Sep
30
Steve Evans asked:
u can use your credit report you need to get yur report. Reports are available on request. Free credit reports requested by phone or mail will be processed within 15 days of receiving your request. Such reports were mandated by a federal law enacted in 2003. The program has all now been implemented.
AnnualCreditReport.com is reportedly the only official site where you can get a genuinely free copy of your credit report from all three reporting agencies. And if you/\’d rather order your free credit report by phone or by mail, you can do that too . AnnualCreditReport.com processes requests for free credit file disclosures (commonly called credit reports). I have been told that under the Fair and Accurate Credit Transactions Act (FACT Act) consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.
Now once you have joined up for your credit report such as at AnnualCreditReport.com, there is an extra peril. This is that when you receive phishing spam pretending to be your report provider asking for personal information, you may think it is from your real provider asking for your details again from you for a Review” or a “verification”. The thing to remember here is that all the nationwide consumer reporting companies have pledged that they will not send you an email asking for your personal information.
If you get an email, see a pop-up ad, or get a phone call from someone claiming to be from your credit report provider - don/\’t trust them! Do not reply but delete the email, do not click on any link in the message.
Companies or individuals promising quick fixes are almost always fraudulent. The important thing to remember is that no one can have accurate information removed from the credit file. Companies still do get away with reading your report. Haven/\’t you ever received a pre-approved credit card?
Identity theft is also on the rise, now being the number one consumer complaint reported to the Federal Trade Commission. One of the first places identity theft shows up is often on your credit report.
Identity theft may show up as suspicious credit inquiries, changes of address, accounts in default, or new fraudulent accounts in your name.
Monitoring your credit report is your first line of defense in protecting your identity. I like to use the Stop Junk Mail service because I can stop all the credit card offers and other junk mail. Monitor your credit report to catch ID fraud early.
Information here should not be construed as advice and it is offered without legal responsibility or liability. It must be emphasised that you should consult a professionally qualified individual or company (such as an accountant, financial adviser or solicitor for example) should you need advice on your financial situation, as they will be able to relate their advice to your personal needs accordingly.
LOWELL
u can use your credit report you need to get yur report. Reports are available on request. Free credit reports requested by phone or mail will be processed within 15 days of receiving your request. Such reports were mandated by a federal law enacted in 2003. The program has all now been implemented.
AnnualCreditReport.com is reportedly the only official site where you can get a genuinely free copy of your credit report from all three reporting agencies. And if you/\’d rather order your free credit report by phone or by mail, you can do that too . AnnualCreditReport.com processes requests for free credit file disclosures (commonly called credit reports). I have been told that under the Fair and Accurate Credit Transactions Act (FACT Act) consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.
Now once you have joined up for your credit report such as at AnnualCreditReport.com, there is an extra peril. This is that when you receive phishing spam pretending to be your report provider asking for personal information, you may think it is from your real provider asking for your details again from you for a Review” or a “verification”. The thing to remember here is that all the nationwide consumer reporting companies have pledged that they will not send you an email asking for your personal information.
If you get an email, see a pop-up ad, or get a phone call from someone claiming to be from your credit report provider - don/\’t trust them! Do not reply but delete the email, do not click on any link in the message.
Companies or individuals promising quick fixes are almost always fraudulent. The important thing to remember is that no one can have accurate information removed from the credit file. Companies still do get away with reading your report. Haven/\’t you ever received a pre-approved credit card?
Identity theft is also on the rise, now being the number one consumer complaint reported to the Federal Trade Commission. One of the first places identity theft shows up is often on your credit report.
Identity theft may show up as suspicious credit inquiries, changes of address, accounts in default, or new fraudulent accounts in your name.
Monitoring your credit report is your first line of defense in protecting your identity. I like to use the Stop Junk Mail service because I can stop all the credit card offers and other junk mail. Monitor your credit report to catch ID fraud early.
Information here should not be construed as advice and it is offered without legal responsibility or liability. It must be emphasised that you should consult a professionally qualified individual or company (such as an accountant, financial adviser or solicitor for example) should you need advice on your financial situation, as they will be able to relate their advice to your personal needs accordingly.
LOWELL
Sep
27
Got Trouble Correcting your Credit Report?
Filed Under Credit | Leave a Comment
GotTrouble.com asked:
AA bad credit report can prevent you from obtaining credit. If you have trouble obtaining credit, it might be because a credit agency has issued a bad report on you. You might be able to obtain a copy of your report and -if it contains false information - get it corrected.
Can I see my credit report?
If you are denied credit, you are entitled to a free copy of the consumer credit report that formed the basis of the denial. The creditor is required to tell you the name of the credit reporting agency that prepared the report on you. You must request a copy of your credit report from the agency within sixty days of the denial.
The three major credit reporting agencies are:
Experian, (800) 301-7195
Equifax, (800) 525-6285
Trans Union, (800) 680-7289
When the creditor tells you the name of the reporting agency that furnished the report, call them to find out their address. Then write a letter to the agency requesting a copy of your report.
Even if you have not been denied credit, it is probably a good idea to check your credit report for accuracy periodically. They often contain mistakes, and when you want to get a loan, you may not have time to correct them. Because you haven’t been denied credit, the report isn’t free.
What information is in a credit report?
In general, your credit report will contain information about your credit history during the last seven years. It will show:
Whom you have borrowed money from
The amount of the debt
Whether or not you made the promised payment on time and in full
The identity of any creditor who has requested information about you
If you file bankruptcy, the information remains on your credit report for ten years.
What if my credit report is incorrect?
You have a legal right to challenge the completeness and accuracy of any item in the report.
Write a letter to the credit reporting agency explaining that some of the information in the report is incomplete or inaccurate. The agency must investigate your claim - without charge - within thirty days. The agency is required to delete any information that is inaccurate or whose accuracy cannot be verified.
If the credit reporting agency’s investigation does not resolve the dispute, you have the right to send the agency a brief statement (generally 100 words or fewer) explaining your position. Your statement will become a part of your credit report and will be disclosed to creditors together with the other information in your file.
If you believe a credit reporting agency has violated your rights, contact the Federal Trade Commission or see a lawyer who specializes in consumer rights.
For this and more information on debt, bankruptcy and foreclosure visit: www.gottrouble.com/legal/finance/index.html
LEONARDO
AA bad credit report can prevent you from obtaining credit. If you have trouble obtaining credit, it might be because a credit agency has issued a bad report on you. You might be able to obtain a copy of your report and -if it contains false information - get it corrected.
Can I see my credit report?
If you are denied credit, you are entitled to a free copy of the consumer credit report that formed the basis of the denial. The creditor is required to tell you the name of the credit reporting agency that prepared the report on you. You must request a copy of your credit report from the agency within sixty days of the denial.
The three major credit reporting agencies are:
Experian, (800) 301-7195
Equifax, (800) 525-6285
Trans Union, (800) 680-7289
When the creditor tells you the name of the reporting agency that furnished the report, call them to find out their address. Then write a letter to the agency requesting a copy of your report.
Even if you have not been denied credit, it is probably a good idea to check your credit report for accuracy periodically. They often contain mistakes, and when you want to get a loan, you may not have time to correct them. Because you haven’t been denied credit, the report isn’t free.
What information is in a credit report?
In general, your credit report will contain information about your credit history during the last seven years. It will show:
Whom you have borrowed money from
The amount of the debt
Whether or not you made the promised payment on time and in full
The identity of any creditor who has requested information about you
If you file bankruptcy, the information remains on your credit report for ten years.
What if my credit report is incorrect?
You have a legal right to challenge the completeness and accuracy of any item in the report.
Write a letter to the credit reporting agency explaining that some of the information in the report is incomplete or inaccurate. The agency must investigate your claim - without charge - within thirty days. The agency is required to delete any information that is inaccurate or whose accuracy cannot be verified.
If the credit reporting agency’s investigation does not resolve the dispute, you have the right to send the agency a brief statement (generally 100 words or fewer) explaining your position. Your statement will become a part of your credit report and will be disclosed to creditors together with the other information in your file.
If you believe a credit reporting agency has violated your rights, contact the Federal Trade Commission or see a lawyer who specializes in consumer rights.
For this and more information on debt, bankruptcy and foreclosure visit: www.gottrouble.com/legal/finance/index.html
LEONARDO
Sep
20
Gene Pimentel asked:
So many people are worried about identity theft and the status of their credit report these days. But with so many companies claiming to offer you a free report, it is no wonder consumers are confused and overwhelmed about how to get the information they need. The truth is many companies are not entirely interested in giving you a free credit report, as they are in making money off of you with their other products and services. How does a consumer know where to turn for the information they need?
The Federal Trade Commission is Your Friend
The Federal Trade Commission, a Federal agency set up to protect consumers, is the only place online that offers a truly free credit report through Experian, Equifax, and TransUnion. You can receive reports on your credit every 12 months with no strings attached. Consumers often times are not even aware that they are entitled to review reports on their credit at least once a year, much less get it from a government agency.
Pitfalls to Getting Your Credit Report
Other companies will entice you to their website by stating you will receive a free credit report. Once at the website, you will often times find that you have to buy other products or services before your report will be issued to you. That’s great, if you are interested in the other products and services, but most times consumers just want to see their credit records only.
You may see ads on television or the Internet, or hear ads on the radio from companies offering free credit reports. Be alert to the fact that when you visit the website you might be obligated to buy additional products or services before receiving a report on your credit status. The FTC receives many complaints from consumers who have fallen into this credit report trap. In fact, they encourage you to report any spam websites that you come across.
How to Get Your Free Credit Report
The FTC advises consumers that you cannot get your free credit report directly through Equifax, TransUnion, and Experian. You must contact these companies directly through the FTC website. Simply type in “annual credit report” and look for the official website in your search engine. There are many websites that will have a similar name to this one, so be sure you are on the correct website by typing your search carefully. The site will guide you through the appropriate steps to receive a free report on your credit status.
Consumers typically type in search phrases such as “free credit score,” “free credit history,” and other similar phrases only to land in a website that wants to sell you something you don’t need. Avoid using these searches in the future to avoid spam websites.
You can get your annual report on your credit status for free. You can keep a watchful eye on your credit history in these days of high identity theft rates. You just have to know where to go to get the information you need.
ISIDRO
So many people are worried about identity theft and the status of their credit report these days. But with so many companies claiming to offer you a free report, it is no wonder consumers are confused and overwhelmed about how to get the information they need. The truth is many companies are not entirely interested in giving you a free credit report, as they are in making money off of you with their other products and services. How does a consumer know where to turn for the information they need?
The Federal Trade Commission is Your Friend
The Federal Trade Commission, a Federal agency set up to protect consumers, is the only place online that offers a truly free credit report through Experian, Equifax, and TransUnion. You can receive reports on your credit every 12 months with no strings attached. Consumers often times are not even aware that they are entitled to review reports on their credit at least once a year, much less get it from a government agency.
Pitfalls to Getting Your Credit Report
Other companies will entice you to their website by stating you will receive a free credit report. Once at the website, you will often times find that you have to buy other products or services before your report will be issued to you. That’s great, if you are interested in the other products and services, but most times consumers just want to see their credit records only.
You may see ads on television or the Internet, or hear ads on the radio from companies offering free credit reports. Be alert to the fact that when you visit the website you might be obligated to buy additional products or services before receiving a report on your credit status. The FTC receives many complaints from consumers who have fallen into this credit report trap. In fact, they encourage you to report any spam websites that you come across.
How to Get Your Free Credit Report
The FTC advises consumers that you cannot get your free credit report directly through Equifax, TransUnion, and Experian. You must contact these companies directly through the FTC website. Simply type in “annual credit report” and look for the official website in your search engine. There are many websites that will have a similar name to this one, so be sure you are on the correct website by typing your search carefully. The site will guide you through the appropriate steps to receive a free report on your credit status.
Consumers typically type in search phrases such as “free credit score,” “free credit history,” and other similar phrases only to land in a website that wants to sell you something you don’t need. Avoid using these searches in the future to avoid spam websites.
You can get your annual report on your credit status for free. You can keep a watchful eye on your credit history in these days of high identity theft rates. You just have to know where to go to get the information you need.
ISIDRO
Sep
17
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.
DYLAN
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.
DYLAN
Sep
15
Liz Roberts asked:
Whenever somebody applies for credit or financing, his or her credit report will be pulled electronically from any of the three major consumer reporting agencies (CRA). These CRAs are Experian, Trans Union, or Equifax - companies that are responsible for maintaining correct and up-to-date credit information around the country. Everyone is probably aware that these three nationwide credit bureaus have to monitor billions of data records therefore it is not inevitable to find errors with the reports. A majority of consumers would have at least one omission or inaccurate detail on their credit report.
It is for this very reason that as a consumer, the responsibility of checking your own credit information falls on your shoulders. Make sure that you get a copy of your credit report from each of the three Credit Reporting Agencies. You should contact each credit bureau and ask for your free credit report (you are entitled to 1 free copy every year). If you have been denied credit within the past 60 days, you are also entitled to a free credit report.
Here is a list of each credit bureau. Make that call and start checking your credit info.
Equifax, P.O. Box 740241, Atlanta , GA 30374-0241;(800) 685-1111.
Experian(formerly TRW),P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).
Trans Union , P.O. Box 1000 , Chester , PA 19022 ; (800) 916-8800.
Using The Internet To Obtain Your Credit Report
You can also use the internet to obtain your credit report. Many companies offer instant access to your credit report online and will offer you a free credit report if you try their credit monitoring service for 30 days. Credit monitoring services are a great way to keep track of your credit and stop potential identity thieves. As soon as you or someone else applies for credit using your name and social security number, these services will alert you via email. If you did not request this new credit you just need to log into your account and start the process of alerting the credit bureaus of potential fraud activity.
How is the information found on your credit report used
The credit information that is reported on your credit report will be used to evaluate you when you apply for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA). Therefore it is crucial that you review your credit reports for accuracy from at least annually.
Why is it important to monitor your credit report
By monitoring your credit report you will save yourself a lot of problems or unpleasant surprises when you have to get that credit card or if you’re considering buying a home. You will also be aware of any potential problems that may stop the credit grantor from approving you for the credit you seek. Knowing exactly what a lender will see when they pull your credit will allow you either try to dispute the items and have them removed from your report or prepare explanations for the credit problems and discuss them with your potential lender BEFORE you apply for that line of credit.
What to do if you find inaccurate information
- Be meticulous in examining your credit information. If you see any discrepancies, verify them as soon as possible. The law says that the credit bureau should examine the matter within a reasonable amount of time, usually 30 days.
- Dispute inaccurate information your credit report. Some credit repair specialist suggests you dispute items one at a time. Some say do it all at once. I have had clients that have done both, and there was never any one way that was more successful then the other in our case. I truly believe it depends on the agent you get at the credit bureau.
- Write an ORIGINAL dispute letter. Don’t just copy a form you found online. If you found it, then so did potentially hundreds if not thousands of other people. The agents at the credit bureaus in the disputes area have probably seen any freely given online dispute letter hundreds if not thousands of times. They will not take your request as seriously as they should if you do this.
The credit bureau is required to investigate and if that item cannot be confirmed within a reasonable amount of time, that credit record must be removed from the credit file. They must provide you with a free copy of your corrected credit report. Send your dispute letter to the credit bureau via certified mail, return receipt requested. If you are using a credit monitoring system you can do this online. Just make sure they send your dispute to all 3 agencies. If the credit bureau completes its investigation and decides that the negative information should remain in your file, you can add a letter of explanation to your credit report to refute the claim.
THEODORE
Whenever somebody applies for credit or financing, his or her credit report will be pulled electronically from any of the three major consumer reporting agencies (CRA). These CRAs are Experian, Trans Union, or Equifax - companies that are responsible for maintaining correct and up-to-date credit information around the country. Everyone is probably aware that these three nationwide credit bureaus have to monitor billions of data records therefore it is not inevitable to find errors with the reports. A majority of consumers would have at least one omission or inaccurate detail on their credit report.
It is for this very reason that as a consumer, the responsibility of checking your own credit information falls on your shoulders. Make sure that you get a copy of your credit report from each of the three Credit Reporting Agencies. You should contact each credit bureau and ask for your free credit report (you are entitled to 1 free copy every year). If you have been denied credit within the past 60 days, you are also entitled to a free credit report.
Here is a list of each credit bureau. Make that call and start checking your credit info.
Equifax, P.O. Box 740241, Atlanta , GA 30374-0241;(800) 685-1111.
Experian(formerly TRW),P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).
Trans Union , P.O. Box 1000 , Chester , PA 19022 ; (800) 916-8800.
Using The Internet To Obtain Your Credit Report
You can also use the internet to obtain your credit report. Many companies offer instant access to your credit report online and will offer you a free credit report if you try their credit monitoring service for 30 days. Credit monitoring services are a great way to keep track of your credit and stop potential identity thieves. As soon as you or someone else applies for credit using your name and social security number, these services will alert you via email. If you did not request this new credit you just need to log into your account and start the process of alerting the credit bureaus of potential fraud activity.
How is the information found on your credit report used
The credit information that is reported on your credit report will be used to evaluate you when you apply for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA). Therefore it is crucial that you review your credit reports for accuracy from at least annually.
Why is it important to monitor your credit report
By monitoring your credit report you will save yourself a lot of problems or unpleasant surprises when you have to get that credit card or if you’re considering buying a home. You will also be aware of any potential problems that may stop the credit grantor from approving you for the credit you seek. Knowing exactly what a lender will see when they pull your credit will allow you either try to dispute the items and have them removed from your report or prepare explanations for the credit problems and discuss them with your potential lender BEFORE you apply for that line of credit.
What to do if you find inaccurate information
- Be meticulous in examining your credit information. If you see any discrepancies, verify them as soon as possible. The law says that the credit bureau should examine the matter within a reasonable amount of time, usually 30 days.
- Dispute inaccurate information your credit report. Some credit repair specialist suggests you dispute items one at a time. Some say do it all at once. I have had clients that have done both, and there was never any one way that was more successful then the other in our case. I truly believe it depends on the agent you get at the credit bureau.
- Write an ORIGINAL dispute letter. Don’t just copy a form you found online. If you found it, then so did potentially hundreds if not thousands of other people. The agents at the credit bureaus in the disputes area have probably seen any freely given online dispute letter hundreds if not thousands of times. They will not take your request as seriously as they should if you do this.
The credit bureau is required to investigate and if that item cannot be confirmed within a reasonable amount of time, that credit record must be removed from the credit file. They must provide you with a free copy of your corrected credit report. Send your dispute letter to the credit bureau via certified mail, return receipt requested. If you are using a credit monitoring system you can do this online. Just make sure they send your dispute to all 3 agencies. If the credit bureau completes its investigation and decides that the negative information should remain in your file, you can add a letter of explanation to your credit report to refute the claim.
THEODORE
Sep
15
Terry Parker asked:
Everyone knows that when you shop for a car, house, or anything else you plan on purchasing using credit, the terms and rates will be dependent on your credit rating. Therefore, many consumers will pull a personal credit report to use when shopping around to see what type of deal a merchant, creditor or lender may be able to give them.
Many consumers like to use a personal credit report when shopping for two reasons. One reason is that consumers know that inquiries into their credit history can lower their credit score. So it is very beneficial to keep credit inquiries to a minimum. Also the consumer may have to pay a credit report fee to the lender or creditor when they pull a credit report.
But consumers often wonder why a creditor will not accept a recent credit report especially when it was recently obtained. Consumers will find out that a creditor or lender may use the recent consumer report at first just to give an estimate of what terms and rates may be available but before an actual sale or transaction can occur the creditor or lender will need to pull another report. There are several reasons why another report will be needed.
A creditor or lender must always take action to protect itself and its investors by performing the proper due diligence on each deal and this includes pulling all consumers credit reports directly. With technology today it would be very easy for someone to fabricate a consumer credit report. This could even be as easy as electronically cutting and pasting a name on the credit report of another person. A creditor or lender must take precaution and pull a credit report directly to protect everyone. This adds an extra layer of protection for everyone. Identity theft is on the rise and the FBI has declared it a national epidemic.
Another reason is because the report that a lender or creditor may receive is very different from the consumer report. A basic consumer report is what an individual gets when they order their own credit history. This report can be obtained from a local credit bureau or from one of the big three: Experian, Equifax, or Transunion. The costs for these typically range from $8 to $15. Typical consumer reports contain basic personal information, some employment history, different credit accounts, some credit history and may include a credit score.
A merchant on the other hand will pull a full merchant report that will contain more information than a basic consumer report and will provide it with more detailed breakdowns. The merchant report will also show a complete FICO scoring system rating for the applicant which will include a full detailed credit history breakdown. In essence the lender or creditor has a full merchant scored report which is much more accurate than a regular consumer report. So a personal consumer report may be used to shop around to learn what may be available. But if you are serious about a purchase and want to see exactly what terms and rates you can get be prepared to have a full merchant report pulled. The good news is that you may be able to get a better deal than you thought was possible based on your consumer report.
LANDON
Everyone knows that when you shop for a car, house, or anything else you plan on purchasing using credit, the terms and rates will be dependent on your credit rating. Therefore, many consumers will pull a personal credit report to use when shopping around to see what type of deal a merchant, creditor or lender may be able to give them.
Many consumers like to use a personal credit report when shopping for two reasons. One reason is that consumers know that inquiries into their credit history can lower their credit score. So it is very beneficial to keep credit inquiries to a minimum. Also the consumer may have to pay a credit report fee to the lender or creditor when they pull a credit report.
But consumers often wonder why a creditor will not accept a recent credit report especially when it was recently obtained. Consumers will find out that a creditor or lender may use the recent consumer report at first just to give an estimate of what terms and rates may be available but before an actual sale or transaction can occur the creditor or lender will need to pull another report. There are several reasons why another report will be needed.
A creditor or lender must always take action to protect itself and its investors by performing the proper due diligence on each deal and this includes pulling all consumers credit reports directly. With technology today it would be very easy for someone to fabricate a consumer credit report. This could even be as easy as electronically cutting and pasting a name on the credit report of another person. A creditor or lender must take precaution and pull a credit report directly to protect everyone. This adds an extra layer of protection for everyone. Identity theft is on the rise and the FBI has declared it a national epidemic.
Another reason is because the report that a lender or creditor may receive is very different from the consumer report. A basic consumer report is what an individual gets when they order their own credit history. This report can be obtained from a local credit bureau or from one of the big three: Experian, Equifax, or Transunion. The costs for these typically range from $8 to $15. Typical consumer reports contain basic personal information, some employment history, different credit accounts, some credit history and may include a credit score.
A merchant on the other hand will pull a full merchant report that will contain more information than a basic consumer report and will provide it with more detailed breakdowns. The merchant report will also show a complete FICO scoring system rating for the applicant which will include a full detailed credit history breakdown. In essence the lender or creditor has a full merchant scored report which is much more accurate than a regular consumer report. So a personal consumer report may be used to shop around to learn what may be available. But if you are serious about a purchase and want to see exactly what terms and rates you can get be prepared to have a full merchant report pulled. The good news is that you may be able to get a better deal than you thought was possible based on your consumer report.
LANDON
Sep
14
nyqnzdude asked:
i read an article about credit cards @ aol.com and it seems that soon or after a certain amount of days of an idled/inactive credit card. the company will shut you down (close your account) and that close will hurt your credit score MORE than the consumer closing the account.
i read an article about credit cards @ aol.com and it seems that soon or after a certain amount of days of an idled/inactive credit card. the company will shut you down (close your account) and that close will hurt your credit score MORE than the consumer closing the account.
CURRENT SCORE = ===749===
amex cc - $0 balance / idled (used it for 3-4months max longtime ago)
macys store - $0 balance / idled
century21 mastercard - $800 balance / 1500 credit limit
chase visa - $500 balance / 1300 credit limit
bloomingdales store - $600 balance / 2000 credit limit
bloomingdales visa - $0 balance / NEVER used. but active i think
i’m scared that if you put you’re card on idle/inactive. that after a certain time they will close it for you and it will impact a lot worse on your credit report rather than the consumer closing it. Is there any suggestions? should i close any cards or let them close it? i’m not sure how long they let you have it inactive for. but from reading it will hurt more if they close it. damnit. i wish i just had 2 cards…..arg……what is highly recommended here….close the newer ones? how should i do it? i have a friend that closed 3 credit cards 10yrs ago and 10yrs later hes credit score went from 650 to 740. but i don’t wan’t that to happen to me. how many points will drop if i close an account ? i make $11 an hour & go to school.
———————————————————————————————
i’m thinking of transfering the $800 from century21 mastercard to the chase visa cause of lower interest rate. i hear that some companies can rise the interest rate cause of this? overall this detailed info, do you suggest it? if so replay separately concerning this transfering
JOEY
Sep
11
Mike Clover asked:
The FTC claims that Credit Report Repair may be better for you if you do it yourself. You have seen advertisements on TV, local newspapers, internet. All of these credit report repair companies claim the following:
* "Credit Problem? No Problem!"
* " We can get rid of bad credit problems - 100% guaranteed"
* "We can remove bankruptcies, judgments, bad loans and tax liens from your credit file forever
The FTC says "Don’t believe these statements. The only thing that will fix your credit is time, conscious effort, and a personal debt repayment plan will improve your credit report.
This article will explain how you can improve your creditworthiness and gives legitimate resources for low or no cost help.
The Scam
All over the US companies appeal to families and individuals that have bad credit problems. They promise for a fee, to clean up your credit report so you can get a car loan, a home mortgage, a job or even a insurance. The fact is, they cannot deliver. After you pay them hundred of dollars or even thousands of dollars in fees, these companies do absolutely nothing to improve your credit report. They typically vanish with your money says the FTC.
Warning Signs
If you feel credit repair with one of these companies is your choice, look out for the following.
* Companies that want you to pay before services are rendered
* Companies that don’t tell you your legal rights and what you cannot do yourself for free
* Companies that recommend that you don’t contact the credit reporting companies
* Companies that recommend you create a new identity by way of Identification Number.
* Companies that advise you to dispute all information in your credit report
Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed services they claim they can provide. The FTC says to get what they claim they can do in written, and once it is done then pay them.
The FACTS
No one can legally remove accurate information from you credit report. If you owe the debt, it will be on there for 7 years from original collection date. The law allows you the consumer to dispute inaccurate information on your report for FREE. There is no cost to you for doing this. Everything a credit repair company does for a fee, you can do it yourself for FREE. This is all in accordance to the Fair Credit Reporting Act (FCRA)
v You are entitled to Free Credit Report if you are denied for the following
1. Credit Application
2. Insurance
3. Employment
You are to ask for this report within 60 days of receiving this notification. You are also entitled to the free report if you are unemployed and are about to apply for job, if you are on welfare, or if your report is inaccurate because of fraud including identity theft.
v All 3 Credit Bureaus - Equifax, Trans Union and Experian are required to provide you once a year with a Free Credit Report. In order to get this report you must go to annualcreditreport.com.
v You are allowed to dispute items that are not yours for free. Under the FCRA any company that is reporting information about you that is inaccurate, this information must be updated correctly. If you owe the debt it will not be removed.
Step One
The consumer credit reporting company that is reporting information incorrectly about you must be informed in writing what information is inaccurate. You are to include a copy of documents backing your claim. You are to clearly identify in the claim the following
1. Your full name
2. Address
3. The item in the report that you are disputing
4. The request that it should be removed or corrected
5. Enclose a copy of the report and circle the item in question.
Your credit report dispute letter may look something like this:
Date
You’re Name
Mailing Address
City, State, Zip
Re: Disputing Inaccuracies on My Credit Report
Name of Credit Reporting Bureau
Mailing Address
City, State, Zip
Dear Sir or Madam:
I am writing for two (2) reasons:
1. To dispute certain information in my credit file; and
2. To have you investigate/re-investigate and remove inaccurate information from
my Credit Report and prevent its re-insertion. The item(s) I dispute are encircled
on the attached copy of the credit report and further identified by (identify the
items by name of source, such as creditor or tax court, etc. and identify type of
item, such as credit account, judgment, etc.)This item is (inaccurate or
incomplete) because (describe what is inaccurate or incomplete and why). I am
requesting that the item be deleted (or whatever specific change you are
requesting) to correct the information.(If you are enclosing documents such as
copies of cancelled checks, payment records, court documents, send copies
only, you should always retain the originals — and use the following sentence.)
Enclosed are copies of the following documents supporting my position:
1.
2.
3.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed
items within the time frame required by the Fair Credit Reporting Act (FCRA) and
inform me in writing of the outcome. Thank you for your time and consideration in
this matter.
Sincerely,
________________________
(Signature)
Your name
Once the investigation is complete, whether they removed the item or not, the creditor must give you something in writing. If the information was deemed incorrect, then they must remove it, and not put it back on your report.
Step Two
Advise the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies only, not your original supporting your claim. The creditors usually provide an address for disputes. If the creditor reports the items to the 3 credit bureaus, they must include the dispute during the reporting time. If you are correct, the creditor must remove the item from the Bureaus it’s reporting too.
For information on "How to Dispute Credit Report Errors, go to ftc.gov/credit.
The reporting of correct information
When negative information is being reported about you, and it’s accurate the only way it will go away is with time. A consumer credit reporting company can report negative information about you for 7 years and bankruptcies for 10 years. Judgments can be reported for 7 years or until the statue of limitations run out.
Credit Repair Organization Act
By law credit repair companies must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign any contract. They must also give you a written contract that specifies your rights and obligations. Read these documents carefully before you sign anything.
Example of what a credit report company cannot do:
v Charge you for anything until services have been completed
v Make false claims about there services
v Provide any services until they have your signature on a written contract and have completed a 3 day waiting period. During this time you may cancel the contract without any fees occurred.
v Payment terms for services rendered, along with total cost
v Detailed description of services you are paying for
v How long it will take to achieve results
v Any guarantees they offer
v Company address and name
Check your Credit Report at least 4 to 5 times a year.
Even if you don’t have poor credit, you need to know what’s on your credit report. Here are some good reasons per the FTC.
v Because the information it contains may affect whether you get a loan and the payment terms for that loan
v Make sure the information is accurate, complete, and up to date before you apply for a mortgage, credit card, car, insurance or even a job.
v To help guard against identity theft
Hopefully this has shed some light on credit repair, and the importance of have a recent copy of your free credit report.
ROBIN
The FTC claims that Credit Report Repair may be better for you if you do it yourself. You have seen advertisements on TV, local newspapers, internet. All of these credit report repair companies claim the following:
* "Credit Problem? No Problem!"
* " We can get rid of bad credit problems - 100% guaranteed"
* "We can remove bankruptcies, judgments, bad loans and tax liens from your credit file forever
The FTC says "Don’t believe these statements. The only thing that will fix your credit is time, conscious effort, and a personal debt repayment plan will improve your credit report.
This article will explain how you can improve your creditworthiness and gives legitimate resources for low or no cost help.
The Scam
All over the US companies appeal to families and individuals that have bad credit problems. They promise for a fee, to clean up your credit report so you can get a car loan, a home mortgage, a job or even a insurance. The fact is, they cannot deliver. After you pay them hundred of dollars or even thousands of dollars in fees, these companies do absolutely nothing to improve your credit report. They typically vanish with your money says the FTC.
Warning Signs
If you feel credit repair with one of these companies is your choice, look out for the following.
* Companies that want you to pay before services are rendered
* Companies that don’t tell you your legal rights and what you cannot do yourself for free
* Companies that recommend that you don’t contact the credit reporting companies
* Companies that recommend you create a new identity by way of Identification Number.
* Companies that advise you to dispute all information in your credit report
Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed services they claim they can provide. The FTC says to get what they claim they can do in written, and once it is done then pay them.
The FACTS
No one can legally remove accurate information from you credit report. If you owe the debt, it will be on there for 7 years from original collection date. The law allows you the consumer to dispute inaccurate information on your report for FREE. There is no cost to you for doing this. Everything a credit repair company does for a fee, you can do it yourself for FREE. This is all in accordance to the Fair Credit Reporting Act (FCRA)
v You are entitled to Free Credit Report if you are denied for the following
1. Credit Application
2. Insurance
3. Employment
You are to ask for this report within 60 days of receiving this notification. You are also entitled to the free report if you are unemployed and are about to apply for job, if you are on welfare, or if your report is inaccurate because of fraud including identity theft.
v All 3 Credit Bureaus - Equifax, Trans Union and Experian are required to provide you once a year with a Free Credit Report. In order to get this report you must go to annualcreditreport.com.
v You are allowed to dispute items that are not yours for free. Under the FCRA any company that is reporting information about you that is inaccurate, this information must be updated correctly. If you owe the debt it will not be removed.
Step One
The consumer credit reporting company that is reporting information incorrectly about you must be informed in writing what information is inaccurate. You are to include a copy of documents backing your claim. You are to clearly identify in the claim the following
1. Your full name
2. Address
3. The item in the report that you are disputing
4. The request that it should be removed or corrected
5. Enclose a copy of the report and circle the item in question.
Your credit report dispute letter may look something like this:
Date
You’re Name
Mailing Address
City, State, Zip
Re: Disputing Inaccuracies on My Credit Report
Name of Credit Reporting Bureau
Mailing Address
City, State, Zip
Dear Sir or Madam:
I am writing for two (2) reasons:
1. To dispute certain information in my credit file; and
2. To have you investigate/re-investigate and remove inaccurate information from
my Credit Report and prevent its re-insertion. The item(s) I dispute are encircled
on the attached copy of the credit report and further identified by (identify the
items by name of source, such as creditor or tax court, etc. and identify type of
item, such as credit account, judgment, etc.)This item is (inaccurate or
incomplete) because (describe what is inaccurate or incomplete and why). I am
requesting that the item be deleted (or whatever specific change you are
requesting) to correct the information.(If you are enclosing documents such as
copies of cancelled checks, payment records, court documents, send copies
only, you should always retain the originals — and use the following sentence.)
Enclosed are copies of the following documents supporting my position:
1.
2.
3.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed
items within the time frame required by the Fair Credit Reporting Act (FCRA) and
inform me in writing of the outcome. Thank you for your time and consideration in
this matter.
Sincerely,
________________________
(Signature)
Your name
Once the investigation is complete, whether they removed the item or not, the creditor must give you something in writing. If the information was deemed incorrect, then they must remove it, and not put it back on your report.
Step Two
Advise the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies only, not your original supporting your claim. The creditors usually provide an address for disputes. If the creditor reports the items to the 3 credit bureaus, they must include the dispute during the reporting time. If you are correct, the creditor must remove the item from the Bureaus it’s reporting too.
For information on "How to Dispute Credit Report Errors, go to ftc.gov/credit.
The reporting of correct information
When negative information is being reported about you, and it’s accurate the only way it will go away is with time. A consumer credit reporting company can report negative information about you for 7 years and bankruptcies for 10 years. Judgments can be reported for 7 years or until the statue of limitations run out.
Credit Repair Organization Act
By law credit repair companies must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign any contract. They must also give you a written contract that specifies your rights and obligations. Read these documents carefully before you sign anything.
Example of what a credit report company cannot do:
v Charge you for anything until services have been completed
v Make false claims about there services
v Provide any services until they have your signature on a written contract and have completed a 3 day waiting period. During this time you may cancel the contract without any fees occurred.
v Payment terms for services rendered, along with total cost
v Detailed description of services you are paying for
v How long it will take to achieve results
v Any guarantees they offer
v Company address and name
Check your Credit Report at least 4 to 5 times a year.
Even if you don’t have poor credit, you need to know what’s on your credit report. Here are some good reasons per the FTC.
v Because the information it contains may affect whether you get a loan and the payment terms for that loan
v Make sure the information is accurate, complete, and up to date before you apply for a mortgage, credit card, car, insurance or even a job.
v To help guard against identity theft
Hopefully this has shed some light on credit repair, and the importance of have a recent copy of your free credit report.
ROBIN
Sep
7
Why should you get a Credit Report before Applying for a Credit Card?
Filed Under Non Fiction | Leave a Comment
Jon Francis asked:
How much do you know about your credit report? Do you know what gets recorded in it, and how your credit report affects you when you apply for a credit card? Here are some things you should know about your credit report.
- What is a credit report? Consumer credit reporting agencies compile information about you through many sources. These include your accounts with utility companies, any accounts you may have with merchants, credit card vendors and other lenders. Your report provides a snapshot of your credit history. When a lender looks at your report, they’ll be able to tell if you generally make your bill and account payments on time, how much credit you have available to you and whether or not you’re a good financial risk for the to loan money.
- What’s in my credit report? Your credit report contains anything having to do with your credit history. Among the things most often noted are the credit cards that you hold, the limit on each and the outstanding balance; the date and amount of any missed or late payments on cards and other accounts; your record of paying your utilities on time; your employment information, including amount and source of income; whether you have ever had a loan or account written off, and whether there have been any CCJs issued against you.
Someone who accesses your credit report will know how much you make, how much you owe, how much more credit you have available to you and how responsible you are about paying your bills.
- Who can see my credit report? Only you and those with a valid reason for needing information about your credit history can access your report. Those valid reasons include verifying income for loan purposes, checking credit before leasing you a flat or checking your credit records before hiring you for a job.
In general, any of these people must have your permission before accessing your credit report. When you sign an application for a loan or a job or a place to live, chances are the application includes a clause granting permission for the company or individual to check your credit report.
- How does a credit card company use my credit report? When you apply for a credit card, the company will check your credit report to see if you fit the profile of their ideal credit card holder. The better your score is, the more likely you are to be offered a deal at an excellent interest rate.
- Why should I get my credit report before I apply for a credit card? Sometimes mistakes are made. By checking your own credit report before you apply for a credit card, you can catch mistakenly reported overdue accounts and other adverse information that’s in error before it affects your chances of getting a credit card.
- How can I fix things on my credit report before I apply for a credit card? If you find a mistake on your report, you should notify it in writing with any evidence you have to support it to the credit reporting agency with the erroneous record.
- Now that I’ve got my credit report, where do I find a credit card? There are some great comparison sites out there where you can compare credit card terms and conditions, apply online and find the best deal for you. You can visit these to find out more about how to compare rates and conditions and apply for the best credit card online.
BERNARD
How much do you know about your credit report? Do you know what gets recorded in it, and how your credit report affects you when you apply for a credit card? Here are some things you should know about your credit report.
- What is a credit report? Consumer credit reporting agencies compile information about you through many sources. These include your accounts with utility companies, any accounts you may have with merchants, credit card vendors and other lenders. Your report provides a snapshot of your credit history. When a lender looks at your report, they’ll be able to tell if you generally make your bill and account payments on time, how much credit you have available to you and whether or not you’re a good financial risk for the to loan money.
- What’s in my credit report? Your credit report contains anything having to do with your credit history. Among the things most often noted are the credit cards that you hold, the limit on each and the outstanding balance; the date and amount of any missed or late payments on cards and other accounts; your record of paying your utilities on time; your employment information, including amount and source of income; whether you have ever had a loan or account written off, and whether there have been any CCJs issued against you.
Someone who accesses your credit report will know how much you make, how much you owe, how much more credit you have available to you and how responsible you are about paying your bills.
- Who can see my credit report? Only you and those with a valid reason for needing information about your credit history can access your report. Those valid reasons include verifying income for loan purposes, checking credit before leasing you a flat or checking your credit records before hiring you for a job.
In general, any of these people must have your permission before accessing your credit report. When you sign an application for a loan or a job or a place to live, chances are the application includes a clause granting permission for the company or individual to check your credit report.
- How does a credit card company use my credit report? When you apply for a credit card, the company will check your credit report to see if you fit the profile of their ideal credit card holder. The better your score is, the more likely you are to be offered a deal at an excellent interest rate.
- Why should I get my credit report before I apply for a credit card? Sometimes mistakes are made. By checking your own credit report before you apply for a credit card, you can catch mistakenly reported overdue accounts and other adverse information that’s in error before it affects your chances of getting a credit card.
- How can I fix things on my credit report before I apply for a credit card? If you find a mistake on your report, you should notify it in writing with any evidence you have to support it to the credit reporting agency with the erroneous record.
- Now that I’ve got my credit report, where do I find a credit card? There are some great comparison sites out there where you can compare credit card terms and conditions, apply online and find the best deal for you. You can visit these to find out more about how to compare rates and conditions and apply for the best credit card online.
BERNARD
Sep
6
Should I Go On This Job Interview Even Though I Have Horrible Credit?
Filed Under Credit | 4 Comments
Tiffany B asked:
Hi there-I need to know if I should take a chance and go on this job interview tomorrow-they issue consumer background/credit checks, and since the beginning of this year when I left my last job, my credit has been HORRIBLE. No one will hire me because every where I apply, they all do credit checks. I’ve been doing my best to apply to non-for-profit organizations and/or small companies that I think won’t run a consumer report, but this is an public relations agency and they are rapidly expanding. I’ve been unemployed roughly for about nine months now, and I’m sick of the rigamarole. I can’t bear the thought of wasting hours of time going through another fruitless job interview. Please advise? Thanks
HERBERT
Hi there-I need to know if I should take a chance and go on this job interview tomorrow-they issue consumer background/credit checks, and since the beginning of this year when I left my last job, my credit has been HORRIBLE. No one will hire me because every where I apply, they all do credit checks. I’ve been doing my best to apply to non-for-profit organizations and/or small companies that I think won’t run a consumer report, but this is an public relations agency and they are rapidly expanding. I’ve been unemployed roughly for about nine months now, and I’m sick of the rigamarole. I can’t bear the thought of wasting hours of time going through another fruitless job interview. Please advise? Thanks
HERBERT