Consumer Credit Reports – equifax experian score

G.I.JANE asked:


04/30/08 enter af recruiters office i had done “enough ” homework up to that point and was under the impression that the recruiters job was to basically take it from there. I left being told I could be at meps in one week. I was misled. I have to the best of my ability produced documents (to include but are not limited to) explanation of any and all legal infractions-down to seat belt warnings-A detailed credit report along with explanations of economic hardship etc. I have sought the professional opinion of a licensed consumer credit counselor-have made arrangements with creditors to have a monthly consolidated fee drafted from a account – Single handedly coaxed my student loan (2) into deferment And have obtained two exceptional reccomendation letters from exemplary members of the community. I made a 78 on my asvab. (DROVE MYSELF) .I have produced and reproduced documents. -Today he tells me if my folder is not complete by 5 pm tomorrow well i guess its game over-excuse me? ***?

Roberto

Bigfoot asked:


NCO financial keeps reporting I am in collection for $94 for an old utility bill. I have disputed this with them several times. I never paid them or received any letters from them about a collection. I never really was past due, and the account number they keep giving me is not what the Utility Company’s account number for me is. The utility company sent me in writing the correct account number and proof that I have no balance.

NCO states:
Wrong account number
Wrong account dates (they list: date opened 12/2004 date closed 12/2004)
Amount sent to collection: $94
Amount due: $0

Utility Company sent me a letter that states:
Correct account number
Correct History (account opened in 1999 and paid in full; closed 11/2005 by consumer)
Amount due: $0

Should I personally dispute this with NCO again – or just dispute with the CRA’s letting them know that NCO should be removed and provide a copy of the letter from the Utility Company proving NCO is wrong?

Yolanda

Jon Arnold asked:




The vast majority of consumers have an “ok” credit score. It is acceptable, but it is neither tremendously high nor tremendously low. It is not high enough where they could buy an aircraft carrier on their signature alone, but it is not bad enough where even 7-11 requires cash for a pack of gum.

This is not a bad situation to be in, if you find yourself within that majority, but with a bit of additional effort and knowledge, you can increase your credit score. What would that mean for you? Know that your credit score is being in a lot of different places today, and many more than you would think because it is not just for pure financial transactions anymore. Many car insurance companies are looking at an applicant’s credit score to determine what insurance rate to charge, where the insurance companies claim they have statistical evidence proving that people with lower credit scores file more claims. If you are looking for a new job, especially one in the higher ranks or upper management of a company, many employers are now using a candidate’s credit score as the deciding factor if all else is pretty much equal.

And of course with a higher credit score, you get the preferred loan rate when you are shopping for that new car, or a much better rate if you apply for a mortgage or go to refinance your existing mortgage, all of which can add up to hundreds and even thousands of dollars per year.

But keep in mind that raising your credit score does not happen overnight. Your credit score is a composite score based on your credit history, and a “history” or even a “trend” is not created overnight, but is seen as an established pattern that you follow.

It is probably no surprise to you that the single largest factor that will influence your credit score is your payment history. Do you pay your bills on time with at least the minimum payment each month? If you have not been doing this, now is a great time to start that trend, since this factor accounts for almost 35% of your overall credit score.

The second largest factor affecting your credit score is the total amount of all your accounts compared to your credit limit on those credit cards. If all your credit cards are near their credit limit or maxed out most of the time, this is definitely bad for your credit score. The standard rule of thumb is to keep your balance, if you carry a balance at all, to about 25-30% of your credit limit. This shows that you are using credit responsibly and will improve your credit score.

If you have old accounts that are paid off, some people say to close them and it will help your credit score. This is a myth. Those accounts, if you kept them in good standing, factor into your score and become a part of your credit history. Closing those accounts eliminates that part of your credit history which can actually lower your score.

There are many other factors that go into computing your credit score, but one of the things that you should do at least once or twice a year is get copies of your credit report from each of the three major credit reporting bureaus; Equifax, TransUnion and Experian. Studies show that the vast majority of consumers have errors in their credit reports, and these errors do not auto-correct, but remain there unless you dispute them. If you do not dispute an incorrect item that is negative, your credit score is going to be calculated lower than it should be.

Take the time to handle your credit responsibly and wisely, and keep an eye on your credit report to avoid errors and incorrect data creeping in there. Doing so only takes a bit of effort and can pay off in spades for you and your financial future.

Antonio

sunflower asked:


I was asked 2 yrs ago at Macy’s to open an account. I was rebuilding my credit at the time and did not want to but I tried as the salesgirl was especially nice- Well I got it and it was a Macy’s Visa not just a store card- I used it and paid it off- was never late- I did not go late on other accounts and now they cancelled me and said my credit score was not good enough- I contacted Experien and my history is not bad- I am buying a house soon and need some advice who I can contact to fix this mess. I want to cancel my Macy’s store card too now but fear that it would look bad on the credit report to cancel my card. It seems like the credit reporting companies do not assist consumers like I thought they would. Thanks for helping.

Eva

Steve Valentino asked:




There are quite a few types of background checks that can be done on a job applicant. These include credit checks, criminal record checks, driving records, and past employer checks. Even though it may be difficult to find candidates to fill all positions within an organization, cautious business practices require a person to conduct certain essential checks on potential employees. This is undertaken for the sake of restraining probable liabilities that can occur from neglectful hiring practices.

Credit checks are often carried out for positions that contain financial responsibilities. The Fair Credit Reporting Act (FCRA) directs using credit checks for employment selection purposes. This is particularly true if the position involves handling large sums of money or exercising financial prudence. If the position does not involve this type of responsibility, the employer must be very cautious. It is a good practice to curb the use of credit reports to circumstances where this type of information is essential. Credit checks are of two types investigative consumer credit reports and consumer credit reports. An analytical consumer credit report contains a written report along with interviews from friends and neighbors. A written notice is to be given to a candidate before an analytical credit check is carried out

Criminal background check refers to the checking of a person?s past record in order to find out whether the person has carried out any criminal activity or not. Information regarding the same can be obtained from the police department or public courtrooms. Conducting a criminal background check enables a person to satisfy himself regarding the other person?s status. Employers are required to conduct a criminal record check for positions, which contain close, unsupervised contact with the public.

Employers should check the driving records of all aspirants who will be operating a company vehicle. This should be done before hiring the applicant and periodically right through the period of employment. It is the responsibility of the employer to check the driving records. Employers are also required to check if the applicant has a legitimate driver’s license.

Other types of background checks include previous employer record checks, Social Security number checks, educational credentials check, and nanny background checks.

Sue

Reens asked:


I don’t make the best money right now, (46K) and I’m about 17K deep in credit card debt. Kinda scary to even write that. Anyway, I’m never late on anything, but with my house and car payments aside, I can’t seem to pay anything off. I’ll have a decent bonus at years end (between 6-8K) but I don’t want to count on it.

I’ve heard mixed reviews on financial advisor’s. Thoughts? I don’t want to do the Consumer Debt thing because I know how it looks on credit reports and I plan on moving in the next few years. Any help would be greatly appreciated!!

Sarah

Tropical B asked:


Do you agree with this:

BUSH ADMINISTRATION responsible for 2008 FINANCIAL CRISIS

——————————————————————————–

I see a lot of politicians and forum members pointing fingers at who was responsible for the 2008 Financial Crisis we are currently experiencing.

The answer is really simple.

THE BUSH ADMINSTRATION!

Bush selected the Board of Governors at the Federal Reserve.

The Federal Reserve Governors are responsible for Banking Oversight.

The below quotes are found here:

Federal Reserve System – Wikipedia, the free encyclopedia

Quote:
Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate.

Quote:
The Board of Governors is the part of the Federal Reserve System that is responsible for supervising the private banks. A general description of the types of regulation and supervision involved is given by the Federal Reserve:[11]
The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks that are members of the Federal Reserve System, bank holding companies (companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and Edge Act and agreement corporations (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary federal supervisors of commercial banks; the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal Reserve System. Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks. Members of the Board of Governors are in continual contact with other policy makers in government. They frequently testify before congressional committees on the economy, monetary policy, banking supervision and regulation, consumer credit protection, financial markets, and other matters. The Board has regular contact with members of the President’s Council of Economic Advisers and other key economic officials. The Chairman also meets from time to time with the President of the United States and has regular meetings with the Secretary of the Treasury. The Chairman has formal responsibilities in the international arena as well.

Quote:
Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]
Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

To me, it looks like the oversight LAWS WERE IN PLACE, and the Federal Reserve Governo
If Bush hadn’t let gas prices get so out of hand we would all have $300-$500 more to spend each month to stimulate the economy.
You guys are blaming Clinton? He left us with a surplus. Bush will leave us with the biggest deficit we’ve ever seen. Bush spent all our money and robbed us blind at the pump.

Theresa

southernbelle540 asked:


Consumer Financial Corporation (CFC) extends credit to consumers. CFC is subject to the Equal Credit Opportunity Act, which prohibits credit discrimination based on

a. educational achievement.

b. income.

c. marital status.

d. unfavorable credit reports.

Jorge

Conleth Onu asked:




Most people who have bad credit think there is nothing they can do about it. They mistakenly believe that they have to live with their bad credit for a long time.

You don’t have to live with bad credit or pay hefty fees to have your credit repaired. You can remove bad entries in your report and rebuild your credit profile. You don’t need to spend a fortune to accomplish this. Armed with the right information you will be on your way to rebuilding your credit record.

Credit bureaus are required to delete items that are not 100% accurate or cannot be verified within a reasonable period of time. Also, outdated information must be deleted.

The first step in repairing your credit is to get a copy of your credit report. You need to know what the credit bureaus are saying about you. By law, you can get a copy of your credit report, for a fee. However, if you have been denied credit within the past 60 days, then you can get a credit report at no charge from the credit bureau.

When you receive your report, examine it carefully. Damaging information may appear in your report wihtout your knowledge. Make sure all information is current and accurate. Identify any incorrect or inaccurate information that has been entered into your report. Pay close attention to all the accounts listed on your report. Mistakes happen all the time. Make sure you do not overlook any errors.

You can have damaging information deleted from your credit report. You have the right to dispute incorrect or misleading information on your report.

To do this, complete the dispute form that you received with your credit report and return it to the credit bureau. Be sure to send your dispute letter certified mail, return receipt requested. This will provide you with a paper trail and help you remember when to follow up.

If you dispute an item, it must be reinvestigated and deleted if in the event the item is found to be false or unable to be verified. By law, if the credit bureau does not respond within the alloted time, then the disputed item must be deleted from the report.

Another way to smash negative credit remarks on your credit report is to take advantage of the “100-word consumer statement” which allows you to file a brief statement detailing your side of the story and submit this to the credit bureau, for inclusion in your report.

Once your credit report is updated, you should request that the credit bureau send updated copy of your report to any businesses that checked your credit within the past six months (or two years if it involves employment).

Now that you’ve removed the negative entries, it’s time to rebuild a good credit report.

One way to add positive information to your report is by taking out a small loan backed by funds in your savings account. When you pay off the loan, your security deposit will be released to you.

You can also build credit by having someone with good credit cosign on a loan for you. This strategy can speed up the process of rebuilding your credit.

Having a secured credit card can help you build or rebuild your credit. To obtain a secured card, you are required to deposit money in a savings account to guarantee the charges. The deposit is frozen and left untouched until it is obvious that you have defaulted. So make sure all your payments reach the company before the due date. Always stay within your credit limit.

If you ever wanted to wipe out your bad credit and rebuild your credit report, now you can. A good credit record can make your life easier and more enjoyable. Take action now.

Nicholas

Jon Arnold asked:




It is truly amazing to note the number of “facts” that many people think they know about credit reports and how various factors affect your credit score that are just simply untrue. For as much importance that is placed on having as good of a credit report and credit score as possible these days, it is critical for the consumer to understand the truth behind how your credit score is affected by various things. This is especially important in today’s world, as car insurance companies and even many employers are now checking a consumer’s credit report before making a decision about their insurance premiums or making a job offer.

Myth #1: When my fiance and I get married, we will have a joint credit report and the negatives from our individual reports will go away.

Nothing could be further from the truth. Even after you are married, you will still have separate credit reports. Any new credit items added to your report will be the result of opening joint accounts or having your name added to their existing account. Any negative information that was there before will still be there.

Myth #2: As long as my credit cards are not over their credit limit, they will give me a good credit score.

Not completely true. The two worst things you can do to get a bad credit score are to consistently miss or be late with payments, and to go over your credit limit. If you make your payments on time and stay under your credit limit, you will get an “ok” rating on that credit card. But to maximize the number of points you get on your credit card towards your credit score, it is best to keep your outstanding balance at about 20-30% of your credit limit.

Myth #3: When you negotiate a settlement amount with a lender, that account will show up as being fine on your credit report.

Wrong. If you have to negotiate something, that would indicate that you are working on a deal to pay them some amount less than what you actually owe. In that case, it will definitely have a negative effect on your credit score and show up as a negative item.

Myth #4: Closing old accounts will raise your credit score.

Totally inaccurate and in fact, can very potentially have the opposite effect and lower your credit score. Remember, your credit score is a picture of your credit history, and if you close old accounts, your credit history is reduced, thereby potentially lowering your overall score.

Myth #5: The best or only way to raise your credit score is to use one of the companies that specialize in that.

This is the biggest myth and also one of the biggest pieces of hogwash. Some of those companies that claim they can fix your credit can do so to varying degrees, and some cannot do a thing. But the real truth of the matter is that none of those companies can do anything that you cannot do yourself at no charge except for postage stamps. In fact, since you are the consumer who is disputing his or her own credit report, you actually have more clout in this way than those companies do.

Myth #6: Errors on your credit report are rare, and will correct themselves automatically when they occur.

Absolute baloney. The truth of the matter is that the vast majority of consumers have errors on their credit report. Compound that with the fact that those errors do NOT correct themselves, ever, unless you point out the error and dispute it.

Your credit score and credit history are used in a wide variety of places and the use of them is increasing every day. It is definitely worth your time and effort to get copies of your credit report and ensure that it is accurate, which is a huge step towards raising your credit score.

Wayne