Its Your Credit - Take Care of It!
Thanks to the Fair and Accurate Credit Act, American consumers can receive a free annual credit report from each of the three major credit bureaus-Experian, TransUnion and Equifax. You can order your free credit report by visiting www.annualcreditreport.com or calling 1-877-322-8228. Monitoring your credit report regularly will ensure that you can clear up any incorrect information and prevent identity theft. It is recommended that consumers review their credit reports at least once a year. Being that consumers are now eligible to receive three free credit reports a year, you can actually keep track of your credit report year round by ordering one report at a time every four months. If you are ordering your credit report because you are going to make a large purchase-for example a house or a car-and you want to know where your credit stands, then it is recommended to order all three reports and compare them at least three months before you intend to apply for the loan. Each credit report might contain slightly different information so your credit score could vary by as much 100 points from one report to the next. If you are simply monitoring your credit report to prevent identity theft and other fraudulent activities, then ordering one at a time may be enough. Reviewing your report Once you receive your credit report, set aside some time to review it carefully. Eighty percent of credit reports contain errors, and a quarter of those are serious-late payments that do not belong to you, debt that is not yours, or accounts that you did not open. If you do not take the time to correct these mistakes, they can seriously affect your ability to acquire favorable credit terms in the future. There are four main categories you need to review in your credit report: personal information, account history, public records and credit inquiries. 1. Personal Information Information contained:
- Full name
- Social security number
- Date of birth
- Current and previous addresses
- Current and previous employers. Check this information closely and make sure that it is all correct. Common mistakes occur among family members with similar names who reside in the same address. Variations of your name are ok as long as you have previously applied for credit using the variations. Incorrect information can result in another person's accounts reported on your credit report. 2. Account History Information contained:
- Home loans
- Auto loans
- Student loans
- Personal loans
- Credit cards Pay close attention to the account numbers, statuses, balances, and payment statuses. Make sure all accounts listed are actually yours. 3. Public Records Information contained:
- Bankruptcies
- Tax liens
- Lawsuit debts
- Collections
- Other civil and financial judgments Make sure all of this information is correct and updated. You should realize that certain bankruptcies and other negative information can remain on your credit report for up to 7 years. 4. Credit Inquiries Information contained:
- Who requested to view your credit report There are two types of inquiries that you will see on your credit report. Hard inquiries are those that you initiated when you requested your credit report or authorized a lender or credit card company to view your credit report. Soft inquiries are those made by credit card companies that send you pre-approved promotions for their credit card. Soft inquiries are only visible to you. A lender cannot see them when they review your credit report. There is much speculation as to how much inquiries affect your credit score. Soft inquiries do not affect your credit score at all. According to Fair Isaac Corporation, each hard inquiry can subtract no more than five points from a person's score. Often no points are subtracted. Since it is normal for a consumer to shop around for interest rates when applying for a home or car loan, multiple auto or mortgage inquiries in any 14-day period are counted as just one inquiry. The subject matter contained in our educational publications is for informational purposes only. We suggest that you consult your financial or other advisors when planning for your specific needs or requirements.
Related News
|
 |
|
|
RELATED ARTICLES
Credit Card Incentives
Credit card companies want your business. After all, lending money to people is profitable. Besides the interest fees that you'll be charged, the credit card company also collects a fee from merchants who accept their credit cards. In order to get your business, most credit card companies are willing to offer you some great incentives - not only to apply for one of their cards, but to use it for everything from car rentals to weekly groceries.
Identity Theft ? Additional Protection for Soldiers on Active Duty
Congress passed the Fair Credit Reporting Act several years ago in an attempt to smooth out some problems in the credit reporting industry. The best known provision of this Act is one that permits Americans to receive a free copy of their credit reports from each of the three main credit bureaus once per year. So far, this provision of the Act has been a success. A lesser-known provision of the legislation is one that is intended to protect active duty military personnel from being victimized by identity theft while they are out of the country.
SuperCharged Secret 4, Credit Card Utopia
YOU SCRATCH MY BACK, AND I'LL BUY SOME MORE BEER!
Your Credit Rating and How To Check It
There is a lot of confusion surrounding UK credit ratings, credit scores, credit blacklists, credit reports, and credit files. This guide to your credit rating aims to give you the facts you need.
Which Business Credit Cards with Reward are the Best?
Thinking of applying for a credit card with a reward program to help you and your business? Here is a brief guide to some of the best programs on the internet.
Negotiating Rates with Your Credit Card Company
Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can. The good news however is that it doesn't have to be a difficult or time-consuming process. In fact, it can be very easy indeed if you know what you're doing. In this article we will discuss the ins and outs of credit card negotiating to ensure that you get the best possible rate with the least amount of effort.
The Easy Way To Gain Access To Your Free Online Credit Report
When you apply for credit, those lending you the money want to know if you are going to pay them back. One way they decide if you are a good risk is to see how you've dealt with other people's money. They find this information in your credit report.
Credit Cards For People With Bad Credit Scores
Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find companies that wan to deal with people who have bad credit. There are a handful of lenders who will help you re-establish your creditworthiness by using one of their credit cards.
How did a Thief get my Name? Don?t be a Victim of Identity Theft
How do these people get my name? If you have a credit card, your name is sold to third parties, if you do not want this to happen, you must contact your credit card companies to inform them that you do not want your information sold. Check the privacy notice that comes with your bill. If you enter contests, your information becomes public. Also, when you buy a new product, and fill out the warranty cards, those companies sell that information you provide to other companies. Since when does your toaster manufacturer need to know you households' annual income to extend a warranty on your toaster? Thieves use dumpster digging, phishing, and pharming to obtain your information. Things they steal from your trash include:
Credit Repair Myths and Facts
There are no secrets to repairing your credit. Many shady credit repair agencies would love you to think the contrary. Negative items can be removed from your credit report and you can do it yourself. One does not need a credit repair "expert" or "law firm" to do it either. While the credit world can seem complex to the average individual, the basics are really simple once you know them.
Credit Cards: What is the Universal Default Clause?
Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or twice is also aware that doing so may cause the interest rate on their card to go up ? sometimes by quite a lot. Many credit cards carry interest rates of as much as 20% or 25% annually, and customers who want to avoid interest rates in that range make an effort to pay their bills on time.
Credit Report ? Check Yours Regularly - and for Free
In the twenty-first century, there are few documents that have a greater impact on the lives of Americans then their credit report. Credit rating determines one's ability to buy a home, a car, or to obtain a credit card or a job. Since these things are important, it is equally important that the information be accurate. The only way to be sure of that is to check the report regularly. Prior to last fall, there were two ways to obtain a copy of your credit report: to pay for one, or to obtain one for free after being denied credit. Thanks to the Fair Credit Reporting Act passed last year, Americans can now obtain a free copy of their credit report from each of the three credit reporting agencies once a year.
Looking for that Low interest Credit Card?
If you have been shopping around for a Low Interest Credit Card you will notice that the UK market is awash with Credit Card companies offering low rates to entice you to apply for their Cards.
Are you paying higher interest on your credit cards than you think?
Many credit card holders sign up for a credit account with an 8.9% interest rate and then later realize that their interest rate has been bumped to 27.4%. Why?
19,178 Identity Theft Victims Per Day - Are You One Of Them?
Identity theft statistics are shocking. And we are told that it will only become worse, before it gets any better. Are you likely to be affected?
Credit Score ? for Scoring the Right Loan
Somebody once said, "There is always a way of knowing your limitations and going beyond it." It is fundamentally true with respect of credit score. There can be nothing more rewarding during loan borrowing than knowing your credit score. There are many people who are practically unaware of what their credit score is; in fact they don't even know what it means. This credit scoring system has been used since many years to decide whether a borrower is a credit risk or not. Your credit score is immensely decisive in the acceptance and rejection of your loan application.
Collection Agencies: What Do They Do?
Collection agencies are businesses that collect past-due bills and accounts receivable for other persons or businesses in exchange for a fee. Collection agencies charge for their services one of three ways:
What is on Your Credit Report?
Your credit report is a very important piece of the puzzle in your financial picture. It contains a historical record of your personal and financial information including a listing of your current and past debts and the timeliness of your payments. The information contained on your credit report is looked at by many people including lenders, credit card companies, landlords, telephone and cable companies just to name a few. These companies use your credit report to evaluate your reliability and creditworthiness.
10 Ways To Protect Your Financial Identity Being Used For Someone Else?s Shopping Spree
Someone impersonating you could be spending your hard-earned money.
Debt Collection Agencies
Debt collection agencies are often a viable option for receiving payment on overdue bills. Here you can earn how debt collection agencies work and what to look for in reputable debt collection agencies.
|
