Credit Reports Galore

Dave Joa asked:


Today you can easily get instant access to a free copy of your UK credit report online.

But what are the benefits of being able to see this record of your credit history and the other details that the credit reference agencies hold about you on your personal credit file.

In order to look at every potential benefit that your credit report could give you, we need to look at what your credit report is used for.

Who Uses Your Credit Report And How?

Your UK credit report will be used by financial institutions whenever you apply to them for credit cards, loans or mortgages and by other companies when you apply for any product or service that requires you to sign up for some form of credit, such as a mobile phone contract.

All these companies want to know your current credit rating and they will determine this using your credit score, which they calculate with their own company formula using information on your credit history and current credit status from a copy of your credit report.

This credit check will involve checking your credit report from one of the three credit reference agencies in the UK all of which gather relevant credit and personal ID information about you to create your credit file.

Failed A Credit Check?

If you fail a credit check and don’t get the loan or credit you applied for, you usually will not be told why or which credit reference agency was used.

However, the details held on your credit report can help you find out what is causing your application to be refused.

The reason may not even be a valid one as it is very easy for a mistake, typing error or old inaccurate information to be held on one of your three credit reports.

Such errors may relate to your credit history or the other personal data on your credit record, which is used to confirm your identification and what you put on your application form.

Major Benefit

A higher credit score will help ensure that you get the loans or credit you want and that you will get a better rate of interest than if your credit rating were lower.

To ensure that your credit score and therefore your credit rating is as high as it can be you need to make sure that everything on all three of your credit reports is accurate and up to date.

You therefore need to get a copy of your credit report from each of the 3 credit reference agencies. Never assume that if one is correct that the others will be!

Fortunately you can get instant online access your credit report at each agency for free as all agencies are currently offering a free trial of their UK credit report service.

You should take advantage of this to check all three of our credit reports and fix them if you find any problems. Just talk to the relevant agency about how to get issues with your credit report resolved.

Remember that this could take time so start as soon as possible, especially if you are planning to apply for a loan or other credit some time soon.

Other Benefits

Your credit reports are a great asset and should be checked and maintained just like you check you bank statements. If you do not check them they could easily become your greatest liability.

Effective management of your credit report could save you a lot of money over time and ensure that you are not refused credit when you need it.

If you are going to apply for a loan or mortgage then it makes sense to check you credit reports before applying as failed applications will be recorded on your credit file and can lower your credit score making your next credit application even more likely to fail.

When you fix your credit reports and get your credit score to be as high as possible you will be able to borrow more money from lenders and get more credit and all at lower interest rates.

Checking you credit report regularly is a great way of making sure that your identity has not been stolen and used in fraud to steal money or pay for products and services using your personal details and your money.

Compare reports from different credit agencies to make sure that they are all the same because when you apply for credit you have no way of knowing which credit reference agency your potential lender will use.

What Next?

It is very easy to check your UK credit reports and you can do this online for free.

So do it now before you forget to make the most of this opportunity.



WILFORD

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.



MARCOS

uncg_girl asked:


There are several items on my credit report that were in collections but I paid them. They also indicate that they were paid in full/closed on my credit reports. However, If I mail receipts of these paid collection items to the 3 credit bureaus can I ask them to remove that collection information? Would they be able to delete that information since the account was paid?

I was told that since they were paid that they were void anyway. However, I would like to have them removed. What if I dispute them? Can you dispute paid items on your report for removal?

Thanks in advance

AVERY

M asked:


I just got a new job in finance, I have to learn how to read credit reports to decide on loans. I understand some things on a credit report, but I would like to find a website that breaks them down for you…..any ideas?

DALLAS

Sophie Wilson asked:


Do you know before offering loans, lenders always check your yearly credit report? This report gives an overview of your financial standing in the market. So, it is advisable to scan your free yearly credit report before applying for loans.

There are three major credit reporting agencies that formulate credit report that are Equifax, Experian, and Trans Union. Each of these three major credit bureaus will provide you a copy of free yearly credit report on your request. These credit agencies consider all details while preparing your credit report. Your personal details, current borrowings, defaults and other such records are taken in to consideration in order to give you all necessary information regarding your credit rating.

This report helps you to have a look on your financial transaction and it is also important for your financial well being. This will also help you to ensure against identity theft and fraud.

You can get the report once in the year through reporting agencies on request. Through this you can stay well informed about your financial status. The credit report will also help you to improve your credit rating if in case you have made any financial mistakes earlier.

If in any case your loan is disapproved, you are entitled by law to obtain a copy of free yearly credit report. The lenders with whom you have applied have to give you the name and contact data of the credit bureau they acquired your information from.

This report can be easily available through internet. But while using the internet to obtain a free yearly credit report, you should be aware of the many frauds that could be out there.

Free yearly credit report can be easily availed by filling and submitting online application form and provide the required details. This report helps you to understand your credit status in the market.



CARLTON

Abhishek Agarwal asked:


You just discovered errors in one or more of your credit reports, or even worse, accurate references to late payments or other negative issues that lower your credit scores. Take a few deep breaths and try to stay calm, because credit report errors can be fixed. It’s possible to remove many negative items, too–and without help from companies that promise to repair your credit.

How To Dispute Errors on Your Credit Report

a) Make a copy of your credit report and circle every item you believe is incorrect.

b) Write a letter to the reporting agency (the address will be printed on the report). Explain each dispute and request an investigation to resolve the issues. If you have supporting paperwork, send it along, coding pages to match dispute paragraphs. Do not send your originals.

c) Send all materials by certified mail, return receipt requested, so that you can prove the packet was received.

d) Send a similar letter of dispute to the creditor whose reporting statements you disagree with.

Refer to a billing statement to find the correct address for disputes, because it’s usually different from the payment address. If your dispute involves personal information, such as your current address, enclose a copy of your driver’s license or a utility bill in your name to verify your residence.

The reporting agency will initiate an investigation, contacting your creditors to verify the accuracy of the information. If the creditor cannot verify that the entry is correct, it must be removed. When the investigation is complete, the agency must send you a free copy of your report if changes were made.

If the investigation uncovers an error, you have the right to ask that a corrected version of your credit report be sent to everyone who received the report during the past six months.

Remember;

Contact your creditor first, and then allow a bit of lead time before you submit the dispute to the reporting agency. By the time the dispute is verified, the creditor will hopefully have corrected the error.

Internet Disputes;

You can initiate an investigation from many online credit reports by following the links provided and checking the disputed items as directed. There sometimes isn’t a place for remarks–you’ll simply check a multiple-choice reason for each dispute.

If Changes Aren’t Made

If the credit reporting agency says the original information is accurate, it must provide you with a written notice that includes the name, address, and phone number of the person who made the report. If you still disagree, initiate a second investigation.

Unfortunately, in the real world the reporting agencies often try to sidestep that requirement, giving you standard, computer-generated information rather than the facts you need to find the person or department who made the negative report. Keep plugging away until you have the answer you’re looking for.

If your attempts to correct an entry are unsuccessful, you can ask the reporting agency to insert a 100-character explanation next to it that explains your side of the story.

What if You Hit a Dead End

I know from personal experience that it’s sometimes difficult to have information changed, even if you can prove it is incorrect. A family member has not been able to have an incorrect employer notation corrected, even though he has not worked at the company for many years. The standard response from the credit reporting agency is that they would not have the information if he had not included it on an application for credit.

Why did that happen? Someone likely keyed-in a previous employer as a current employer. Sometimes you simply cannot get through to them that errors exist.

Negative Entries

Bankruptcies remain on your credit report for ten years, while other types of entries are generally reported for seven years. If an account that was previously past due has been brought current, and has been either paid off or kept current for at least a year, the creditor might agree to an early deletion of the past due references.

Write a letter to your creditor and request that the negative entries be removed. They’ll often comply if they see you are up to date and handling your account in a positive way.

Another tactic you can use to clean up your credit report is to dispute a negative item even if you believe it is accurate, but you’ll have to follow your conscience to decide if that’s an ethical way to go



HECTOR

~just.me~ asked:


From Transunion, Equifax and Experian? I need copies of all three, but each you must pay 14 to 30 dollars EACH for. Is there one place I can pay One fee and get all of the TRUE reports. I need to dispute a few things on my credit, but I already viewed my free credit reports around 6 months ago, and I am not eligible to view for free.
Yes, I already went to annualcreditreport.com and got my reports around 6 months ago, so they no longer let me in. Should I wait until I am eligible again to view for free, and then do my disputes? I just don’t understand my I have to pay for my reports and send them in to the company I got the report from in order to file a dispute.

HERSHEL

Sandra Stammberger asked:


Under the Fair Credit Reporting Act the reporting company and the information provider are responsible for correcting any credit report disputes. However, they must first be made aware that you have credit report disputes. A person can report and correct errors in their credit report by following two easy steps.

Step one is to report your error to the consumer reporting company in writing and make them aware that you have a credit report dispute. Make sure you include all your personal information like your name, address, and a list of each credit report dispute that have. Remember to send your letter by certified mail to prove that you have initiated a credit report dispute. The consumer reporting company will then investigate your credit report disputes and respond in 30 days. If they find there is an error and the credit report dispute can be resolved by correcting it then they will forward the information to the other credit bureaus and your credit report will be revised.

After reviewing your credit report dispute the consumer reporting company may decide that they disagree with the items raised in your credit report dispute and decline to pursue the matter any further. They will send you all of the evidence that they have and the reasons for not pursuing your credit report dispute, along with a copy of your credit report.

Another way to handle a credit report dispute is to contact the particular creditor directly. Again, send the creditor a list of your credit report disputes in writing. Be sure to call your creditor and ask for the specific address of where credit report dispute issues need to be sent to ensure that there is no unnecessary delay in the credit report dispute being investigated. Many companies have a separate address for handling credit report disputes and it can take time for it to be forwarded to the correct address if you do not send it there initially. If you are correct in your credit report dispute and there is an error they will report the error to the credit bureaus and send you notification of the change.

Below is a sample credit report dispute letter :

Date

Your Name

Your Address, City, State, Zip Code

Complaint Department

Name of Company

Address

City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,

Your name

Enclosures: (List what you are enclosing.)



VINCE

Dianna M asked:


Everytime I try to get my “free” credit report, I’m asked to pay for something in order to get it. I know that you can get a free credit report every 12 months, but how? Can you get a free credit report from all three agencies?

ROBERTO

Bluesea asked:


I saw some topics that say chase freedom signature visa reports as a “opening account” in credit report instead of “revolving account”. Is it right or not?
What is the different between “opening account” and “revolving account”? which one is good for improve credit scores?

OSCAR