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Why you Must Get your Credit Report Errors Fixed

Steven Greenwald — Fri, 02 Jul 2010 11:43:01 +0000

Probably everyone knows that there are three major credit bureaus in the US, which are Experian, Trans Union, and Equifax. People know these three credit bureaus gather information about you on a regular basis from all your accounts, paid and unpaid, and just about any financial obligation you have. But unfortunately, that is pretty much where the knowledge of the vast majority of consumers ends.

Credit Repair – How to Get Your Credit Reports Painlessly

Steven Greenwald — Sat, 26 Jun 2010 12:44:26 +0000

Credit Repair – It Takes Three to Tango
Get all three of your credit reports. There are a variety of ways to do this. In fact, as any one who has started a credit repair project knows, there are about a thousand ways to get your credit reports on the Internet. Everyone has his or her own favorite, so this is somewhat subjective, but you may want to try it my way.
It’s Free, but it’s Hard
Stay away from annualcreditreport.com. Annualcreditreport.com is the site set up by the three credit bureaus under the mandate of the Fair Credit Reporting Act (FCRA) for the purpose of providing free credit reports, one from each bureau, one time per 12-month period. Okay it’s free. But darn, it’s a pain in the butt. The site itself is a hub that directs you to each bureau in turn, so you will be making your effort in triplicate. Did I say effort?
Millions are stopped at the Security Blockade
Yes, folks, you will probably be sweating by the time you are done. And there is a pretty good chance you will not get all three reports. What? Right-o. You will have to face a series of security questions that may block you from your credit reports and delay your credit repair project until the obstructing bureau mails you a pass code. Credit repair is tough enough without the frustration that this site can impose. There is a better way.
Credit Repair Bucks Well Spent
Your credit repair effort is really important. Keep everything in perspective. If you have the fortitude, are comfortable on the computer, and feel up to the task, go ahead and get your reports from Annualcreditreport.com. Otherwise, if you are like me, and want to get the show on the road, just go to Truecredit.com and part with $14.95 for a one time tri-merged report.
Minimize the Credit Repair Pain
The process is quick the security is appropriate but manageable, and the report is easy to look at. And that may make a big difference as you get your credit repair job underway. But there is a trick. On the Truecredit.com site you need to find the light grey text that says, “You can also get your three bureau report, without the free scores”.
The Case of the Hidden Link
Just click on the underlined phrase, “without the free scores”. This line does not conform to web standards for a link and is almost hidden. You need to look hard. Oh, and once at the order page please deactivate the two pre-checked boxes that attempt to sell you nonsensical “Debt Analysis” and “Home and Auto Insurance Scores”.
My Credit Repair Money
I’ll let you draw your own conclusions about the accessibility of the link, but as far as I know this is the cheapest way to get a great tri-merged report without signing up for a monthly monitoring service, identity theft protection, and other costly extras that the credit bureaus want to sell. There is nothing particularly wrong with any of these extra features, so it’s up to you, but for my credit repair money, I like the simple path.
A Few Good Tips
Once you decide to take this path here are three pointers. You should jot these down. Your credit repair project will benefit. Here you go. One, make a note of your user name and password; you may want to log back in later. Two, look for the “printable copy” link. If you are going to print your reports this option is much better than a screen print. And lastly, notice the extra-info links offered in each account section. This info may be handy, so don’t overlook it.
The Credit Repair Lifeline
If all of this is daunting just call a credit repair professional. He will guide you through the process of getting your reports. And of course, once your reports are in hand a credit repair expert will provide all of the guidance you need to make sense out of the entire task. This is an important business! So if you find yourself intimidated, just call a pro. One way or the other, take action and you will succeed!
Copyright © 2008 Ian Webber. All Content. All Rights Reserved.

A Credit Score Indicates To Lenders How Likely You Are To Repay or Default On A Loan

Steven Greenwald — Fri, 11 Jun 2010 04:56:43 +0000

What is your credit score? A credit score or number indicates to lenders how likey you are to repay or default on a loan. The program used to generate this number is very complex. The bureaus use secret calculating techniques to reach these numbers. There are various formulas used. Basically put, your information is entered into a computer. The program calculates the data information stored by the 3 bureaus , it then produces a number, Your FICO score or Credit score. One of the biggest problems with the information used is that over 79% of all credit reports contain inaccurate information. This will then effect the actual FICO number. It is imperative that you keep track of the information found on the credit reports and correct any information that is not correct. You may be suffering just because of inaccurate information. To get the best interest rates your goal should be to have a rating of 720 or higher. By having this rating you can do things like refinance your mortgage at a lower rate, car loans can be obtained at a lower interest rate. You can literally save thousands of dollars monthly, lower down payments for utility deposits, and even have a better opportunity for obtaining certain jobs, (Government Jobs for example). The FICO range is 300-850Excellent – over 750Very good – 720-750Good / ok 660-720Could be risky 620-660RISKY below 620 There are several calculations used for obtaining the FICO number. 35% is calculated based on payment history. Lenders want to know what type of risk you may be. They want to make sure that you can pay your bills on time, based on your past history. 30% is calculated by the amount that you owe. Debt to Credit Ratio (DTCR) is determined by the total available credit divided by the total debt. It is important to try to keep your credit limit to about 30% of the maximum credit allowed.Total credit avail =$2000.00 / total debt $500.00 = 25 %. 15% is calculated by the by the length of time that you have had the credit. The longer the credit history the better. This factor determines how you have spent over a period of time and how well you paid the debt back. 10% is calculated by the number of new account or nquiries that you have. Inquiries can be looked at as if you wanted all the new debt. That you may be setting yourself up to failure to pay your debt. Also, new accounts do not show enough history, there is no proven payment history to make a determination if you are worthy of good payment. 10% is calculated by the “mix” of credit that you have. The “mix shows that you can handle and manage multiple accounts responsibly. Other things that are added to the equation of a FICO score:

They looks for things like stability in your living situation, moving frequently may lower your score.Owning a home may increase you score. Paying your mortgage on time is the most important thing. Do not max out your credit cards. Keep them at least below 50% of the maximum balance allowed, preferably 30%. Limit the amount of cards that you have open. 2-3 is a safe point. More than that may lower you score. Pay your monthly payments on time. What can happen if you have negative items on your credit report.Companies can charge you higher interest rates. The higher you are as a risk the more money they can charge,and the more they make. Having a low credit score can also prevent you from getting hired for a job. Remember “the credit bureau is not your friend”. They work hand in hand with mortgage companies, car loan companies, insurance companies etc. The more interest you pay the more money these companies make. Bottom line. If you have experienced poor credit there are ways to remedy this. You could hire a credit restoration company. However, just remember to do your homework. There are a lot of companies out there that make claims about doing credit repair and only do what you can do yourself for free. See www.FTC.com. Like sending dispute letters etc. You should find a company that has ties with a law firm or attorneys in their organization. They should have some type of money back guarantee to protect thier clients investment. They should be available to answer your questions. They should be legal, moral, and ethical. If you find yourself in credit hell give us a call 888-476-1220 or visit our website www.USACreditCure.com for more information. “Helping America one client at a time”

How to Improve Credit History Fast

Steven Greenwald — Sun, 28 Feb 2010 03:15:46 +0000

This article shows you what to do to help improve your credit rating and how to do it as quickly as possible.

How Does Credit Affect You ?

Steven Greenwald — Mon, 22 Feb 2010 23:28:21 +0000

One of her girlfriends, Cindy, invites Joanne to a party where “There will be lots of handsome men.” Excited that life just might get interesting again, Joanne’s hopes are dashed as she stands before her closet. She hasn’t bought a new outfit in five years, and money is tighter than last year’s jeans. She goes clothes shopping at Today’s Trends Clothing, where she has shopped for years. She selects three outfits, but has no cash and no credit card since the divorce. Confidently, she applies for the store’s credit card, but is astonished when she is turned down.
Listing off the credit cards she had with her ex only seems to bore the clerk. Joanne has no credit in her own name.
Everyone Has a Credit History/RatingYes, everyone has one of these, even if you have never had a credit card or a loan. Your credit history is compiled in reports made by credit bureaus and provided to lenders, landlords, and utility companies at their request.
When you apply for a credit card, mortgage, or other loan, the fine print on the application gives the lender permission to check your credit history. The lender usually requests a credit report from one of the “Big Three” credit bureaus. In theory, the bureaus merely report the raw data of your credit history and don’t assign you any kind of “credit rating.” In reality though, credit companies do provide a credit rating in the form of a credit score. The lender looks at your credit score and decides whether to grant you the credit you are requesting. Of course, lenders also look at your total outstanding debts, your minimum monthly payments, even your credit limits to see how far into debt you could go if you max out your existing accounts. Primarily, though, they are concerned with your record of delinquencies, accounts paid unsatisfactorily, and anything else that suggests
Good credit is Sexy 6 http://www.citicredit.asia how much of a credit risk you might be, all of which is used to calculate your credit score.
Like Joanne, you may be surprised to know that part of what figures into your credit rating is a lack of credit history. If you have no credit history, you have no track record of payment and your rating is very low. Believe it or not, you’re a bit of a credit risk.
Three Big Filing Cabinets-The credit BureausMost people think that credit bureaus are branches of the government. In actuality, credit bureaus are for-profit corporations that provide a service: storing and maintaining credit records. The three major bureaus, or Credit Reporting Agencies, (CRAs) are:1. Experian (formally TRW);2. Equifax; and3. TransUnion.
There also are local credit bureaus and reporting agencies, although their databases are not as extensive as those of the “Big Three.” The local bureaus are, however, worth noting because they are used by some who may judge your credit worthiness.
An example of a local agency is a Residential Mortgage CreditReporting (RMCR) firm that provides a bureau-merged credit report. In addition, all of the “Big Three” send your disputes to what are known as “third party databases”, to determine their validity. More about these in Chapter 25.
To report information to the credit bureaus, creditors must fill out an application and pay a fee to each bureau to which they wish to belong. Membership is completely voluntary. No creditor has to report anything to any bureau. The more “thrifty” creditors may expend the time, trouble, and money to report to only one credit bureau. Given the fact that each bureau has its own separate, private database and, because the credit bureaus generally don’t pass information back and forth to each other, you actually may have up to three divergent credit histories.
So who subscribes to the credit bureaus for their services? bank, finance companies, department stores, taxing authorities, landlords, and other “credit grantors” all subscribe to the CRAs. Once a creditor subscribes to a CRA’s services, the creditor is allowed to report information on your account history.
This information is stored by the CRA in a national database, and contains the following:1. Your payment history;2. Where you work and your employment history;3. Your age;4. Whether or not you’ve been divorced;5. Your address history; and6. In some cases, your salary.
Credit bureaus also search public records for:1. Bankruptcy information from the federal government; and2. Judgment and tax lien information from courts (district, circuit, justice, municipal, superior, magistrate, probate, and state), town clerks, and registers of deeds.
Just how current is the public records information? From Experian’s website:The currentness of data collected from courthouses depends on the size and/or location of each court. Data obtained from courthouses serving large metropolitan areas is updated frequently. In most cases, bankruptcies are collected on a daily basis. Almost all other courthouse data is collected monthly or weekly, with some information (usually from courthouses serving less-populated areas) collected quarterly.
Experian also states that once it receives information, that information is added to its database within 24 hours. Records on tax liens, judgments, and bankruptcies are available nationwide.

Building Your Credit From No Credit or Bad Credit

Steven Greenwald — Sat, 23 Jan 2010 08:46:21 +0000

For those who want to open a business but is apprehensive about their credit scores should not dismay. Fortunately, there are ways to break into building your credit score, even if you have no history or bad credit history. The secret is to start small and stay responsible.It is imperative that you settle your business credit card with bad or fair credit. If you have many debts or have recently gone through bankruptcy, it can be tasking to keep track of how much you owe and to whom you have a loan from.Once you get your credit report, evaluate it carefully. If you find any debts you have not paid off yet, pay them off right away. If you find any inaccuracies or mistakes on the lenders part, dispute them right away.It is always the right thing to do to first make sure you keep a record of all your correspondences with the company. If you are writing letters, print off two copies of each and date them. If you are calling on the telephone, be sure to get the name of each representative you speak with and keep a log of all the calls you make.If you find any discrepancy in your credit report, notify the credit agency that reported the issue that there is an inaccuracy. Write a letter to each credit agency notifying them of the inaccuracy and let them know that you are disputing it.Then contact the business that reported the false claim. Call them on the phone at first and let them know you will be mailing them a letter as well. If possible, ask if there is an appropriate department to address your letter. Also, let them know that you have already contacted the credit reporting bureaus about the matter.Once the matters are all resolved, get a hold of each credit agency again and make sure they include a record of the dispute and the inaccuracies resolution on all of your future credit reports. This lets lenders know that you have addressed all issues that appear on your credit report.Because of your business credit card with bad or fair credit, you may want to restart your business with a secured credit card that is issued by a bank or credit union and has a credit line that acts as your collateral for your loan in case you fail to pay. This reduces the risk for the lender and can get you better terms on your loan.If you are just starting out or already have questionable credit, a secured credit card is a better way to go. Secured credit cards ensure that you always have enough money to cover your debts, which means less liability both for you and your credit card company, especially when you have had a business credit card with bad or fair credit.Practice responsible borrowing habits• Pay off the entire balance each month. This will keep interest from building up. • Always pay on time. Just one late fee can be a blemish on your credit report that can take a long time to go away. • Don’t spend what you don’t have. Forget about cash advances, super checks, or keeping a balance over a long period of time. This leads to debt, debt, debt and interest. • Stick with one credit card Company. The longer you keep an account in good standing, the better it will look on your report. • Keep an eye on your statements. Report any unauthorized activity or errors immediately. • Negotiate better terms once you have stayed in good standing for about 2 years. Let your credit card company know that you are a responsible customer and deserve better rates. For more info: http://www.bizcreditcards.org/

Don’t Fall Prey to the Free Credit Report Lure

Steven Greenwald — Wed, 13 Jan 2010 19:32:28 +0000

The Federal Fair Credit Reporting Act has been amended, requiring each of the national consumer reporting companies, to provide you with a free copy of your credit report, at your request, once a year. TransUnion, Experian, and Equifax are the three companies required to do so. Don’t pay for your credit report, or get lured into joining a paid program, when you can get it free. Freeannualcreditreport.com is the only website used by the three credit reporting agencies. Beware of so called free reports. This is the only FTC recognised source. Take advantage of the website in order to submit the proper forms, or, if you prefer, the process can be expedited over the telephone, or by the U.S. postal service.

Can you Get a Loan if you Have Bad Credit History?

Steven Greenwald — Sun, 03 Jan 2010 04:30:53 +0000

How do you go about getting a loan when you’ve got a history of bad credit? Many banks and loan providers will want to see detailed a credit history before agreeing to give you a loan, but some people may have a history of bad credit – often due to reasons beyond their control. Missing the odd bill payment, a minor overspend, illness, redundancies or a breakdown of a relationship can all lead to times of financial difficulty which can adversely affect your credit rating.