Mar
5
Online Credit Reports
Filed Under Finance | Comments Off
Jason Gluckman asked:
Every time you ask for a mortgage, make a payment, ask for a personal loan or use a credit card, the information is recorded in your credit report. A credit report has all kinds of information about your credit status, mortgage or billing information, legal issues and more. It is the first thing lenders look at when considering your application for a loan.
Credit bureaus or consumer reporting agencies collect this information and compile reports that can be sold to employers, credit agencies and other businesses. These are reasons why you should keep a tab on your credit report. Another important reason is to prevent identity thefts, which are becoming every day occurrences. If you see suspicious information on your credit report, you can try to clear it up by explaining that the information is not correct.
Credit reports can be easily checked on-line. There are many web sites that allow you to do so. Some of them are: Informart (www.infomar-usa.com), General information services (www.geninfo.com), Business Credit USA and others. The web site of the Annual Credit Report lets you access your free credit report every 12 months.
The online credit report sites are easy to use. Choose the one approved by National Association of Professional Background Screeners, as these will be reliable and will offer the best service. You must ensure that you choose the web site that allows you access to all three agencies of Equifax, Experian and TransUnion. The three reports will be and looking at all of them will give you an overall view.
Hector
Every time you ask for a mortgage, make a payment, ask for a personal loan or use a credit card, the information is recorded in your credit report. A credit report has all kinds of information about your credit status, mortgage or billing information, legal issues and more. It is the first thing lenders look at when considering your application for a loan.
Credit bureaus or consumer reporting agencies collect this information and compile reports that can be sold to employers, credit agencies and other businesses. These are reasons why you should keep a tab on your credit report. Another important reason is to prevent identity thefts, which are becoming every day occurrences. If you see suspicious information on your credit report, you can try to clear it up by explaining that the information is not correct.
Credit reports can be easily checked on-line. There are many web sites that allow you to do so. Some of them are: Informart (www.infomar-usa.com), General information services (www.geninfo.com), Business Credit USA and others. The web site of the Annual Credit Report lets you access your free credit report every 12 months.
The online credit report sites are easy to use. Choose the one approved by National Association of Professional Background Screeners, as these will be reliable and will offer the best service. You must ensure that you choose the web site that allows you access to all three agencies of Equifax, Experian and TransUnion. The three reports will be and looking at all of them will give you an overall view.
Hector
Feb
20
Free Credit Reports – Get Your Annual Credit Reports For Free
Filed Under Finance | Comments Off
Davion Wong asked:
Your free credit reports are very important documents which you should always get every year. This will help you evaluate your overall credit standing and identify areas that need to be improved to make sure you have a good credit score. Poor credit ratings have many disadvantages which can greatly affect your financial lifestyle that may eventually affect your quality of life.
First of all, you don’t have to worry about spending few bucks for the documents because they are free credit reports sent to you upon request. There are several ways to get your free copy of the reports; such as going online and log on to the website that offers to give you free copies of your credit report. Another method is to call their customer support hotlines and request your copy; and lastly, you may ask for a copy of the request brochure from the Federal Trade Commission; fill up the form found at the back and mail it to the Annual Report Credit Request Services.
There are several reasons why you should get your free credit reports; and one of the main reasons is to check and verify if all the entries in your financial records are correct. There are many instances wherein people were very surprised that they can not get a loan; and their loan applications were always denied due to poor credit ratings even if they are prompt in all their payments and they always meet their financial obligations on time. Only then did they find out that there were erroneous entries in their credit report which greatly affected their credit score. Therefore, avoid this event to happen to you by getting your copy of the free credit-reports.
Another reason why you should get your free credit reports is to make a check and balance on your part by helping you realize which aspect of your financial behavior that needs to be improved. This will greatly help you achieve your desired high credit score in order for you to easily get applied loans approved in the future.
Still there are many things you can learn form your financial records for whatever purposes you may have today and in the future. Always take advantage of the benefits that the government and other agencies offer to you by requesting your own free credit reports today and once every year.
Holly
Your free credit reports are very important documents which you should always get every year. This will help you evaluate your overall credit standing and identify areas that need to be improved to make sure you have a good credit score. Poor credit ratings have many disadvantages which can greatly affect your financial lifestyle that may eventually affect your quality of life.
First of all, you don’t have to worry about spending few bucks for the documents because they are free credit reports sent to you upon request. There are several ways to get your free copy of the reports; such as going online and log on to the website that offers to give you free copies of your credit report. Another method is to call their customer support hotlines and request your copy; and lastly, you may ask for a copy of the request brochure from the Federal Trade Commission; fill up the form found at the back and mail it to the Annual Report Credit Request Services.
There are several reasons why you should get your free credit reports; and one of the main reasons is to check and verify if all the entries in your financial records are correct. There are many instances wherein people were very surprised that they can not get a loan; and their loan applications were always denied due to poor credit ratings even if they are prompt in all their payments and they always meet their financial obligations on time. Only then did they find out that there were erroneous entries in their credit report which greatly affected their credit score. Therefore, avoid this event to happen to you by getting your copy of the free credit-reports.
Another reason why you should get your free credit reports is to make a check and balance on your part by helping you realize which aspect of your financial behavior that needs to be improved. This will greatly help you achieve your desired high credit score in order for you to easily get applied loans approved in the future.
Still there are many things you can learn form your financial records for whatever purposes you may have today and in the future. Always take advantage of the benefits that the government and other agencies offer to you by requesting your own free credit reports today and once every year.
Holly
Feb
18
Accurate Items Are Deleted From Credit Reports Every Day
Filed Under Finance | Comments Off
David Fech asked:
The FTC tells us that “No one can legally remove accurate and timely negative information from a credit report”, credit repair companies are required by law to say the same thing, and just about every other credit repair resource you can find agrees. This statement is not only deceptive, but it is dead wrong.
The truth is that accurate items are legally removed from credit reports everyday. In an ideal world, there would be no way to remove accurate items from your credit reports but in practice this is not the case. The Fair Credit Reporting Act says the credit bureaus must remove any item on your credit reports you dispute if after performing an investigation, they are unable to prove the item should be there. A more accurate version of the statement made by the FTC is that “no one can legally remove accurate, timely, and verified negative information from a credit report”.
Although they are typically in a position of power, the credit bureaus are in a bind when it comes to investigating your disputes. When conducting an investigation, the credit bureaus have to contact the creditor or court who added the negative item to your credit reports and get them to verify the item is accurate. If they find out the negative credit item is inaccurate, then they have to delete it from your credit report or update your credit report appropriately. In addition, if they do not get proof the item should be on your credit reports within 30 days, then they are required to remove the item completely. This means that no matter how accurate a negative credit item is, if the credit bureau does not get confirmation in 30 days, it will be removed from your credit reports.
Maybe your creditor has gone out of business. Maybe they don’t have time to dig through their records. Maybe their records from four years ago are in a large box in the building’s basement and they couldn’t find your information if they tried. Maybe they are just lazy. Regardless of the reason why a creditor wouldn’t respond to the credit bureaus, the end result is you have a better credit report.
Of course, the credit bureaus have the right to add the negative item to your credit reports again if the creditor reports it again, but this is rare and even if it does happen, you can always dispute the item again.
So the next time you read that it is impossible to remove accurate information from your credit reports, know that is what creditors and the credit bureaus would like you to believe. They want to think your credit score is accurate and they do not want you abusing the system by disputing negative items you know are true.
Ronald
The FTC tells us that “No one can legally remove accurate and timely negative information from a credit report”, credit repair companies are required by law to say the same thing, and just about every other credit repair resource you can find agrees. This statement is not only deceptive, but it is dead wrong.
The truth is that accurate items are legally removed from credit reports everyday. In an ideal world, there would be no way to remove accurate items from your credit reports but in practice this is not the case. The Fair Credit Reporting Act says the credit bureaus must remove any item on your credit reports you dispute if after performing an investigation, they are unable to prove the item should be there. A more accurate version of the statement made by the FTC is that “no one can legally remove accurate, timely, and verified negative information from a credit report”.
Although they are typically in a position of power, the credit bureaus are in a bind when it comes to investigating your disputes. When conducting an investigation, the credit bureaus have to contact the creditor or court who added the negative item to your credit reports and get them to verify the item is accurate. If they find out the negative credit item is inaccurate, then they have to delete it from your credit report or update your credit report appropriately. In addition, if they do not get proof the item should be on your credit reports within 30 days, then they are required to remove the item completely. This means that no matter how accurate a negative credit item is, if the credit bureau does not get confirmation in 30 days, it will be removed from your credit reports.
Maybe your creditor has gone out of business. Maybe they don’t have time to dig through their records. Maybe their records from four years ago are in a large box in the building’s basement and they couldn’t find your information if they tried. Maybe they are just lazy. Regardless of the reason why a creditor wouldn’t respond to the credit bureaus, the end result is you have a better credit report.
Of course, the credit bureaus have the right to add the negative item to your credit reports again if the creditor reports it again, but this is rare and even if it does happen, you can always dispute the item again.
So the next time you read that it is impossible to remove accurate information from your credit reports, know that is what creditors and the credit bureaus would like you to believe. They want to think your credit score is accurate and they do not want you abusing the system by disputing negative items you know are true.
Ronald
Feb
17
How to Remove Late Payments from Your Credit Report
Filed Under Finance | Comments Off
Rachel Altman asked:
Most people know that if they pay their bills late, their credit scores will suffer. However, most people don’t know this: According to Credit.com, a single 90-day late payment is as damaging as a bankruptcy filing, a tax lien, a collection, a judgment, or a repossession. It doesn’t matter if you’re late paying a $50 credit card bill or a $2,000 mortgage payment. All that matters is that you were 90 days behind in paying your due balance.
Payment punctuality counts for about 35% of your overall credit score. Paying bills on time is generally the single most important contributor to a good credit score. Being late on any bill, for any length of time, is a possible sign of future non-payment of debt and is always viewed negatively by lenders. Late payments stay on your credit report for 7 years from the date of the initial missed payment.
A 30 or 60 day late payment will damage your credit score only while it is being reported as currently past due. They usually don’t cause lasting damage to your credit score after this period passes unless you make 30 or 60 day late payments on a regular basis.
If you only have a few 30-60 day late payments listed on your credit report, the best thing to do is contact your creditors by phone and ask them to remove it. Tell them a nice little story and ask them nicely to remove it. Follow the conversation with a written request to have the isolated late payments removed from your reports. However, if you consistently make late payments, it will probably take a little more effort.
As mentioned, a 90-120 day late payment is extremely damaging. At around 90-120 days, the creditor will usually write off the account and it will stay on your credit report as a charge off for 7 years.
If you are unable to get the creditor to remove the late payment history from your reports, there are a few other ways to do it. One of the best ways is to dispute them with the credit bureaus.
Steven
Most people know that if they pay their bills late, their credit scores will suffer. However, most people don’t know this: According to Credit.com, a single 90-day late payment is as damaging as a bankruptcy filing, a tax lien, a collection, a judgment, or a repossession. It doesn’t matter if you’re late paying a $50 credit card bill or a $2,000 mortgage payment. All that matters is that you were 90 days behind in paying your due balance.
Payment punctuality counts for about 35% of your overall credit score. Paying bills on time is generally the single most important contributor to a good credit score. Being late on any bill, for any length of time, is a possible sign of future non-payment of debt and is always viewed negatively by lenders. Late payments stay on your credit report for 7 years from the date of the initial missed payment.
A 30 or 60 day late payment will damage your credit score only while it is being reported as currently past due. They usually don’t cause lasting damage to your credit score after this period passes unless you make 30 or 60 day late payments on a regular basis.
If you only have a few 30-60 day late payments listed on your credit report, the best thing to do is contact your creditors by phone and ask them to remove it. Tell them a nice little story and ask them nicely to remove it. Follow the conversation with a written request to have the isolated late payments removed from your reports. However, if you consistently make late payments, it will probably take a little more effort.
As mentioned, a 90-120 day late payment is extremely damaging. At around 90-120 days, the creditor will usually write off the account and it will stay on your credit report as a charge off for 7 years.
If you are unable to get the creditor to remove the late payment history from your reports, there are a few other ways to do it. One of the best ways is to dispute them with the credit bureaus.
Steven