Posts Tagged Credit History
My Credit Report
Beth Pardue asked:
“What kind of information is on my credit report -and how can I see it?” is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity including recent requests for credit that you have applied for and the payment activity on any open or closed credit or loans you may have. This history is vitally important because lenders use your credit report to determine if they are willing to extend loans or credit to you.
There are four main areas of content on your credit report [http://www.credit-report-credit-score.com]: Identifying information, credit history, public records, and credit inquiries. Additionally, a credit report also shows any current credit that you have, including loans, debts and credit limits. It also has the payment amounts on installment loans.
To see what is on your credit report visit credit-report-credit-score.com [http://www.credit-report-credit-score.com] to request your free copy. Knowing what is on your credit report before beginning the loan application process can save you a lot of time and hassle.
Lenders use the information on your credit report to generate your credit rating when evaluating your loan request. The higher your credit rating is, the more likely you will be to receive the loan and at more favorable terms. For this reason, it’s a good idea to take a look at your credit report before making any purchases which require a loan or credit.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
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Vincent
“What kind of information is on my credit report -and how can I see it?” is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity including recent requests for credit that you have applied for and the payment activity on any open or closed credit or loans you may have. This history is vitally important because lenders use your credit report to determine if they are willing to extend loans or credit to you.
There are four main areas of content on your credit report [http://www.credit-report-credit-score.com]: Identifying information, credit history, public records, and credit inquiries. Additionally, a credit report also shows any current credit that you have, including loans, debts and credit limits. It also has the payment amounts on installment loans.
To see what is on your credit report visit credit-report-credit-score.com [http://www.credit-report-credit-score.com] to request your free copy. Knowing what is on your credit report before beginning the loan application process can save you a lot of time and hassle.
Lenders use the information on your credit report to generate your credit rating when evaluating your loan request. The higher your credit rating is, the more likely you will be to receive the loan and at more favorable terms. For this reason, it’s a good idea to take a look at your credit report before making any purchases which require a loan or credit.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Vincent
How To Get Rid Of Bad Information On Your Credit Report By Writing Letters
Helen Hecker asked:
Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.
It may seem like a lot of work but it’s really easy. The hardest part is actually sitting down to do it. You’ll need to check all three credit bureaus to make sure the same error isn’t on all three but if you just have one credit report, start with that one.
First make a list of any and all errors that you find on your personal credit report. These could be in the form of personal information such as birth date or more likely there will be information that you know not to be true such as late payments or no payments recorded etc. If you think there is any possibility that you could be wrong check your past history with the creditor in question first.
You want to make sure you are right before you make the request to have any information removed from your credit report.
You will be sending the letter only to the credit bureau mentioned on the report, which would be Esperian, Equifax or TransUnion. You don’t want to sound angry in the letter, just be matter-of-fact, straightforward and business-like. Just outline the facts – name of creditor, dates, and the error(s) or problem(s) you’re finding on the credit report.
Here is a sample letter:
Date:
To whom it may concern at Esperian (or other credit bureau):
I recently acquired a copy of my credit report and found some errors that I’d like to dispute. I am enclosing documentation to prove the information is incorrect and would like a correction. I value my good standing and good credit history and want to maintain a good credit rating and credit score.
Name the creditor along with the reference date including the month, day and year if possible.
The error(s) I have found are:
I’m including copies of my payment record, with a (cancelled check or online payment print-outs or any other documentation that you have).
I would appreciate any attention to the matter as I would like my credit report to be accurate. I’m sure you understand that credit bureaus need to include only information that is accurate in my file.
Thank you for taking a look at my letter and file and hopefully making the necessary corrections so I can continue to maintain my good credit standing. Please let me know that my file has been reviewed and what action has been taken. I would also like a copy of my corrected credit report sent to the enclosed address. Thank you.
Sincerely,
Besides your full name as shown on the report, include you mailing address, a copy of the report that you have, your social security number, driver’s license photocopy and any other documentation such as a cancelled check or online payment confirmations.
Make a copy of the letter for yourself and a copy of any enclosures with the letter. Send the dispute letter by certified mail with a ‘return receipt’ requested. Then make sure to get the free credit reports from the other two main credit bureaus or reporting agencies to make sure they don’t have the same incorrect information. You can get free instant credit reports from the other two online.
Jessie
Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.
It may seem like a lot of work but it’s really easy. The hardest part is actually sitting down to do it. You’ll need to check all three credit bureaus to make sure the same error isn’t on all three but if you just have one credit report, start with that one.
First make a list of any and all errors that you find on your personal credit report. These could be in the form of personal information such as birth date or more likely there will be information that you know not to be true such as late payments or no payments recorded etc. If you think there is any possibility that you could be wrong check your past history with the creditor in question first.
You want to make sure you are right before you make the request to have any information removed from your credit report.
You will be sending the letter only to the credit bureau mentioned on the report, which would be Esperian, Equifax or TransUnion. You don’t want to sound angry in the letter, just be matter-of-fact, straightforward and business-like. Just outline the facts – name of creditor, dates, and the error(s) or problem(s) you’re finding on the credit report.
Here is a sample letter:
Date:
To whom it may concern at Esperian (or other credit bureau):
I recently acquired a copy of my credit report and found some errors that I’d like to dispute. I am enclosing documentation to prove the information is incorrect and would like a correction. I value my good standing and good credit history and want to maintain a good credit rating and credit score.
Name the creditor along with the reference date including the month, day and year if possible.
The error(s) I have found are:
I’m including copies of my payment record, with a (cancelled check or online payment print-outs or any other documentation that you have).
I would appreciate any attention to the matter as I would like my credit report to be accurate. I’m sure you understand that credit bureaus need to include only information that is accurate in my file.
Thank you for taking a look at my letter and file and hopefully making the necessary corrections so I can continue to maintain my good credit standing. Please let me know that my file has been reviewed and what action has been taken. I would also like a copy of my corrected credit report sent to the enclosed address. Thank you.
Sincerely,
Besides your full name as shown on the report, include you mailing address, a copy of the report that you have, your social security number, driver’s license photocopy and any other documentation such as a cancelled check or online payment confirmations.
Make a copy of the letter for yourself and a copy of any enclosures with the letter. Send the dispute letter by certified mail with a ‘return receipt’ requested. Then make sure to get the free credit reports from the other two main credit bureaus or reporting agencies to make sure they don’t have the same incorrect information. You can get free instant credit reports from the other two online.
Jessie
Credit Report – How to Correct Errors and Improve Your Credit Score
Peter Fisher asked:
The people who compile your personal credit report are human just like you and me and they can make mistakes while compiling your reports from the various sources they use.
So to correct errors and improve your credit score, requesting a copy of your report frequently can be very important. Although this will cost a small fee, it will allow you to know what they have compiled about you. If you discover unfavorable information, you can ask for corrections before they start disseminating inaccurate information about you.
When you get a copy of your personal credit report to determine the status of your credit file, study the information carefully and attempt to remove all incorrect information in it. As all your credit history may not be contained in one file from one firm, if possible get the files from other firms too. Some information may be duplicated, or not included at all in the other file.
To correct errors and improve your credit score, you need to check your full name, social security number, current and previous addresses, spouse’s name, and date of birth and make sure that they are all correct because they are some of the points used in identifying you. Also, make sure that any merchants’ names, credit account numbers, date opened, date closed, high credit limit, highest amount of credit used, and repayment history are correct, current and accurate.
If after studying the file carefully you spot any errors, write out the exact error and the way you think it should be listed. You will find a space on the right-hand side of your report where you may challenge any item in your report that you feel is wrong or incorrect. You will have to attach photocopies along with pertinent information as proof of your claim and send it to bureau or credit reference agency by mail. When they get your message they will investigate and send you the results of their findings. Be patient, because it may take the agency some time to complete their investigation.
The fact that not just one agency may compile information about you may make it almost impossible for you not to encounter problems in future. When you apply for credit in a bank, in stores or any with a lending company you may be turned down. This does not mean the agency you filed error corrections with haven’t made the changes, it’s more likely that the bank or store you are trying to deal with have another report from a different agency about you.
So anytime that you are denied credit, you have the right to know why you were turned down! If the bank or stores used a credit report agency, they must provide you with the name and address of the agency that supplied them with the report.
Once you have the contact information of the agency involved, you should make an immediate effort to contact the credit agency, so that you can review your credit report, find out any information that is causing you to be denied credit, and make corrections if you have enough evidence to back up your claims. Otherwise how can you correct errors and improve your credit score?
Allen
The people who compile your personal credit report are human just like you and me and they can make mistakes while compiling your reports from the various sources they use.
So to correct errors and improve your credit score, requesting a copy of your report frequently can be very important. Although this will cost a small fee, it will allow you to know what they have compiled about you. If you discover unfavorable information, you can ask for corrections before they start disseminating inaccurate information about you.
When you get a copy of your personal credit report to determine the status of your credit file, study the information carefully and attempt to remove all incorrect information in it. As all your credit history may not be contained in one file from one firm, if possible get the files from other firms too. Some information may be duplicated, or not included at all in the other file.
To correct errors and improve your credit score, you need to check your full name, social security number, current and previous addresses, spouse’s name, and date of birth and make sure that they are all correct because they are some of the points used in identifying you. Also, make sure that any merchants’ names, credit account numbers, date opened, date closed, high credit limit, highest amount of credit used, and repayment history are correct, current and accurate.
If after studying the file carefully you spot any errors, write out the exact error and the way you think it should be listed. You will find a space on the right-hand side of your report where you may challenge any item in your report that you feel is wrong or incorrect. You will have to attach photocopies along with pertinent information as proof of your claim and send it to bureau or credit reference agency by mail. When they get your message they will investigate and send you the results of their findings. Be patient, because it may take the agency some time to complete their investigation.
The fact that not just one agency may compile information about you may make it almost impossible for you not to encounter problems in future. When you apply for credit in a bank, in stores or any with a lending company you may be turned down. This does not mean the agency you filed error corrections with haven’t made the changes, it’s more likely that the bank or store you are trying to deal with have another report from a different agency about you.
So anytime that you are denied credit, you have the right to know why you were turned down! If the bank or stores used a credit report agency, they must provide you with the name and address of the agency that supplied them with the report.
Once you have the contact information of the agency involved, you should make an immediate effort to contact the credit agency, so that you can review your credit report, find out any information that is causing you to be denied credit, and make corrections if you have enough evidence to back up your claims. Otherwise how can you correct errors and improve your credit score?
Allen
Why It’s Important to Monitor Your Personal Credit Report
D. Susan Carter asked:
Do you know why it’s so critical to check your credit reports on a regular basis? It’s very simple. When you need to obtain funds for your business through a line of credit (or loan), or when you want to apply to a new vendor, they are going to look at your credit record. If you have not made a committed effort to be sure that your information is being reported correctly, and you show up with negative items, than these lenders may not view you as being able to manage your debts well and may decide not to trust you with their money or their equipment. The best way to make sure this doesn’t happen is to regularly check your credit reports and verify that everything is in good standing.
Here is what you should be watching for:
o Items that should not be there. There are two things that you want to make sure aren’t on your report. Items that you have cleared up previously and items that never should have been there in the first place. If you previously had a negative mark on your credit report, but have been working to clear it up, you should always keep the paperwork showing the effort you made to correct this problem. All reporting agencies have a high error rate. There could easily be items on your record that were not yours, but somehow were put on your record in error. The sooner you notice them, the sooner you can have them removed.
o Anything that should be there. If you have positive credit such as paid off loans or other large debts in good standing, then you want to be sure these appear on your credit record. It is important that your credit history includes on-time, paid debts because when companies are considering extending your business a line of credit, they will evaluate you by the amount of current outstanding debt as well as previous debt that you have satisfactorily paid off.
o Is it your history? Nowadays, with identify theft running so rampant, it is not just individuals who have to keep an eye on their credit report. An identity thief can just as easily steal the financial information for your company and begin a shopping spree under your company name. Verify that all the items showing on your credit report belong to your company – whether or not it is positive or negative. Take a few minutes when you are reviewing your credit to be sure all the activity that is showing are accounts you have opened through your company. Don’t hesitate to call on anything that looks suspicious. You may just not recognize a name, but it is far better to ask that to risk a bad situation that will only get worse.
Find out more about improving your creditworthiness and learn about the various business credit bureaus. If you are going to be a successful business owner, then you need to understand how critical it is to make sure your creditworthiness is reflected accurately.
Vernon
Do you know why it’s so critical to check your credit reports on a regular basis? It’s very simple. When you need to obtain funds for your business through a line of credit (or loan), or when you want to apply to a new vendor, they are going to look at your credit record. If you have not made a committed effort to be sure that your information is being reported correctly, and you show up with negative items, than these lenders may not view you as being able to manage your debts well and may decide not to trust you with their money or their equipment. The best way to make sure this doesn’t happen is to regularly check your credit reports and verify that everything is in good standing.
Here is what you should be watching for:
o Items that should not be there. There are two things that you want to make sure aren’t on your report. Items that you have cleared up previously and items that never should have been there in the first place. If you previously had a negative mark on your credit report, but have been working to clear it up, you should always keep the paperwork showing the effort you made to correct this problem. All reporting agencies have a high error rate. There could easily be items on your record that were not yours, but somehow were put on your record in error. The sooner you notice them, the sooner you can have them removed.
o Anything that should be there. If you have positive credit such as paid off loans or other large debts in good standing, then you want to be sure these appear on your credit record. It is important that your credit history includes on-time, paid debts because when companies are considering extending your business a line of credit, they will evaluate you by the amount of current outstanding debt as well as previous debt that you have satisfactorily paid off.
o Is it your history? Nowadays, with identify theft running so rampant, it is not just individuals who have to keep an eye on their credit report. An identity thief can just as easily steal the financial information for your company and begin a shopping spree under your company name. Verify that all the items showing on your credit report belong to your company – whether or not it is positive or negative. Take a few minutes when you are reviewing your credit to be sure all the activity that is showing are accounts you have opened through your company. Don’t hesitate to call on anything that looks suspicious. You may just not recognize a name, but it is far better to ask that to risk a bad situation that will only get worse.
Find out more about improving your creditworthiness and learn about the various business credit bureaus. If you are going to be a successful business owner, then you need to understand how critical it is to make sure your creditworthiness is reflected accurately.
Vernon
Are Charge cards easier to get approved for than a Credit card?
Jen asked:
I have no credit report, no credit history and I’m a student..but I’ve applied for several personal loans and credit cards and only got approved for a secured credit card from BoA. So yeah, several places have tried to pull up my credit report without success. (I can’t even pull up my own credit report for some reason!) I want to build credit, do you think I will get approved for a charge card or is it going to be just another dead end? Thanks. =)
Ruben
I have no credit report, no credit history and I’m a student..but I’ve applied for several personal loans and credit cards and only got approved for a secured credit card from BoA. So yeah, several places have tried to pull up my credit report without success. (I can’t even pull up my own credit report for some reason!) I want to build credit, do you think I will get approved for a charge card or is it going to be just another dead end? Thanks. =)
Ruben
How Well Do Your Understand Your Personal Credit Report?
Donald Saunders asked:
You probably know all too well that the information in your personal credit report is used by the finance and credit card companies when deciding whether or not to extend credit to you, but are you aware of exactly what information your personal credit report contains? For instance, did you know that the information contained in your credit report could affect whether or not you can buy that new home or will have to remain in your current ‘shoebox’?
Many people believe that if a credit card company or other lender looks at your credit report they are merely looking at your credit score and, although this is without doubt one thing that they do look at, they are looking at far more. Most especially, they are looking to see how much debt you have in comparison to to your income and even quite small accounts, like those with a mail order company, will be treated as an income deduction when when it comes to considering a loan application.
If a lender calculates that you have got less money coming in than you have going out then your loan request will undoubtedly be turned down. In fact, by law a specified percentage of your income has got to be available to meet loan payments before the lender is permitted to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how well you have managed loans in existence during that period. Specifically, they are looking to see if you have made your payments on time and will take note of any payments that were more than thirty days late. It may not have seemed particularly important to you at the time that you ran into a few problems and were late with your payments for a few months on an account, but any new lender is certainly going to consider this when assessing the risk of lending to you now.
Lenders will also look to see whether any of your accounts have run into debt during the past seven years and whether or not these debts have now been paid off. If you have payments outstanding on an existing loan agreement credit card companies and other lenders will be very wary when it comes to giving you additional credit before these are cleared.
Finally, your personal credit report will also show if you have filed for bankruptcy, usually in the last ten years. A few people believe that a lender is much more likely to advance you credit if you have filed for bankruptcy as they enjoy the protection of knowing that you may not file again for several years. However, this is not the case and filing for personal bankruptcy is viewed as a red flag by the credit card and finance companies showing that you have already demonstrated a tendency for getting yourself in over your head when it comes to managing your finances.
Your personal credit report is a very important document and one which you should not only understand but that you ought to review from time to time for your own protection. Luckily, the law states that you must be sent a copy of your personal credit report once every year if you request it.
Gertrude
You probably know all too well that the information in your personal credit report is used by the finance and credit card companies when deciding whether or not to extend credit to you, but are you aware of exactly what information your personal credit report contains? For instance, did you know that the information contained in your credit report could affect whether or not you can buy that new home or will have to remain in your current ‘shoebox’?
Many people believe that if a credit card company or other lender looks at your credit report they are merely looking at your credit score and, although this is without doubt one thing that they do look at, they are looking at far more. Most especially, they are looking to see how much debt you have in comparison to to your income and even quite small accounts, like those with a mail order company, will be treated as an income deduction when when it comes to considering a loan application.
If a lender calculates that you have got less money coming in than you have going out then your loan request will undoubtedly be turned down. In fact, by law a specified percentage of your income has got to be available to meet loan payments before the lender is permitted to approve it, regardless of the purpose of the loan.
Lenders are also looking back at your credit history over the past seven years to see how well you have managed loans in existence during that period. Specifically, they are looking to see if you have made your payments on time and will take note of any payments that were more than thirty days late. It may not have seemed particularly important to you at the time that you ran into a few problems and were late with your payments for a few months on an account, but any new lender is certainly going to consider this when assessing the risk of lending to you now.
Lenders will also look to see whether any of your accounts have run into debt during the past seven years and whether or not these debts have now been paid off. If you have payments outstanding on an existing loan agreement credit card companies and other lenders will be very wary when it comes to giving you additional credit before these are cleared.
Finally, your personal credit report will also show if you have filed for bankruptcy, usually in the last ten years. A few people believe that a lender is much more likely to advance you credit if you have filed for bankruptcy as they enjoy the protection of knowing that you may not file again for several years. However, this is not the case and filing for personal bankruptcy is viewed as a red flag by the credit card and finance companies showing that you have already demonstrated a tendency for getting yourself in over your head when it comes to managing your finances.
Your personal credit report is a very important document and one which you should not only understand but that you ought to review from time to time for your own protection. Luckily, the law states that you must be sent a copy of your personal credit report once every year if you request it.
Gertrude