Credit Reports Galore

Tom V asked:


When someone tried to get my credit report online for security purposes it asked to verify the mortgage I may have opened and its terms. They said I didn’t own a house and one of the major credit bureaus rejected them claiming I must own a house. My mom asked my cousin to look this up on me when my mom gave my social security number to her. The problem that started this is that my mom feels she should have a lot more money than she has and suspects I may have stole from her. She doesn’t look at bills and I do it all for her but I used a lot of her money to pay her expenses but she doesn’t want to believe it. So they are at a point of believing I own a house and I tell them I never even looked at a house and don’t have the income needed either. Is this probably a mistake by the credit bureau. Should I write to them and tell them I never owned a house and see why they claim I do or what?

DEVIN

Karen B asked:


The Fair Credit Reporting Act, or FCRA, was made into law by Congress to make sure that the information on your credit report is legitimate. This Act gives you, as the consumer, many rights that you may not be cognizant of. This is key as a homeowner or as a potential home buyer because your credit report will establish whether or not you qualify for a loan. If you are eligible, the information on your credit report will serve as the basis for what interest rate the mortgage lender offers you. If there are mistakes on your credit report, you could be denied for a loan or offered a higher interest rate than you deserve. Mistakes on your credit report can be costly.

Mistakes on Your Credit Report Often Go Unnoticed Until You Buy a Home

A mistake can linger on your credit report for years and may go by unnoticed until you try to make a major purchase like a home. Some mistakes are caused by the sheer volume of paperwork that the three credit reporting agencies deal with each and every month, while other errors are typos or other clerical errors. There may be a mistake with your social security number, your loan application or even a variation of your name that can create havoc on your credit report.

Learn How to Approach and Correct a Mistake on Your Credit Report

The number of mistakes on credit reports led to the formation of FCRA, but unfortunately many home owners do not understand how to tackle the mistakes that are on their reports. Once you discover an error, it is important to learn what the next steps in correcting your credit are.

These are the rights that FCRA guarantees you:

–If you are denied a loan, that financial institution has to tell you if you are refused because of your credit report.

–You have the right to know at any given time what the contents of your credit report are.

–You have the right to dispute misinformation on your credit report with the credit reporting agencies.

–Information on your credit report that is incorrect must be taken off or corrected.

–You have the right to dispute wrong information with the source.

–Your credit report can not have obsolete information.

–Lenders and other institutions must have your permission to access your credit report.

It is essential to realize that credit reporting agencies report and are not accountable for whether the information on your report is right or wrong. That responsibility remains on the consumer’s shoulders. When you begin a dispute with one of the agencies, keep careful records and always make sure you have a copy of the evidence that you submit to them to dispute the item. Also, look into all three agencies for inaccurate information and start a dispute with all three agencies for each item that is incorrect.

Vigilance is the Optimum Way to Guard Your Credit Report and Good Name

Be aware that you may have to dispute information more than once. Maintain records of these disputes and any supporting evidence you use. It is always a good idea to dispute information at all three bureaus at the same time. These companies do not compare notes on reports and there is no other way of ensuring that all inaccuracies are taken care of. Know your rights and specifics about how long particular data may stay on your credit report. Be vigilant, and you will be able to have confidence in your credit score.



OWEN

John Mcfadden asked:


Getting your free credit report online is not easy straight forward you you might think, there are plenty of things you need to know - like being aware of the current scams in the targeting consumers, you need to get the 3 credit reports from all three major Credit Bureaus, you need to get your report every four months, you need to know about identity theft, and more.

A credit report is essential - you know that you need to have a good one - or a good credit score to be able to access credit, but do you know the key information that banks or lenders look at on your report when they are assessing gif they will lend you month or not?

The American company FiCO has a tool that helps credit bureaus determine your credit score - below is the matrix that is used:

Payment History 35%

Amount Owed 30%

Length of Credit History 15%

New Credit 10%

Types of Credit Used 10%

So you need to go though your report and look at these areas and concentrate on the ones at the top of the list. If they don’t look that healthy then maybe leave applying for a loan for at least six months - in that time frame you can look at areas to improve your credit score.

Current Credit Report Scams

There are a few scams on the internet at the moment - they will advertise a free credit report and then slug you will a service fee. Be sure that when you apply for you credit report you are sure about the additional services that they are selling to you - make sure you read all there documentation and be sure not to sign up to anything you are not sure about. Also, watch out for this one where you can get caught by supplying personal inforamtion. It works by you providing information via an online form requesting to receive a credit report. What actually happens is that your personally identifiable information is captured by the Scammers who pose as a business.

Get your correct Credit Report Information

You need to get a report form all three credit report bureaus, why you asK? because your past loan and debt information may only be on one of the reports - by law lenders have to report you financial info but only to one bureau, so if you get your report form another bureau then you don’t have access to all your financial history - so you will not be able to firstly correct wrong information but you wont get a clear assessment of where you stand, so when you apply for a loan you could be rejected. You need to get your report form all three bureaus and also make sure you keep getting the reports every 4 months - as different information will come in at different times, the best way to get your info is first apply for your report at all three bureaus and then get an addition one for each agency one-by-one every four months. This way, after a year you will be sure to have a full picture of where you are at.

I hope this information on getting your credit report was of value and you see the importance of your credit report and credit score.



DEREK

John asked:


I received a letter from a collection acency asking to pay a debt from an online scam site. They don’t have my credit card or SSN but they do have my name and address. Can they really find my SSN and post on my credit report? Or are they trying some scare tactic with me? Thank you in advance for your help!!
Thanks for your VERY quick answers, one thing I don’t understand is how can they post on your credit report if they don’t have your SSN? Someone else used my name and address with a prepaid debit card on this site and now they want me to pay for it. So all they have is my name and address, I don’t see how they can tie this to my credit?

NESTOR

JuJu Bean asked:


Do i need to have a credit card in order to have a credit report or to view my credit report online ?

CASEY

Celz asked:


Can they report this unpaid debt on my credit report if it was a online gambling site? anyone been thru this? btw it was albsolutepoker.com and ultimatebet.com

WINSTON

angie h asked:


I am fixing to dispute something on my credit report. I will be sending 2 letters, to Equifax, TransUnion and online to Experian. How likely is it that I will get differant responces back. Or is that impossible? Should I send them all together at once? Or does it matter? Thanks in advance, for listening to my ignorant questions lol! Won’t know till I ask.
Ok thanks Guys i will send to all 3!

LESTER

U.S.A baby asked:


a couple of years ago i had alot of bill collectors calling my house up because i owed money so i got tired of it and when one called asking for me i told him (sorry hes not available anymore he passed away)and after that they stoped calling but yesterday i tried checking my credit report online i was told there was a problem that i couldn’t check it.dose any one know what i can do to let them know im not dead and if anyone has some phonenumbers i can call to clear this mess that i caused

RUDOLPH

renaemicheli asked:


Small Business looking to Expand our customer database Looking for a company that we can use to check other bussiness Credit Report, how they pay their bills and stuff, if they pay online…. for either free or very cheap.. Tried the dun and Bradshaw but to Pricey.. Any suggestions?

HERSHEL

saintbeowulf asked:


1. I was wondering can a check card be use as a credit, debit, and an ATM card?

2. I requested for a check card to be issue to you today, but I had a check card that I couldn’t find, so will the bank cancel the previous check card?

3. What is a reliable website where I can pay fee in order to check my credit score and my credit report online at anytime that I want to?

4. So, I just got my credit card activated today, but I did apply for a department store credit card a few months and got rejected because I had no credit history so was it listed as an inquiry and it did lower my credit score?

5. When someone say that they have a balance on their credit card, does that include how much that they pay for plus interest?

For example, I got an oil change today for $18.10 including tax, so would my balance be $18.10 if I had use my credit card or it would be $18.10 plus interest?!

6. What is a cash advance?

CALEB