Credit Reports Galore

jomay7 asked:


When I looked at my free credit report online I paid to get my credit score. It was around 850. That seemed really high to me. Do they give the consumer the same credit score they give to banks or creditors. They did not call it a fico score.

DUSTY

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

Marcus Peter asked:


art to enter the world of financing your personal needs, credit reports will inevitably arise. First of all, a credit report gives detailed information on all the financial transactions you have made. Usually, it involves a track of the expenses you have on your credit cards including the amounts you left unpaid and those which you have already managed to cover. But aside from your credit card billing statement, credit reports will also show your loan history. If you have entered into one before and whether or not you were able to pay it up already, it will be included on your credit report.

What Credit Reports are All About

So who benefits from credit reports? Financial institutions such as banks and other investment companies are the primary personalities who benefit from a 3 in 1 credit report. They use this to evaluate a person’s eligibility to do business with them. Some people actually have issues against a credit report being made to be public property, but in spite of these they are still being given easily to institutions who wish to obtain them. Anything that is related to your current financial state may be shown on the credit report. This is also why people find it a difficult task to succumb to filing their bankruptcies. They often get worried that it would forever leave a bad mark on their credit report despite being able to get back on track.

Under the regulations of the law, people are all given the right to obtain their own credit report. In this way, you can easily track your financial performance and steer clear of things and issues that might taint your financial reputation. There are many ways in which you can actually obtain your own credit report. You can either file it on your local agency or try to retrieve it online. Most people opt for the latter because it is more convenient and not to mention cost-friendly. Credit reports are usually being offered for free, although some may charge for any other details you may want to obtain.

Taking Care of Your Credit Report

Most financial experts advise that a credit report be retrieved every month. But if you are heavily connected within the financial business, it is better to have your credit report analyzed on a quarterly basis. In this way, you can track your progress much better and make sure that you are not going to face any pending disadvantages in the long run. There are also many ways in which you can help protect your credit report. Here are some of the most useful ways you can do so:

1. Check all of the information on your credit report – Since it gets regularly updated, you should not simply assume that everything you see on the report is right. Do some proofreading from your own end. Make sure that you have all the details right especially when it comes to financial declarations and the figures involved. Should there be problems with the information, you should immediately report it to the source of your credit report so they can easily change their database.

2. Keep track of your payment dues – Bad credit reports usually start from fees left unpaid beyond their due date. As those debts increase in number, what makes the amount a lot heavier to bear is the interest rate which also shoots up depending on how long it was left unpaid. Even if you cannot pay in full, try your best to pay even a part of your dues. Some financial institutions accept these installment payments anyway. Make sure you do not totally disregard payment obligations especially if there are deadlines to be followed.



WALTER

Abhishek Agarwal asked:


When a company is deciding whether or not to give you a loan, a mortgage or a credit card it checks your credit report. Your credit report contains information about every credit transaction you have made. If you failed to make a payment or defaulted on a loan then it will be on your credit report.

Until the US government brought in legislation to make this information freely available to you only finance companies, banks and mortgage lenders could see it. Now you are entitled to see it too.

The FACT Act made it possible to see your credit record for free every year for the first time. You need no longer be in the dark about what the finance companies know about you.

This is information about you and it is your right to see it. You should make use of that right because it affects your ability to get loans, credit cards and mortgages. If you are refused credit is probably because of something in your credit report.

There may be mistakes in your credit report that are stopping you from getting a loan. Someone may have fraudulently used your identity to take out a credit card or loan which they have not paid. You will then be left with a bad credit report that is not your fault.

There are three companies that compile credit reports. You can only get to see one of those reports for free. But if there are mistakes in that one then it will be worth your while to pay for the other two.

Not all the credit reporting companies have exactly the same information. They compile their data in slightly different ways.

Once you have seen the report and checked it against your own records you can correct inaccuracies any inaccuracies it may contain. There is a facility on the websites of the credit reporting companies for you to inform them of mistakes in your report. You will have to produce written evidence such as bank statements or credit card statements. But the process is quite simple.

By correcting inaccuracies in your credit report you are protecting your credit score. Even one mistake can make the difference between getting a loan and being refused credit.

All Americans can now get a free credit report every year. It is a responsible financial practice to take advantage of this opportunity. By doing so you are taking control of your own finances.

You can guard against identity theft, you can correct errors, and you can see if your credit score is falling because you have a pattern of late payments. It is in your interests to maintain a good credit score. If you check your credit record every year you can address problems as they arise.



MORTON

Noreen Ruth asked:


So you’ve followed the advice of the financial experts and requested copies of your credit reports. And low and behold you find an entry that raises questions and concern. The idea of having to head-to-head with a credit bureau probably ranks up there with root canals in things you want to do. But the process in either case isn’t as dire as imagined but does require immediate action to avoid further damage.

Here are the steps you’ll need to take to effectively dispute credit report errors.

Confirm Errors and Inaccuracies:

Immediately investigate any unauthorized accounts or activity you find on your report. Contact any institution that is involved; collect and document all communication that is relevant to your dispute. Include documentation from banks, credit issuers and financial institutions that are part of the disputed issue.

Contact the Credit Reporting Agencies:

It is the obligation of credit agencies to investigate any dispute. When you’ve gathered all the documentation you can, it’s now time to contact the credit reporting bureau(s) to dispute the information.

Mark up a copy of your credit report with a highlighter to reflect the disputed parts of the report. Explain in your credit report dispute letter why the information is inaccurate, in as much detail as possible. Include copies of all of the supporting documents and send them, via certified, return-receipt mail to the credit agency. Request that the credit agency remove or correct the error on your credit report. (Be sure to keep a copy of your letter, and keep all original documents stored safely.)

Be Aggressive and Proactive:

The credit agency to investigate your dispute within 30 days of your complaint. While you’re waiting for a response, contact the bank, credit card or other company that supplied the wrong information that is part of your dispute. Send copies of your dispute documents to each company via certified, return-receipt mail. Be sure to include your credit report dispute letter and ask them to investigate the disputed the data they gave the credit bureau, too.

Credit Agency Reports to You:

When the credit agency investigation has been completed, they are required to report back to you in writing with the results. If your dispute is proven correct, the credit agency must remove the incorrect information from your file. The bureau also has to give you a free copy of your report, along with the name, address, and phone number of the company that provided the erroneous information.

Follow Through after the Investigation:

Request that the credit agency send a notice to anyone who received a copy of your credit report in the past few months to notify them of the correction. If your dispute is denied, you should ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit bureau to provide your statement to anyone who received a copy of your report in the recent past, although credit bureaus can charge you for this service.

Visit ftc.gov/credit for more information on how to dispute credit report errors.



HUMBERTO