose the suit and have a judgement against me? I recently checked my credit and so far it doesnt show up but Im worried it will be put on there. Any help would be great!!
JACQUES
Hello, I was in an accident over 2 years ago ( it was my fault).
Two months ago I found out I was getting sued for personal injury…I have a lawyer and believe this lawsuit is completely ridiculus because I talked to the guy for a good half hour after the accident and he was fine, not to mention his car only had a slight dent in the front corner…anyway, I know about the public records section of credit reports and I just wanted to know if a pending lawsuit will show up on it, or will it only show if I lose the suit and have a judgement against me? I recently checked my credit and so far it doesnt show up but Im worried it will be put on there. Any help would be great!!
JACQUES
Credit Report Results?
nevergiveup12908 asked:
I’m in the process of running my credit report and I’m at the step now where I have to verify my identity by giving my account number for an open account I have. All I’ve got is an account with Wal-Mart but I see results for that plus an American express card and a Lord and Taylor account. I’ve had my suspicions about someone having my personal info in the past and am not sure what I should do now. I’m 19 and know very little about this.
EFREN
I’m in the process of running my credit report and I’m at the step now where I have to verify my identity by giving my account number for an open account I have. All I’ve got is an account with Wal-Mart but I see results for that plus an American express card and a Lord and Taylor account. I’ve had my suspicions about someone having my personal info in the past and am not sure what I should do now. I’m 19 and know very little about this.
EFREN
Free Credit Report.Com?
Sheila T asked:
I keep seeing this commercial and ads everywhere for “Free Credit Report.com”…My question is; Is it really safe to use this company to check out your credit score online? I mean, I’ve always heard that you should never give out personal information over the internet for ANY reason but, to use the service of this company, you have to give them the most personal info possible including real name, home address, SS#, etc…
I would like to check my credit score but, I am afraid to give out my personal info over the net…
Can anyone give me some advice or info about this?
RON
I keep seeing this commercial and ads everywhere for “Free Credit Report.com”…My question is; Is it really safe to use this company to check out your credit score online? I mean, I’ve always heard that you should never give out personal information over the internet for ANY reason but, to use the service of this company, you have to give them the most personal info possible including real name, home address, SS#, etc…
I would like to check my credit score but, I am afraid to give out my personal info over the net…
Can anyone give me some advice or info about this?
RON
I need some advice with credit card?
Posted by admin in Personal Finance on February 19, 2010
hsalas asked:
I need advice on which cards to keep and which to close In total I have 7 Credit Cards I know for sure I want to close two of them out but would also like to know if I should do anything to the others
I need advice on which cards to keep and which to close In total I have 7 Credit Cards I know for sure I want to close two of them out but would also like to know if I should do anything to the others
I have the following Cards,
Bank of America Platinum Plus, using $70 of 2,300, opened 06/07
Sears (Blue), using $350 of $1,100, opened 12/07
HSBC, 0 of $300, opened 03/08
Capital One, $100 of $750, opened 03/08
Sears MasterCard, 0 of $1,000, opened 07/08
Target, 0 of $200, opened 09/08
Sam’s Club Personal Credit, $70 of $500, opened 11/08
I also have a student loan out that deferred for $7,000
I plan to close out HSBC ( they wanted to charge $10 for a credit line increase of $100 they also have an annual fee and I think the most they will do is cut it in half) and Target because of their low credit limit and I really don’t shop at Target, just used it to get a 10% discount on some present for my mom. I don’t want to close out sears (blue) because I bought a TV on it and its interest deferred until august (I should have it paid of by april). Capital one is interest free for a year which is about to end, think I could get them to give me a good credit rate?
Do you have any suggestions for me I don’t want to open any more credit cards any time soon.
My credit score is a bit out of whack, credit companies Always report to the credit agencies when I have a high balance with them, which I think is unfair, hopefully I get lucky this upcomming report. Suggestions with that as well would be appreciated. Thank You very much for your suggestion.
P.S. I use Bank of America Privacy Assist to check my credit report it updates every 3 months. I still have money over from my student loan (I was going to use for a down payment on a car) should I use that money to pay off all the debt or should I continue doing it the way I am now, I made a budget off all my credit cards and I should have every thing paid off by february, except the sears card.
NELSON