Hector Milla asked:




A credit report is something that one needs to be constantly in touch with because it enables you to not only assess your finances, but also to take any appropriate steps towards improvement. The credit score is equally important as it gauges your credit worth in percentages. The more credit worthy an individual is the lower the interest they are likely to be charged on any loans they take out in the future. Both of these documents can be got by going to websites dedicated exclusively for this. These websites have been mandated to access your credit information by each of the three credit bureaus.

To get the reports online costs absolutely nothing as it is the important data for an individual to keep at their fingertips however it can be done only once as the bureaus only issue one copy every year per individual account, thus it should be wisely used. The reports are given on an annual basis as stipulated in the fair credit reporting act that the credit agencies should upon request bequeath each customer with one report after twelve months basis. This was suggested in order for the clients to verify their accounts and evade identity theft and fraud. It is for the latter reason that there was a widespread campaign to inform people that they did not require to disclose their credit card number while requesting for a credit report.

Viewing the credit report however does not reflect on the credit score and cannot lower the scores value it’s a soft pull. To get your credit score on line though costs a fee on all the sites. The credit reports are not credit monitoring so if one desires to do some credit monitoring they have to pay on a monthly basis. However, through the credit monitoring service, one gets a report and can still order another from the bureaus thus getting two reports.

One should study their credit report carefully as it is more important than the credit score because it outlines the trade lines, new accounts which could work against you and the lines of credit that one already has.

Marilyn

Christopher Wright asked:




So, you’re ready to begin straightening out your credit. The first step is to obtain your credit reports from all three major bureaus. Equifax, Transunion, and Experian. The good news is that all three have coloberated to create one central location where you can obtain a free copy of your credit file, AnnualCreditReport.com

Keep in my that you can only request one free file from each bureau once every twelve months. Also know that that free request only includes the credit file and NOT the credit score. Didn’t think it would be that easy did you!?

There are other situations that can occur that will allow you to get a copy of your credit file for free also.

-A consumer credit report was used as the basis for turning you down for a loan, insurance policy, or job, and you request a free consumer credit report within 60 days of being notified of the denial by the creditor, insurance company or potential employer or other source that turned you down. The source that turned you down must tell you why you were denied. You should include that information in your request to the consumer credit reporting agency when you ask for a free report.

-You are unemployed and will apply for unemployment within 60 days from the date you certify your unemployment with the consumer credit reporting agency from which you seek the report;

-You receive public assistance; or

-If you believe your file contains inaccurate information because of fraudulent activity, you can file a fraud alert.

Samuel

Tony Banks asked:




Collection accounts end up on your credit report as a result of an unpaid credit account. For example a credit card, once it’s past due will read as “past due” on your credit report. It will read as “1-times 30-day past due” after the first thirty days and “2-times-30 days past due” after the second time you are thirty days late.

The credit card company usually waits until an account is 120-days past due before they “charge-off” the account. This simply means that they will consider the account as a loss and write it off on their books. They do this so that they can receive the tax benefit associated with the loss.

This is recorded on your credit report as a “charge-off”. After this has happened and the credit card company is still unable to collect on the account, they might sell the debt to a third party debt collector for pennies on the dollar.

The debt collection account is then recorded on your credit report under this new debt collectors company. It’s important to also keep in mind that these companies don’t always follow the laws that govern them, the Fair Debt Collections Practices Act. That’s why you want to make sure that they have the right to collect any money from you before you pay them.

Some collection accounts end up on credit reports as a result of mistakes, so take what you see on your credit report with caution before you decide to pay some collector asking you to send them money in reference to a debt!

Jessie

Rachel Altman asked:




Collection accounts can remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date).

If you haven’t paid your collection account yet, negotiate with the collection agency. Let them know that you plan to pay them off. You can try to negotiate less than the full amount if you want. The important thing is getting them to agree to remove the item from your credit report. It’s wise to get this agreement in writing before submitting your payment.

If you’ve paid a collection account in full and the item remains on your report. You will want to dispute the item with the credit bureaus by mail. When a collection account is paid in full, it will be marked “paid collection” on the credit report. It is NOT removed from your report and is still considered a negative account. For this reason, you want to have the account removed from your credit report.

Always remember that the burden of proof is on the credit bureaus. You have nothing to prove to them. They have to prove to YOU that the account is yours. Simply dispute by stating something like “Please provide documentation that the following account belongs on my credit report and that my rights have not been violated; otherwise please delete this damaging data immediately.” That’s all you need to say. One line. The credit bureaus then must conduct an investigation; they have 30 days to do so. If the collection agency can’t verify the account (most of the time they can’t), then they must remove the collection account from your credit report.

Richard

Jeremiah James asked:




Fix My Credit Report – Getting Started

Your credit report is one of the most important parts of your life – directly affecting your ability to buy a home, get a new car, and obtain a card. It can even affect things like your ability to get a new job. Since the recent collapse of many financial markets in the United States, consumers have started asking how they can fix that all important number. When I started to fix my credit report a few years ago, I started with almost no knowledge on the process. Hopefully, this article will provide the insights you need to avoid the headaches that followed me.

Understanding Bad Credit

Before you can fix your credit, you need to understand what makes it bad in the first place. It is one thing to know you cannot get a loan for a car, but why are you being declined? To start with, many individuals are punished for things they may not even realize.

This is why it’s vital to get a copy of a free report from each of the three major credit bureaus. These reports are provided free each year, as per federal law. If you have particularly bad credit or debt beyond your ability to repay, you may even consider hiring an attorney who can help you navigate the complicated credit laws that will dictate your options. Personally, I believe with a little diligence on your part, you can really manage this on your own. No one will work harder than you to fix your bad credit.

Now with your credit report, you should be able to find out what is causing your lowered score. There are numerous factors that can directly affect your score – including but not limited to high balances, late payments, defaults, too many accounts, too many inquiries, and bankruptcy. Once you have a good idea of what might be affecting your credit, it will become far easier to start repairing it.

What I Did to Fix My Credit Report

With the information above finally in hand, I was able to start fixing my own credit report. I made sure to read the Fair Credit Reporting Act to know my rights in the repair process, and then I went on the hunt for the best credit repair strategy available. I’d say that is what took the longest time, is finding a reputable step by step guide that really crushed it in terms of results. I’ll share a link below with the process I used, but remember, credit repair itself takes patience, consistent action, and a willingness to follow through.

Of course, every situation is different. Yours might be far less dramatic than mine, requiring minimal steps to improve. However, if you’re finding it increasingly hard to acquire new accounts, are being barred from opening even basic checking accounts, and cannot get a lease, starting looking into the solutions provided through more thorough, legal channels.

Ryan

Laura Palmieri asked:




Think about applying for another credit card. Think about applying for a line of credit. Think about a mortgage for a house, or buying a new car, or even certain jobs you may want to work at. Your credit report and credit score will be checked and will play a major role in you obtaining credit or a loan, or getting that job you have always wanted.

It is recommended that you request your credit report once a year, just to be sure that all information is accurate and up to date. You can request this information very easily online, or you can contact a credit reporting agency like Equifax, TransUnion and Experian in the United States. These agencies work at gathering, organizing, and then selling your information to any lenders who you request loans and/or credit from. Your whole history will be on there – even that one cell phone bill that you paid late back in 2003.

If you’re still asking, “How does my credit report affect me?” then consider the fact that your credit score is not the only aspect of the report that matters here. AS mentioned above, when credit is requested from a lender, that lender will then ask for this report which details your entire credit history. Some things on the report will not affect your credit history, such as:

Personal requests to view your report (you are legally permitted to do so when ever you please)
Employment screenings
Pre-approved credit offers

Some things that will affect your credit report are:

Mortgages
Bank loans
Car loans

Things such as these can “pull” the report on your credit. Every “pull” can cause your score to drop about five points. So if you are out there trying to obtain several loans in a very short period of time, you will probably have several “pulls”.

NOTE: Should you be looking around for the best “rate” when looking for, say, a loan for a car, if these inquiries take place within 30 days your credit score will not be harmed by these “pulls”.

If you have ever been evicted, this will definitely show up on your credit history as well. Any sort of repossessions of property, or reasons for the collections agencies to contact you will be details there as well.

When you get your credit report, and there are some information that appears incorrect or out of place, certainly start asking questions and contact the CRA about this misinformation. Try to gather any documentation that can prove your case, and send copies along with your letter. Be sure that your letter is polite and professional. As upsetting as it can be to have misinformation on your report, which may have been affecting your ability to obtain loans and credit, it is important to deal with this as maturely as possible.

Russell

Steven Magill asked:




My credit report was a joke. I had far too many student loans, medical bills, and other crap on my report. If there’s a score for truly crappy credit, that was mine. And guess what else? Because my credit stunk, I got denied a couple of jobs and then my car insurance went up because of it. It’s like one big freaking never ending cycle. You pay, you don’t pay, you end up paying more, you can’t pay anything. Never stops. Or can you make it stop?

You bet you can. I know because I did. It took me 37 days to clean my credit up. That’s it. What are you going to do for the next 37 days? The same old thing you have been doing? Well, obviously, that isn’t working. It wasn’t for me either. But when I found this system, this 37 Days to Clean Credit, I started a new cycle that ending a little over a month later and 135 points higher in my credit score.

Do you need another car? Would the dealership laugh at you if you came in now? Don’t let it happen. Turn it around. With 37 Days to Clean Credit, you’ve just found a way to get misinformation off your report, as well as older accounts, charge offs, and even medical bills. It will take a few moments of your time, but what is easier? Using the system or going through the whole bill collection process. Love those collection calls? I don’t think so.

Its time you took charge of your credit account instead of leaving it to people who couldn’t care less what it says. You have the opportunity to raise your score and you can do it all by yourself. This system even contains a full feature of budgeting software, so you can make sure this doesn’t happen again. Now that you know this is available, what are you going to do about it? Get the 37 Days to Clean Credit system and starting being proactive when dealing with your credit.

You don’t have to spend years or even months repairing your credit. There are now ways that you can quickly restore your credit and get back on track. Even if you have had previous charge offs, bankruptcies, or past due accounts, you can repair your credit and stop feeling like there is no hope.

Tonya

Luciano O asked:




Building your reputation through your credit report is one way of achieving the great American dream. Employers make sure to offer lucrative jobs only to those who have worked hard on their credit history. Financial institutions extend credits with competitive terms and conditions to those who have high credit scores.

It is important that all three credit reporting agencies have accurate information about your credit history. I learned about this when I got denied a credit deal due to negative information that was reported erroneously by one of my creditors. Now, I am sharing the steps I took to clean up my credit report fast, so you won’t have to go through the nightmare that a small error made by your creditor can bring about.

I was lucky enough that the financial institution that I was trying to get credit from advised me about my right to get free credit reports from all three credit reporting agencies every year. I requested for my credit report from the credit bureaus, so I could start to clean up my credit report fast.

I sent written disputes to those credit reporting agencies that reflected the negative information. I made sure that I will have the proof of them receiving it by sending my letter via registered mail. I figured this will help me convince them clean up my credit report fast should they fail to resolve the issue within 30 days. Fair Credit Reporting Act says that if the creditor fails to prove the veracity of their negative report within 30 days, I can ask the credit reporting agency to remove the information from my history.

I did extra research to be sure that I will be able to clean up my credit report fast. I found out that I can write to the Federal Trade Commission to help me should there be a problem with the credit reporting agencies. I jut have to provide documents that will show any wrongdoings by the credit bureaus. So, to prepare myself with this eventuality, I also contacted my creditor to inform them of my dispute. I kept a log of the people I have talked to, the time and the conversation that transpired. I also requested my creditor to send me a letter confirming that wrong information was sent to the credit bureaus.

I was able to get my credit history corrected after a couple of months. Some people may not be as lucky because it can take them almost a year just to remove negative information erroneously reported in their history. What I learned from these experiences is that I could have avoided frantically having to clean up my credit report fast to get my much needed loan. I made a promise to myself to religiously request for my free yearly credit reports for me to review them before errors like that become a problem.

Maintaining a good credit history is solely up to you. The credit reporting agencies have the responsibility of keeping accurate history of your credit information, but with the volume of data that goes through their office, it is inevitable that mistakes like that may happen.

Kimberly

Karen R. Miller asked:




In case you did not know, every American is entitled to get a free annual credit report once a year. This is federal law and it is a rather easy process. Read this informative article to find out how.

You can get your free credit report either by requesting it on the phone, or by mail or online. The online method is one of the easiest ways to request a free annual credit report. Some people are under the impression that checking credit history or credit score will result in a reduction of their credit ratings. This is entirely not the case. Checking your own credit score will not affect your credit ratings whatsoever. It is only negatively affected when other entities such as banks or financial institutions request your credit file.

You might be wondering “What will my free annual credit report tell me”? The following are the most important aspects it will cover.

Personal information – This is one of the most basic but most important pieces of information that you will find in your credit profile. It is very important to make sure that the contact information listed matches exactly with your actual contact information as any discrepancies will mean potential identity theft or inaccurate information about you. Credit summary – This section will give out your credit score with which you can compare yourself with the national average. The national average credit score is in the 700 range, with the exact figure being 693 in 2009. Individual account details – In this section you will be able to find details on your past financial transactions such as loan amount borrowed, repayment schedule, missed or late payments etc. This aspect is very important as it will allow you to verify your financial history for accuracy. Public Record Information – If there was ever a lien taken against you or if you filed for bankruptcy or were evicted, it will show in this section. Credit history inquiries – This section will tell you how many times your credit history has been requested by various parties. More number of requests would reflect adversely on your credit score although inquiries from the person concerned will not adversely affect it. Creditor information – If you feel that there is a need to contact your past creditors to discuss something, you will find a section that will conveniently list your creditor’s contact information.

Your credit report is authorized by the FCRA or Fair Credit Reporting Act which is simply a federal law that allows three specific bureaus to give out credit scores on individuals. Equifax, Experian and Trans Union are the three institutions that are authorized to assess a person’s credit ratings.

You can check your credit report and 3 bureau credit scores online by visiting the website below. Your financial future may just depend on it.

Gabriel

Tony Banks asked:




Most people are unaware of the fact that you can have collection accounts deleted from your credit report. Most people have collection accounts on their credit report for 1 of 2 reasons. Either they had a credit account, which went into collections or the collection is a case of mistaken identity and they do not own the account.

Regardless of your situation you can have the collection deleted from your credit reports. The first step is to request a copy of your credit report with the 3 main credit bureaus (Equifax, Transunion and Experian). You want to see which credit bureaus have the collection account listed on your report.

Once you have identified which bureaus have the account listed, the next step is to dispute the collection with each bureau separately. Each bureau acts independently of the other and having the account deleted from one will not mean it will be deleted from the other two. Most lenders take a look at all three credit reports so you want to make sure you repeat this step with each bureau.

Once the credit bureaus receive your dispute in the mail, they have a certain time to investigate the account and let you know the result of the outcome. If they have not finished their investigation within the given time, they will be required to delete the item from your credit report.

It is important that you are familiar the Fair Credit Reporting Act, this is the law that the credit bureaus must abide when handling your credit file.

Caroline