Archive for March, 2010
How do I report a creditor/mortgagor to credit reporting agency for being late on payments?
harley princess asked:
Hello, I have a question about reporting bad debt to the 3 credit reporting agencies. I sold property, decided to hold a 2nd mortgage for the buyer. I hired an attorney and paid him to represent me but he did not discuss the actual facts to me in selling the property. I never found out my buyer had terrible credit with a recent judgment against him for not making payments on a car that had just been repoed. I found everything out on my own after closing through public records. Now, this buyer is not paying me after only 8 months. He has been late every month except one and over 30 days late each time that he has been late. I know after 30 days this goes on credit reports but how do I report this since I was never given any of his personal information. All I know is his name. I personally do not think it is fair if I could not report late debt since if I were to be late on my mortgage through my bank, I would be turned into the agencies. I do not want him to have good credit when he never pays on time. I am owed 2 months as we speak. Thank you
JAME
Hello, I have a question about reporting bad debt to the 3 credit reporting agencies. I sold property, decided to hold a 2nd mortgage for the buyer. I hired an attorney and paid him to represent me but he did not discuss the actual facts to me in selling the property. I never found out my buyer had terrible credit with a recent judgment against him for not making payments on a car that had just been repoed. I found everything out on my own after closing through public records. Now, this buyer is not paying me after only 8 months. He has been late every month except one and over 30 days late each time that he has been late. I know after 30 days this goes on credit reports but how do I report this since I was never given any of his personal information. All I know is his name. I personally do not think it is fair if I could not report late debt since if I were to be late on my mortgage through my bank, I would be turned into the agencies. I do not want him to have good credit when he never pays on time. I am owed 2 months as we speak. Thank you
JAME
Everyone Should Know About Credit Report Basics
Lee Beattie asked:
Credit Report Basics
The Credit Reporting Agencies work with lenders, creditors, insurers and employers to collect information from them and share it with companies with whom you desire to do business. Here’s an instance of how the system works:
A) When you apply for newly credits the creditor petitions a copy of your financial history from at the least one credit reporting agency. This causes a “hard inquiry” to be recorded on your credit report.
B) The creditor utilizes your credit reports and scores along with income, debt and other information to set what rates to offer up to you.
C) You begin to utilize the new credit and the creditor reports your payment history to one or more of the credit reporting agencies every 30 day period.
D) The credit reporting agencies update your credit report as they obtain new information (positive and negative) from those of your creditors.
E) Your credit profile varies based on your financial activeness.
Your Credit Report And How It Is Broken Down
Your credit report is separated into six main sections:
1. personal information (name, date of birth, last reported address,
2. any previous addresses on file,
3. the name and address of your current employer,
4. any previous employers that have been reported as well as any consumer statements you add to your file); summary; inquiries; creditor contacts; account history; public information.
5. When you open a new account, miss a payment or move, these sections are updated with new information.
6. The old information will stay on your credit report for several years.
Not all creditors report to each of the three agencies and the agencies don’t share their data so your credit reports from TransUnion, Equifax and Experian could be considerably different from each other. That’s why it’s important to look into your three credit reports every a couple of months to determine that the information is correct and up-to-date.
Constantly Check For Inaccuracies That Demand To Be Corrected
Under the Fair Credit Reporting Act, consumers are protected from having faulty information on their credit reports. If you find an incorrect record on your credit report, many identity protection agencies supply you with the tools and information to assist you in disputing it. Verify the disputing section on those sites for less told information about disputing details on your credit report. You can likewise dispute the inaccuracy direct with the credit reporting agencies.
Make Sure To Be Diligent
I recommend that you verify your credit reports every 3-6 months in order to defend against inaccuracies and identity theft. Routine check-ups along with paying your bills on time, preserving your credit card balances below 50% of their limits and rectifying any inaccuracies may serve you to maintain a healthy credit profile.
If you would like more information on this topic and want Fast Credit Repair or if you are in need of Free Credit Repair, Beatlands Credit Repair has many credit repair topics and tips that can be very useful.
STEVEN
Credit Report Basics
The Credit Reporting Agencies work with lenders, creditors, insurers and employers to collect information from them and share it with companies with whom you desire to do business. Here’s an instance of how the system works:
A) When you apply for newly credits the creditor petitions a copy of your financial history from at the least one credit reporting agency. This causes a “hard inquiry” to be recorded on your credit report.
B) The creditor utilizes your credit reports and scores along with income, debt and other information to set what rates to offer up to you.
C) You begin to utilize the new credit and the creditor reports your payment history to one or more of the credit reporting agencies every 30 day period.
D) The credit reporting agencies update your credit report as they obtain new information (positive and negative) from those of your creditors.
E) Your credit profile varies based on your financial activeness.
Your Credit Report And How It Is Broken Down
Your credit report is separated into six main sections:
1. personal information (name, date of birth, last reported address,
2. any previous addresses on file,
3. the name and address of your current employer,
4. any previous employers that have been reported as well as any consumer statements you add to your file); summary; inquiries; creditor contacts; account history; public information.
5. When you open a new account, miss a payment or move, these sections are updated with new information.
6. The old information will stay on your credit report for several years.
Not all creditors report to each of the three agencies and the agencies don’t share their data so your credit reports from TransUnion, Equifax and Experian could be considerably different from each other. That’s why it’s important to look into your three credit reports every a couple of months to determine that the information is correct and up-to-date.
Constantly Check For Inaccuracies That Demand To Be Corrected
Under the Fair Credit Reporting Act, consumers are protected from having faulty information on their credit reports. If you find an incorrect record on your credit report, many identity protection agencies supply you with the tools and information to assist you in disputing it. Verify the disputing section on those sites for less told information about disputing details on your credit report. You can likewise dispute the inaccuracy direct with the credit reporting agencies.
Make Sure To Be Diligent
I recommend that you verify your credit reports every 3-6 months in order to defend against inaccuracies and identity theft. Routine check-ups along with paying your bills on time, preserving your credit card balances below 50% of their limits and rectifying any inaccuracies may serve you to maintain a healthy credit profile.
If you would like more information on this topic and want Fast Credit Repair or if you are in need of Free Credit Repair, Beatlands Credit Repair has many credit repair topics and tips that can be very useful.
STEVEN
Should I take out a personal loan to pay my credit cards?
Pocket Pair Entertainment asked:
I have 2 credit cards – both with over 35% utilization. I want to take out a loan (with a lower APR rate) in order to pay off one or the other. Is this a good idea considering I would add on another inquiry to my report or should I just leave my CCs at the higher utilization to continue to pay them down? My lowest c-score is a 684 and highest is a 743 HOWEVER I just had a new home added to my credit report. I don’t doubt that I could get a loan at a rate lower than my credit cards- I just want to know which one would hurt my score worse. Thanks! [wow that was a mouthful] – Any input would be great
I am not sure that I am being too clear. I am just wanting to know which affects credit score more— opening a new account (which would put another inquiry on my credit report but pay off my credit cards completely resulting in 0% utilization) OR continuing like I am now and having the high utilization (35%-50%) on my cards? Thanks!
CALEB
I have 2 credit cards – both with over 35% utilization. I want to take out a loan (with a lower APR rate) in order to pay off one or the other. Is this a good idea considering I would add on another inquiry to my report or should I just leave my CCs at the higher utilization to continue to pay them down? My lowest c-score is a 684 and highest is a 743 HOWEVER I just had a new home added to my credit report. I don’t doubt that I could get a loan at a rate lower than my credit cards- I just want to know which one would hurt my score worse. Thanks! [wow that was a mouthful] – Any input would be great
I am not sure that I am being too clear. I am just wanting to know which affects credit score more— opening a new account (which would put another inquiry on my credit report but pay off my credit cards completely resulting in 0% utilization) OR continuing like I am now and having the high utilization (35%-50%) on my cards? Thanks!
CALEB
Why isn’t the mortgage showing up on my credit report?
Posted by admin in Renting & Real Estate on March 26, 2010
chocolate asked:
Several years ago we made a decision to purchase a house in my spouses name only, to get the lowest possible interest rate. Five years later, we refinanced and added my name to the deed only. Two years later, we contacted the mortgage company and asked if I could placed on the loan. We paid a small fee, forwarded a copy of our marriage license and the notarized document (with all of my personal information (ssn, dob, etc.) stating we were tenants by entirety to the assumption department. My name has been added to the mortgage statement, but it has been a year and half and it is still not showing up on my credit report. I noticed that they have pulled my credit report several times and when i call they say it’s done. Not sure what else to do.
SCOTT
Several years ago we made a decision to purchase a house in my spouses name only, to get the lowest possible interest rate. Five years later, we refinanced and added my name to the deed only. Two years later, we contacted the mortgage company and asked if I could placed on the loan. We paid a small fee, forwarded a copy of our marriage license and the notarized document (with all of my personal information (ssn, dob, etc.) stating we were tenants by entirety to the assumption department. My name has been added to the mortgage statement, but it has been a year and half and it is still not showing up on my credit report. I noticed that they have pulled my credit report several times and when i call they say it’s done. Not sure what else to do.
SCOTT
Check Free Credit Report UK
John Roy asked:
We’ve teamed up with the UK’s market leading credit reference agencies so that we can provide you with a fantastic range of services that enable you to check, monitor and improve your personal credit report. What’s more, all of these services are available to you online!
We appreciate that everyone has differing requirements when it comes to using personal credit checking services. In order to assist you in choosing the right personal credit reporting product for your requirements, we have provided a wealth of information on each of the credit reference agency services available.
The most popular online credit report services that we have on offer are summarised below. Use the links provided to learn more about what each service offers and to start gaining the benefit of using them to improve your credit rating and protect yourself from identity fraud.
1 Equifax Credit Report: An Equifax credit report provides you with a snapshot of your personal credit history as it stands at the time of you running the report. Access to this service is provided online. Read more about Equifax Credit Report and order your copy. Equifax will provide you with free access to their credit report for 30 days after registration.
2 Equifax Credit Watch Gold : This personal credit report monitoring service from Equifax provides you with a FREE 30 day trial period, in which time you have unlimited online access to your personal credit reports and are provided with monitoring update notifications within 24 hours of each change to your personal credit history. Read more about Equifax Credit Watch Gold and start gaining the benefits of monitoring your personal credit file.
3 Experian CreditExpert: A personal credit report monitoring service from Experian. This service offers a FREE 30 day trial period. The full service provides you with weekly alerts of significant changes to your personal Experian credit report. You can check your online credit report an unlimited number of times. Read more about Experian CreditExpert and start monitoring your Experian credit file.
4 Equifax Credit Rating: This service from Equifax provides you with a copy of your personal Equifax score. An Equifax credit score can range from 0 – 900. A higher credit score indicates you are likely to be a better candidate for credit. With your Equifax Credit Rating you also get a copy of your personal credit report.
5 Experian Credit Score: Only Members of the Experian CreditExpert monitoring service are able to purchase their personal Experian Credit Score. The Experian credit score is a numerical display of your level of credit risk. A higher score represents a lower credit risk. Experian credit scores range from 0 – 999.
6 Equifax Identity Watch: A credit monitoring service from Equifax, specifically developed for those concerned with the risk of identity theft & identity fraud. With this credit service you receive one Equifax credit report (with discounts on further Equifax reports). You then receive alert notifications within 7 days of key changes to your Equifax credit history. Read more about Equifax Identity Watch and start gaining the benefits of this service.
7 Statutory Credit Report: All UK Credit Reference Agencies offer the statutory credit report service. This is the most basic of all personal credit report products. You can order statutory credit reports for a small fee.
Learn More About Personal Credit Reports:
Accessing your credit report and signing up to credit monitoring services is one thing, but making the most of your credit file and improving your credit score is a whole other ball game. We’ve put together a number of articles to help dispel many of the myths regarding personal credit reports, to help you better understand credit reference agency services and to put you on the way to managing your credit record in the best possible way.
For further assistance on credit check UK, free credit report, equifax, experian, credit management, credit rating, credit reference agency, bad debt recovery, debt collection, debt purchase, debt sale, credit control, business credit check browse http://www.thecreditagency.co.uk/credit-report/check-my/ now!
JARRETT
We’ve teamed up with the UK’s market leading credit reference agencies so that we can provide you with a fantastic range of services that enable you to check, monitor and improve your personal credit report. What’s more, all of these services are available to you online!
We appreciate that everyone has differing requirements when it comes to using personal credit checking services. In order to assist you in choosing the right personal credit reporting product for your requirements, we have provided a wealth of information on each of the credit reference agency services available.
The most popular online credit report services that we have on offer are summarised below. Use the links provided to learn more about what each service offers and to start gaining the benefit of using them to improve your credit rating and protect yourself from identity fraud.
1 Equifax Credit Report: An Equifax credit report provides you with a snapshot of your personal credit history as it stands at the time of you running the report. Access to this service is provided online. Read more about Equifax Credit Report and order your copy. Equifax will provide you with free access to their credit report for 30 days after registration.
2 Equifax Credit Watch Gold : This personal credit report monitoring service from Equifax provides you with a FREE 30 day trial period, in which time you have unlimited online access to your personal credit reports and are provided with monitoring update notifications within 24 hours of each change to your personal credit history. Read more about Equifax Credit Watch Gold and start gaining the benefits of monitoring your personal credit file.
3 Experian CreditExpert: A personal credit report monitoring service from Experian. This service offers a FREE 30 day trial period. The full service provides you with weekly alerts of significant changes to your personal Experian credit report. You can check your online credit report an unlimited number of times. Read more about Experian CreditExpert and start monitoring your Experian credit file.
4 Equifax Credit Rating: This service from Equifax provides you with a copy of your personal Equifax score. An Equifax credit score can range from 0 – 900. A higher credit score indicates you are likely to be a better candidate for credit. With your Equifax Credit Rating you also get a copy of your personal credit report.
5 Experian Credit Score: Only Members of the Experian CreditExpert monitoring service are able to purchase their personal Experian Credit Score. The Experian credit score is a numerical display of your level of credit risk. A higher score represents a lower credit risk. Experian credit scores range from 0 – 999.
6 Equifax Identity Watch: A credit monitoring service from Equifax, specifically developed for those concerned with the risk of identity theft & identity fraud. With this credit service you receive one Equifax credit report (with discounts on further Equifax reports). You then receive alert notifications within 7 days of key changes to your Equifax credit history. Read more about Equifax Identity Watch and start gaining the benefits of this service.
7 Statutory Credit Report: All UK Credit Reference Agencies offer the statutory credit report service. This is the most basic of all personal credit report products. You can order statutory credit reports for a small fee.
Learn More About Personal Credit Reports:
Accessing your credit report and signing up to credit monitoring services is one thing, but making the most of your credit file and improving your credit score is a whole other ball game. We’ve put together a number of articles to help dispel many of the myths regarding personal credit reports, to help you better understand credit reference agency services and to put you on the way to managing your credit record in the best possible way.
For further assistance on credit check UK, free credit report, equifax, experian, credit management, credit rating, credit reference agency, bad debt recovery, debt collection, debt purchase, debt sale, credit control, business credit check browse http://www.thecreditagency.co.uk/credit-report/check-my/ now!
JARRETT
What is Inside a Credit Report?
S. Michael Windsor asked:
What Is Inside a Credit Report?
As we all know, our credit is one of the most important things we have, financially speaking. Keeping a regular check on it is imperative as we could face major changes at any moment due to such things as identity theft and so on. In fact, our ability to get loans, insurance and even jobs in many cases depends on it. So what exactly is inside a credit report that controls the minds of so many decision makers? This is what we will cover in this article.
Your credit report is a device used to provide lenders with the information they need in order to consider the level of risk they will be taking of a person defaulting on a loan or simply not making payments. They base these views on your credit history and more. The difference between a FICO credit score and a credit report is simply that a credit report shows not just a number but all of the details as to how they came up with your current credit score. The credit report also shows lenders how much you currently owe and how much you have available on the different types of accounts.
How well you had made payments on your loans in the past and if there are any collections notices that a person had received are included as, again, they just want to know that you will be able to pay back the loan. In addition to the payment history, lenders also want to know how long you have had the account, or accounts, that you currently have opened. If it has only been a month since you opened your mortgage on your new house, it will hold much different weight as opposed to a mortgage that has been getting paid off for 7 years now.
Account inquiries are a substantial part of the credit report as well. Now we are no talking about those “pre-approved” credit offers where the credit card company apparently looked at your credit, those inquiries do not count. We are referring to actual applications for new credit and inquiries by firms such as car dealers.
Your credit report also includes the type of account, such as a car loan versus a retail store card, which holds a substantial position in the lines of credit reports and what is actually considered more. Some individuals may believe that a new line of credit being paid off for a $1,200 HDTV holds the same weight as a car loan as it is being paid off, but this is not true. The type of account, and apparent risk on your part, has a lot to do with how much weight is placed on the given revolving debt account.
In addition to the aforementioned areas covered are such things as bankruptcies, public record, delinquent payments, collections reports and so on. These are all reported on your credit report! These are obvious “red flags” to potential lenders in that it instantly increases their level of risk in that the individual with those items on their credit report would possibly default or go to collections. So it is a very important thing to consider your credit report whenever making any financial decisions whether it is to open a new account or not to pay on money that you owe. That one month you miss a payment could put a really nasty mark on your credit report, which will be seen by those who consider you for loans, jobs, insurance and more. Also, it is a good idea to constantly monitor your credit monthly using services such as those at Experian or more. There are more details at our website. But, all in all if you continue to improve your credit score and keep on making those payments on time, your credit report will open many doors for you in the financial world of loans, jobs, insurance and more.
ANGELO
What Is Inside a Credit Report?
As we all know, our credit is one of the most important things we have, financially speaking. Keeping a regular check on it is imperative as we could face major changes at any moment due to such things as identity theft and so on. In fact, our ability to get loans, insurance and even jobs in many cases depends on it. So what exactly is inside a credit report that controls the minds of so many decision makers? This is what we will cover in this article.
Your credit report is a device used to provide lenders with the information they need in order to consider the level of risk they will be taking of a person defaulting on a loan or simply not making payments. They base these views on your credit history and more. The difference between a FICO credit score and a credit report is simply that a credit report shows not just a number but all of the details as to how they came up with your current credit score. The credit report also shows lenders how much you currently owe and how much you have available on the different types of accounts.
How well you had made payments on your loans in the past and if there are any collections notices that a person had received are included as, again, they just want to know that you will be able to pay back the loan. In addition to the payment history, lenders also want to know how long you have had the account, or accounts, that you currently have opened. If it has only been a month since you opened your mortgage on your new house, it will hold much different weight as opposed to a mortgage that has been getting paid off for 7 years now.
Account inquiries are a substantial part of the credit report as well. Now we are no talking about those “pre-approved” credit offers where the credit card company apparently looked at your credit, those inquiries do not count. We are referring to actual applications for new credit and inquiries by firms such as car dealers.
Your credit report also includes the type of account, such as a car loan versus a retail store card, which holds a substantial position in the lines of credit reports and what is actually considered more. Some individuals may believe that a new line of credit being paid off for a $1,200 HDTV holds the same weight as a car loan as it is being paid off, but this is not true. The type of account, and apparent risk on your part, has a lot to do with how much weight is placed on the given revolving debt account.
In addition to the aforementioned areas covered are such things as bankruptcies, public record, delinquent payments, collections reports and so on. These are all reported on your credit report! These are obvious “red flags” to potential lenders in that it instantly increases their level of risk in that the individual with those items on their credit report would possibly default or go to collections. So it is a very important thing to consider your credit report whenever making any financial decisions whether it is to open a new account or not to pay on money that you owe. That one month you miss a payment could put a really nasty mark on your credit report, which will be seen by those who consider you for loans, jobs, insurance and more. Also, it is a good idea to constantly monitor your credit monthly using services such as those at Experian or more. There are more details at our website. But, all in all if you continue to improve your credit score and keep on making those payments on time, your credit report will open many doors for you in the financial world of loans, jobs, insurance and more.
ANGELO