Posts Tagged Credit Reporting Agency
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
Credit Reporting Agencies Are Not Your Friends
Rayven Perkins asked:
There are multiple credit myths and rumors that surround the realm of credit reporting. Some are urban legend, and have become so widely disseminated that they are taken as gospel; others are deliberately encouraged by lenders to terrorize or cajole debtors into compliance.
The following is a compilation of the most common credit myths concerning your credit file, and the reality that all consumers should be aware of.
Myth: Credit reporting companies are subsidiaries for or working on behalf of the federal government.
This belief is fostered by the fact that creditors make such a big deal about “registering” you as a debtor with a credit reporting agency that the power of the agency itself becomes inflated. In fact, credit reporting companies are nothing more than mega businesses and their true subsidizers are the banks and finance companies.
Myth: If you pay a bad debt, the negative report will automatically be removed from your credit immediately.
This is a tactic used by unethical bill collectors to get you to pay your debt, and 9 times out of 10 it is a flat out lie. You can occasionally make an agreement with a creditor to pay a debt on the condition that it be removed or marked paid as agreed, but this should always be in writing, and they must put in writing that they will contact the credit reporting agency, request the update, and follow through until it is done.
Myth: You have to sign up for a credit monitoring service to get a free credit report.
This one is just ridiculous, and has been picked up by hundreds of companies trying to sell “credit protection” packages. They offer you a free credit report through their website and then sign you up for a monthly automatic charge for an overpriced, basically useless “credit alert” program that you can duplicate simply by taking reasonable precautions. Don’t be fooled. You are entitled by law to a no strings attached, once a year, completely free report from each of the three major credit reporting companies.
Myth: Trying to get stuff removed from your credit report is illegal.
Again, this is just not true. There are illegal and unethical ways to tamper with your report, but many people have incorrect or outdated items on their report and it is perfectly legal to try to have those removed or updated. The steps to accomplish this are easy, and you can do it yourself so don’t waste money on a “credit repair” company that claims it can restore your credit for a huge fee.
Myth: Credit Reporting agencies are required by law to keep negative items on your report for at least seven years.
Actually, the Fair Debt laws state that after 7 years credit reporting companies are required to remove adverse reports – and nowhere does it say that these can’t be taken off earlier. The credit reporting agencies perpetuate this myth themselves so people will not ask them to remove stuff.
Myth: Credit reporting agencies strive to keep accurate reports.
In what alternate universe? Again, a credit reporting agency is not an agent of the government, and has little interest in helping anyone out or motivation to be accurate. They are in business to make money, and they make it from the lenders.
They have a vested interest in reporting whatever the creditors tell them because the creditors pay them to, and they double dip by selling this personal and private (and often inaccurate) information to other lenders and agencies as well. They have no vested interest in removing items, or in helping you at all.
Now that you know what credit myths to watch out for, you can take steps to review your credit and begin to correct any discrepancies. Unfortunately, credit reporting agencies do hold a lot of power over the average American citizen, and it falls to you personally to make sure that you are not being taken advantage of or wrongfully portrayed.
NIGEL
There are multiple credit myths and rumors that surround the realm of credit reporting. Some are urban legend, and have become so widely disseminated that they are taken as gospel; others are deliberately encouraged by lenders to terrorize or cajole debtors into compliance.
The following is a compilation of the most common credit myths concerning your credit file, and the reality that all consumers should be aware of.
Myth: Credit reporting companies are subsidiaries for or working on behalf of the federal government.
This belief is fostered by the fact that creditors make such a big deal about “registering” you as a debtor with a credit reporting agency that the power of the agency itself becomes inflated. In fact, credit reporting companies are nothing more than mega businesses and their true subsidizers are the banks and finance companies.
Myth: If you pay a bad debt, the negative report will automatically be removed from your credit immediately.
This is a tactic used by unethical bill collectors to get you to pay your debt, and 9 times out of 10 it is a flat out lie. You can occasionally make an agreement with a creditor to pay a debt on the condition that it be removed or marked paid as agreed, but this should always be in writing, and they must put in writing that they will contact the credit reporting agency, request the update, and follow through until it is done.
Myth: You have to sign up for a credit monitoring service to get a free credit report.
This one is just ridiculous, and has been picked up by hundreds of companies trying to sell “credit protection” packages. They offer you a free credit report through their website and then sign you up for a monthly automatic charge for an overpriced, basically useless “credit alert” program that you can duplicate simply by taking reasonable precautions. Don’t be fooled. You are entitled by law to a no strings attached, once a year, completely free report from each of the three major credit reporting companies.
Myth: Trying to get stuff removed from your credit report is illegal.
Again, this is just not true. There are illegal and unethical ways to tamper with your report, but many people have incorrect or outdated items on their report and it is perfectly legal to try to have those removed or updated. The steps to accomplish this are easy, and you can do it yourself so don’t waste money on a “credit repair” company that claims it can restore your credit for a huge fee.
Myth: Credit Reporting agencies are required by law to keep negative items on your report for at least seven years.
Actually, the Fair Debt laws state that after 7 years credit reporting companies are required to remove adverse reports – and nowhere does it say that these can’t be taken off earlier. The credit reporting agencies perpetuate this myth themselves so people will not ask them to remove stuff.
Myth: Credit reporting agencies strive to keep accurate reports.
In what alternate universe? Again, a credit reporting agency is not an agent of the government, and has little interest in helping anyone out or motivation to be accurate. They are in business to make money, and they make it from the lenders.
They have a vested interest in reporting whatever the creditors tell them because the creditors pay them to, and they double dip by selling this personal and private (and often inaccurate) information to other lenders and agencies as well. They have no vested interest in removing items, or in helping you at all.
Now that you know what credit myths to watch out for, you can take steps to review your credit and begin to correct any discrepancies. Unfortunately, credit reporting agencies do hold a lot of power over the average American citizen, and it falls to you personally to make sure that you are not being taken advantage of or wrongfully portrayed.
NIGEL
Free Online Credit Reports: Easy Way to Keep Credit Records
Amy Gordon asked:
Credit reports keep records of your financial life and need to be checked regularly. They have to be up-to-date and the information contained by them correct. Now it would be a hassle if you had to keep visiting credit reporting agencies for updating them. But with free online credit reports, you can avoid such inconveniences. Such reports help you do the checking anytime you want as you can get free and easy access by just logging on the internet.
Free online credit reports are credit reports that contain information of your financial records as well as your current financial status. These may include your personal details, your credit details, any public records regarding financial matters and also the inquiry made by any third party on your record. You get the report simply by submitting an online application form for free. Reviews are made quickly and you will have your free online credit reports in no time.
Credit report needs to be updated on the regular and any faulty data needs to be removed immediately. By getting it online for free, you are giving yourself the opportunity to check it whenever you can without having to pay a personal visit to the credit reporting agency. If any change has been made, you will get to know it instantly. Conversely, if any recent record has not been entered, you can also remedy the situation at the earliest. You also get the chance to contact your agency and inquire about the errors so that your credit status remains clean.
The biggest advantage that you get through free online credit reports is that the services you get are prompt and free of cost. You can get the report as well as get it updated at home or wherever you happen to be as long as you can get access to the internet. They are also easy to find. You just have to browse the internet and check out the various sites which offer them.
SILAS
Credit reports keep records of your financial life and need to be checked regularly. They have to be up-to-date and the information contained by them correct. Now it would be a hassle if you had to keep visiting credit reporting agencies for updating them. But with free online credit reports, you can avoid such inconveniences. Such reports help you do the checking anytime you want as you can get free and easy access by just logging on the internet.
Free online credit reports are credit reports that contain information of your financial records as well as your current financial status. These may include your personal details, your credit details, any public records regarding financial matters and also the inquiry made by any third party on your record. You get the report simply by submitting an online application form for free. Reviews are made quickly and you will have your free online credit reports in no time.
Credit report needs to be updated on the regular and any faulty data needs to be removed immediately. By getting it online for free, you are giving yourself the opportunity to check it whenever you can without having to pay a personal visit to the credit reporting agency. If any change has been made, you will get to know it instantly. Conversely, if any recent record has not been entered, you can also remedy the situation at the earliest. You also get the chance to contact your agency and inquire about the errors so that your credit status remains clean.
The biggest advantage that you get through free online credit reports is that the services you get are prompt and free of cost. You can get the report as well as get it updated at home or wherever you happen to be as long as you can get access to the internet. They are also easy to find. You just have to browse the internet and check out the various sites which offer them.
SILAS
Reasons for Checking Your Credit Report
Sean Patrick asked:
Your credit report and score tells lenders whether or not you are a good risk for a loan. Your credit history, payments, and account information are on this report. Your FICO score is also an important factor for lenders. The information contained in your credit report is used to generate your FICO score which acts as your credit “report card”. A FICO score is not the same as your regular credit scores. It uses different set of rules & algorithms for coming up with your credit score. And many lenders utilize the FICO score to determine your creditworthiness. Therefore it may be prudent to see what’s on your FICO score as well before applying for a loan.
Often the information contained in your credit report has some inaccuracies. This is why it’s important to check your credit report on a regualr basis. At least once a year to ensure that the information is correct and up to date.
Reasons you should check your credit report include:
* Basic Inaccuracies
Payments that’s have been made, but not credited to you. Late payments or having someone else’s date (especially if the names are similar) being mixed in with yours. If you notice inaccurate information, you must contact the credit reporting agency to get the mistake corrected.
* Tracking Payments
Many times, checks sent through the mail do not reach the accounting office of the company on time, or get lost in the mail. Such late or missed payment issues could be posted on your credit file. Therefore you would need to correct this information by contacting the creditor. If you don’t read your credit report, you will not know which payments have been received and properly reported.
* Identity Theft
Identity theft is one of the fastest growing crimes in thw U.S. It’s one that has caused people to have poor credit ratings because someone has received credit or loans in their name and defaulted on the payments. Your credit report will show you the list of accounts that have been opened in your name. Check them carefully to ensure they match your personal financial details.
* Inquiries
Your credit report will list the names of companies or persons who have requested information regarding your credit history. Read them carefully to make there’s no fraudulent activity and/or unauthorized entry that could be related to id theft. Also, too many inquiries are seen as unfavorable by lenders and will make it harder to obtain loans.
* Credit Fraud – Unauthorized Charges
Credit fraud involves the unauthorized use of your credit cards or account number to make charges on your account. Sometimes this is done so subtly that you do not notice the extra charges on your monthly statement. By viewing your credit report, you will be able to catch new activity on your accounts, especially if they are ones you haven’t been using.
When it comes to managing your credit worthiness, your credit report is your best resource. Viewing your credit report gives you the opportunity to manage your credit wisely. While planning a credit strategy to achieve future goals, you should regularly review your credit report to ensure an excellent credit rating.
*Free Credit Report Services
Free credit report services are not created equal. With some services, you’re able to see what’s on your credit report and score from all 3 major credit bureaus online – TransUnion, Equifax, and Experian. This is important because the data contained in one credit bureau file may not match what’s on the others. Also, various lenders may choose to see one or more of your credit files. So it makes sense to obtain the most comprehensive report. And most services do not provide a free FICO score. You only get to see what’s on your regular credit scores. These are some of the reasons why it makes sense to do your homework and make comparisons between the features they provide.
MARK
Your credit report and score tells lenders whether or not you are a good risk for a loan. Your credit history, payments, and account information are on this report. Your FICO score is also an important factor for lenders. The information contained in your credit report is used to generate your FICO score which acts as your credit “report card”. A FICO score is not the same as your regular credit scores. It uses different set of rules & algorithms for coming up with your credit score. And many lenders utilize the FICO score to determine your creditworthiness. Therefore it may be prudent to see what’s on your FICO score as well before applying for a loan.
Often the information contained in your credit report has some inaccuracies. This is why it’s important to check your credit report on a regualr basis. At least once a year to ensure that the information is correct and up to date.
Reasons you should check your credit report include:
* Basic Inaccuracies
Payments that’s have been made, but not credited to you. Late payments or having someone else’s date (especially if the names are similar) being mixed in with yours. If you notice inaccurate information, you must contact the credit reporting agency to get the mistake corrected.
* Tracking Payments
Many times, checks sent through the mail do not reach the accounting office of the company on time, or get lost in the mail. Such late or missed payment issues could be posted on your credit file. Therefore you would need to correct this information by contacting the creditor. If you don’t read your credit report, you will not know which payments have been received and properly reported.
* Identity Theft
Identity theft is one of the fastest growing crimes in thw U.S. It’s one that has caused people to have poor credit ratings because someone has received credit or loans in their name and defaulted on the payments. Your credit report will show you the list of accounts that have been opened in your name. Check them carefully to ensure they match your personal financial details.
* Inquiries
Your credit report will list the names of companies or persons who have requested information regarding your credit history. Read them carefully to make there’s no fraudulent activity and/or unauthorized entry that could be related to id theft. Also, too many inquiries are seen as unfavorable by lenders and will make it harder to obtain loans.
* Credit Fraud – Unauthorized Charges
Credit fraud involves the unauthorized use of your credit cards or account number to make charges on your account. Sometimes this is done so subtly that you do not notice the extra charges on your monthly statement. By viewing your credit report, you will be able to catch new activity on your accounts, especially if they are ones you haven’t been using.
When it comes to managing your credit worthiness, your credit report is your best resource. Viewing your credit report gives you the opportunity to manage your credit wisely. While planning a credit strategy to achieve future goals, you should regularly review your credit report to ensure an excellent credit rating.
*Free Credit Report Services
Free credit report services are not created equal. With some services, you’re able to see what’s on your credit report and score from all 3 major credit bureaus online – TransUnion, Equifax, and Experian. This is important because the data contained in one credit bureau file may not match what’s on the others. Also, various lenders may choose to see one or more of your credit files. So it makes sense to obtain the most comprehensive report. And most services do not provide a free FICO score. You only get to see what’s on your regular credit scores. These are some of the reasons why it makes sense to do your homework and make comparisons between the features they provide.
MARK
Where to Get Your Free Annual Credit Report
Tisha Kulak asked:
All consumers are entitled to a free credit report every 12 months. Some states, including Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont have state laws that make residents eligible for a free credit report under state law. Additionally, all consumers who have been denied credit have a right to request a copy of their credit report for further review. Credit reports can also be requested with a credit score rating at any time for a fee from the 2 major credit reporting agencies, Equifax and TranUnion. Recently, the third agency, Experian, has stopped providing consumers with access to their reports.
When To Get A Free Report
Consumers are entitled to receive one free credit report for each agency every year. It might be wise to order one, work to improve your credit and then order the subsequent reports a few months later to see what has changed. You can also order all reports at the same time to compare, since neither report will show the exact same information.
How To Get A Free Report
There are many places, including directly from the credit reporting agencies, where you can order your credit report but the central location where you can request your free report is through the website Annual Credit Report. There you can request your report via email, regular mail, or by phone.
Why Get A Free Report?
It is widely suggested that you take advantage of the free credit report each year, if only for monitoring purposes. Reviewing your credit report often will help alert you to incidents of credit fraud and potentially false information that can dramatically reduce your credit rating. Any errors should be reported immediately to the credit reporting agency from where the report was published. If you are denied credit for any reason, you should request a copy of your report to review and see what you can do to improve the score before completing other applications for credit.
Keep in mind that your credit report will not contain a credit score. That type of report can be obtained for a fee by contacting the respective credit reporting agencies. Your credit score, created by Fair Issac complies your credit history information into a mathematical equation which lenders use to assess your creditworthiness.
Fixing Your Credit Report
When you do get and review your credit report and find that it may not be as good as it could or should be, know that you can make the improvements to your credit yourself. You can start by making sure your payments are on time each month and you control your spending on credit. Beware of the companies that claim they can repair your credit for you. Many times these companies are scams or in the very least, they charge you for services you can do on your own for free.
Visit Annual Credit Report website today and request your free credit report today to make sure you know where you stand financially. If you plan to make big purchase in the next few months, such as a house, car, or apply for a personal loan, it is in your best interest to work on improving your credit report before applying in order to get the best rates and have the most options available to you.
LES
All consumers are entitled to a free credit report every 12 months. Some states, including Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont have state laws that make residents eligible for a free credit report under state law. Additionally, all consumers who have been denied credit have a right to request a copy of their credit report for further review. Credit reports can also be requested with a credit score rating at any time for a fee from the 2 major credit reporting agencies, Equifax and TranUnion. Recently, the third agency, Experian, has stopped providing consumers with access to their reports.
When To Get A Free Report
Consumers are entitled to receive one free credit report for each agency every year. It might be wise to order one, work to improve your credit and then order the subsequent reports a few months later to see what has changed. You can also order all reports at the same time to compare, since neither report will show the exact same information.
How To Get A Free Report
There are many places, including directly from the credit reporting agencies, where you can order your credit report but the central location where you can request your free report is through the website Annual Credit Report. There you can request your report via email, regular mail, or by phone.
Why Get A Free Report?
It is widely suggested that you take advantage of the free credit report each year, if only for monitoring purposes. Reviewing your credit report often will help alert you to incidents of credit fraud and potentially false information that can dramatically reduce your credit rating. Any errors should be reported immediately to the credit reporting agency from where the report was published. If you are denied credit for any reason, you should request a copy of your report to review and see what you can do to improve the score before completing other applications for credit.
Keep in mind that your credit report will not contain a credit score. That type of report can be obtained for a fee by contacting the respective credit reporting agencies. Your credit score, created by Fair Issac complies your credit history information into a mathematical equation which lenders use to assess your creditworthiness.
Fixing Your Credit Report
When you do get and review your credit report and find that it may not be as good as it could or should be, know that you can make the improvements to your credit yourself. You can start by making sure your payments are on time each month and you control your spending on credit. Beware of the companies that claim they can repair your credit for you. Many times these companies are scams or in the very least, they charge you for services you can do on your own for free.
Visit Annual Credit Report website today and request your free credit report today to make sure you know where you stand financially. If you plan to make big purchase in the next few months, such as a house, car, or apply for a personal loan, it is in your best interest to work on improving your credit report before applying in order to get the best rates and have the most options available to you.
LES