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What Is A Credit Report?
Even if you have heard of a credit report, you may not know exactly what it is. If so, this credit report article is for you. Learning about your credit report is important in any campaign to eliminate credit card debt and obtain a good credit status. So, you should at least know the credit report basics. What is this credit card report then? For a start, whenever you borrow money from a legitimate commercial lender, your record of repayments will be public. Each time you make a payment, whether it is on time or late, it will go on the record on which your credit report will be based. Also, each time someone requests a copy of your credit report, that will be noted as well. If you are involved in a bankruptcy, or have a tax lien, it will all go on the credit report. So, as you can see, your financial transactions, as they involve credit and debt, will be available for all to see. Why Does the Credit Report Matter? A credit report is often thought of as something that lenders use when deciding whether or not to extend you credit. That is true-you will not be able to apply for a credit card, car loan or mortgage without the potential lender first checking to see if you are credit worthy. Additionally, though, insurance companies are now using credit reports to determine whether or not someone would be a good risk, as are employers. If you are thinking of renting an apartment, house or commercial space, remember, you will need a good credit report! Getting a Copy of Your Credit Report? You have decided, then, that your credit report is something you should take an interest in, and you are right. But how do you get a copy of your personal credit report? There are three credit reporting agencies, and it's a good idea to get a copy of your report from all three-just in case there are discrepancies. The credit report agencies are: Experian (located at www.experian.com) Trans Union (located at www.transunion.com ) Equifax (located at www.equifax.com) You will have to provide the following information to the credit reporting agencies, in order to get a copy of your credit report: a) your full legal name, (b) your current address, as well as your last (if you've been at your current one for less than five years), (c) your date of birth, (d) your social security number and (e) a signature. You are entitled to one free copy of your credit report every year, but you will need a copy from all three agencies. Expect to pay a small fee to receive any other copies. What Are The Other Free Credit Reports? It also may be possible to get a free copy of your credit report if you meet certain criteria. They are: * You are unemployed, but plan to look for a job within the next two months. * You have been the victim of credit identify fraud, or some other fraud that will affect your report. * You are currently receiving welfare payments. * You've recently had a credit application turned down. What If You Don't Like What You See In Your Credit Report? If your credit report has bad marks on it, you have two possible courses of action, depending on whether or not the marks are true. If you have made some mistakes in the past, there is no magic formula that will erase them! You will have to get some help-either through a credit counseling company-or simply work to pay off your debts and be on time with your payments. Those marks will stay on your report for seven years-or ten years for a bankruptcy. If, on the other hand, you find that there are false statements on your credit report, you have some options to clear them up. You should write a letter to each credit reporting agency explaining the mistake, along with any proof that you have to back up your claims-such as paid receipts-and then wait. They will have 30 days to investigate the claim and make a decision. Having a good credit report is key to all your financial future as far as credit transactions go. If you have never seen your own credit report, why not take the step now and get a copy? Roy Thomsitt is owner and part author of http://www.eliminate-credit-card-debt-now.com MORE RESOURCES:
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GOOGLE SEARCH The Hitchhiker's Guide To Insanity A new sickness is plaguing the UK called Denial. Denial has resulted in a national personal debt of almost 1. Credit Card Companies Are Out for Your Money You're probably thinking "Tell me something I don't know" but in this time of low interest rates you might be thinking that you've got a great deal since credit card interest rates are low. Wrong. The Hazards Of Your First Credit Card You probably don't need me to tell you credit cards are easy to get a hold of; at least, that is so in the US and UK. How many weeks pass without a glossy brochure promoting a credit card popping through your letter box? And that's just your mail; the tv advertising budgets for credit card promotion are enormous, with some famous faces often adorning your screen, smiling beautifully as they tempt you. 10 Step Credit Repair Guide The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies. Five Reasons to Repair Your Credit Score - You Can Do It Yourself There are multiple reasons that tell us why we should have a 700+ Credit Score, but these five facts will definitely give you the big picture and hopefully will drive you to want to fix your credit score starting today.Fact #1: Did you know that consumers with Credit Scores of 700+ are likely to get interest rates up to four points lower than those with scores under 640. Bad Credit Loans For Those Who Seek Alternatives for New or Old Car You can still save money on a Bad Credit Loan by comparing rates, checking out multiple policies, and negotiating with lenders.Getting a Bad Credit Loan doesn't have to be like basic training. Taking Control of Your Credit History Your credit history is important; in fact, in this day and age, only family and your time are more important than your credit history! The first time you established a payment commitment over a period of time for a purchase, you began your history of credit, and the credit bureau created your account. Payments such as the electric company, a rental agreement, a cell phone, a car payment or a low-rate credit card which you also have a responsibility to repay are not reported to the credit bureaus as a part of your credit history. Commercial Collections: Business Finance Booster Shot Commercial collections: fixture of the new B2B cultureIf you're in the business-to-business field, or even if you're a consumer products business that works through third-party distribution channels, you probably know what it's like to check your mail anxiously each day, sifting through all the bills for that payment that was supposed to have been in months ago.It wasn't supposed to be like this. How To Avoid Becoming A Victim of Identity Theft With identity theft statistics currently at an all time high, and climbing, it just makes sense that we should all be doing everything we can to protect ourselves.One of the most prevalent yet overlooked ways your personal information and passwords may be being compromised is through the presence of Spyware on your computer. Balance Transfers Can Help You Stop Putting Money Down The Drain! As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. How did a Thief get my Name? Don't be a Victim of Identity Theft How do these people get my name? If you have a credit card, your name is sold to third parties, if you do not want this to happen, you must contact your credit card companies to inform them that you do not want your information sold. Check the privacy notice that comes with your bill. Harassment of People in Debt by Creditors HarassmentHarassment of people in debt by creditors or their agents is a criminal offence under the Administration of Justice Act 1970. It is often difficult to know what to do when you feel a creditor is not dealing with your account fairly. Which Credit Card? Bewildered by the sheer variety of debit cards and credit cards? Here is a breakdown of some of the main types of debit and credit cards available:Debit cardYou can use a debit card to buy goods and services. A debit card is very much like a cheque, unlike a credit card, you pay for goods straight away and the money comes out of your account quickly. Understanding the Function of Credit What is Credit?Credit is the backbone and the engine behind the workings of the economy. Credit simply allows individuals and companies to borrow funds in good faith and pay it back over a specified time frame. Establishing Credit - What You Need To Know Part 2 In my previous article "Establishing Credit - What You Need To Know Part 1" I discussed the need for a good credit history and what lenders were looking for prior to loaning an individual money or additional funds based on their credit history. This article will go into the necessary steps someone needs to take in order to initially establish their credit history. Bad Checks, Bounced Checks, & NSF Checks Negotiable instruments like checks and drafts have become an indispensable part of any business transaction today. As a result, it has become increasingly important to safeguard a business against financial losses arising from the receipt of fraudulent or bad checks. What Can Happen to You as a Victim of Identity Theft, Facts & Figure Is identity theft really that serious? Thousands of people every year are victims of this terrible crime. Thieves use your personal information to commit fraud or other crimes in your name and can cause significant credit damage. Credit Card Debt: One Way To Avoid It One of the biggest problems people have in these modern times is Credit card debt, and worst is USA.Simply because there have always been so many laws and regulations before you could have acard in the rest of the world, you can't for instance borrow someone elses card and go shopping becauseyou always have to show some ID before they accept cards in Europe. Warning: Free Credit Report Imposter Websites Springing Up on the Web A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer credit reporting companies to provide consumers with a free copy of their credit report, upon request, once every 12 months.Access to the free credit reports has been phased in beginning last December in the West and will finally be nationwide by 1 September. Credit Score: The Brightest Feather In Your Financial Cap Credit scores are the most important aspect that determines your financial future. Carrying a good credit score is an asset and can pave your future towards greener pastures. |
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