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Credit Report Secrets: Do You Know What They Reveal?
If you've ever applied for a credit card or loan, you've probably hadyour credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. Even if you're not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease. So whether you knew it or not, your credit report can have a major impact onyour quality of life. With this said I'm sure you can now see that there is abenefit to obtaining and then verifying that the information on your creditreport is accurate and true. You can request copies of your report from the three major credit bureaus:Equifax, Experian, and TransUnion. A recent amendment to the federal Fair CreditReporting Act requires each of these national consumer-reporting companies toprovide you with a yearly free copy of your credit report upon your request. Basically, your credit report is a summary of how you pay your bills; repayloans; how much credit you have available; what your monthly debts are; andother types of information that can help a prospective lender decide if you area good credit risk. Your credit report is made up of several sections. The first section containspersonal identifying information such as your name, current and previousaddresses, social security number, telephone number, birth date, and yourcurrent and previous employers. Your bill paying history with banks, retail stores, finance companies,mortgage companies, and others who have granted you credit is one of the mostimportant parts of your credit report. Public records that might indicate yourcredit worthiness, such as tax liens, court judgments, and bankruptcies are alsoincluded in the section detailing your credit history. Your credit report includes a comprehensive listing of all credit grantersand other individuals who have received a copy of your credit report. Inaddition, lists of companies that have received your name and address in orderto offer you credit are also included in your credit report. Most credit bureaus allow both the consumer and the creditor to makestatements if there is a dispute about something on the report. If applicable,your credit report will include these dispute statements. Your credit report does not include bank account balances, race, religion,health, criminal records, driving records, or annual income. You've probablyheard about a FICO credit score as well. Credit scores are based on formulasthat use the information in your report, but they're not considered part ofyour credit report. Problems with your credit report will result in you either being deniedcredit or receiving a higher interest rate. Red flags on your credit reportinclude excessive applications for additional credit, a short credit history, ahigh debt ratio, and late payments to previous creditors. In most cases,negative information will stay on your report for seven years. However,bankruptcy information stays on your credit report for ten years. To help improve your credit report, always remember to close unused accounts,pay your bills on time, never use all of your available credit, and don'tapply for unnecessary credit. If you would like to get more freecredit report information you can visit our website which contains many creditreport resources. http://www.my-credit-report.info This article is copyright 2005, but can be freely reprinted, as long as nochanges are made, including hyperlinks. MORE RESOURCES:
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GOOGLE SEARCH Grants, Loans, Free Credit Cards And Credit Repair: The Whole Truth And Nothing But The Truth You got creditors calling you everyday. You could lose the car or house. Balance Transfers Introduction Credit card balance transfer involves using a credit card to pay off the amount outstanding on one or more credit/store cards. The total debt then moves to one card. 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. Are 0% Credit Cards Reaching Their End? Are Credit Card companies starting to feel the pinch? We all know that the Credit Card companies make their money by charging us interest on the money we borrow. With all the 0% balance transfer offers that we have seen over the last few years its no wonder these companies are concerned they aren't making any money. Credit Problems? Heres How to Manage Your Creditors If you find that creditors are calling you almost daily or that one of more of your bills has been turned over to a collection agency, you should know how to manage your debts.First, prioritize then or rank them in terms of the ones that can give you the most trouble the soonest. All About Balance Transfers What is a balance transfer?A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. Top 7 Factors to Consider While Reviewing Credit Card Offers Credit cards have migrated from being hip or convenience product into a must have entity for everybody. Shopping Online you need a credit card. 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. Credit Cards and How To Choose Them: It may seem like a simple question but its important to take into account a few factors when choosing your credit card. If you are in the enviable position of being able to pay off your card every month then you are amongst the few. How Credit Scoring Works The all important credit score! It determines the amount of loan you can get, it determines the interest rate at which you are charged for a loan, etc. Your credit score plays an important figure in your financial life. First Major Regulatory and Legislative Victory of 2005 for Creditors and Consumers Under the Fair Debt Collection Practices Act, collectors are not allowed to disclose a consumers past due debt to anyone other than the debtor and in some cases a spouse. The Telephone Consumer Protection Act would have required collectors to identify the registered name of their business in any pre-recorded messages to consumers or debtors. Restore Your Credit Rating And Reduce Your Debts Your credit rating affects many areas of your life. Opening new credit accounts, buying a home or car, getting a new job, and receiving discounts on insurance rates are just a few of the things that are impacted by your credit score. Bad Credit Credit Cards Chances are you've gotten your share of offers like this in the mailBad Credit Credit Card, Bad Credit Visa Cards and Credit Cards for People With Bad Credit. Re-establish your credit with a bad credit credit card, credit cards for people with bad credit or pre-approved Visa cards regardless of your bad credit history, some with low introductory rates and other perks. Watch Out For Credit Repairs It is very easy to find a site that is neat, professional-looking, and one that offers a free three-agency credit report and free credit report without a credit card.This scam is too good to be true. Student Credit Cards 101 Almost all students have and use student credit cards. Some of the students use them wisely and build for them an early credit history but others accumulate lots of debts that would have to be paid off once the student life is over. Annual Credit Report and Free Annual Credit Report Getting an annual credit report review has been the advice of many financial managers as they guided their customers to be aware of all information on credit reports. Would the idea of a free annual credit report be good news? Consumers are thrilled with the new federal mandate that demands the three major national credit bureaus offer a free annual credit report to anyone requesting copies of their personal credit reports. Common Credit Score Myths A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing. What Should I Do If I've Become a Victim of Identity Theft? Identity thieves take advantage of everyday opportunities to discover your personal information and use it to commit fraud or other crimes. The good news is a victim of identity theft has more options today than ever before. Credit Card Entrapment - The Secrets are Out Have you ever wondered why your credit card bill is so high and you can't seem to pay off the balance? Well you are not alone in this. You should be aware of a couple of trick that they use and you probably don't even pay attention to it, but you definitely pay for it and BIG!The next time you open up your credit card statement, take a real close look to all the "junk" inside particularly the very hard to read insert Call "changes to you credit card agreement". 10 Dirty Tricks Credit Card Companies Play The credit card companies make billions each year in legitimate interest charges and fees, but are under constant pressure from the shareholders to increase their earnings. To make this extra money the credit card companies sometime adopt some dirty tricks to make this money. |
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