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Consumer Credit Reports
A consumer credit report is a factual record of an individual's credit payment history. It is provided for a purpose permitted by law: to help a credit grantor or lender quickly and objectively decide whether to grant you credit. Most of the information in consumer credit reports comes directly from the companies a person does business with, but some information also comes from public records. Credit reporting can be helpful in extreme cases, but it is often misrepresented by collection agencies trying to sell their services. When a collection agency reports a delinquent account to a credit bureau, it does not get the business any money today. What is does is provides a 'wish' for a payment some unknown time in the future if the debtor ever has to do a financial transaction that involves a creditor that checks their consumer credit report. The issue is that credit reporting also can create a liability for businesses because of collection agencies reporting accounts that were not valid debts. This can open the business to legal action - something no businesses needs. It has been esitmated that over 41% of the information contained in consumer credit reports is not accurate, and with identity theft on the rise, a business must tread lightly when considering credit reporting. The Fair Credit Reporting Act regulates the activities of credit reporting agencies. A credit reporting agency under this law means any person or business which assembles or evaluates consumer credit information for the purpose of providing consumer credit reports to third parties. According to consumer credit report laws, here are some items that cannot be mentioned in consumer credit reports: A discharge or final order in Bankruptcy Court dated more than 10 years prior to the date of the consumer credit report.Lawsuits and judgments entered more than 7 years prior to the date of the consumer credit report. Paid tax liens which, from the date of payment, precede the report by more than 7 years. Accounts placed for collection or charged to profit and loss by the creditor that are dated more than 7 years before the credit report. Records of arrest, indictment, or conviction of crime that, from date of disposition, release, or parole, precede the report by more than 7 years.Any other adverse information that precedes the report by more than 7 years. Default information concerning U.S. Government insured or guaranteed student loans can be reported for 7 years after actions to collect the debt have been taken against certain guarantors. There are three major credit bureaus: Equifax, Experian, Trans Union. Federal law specifies how long negative information can remains on a person's credit report. This includes late payments, accounts that the credit grantor turned over to a collection agency and judgments filed against a person in court - even if later the account was paid. ```````````````````````````````````````````````````` Contacting The Credit Bureaus Equifax Equifax Credit Information Services, Inc Experian (formerly TRW) National Consumer Assistance Center TransUnion LLC Consumer Disclosure Center Collection Agency Services offers you a wealth of information on how to select the best collection agency for your business. http://www.collectionagencyservices.net MORE RESOURCES:
Google News |  | | | SOCIAL BOOKMARKING
GOOGLE SEARCH Why Americans Find Predatory Lending Offensive "Menis - the author translates as "indignant rage" - It is the kind of rage arising from social betrayal that impairs a person's dignity through violation of "what's right." (p21), Achilles In Viet Nam - Combat Trauma and the Undoing of Character, Jonathan Shay, M. What You Need to Know About Interest Rates For all people shop around for the best rate, there are few who have taken the time to sit down and add it all up. After all, why would you bother? The answer is that understanding just how interest rates work can help you see how important small differences in rates and payment amounts can be. Identity Theft - Guard Your Childrens Social Security Numbers Identity theft is a growing concern among Americans, and rates among the top five complaints received by states' Attorney General's offices. A stolen identity can lead to tens of thousands of dollars worth of debt in the victim's name and it can take years to completely undo the damage done to the victim's credit report. Credit Report - Watch Out for Parking Tickets The economic downturn of the last five years has affected millions of Americans, but it has also affected the budgets of states, cities and counties. With limited tax dollars with which to work, various government entities have had to try to stretch their budgets to allow them to continue to function. Ten Steps To Building A Good Credit History Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what's on your credit report will determine if you can get a loan or insurance and what rates you'll have to pay.If you're trying to build or repair your credit history, you have a daunting but not impossible task in front of you. Start Building Credit Fast! There are a couple of reasons for this. You can pay your bills on time for years and never gain more than a few points on your credit score. Practical Suggestions for Protecting Yourself From Identity Theft It's no surprise that thousands of Americans are victimized by identity theft each year. Last year more than 9,000,000 people were victims of identity theft amounting to some $45 billion dollars. Dont Fall for Credit Repair Scams We've all seen the ads on television or in magazines, shouting, "Erase bad debt!" or "Remove negative entries from your credit report!" If you're a person suffering from a less-than-stellar credit rating, those headlines may seem like the answer to a prayer.The only problems is, those programs don't work, and to add insult to injury, you'll find yourself paying hefty fees to those companies, only to end up right where you started, or worse. Beware the Shopping Mall Monster Like me, you've probably been offered a fair old number of these by now.. Dealing With and Repairing Bad Credit Bad credit can be a burden for otherwise good credit. It may not seem fair at times that financial mistakes in the past can haunt you in the present, but with a little bit of work and some time bad credit can be turned around and repaired. Why Your Credit Score is Important Your credit score can either haunt you or reward you. It all depends on how you handle your credit and payment activities. Beware of Falling Minimum Payments If you opened a credit card statement recently and were pleasantly surprised to find that your minimum payment due was lowered, don't be so quick to "jump for joy". What may appear as a small boost to your monthly budget is actually the rock that can weigh you down in debt for a lifetime. My Credit Card Application Was Rejected! Now What?!? No doubt, you've probably gotten literally hundreds of credit card applications in the mail and online, and each and every one of them has said that you've been "Pre-Approved".Of course it's natural that this would lead us to believe that the application process is simply a formality. Simplifying Your Search For a New Credit Card Today, selecting the proper credit card can be a bit confusing to say the least. There are literally hundreds of offers from the major institutions eagerly competing for your business. ChexSystems: Alternative Options for People Whove Been Checking Accounts Individual banks elect to become members of ChexSystems, and to use their services.Those individual banks are the ones who decides what is sufficient cause to close your account and report you to ChexSystems. What To Look For In A Credit Card When you are deciding what type of credit card to get it is important to compare credit cards to each other and find the best deal for you. There are a variety of different credit cards available, from low interest cards, cash back cards and even reward credit cards, it's hard to decide what exactly the best credit cards are. 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.The Platinum Business Credit Card with rewards from American Express is a great offer. 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. The Truth About Credit What you might not know about credit.Some people don't know about a loop hole in the credit reporting system. Which Credit Bureau Should I Use To Check My Credit Report? There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. |
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