Posts Tagged ‘Score’

Know Your Credit Score – Your Right to a Free Credit Report

Posted by admin on May 9th, 2011

Having a good score on your credit report has many financial benefits such as higher credit availability and loans at better interest rates. This can be a huge advantage over time. However, even if you are prudent in your spending habits, a good credit score is not guaranteed. Instead you must be diligent to protect your good name by taking proactive measures.
Request Your Free Annual Credit Report
Under the Fair and Accurate Credit Transaction Act, each of the national credit bureaus – Experian, Equifax, and TransUnion, must give you a free copy of your credit report every year – provided you ask for it. To get one, you just need to provide your name, address, social security number, and date of birth. If you have moved within the last two years you will also have to provide your previous address.
Other Qualifying Circumstances for a Free Credit Report
You can also request a free credit report in these situations:
If you have been denied credit, a loan, insurance or employment within the last 60 days
If you are unemployed and plan to look for work within 60 days.
If you are on welfare
If you suspect your report is inaccurate due to fraud or identity theft
The Bottom Line
You have a right to know what is in your credit report. Exercise your right to view that information at least once a year. It will include a list of everyone who has requested your report within the past year, or two years if the requests were employment related. Additional information collected includes home ownership, income, creditors, payment history, and outstanding balances. Bankruptcies, foreclosures, or tax liens could also appear in your report.
To make it easier for consumers to obtain their free annual credit report, the three national credit bureaus have established one centralized website from which you can obtain all three of their reports. Annualcreditreport.com is the only authorized source for free credit reports. Any other offers will probably end up costing you more. You are entitled to one free copy from each of the credit bureaus annually, which you can choose to request all at once, or at different times.
With all the personal information floating around about you and your finances, it’s up to you to keep tabs on it to ensure it’s accurate and up-to-date. The best way to do this is to make it a habit of conducting a credit check-up at least once a year and reporting any mistakes or omissions you find to the credit bureaus in writing. Ask that an updated copy be sent to anyone who viewed it within the last six months. Arm yourself with the tools and knowledge you need to ensure your credit score is based on timely and accurate information. Your financial future could depend on it.

Visit our website all about American Payday Loans which gives practical advice to those experiencing short-term financial difficulties. It also offers information on navigating the Cash Advance Network, as well as tips on Discount Advances, saving, budgeting, and other spending decisions.

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Raise Your Credit Score By Adding Data To Your Credit Report

Posted by admin on April 30th, 2011

Consumers who regularly review their credit report are able to quickly address any inaccurate negative items that pop up through a formal dispute process and have them removed. However, many are either unaware, or don’t take the time to add items to their report that puts them in a more favorable light. It’s possible to build a better credit score simply by requesting that such positive items be added to your credit report.
There are three types of information you might want to have added to your credit history to build your score:
Explanation of Disputed or Incomplete Facts
If you dispute the completeness or accuracy of information in your credit file, credit reporting agencies are required to, at your request, include your explanatory statement with subsequent credit reports they send out. Your statement should be brief and include only extenuating circumstances – not just you couldn’t afford your debts. Then, you can request the explanation be sent to prior recipients of your credit report – up to two years prior if it was for employment, otherwise six months. You may be charged a fee to have your explanation added to your file.
Adding Missing Information
If you have positive credit account histories, such as for a mortgage or auto loan, that are not included in your credit report, you can ask that they be added. Send the agency a written request, along with proof. While not required to add these accounts, most credit reporting agencies will comply, sometimes for a fee.
Another option is to go straight to your creditor and ask that they report the information directly to the credit reporting agencies. However, some creditors categorically refuse to do this as they only report to certain agencies or not at all, and won’t change their standard business practices. But it’s worth a try.
Signs of Stability
Any evidence you can add to your credit report that indicates your stability will further help your cause. Such information might include data related to employment and/or your residence. If you can show longevity in either of those areas and it’s not reflected on your credit report, have that changed. Also, update any missing or inaccurate social security, phone, or birth date information while you’re at it to avoid potential account mistakes.
When updating your credit report, make sure you contact all three credit bureaus to make any necessary changes. They all gather and report data somewhat differently so it’s never consistent. It’s hard to know ahead of time which credit bureau a potential lender uses, so you want to make sure your updated information is included no matter what.
At your request, you can get one free annual credit report from each of the three credit bureaus. Check again for any necessary changes and make them. Focus on any outdated or inaccurate data that could look bad. Repeating this process once a year can both help maintain your credit score and limit your potential risk of identity theft. While a somewhat cumbersome process, adding positive information to your credit report ensure you have the best credit score possible.

Visit our website all about American Payday Loans which gives practical advice to those experiencing short-term financial difficulties. It also offers information on navigating the Cash Advance Network, as well as tips on Discount Advances, saving, budgeting, and other spending decisions.

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Free Credit Report with Credit Score

Posted by admin on January 9th, 2011

 
 
If you’ve ever been declined for a new credit card, car loan, etc you’ve most likely been offered a free credit report via snail mail to review and see why your credit was declined. Unfortunately, the numeric score that determines the approval process is nowhere to be found on these free credit reports, leaving consumers just as confused as to why they were declined in the first place. SO how does a free credit report via snail mail 10-14 days later with no numeric score actually help educate a consumer on why exactly they were declined? It doesn’t. You now have your 20-30 page credit report a week after the fact filled with verbiage that reads about as easy as mumbo jumbo.
 
These free credit reports contain the status and payment history of outstanding lines of credit and other financial obligations including credit cards, charge accounts, home mortgages, car notes, and delinquent medical and utility bills that have been sold or outsourced to collection agencies. This data is used by the credit bureaus to generate your credit worthiness on their 300 to 850 numeric credit score scale.  Lenders primarily use the credit score itself to approve a loan process, so it’s important to know and understand what they’re seeing that coincides with the data on the credit report.
In an effort to help expand financial literacy in America and further educate the masses on credit, an amendment proposed by the Senate Monday could stand to change free credit reports and provide consumers with their numeric score to better understand where they’re at with their credit rating and where they need to be in order to get approved based on a lenders point of view. The credit score would be required to be provided in instances of credit denial, if required a higher interest rate on a loan, or if credit prevented one from establishing new employment.
The Senate verbally voted and approved a proposal by Mark Udall of Colorado to require credit reports to include the numeric credit score that gauges a consumer’s credibility (pun intended) on a scale from 300 to 850, 850 being the big winner of low interest rates on future lines of credit and loans. So what once could cost a consumer up to $15 with their free credit report data, now may be available free of charge when obtaining a free credit report under the aforementioned circumstances.
Unfortunately, a person’s credit worthiness has become a huge factor in daily life as it now used with employers and apartment complexes to determine consumer credibility. Negative credit history = negative consumer these days. This unfair assessment of character has become norm in today’s society and it doesn’t seem like the unbalanced scale of justice will be tipping in favor of average Joe anytime soon. Reviewing your credit report once a year is encouraged to ensure you are not a victim of identity theft and are aware of what’s being reported on your behalf.
You don’t have to be denied credit for a free credit report. You can also obtain a free credit report from annual credit report .com from all three credit bureaus once a year instantly online. Instantly seeing what a lender could see before applying for credit could give consumers a better assessment as to what they would or would not be approved for based on their current data before applying for new lines of credit.
A certified credit counselor with a nonprofit consolidation agency can review your credit report for free and help explain the details of the report and how lenders use the data to determine credit eligibility. Commonly, credit counselors can find ways within your report to improve credit and possibly offer free counseling services to eliminate your unsecured debts faster than normal. Speak to a certified credit counselor today to review your credit report for free and learn how you can improve credit and be debt free with nonprofit counseling services. Call 800.905.1563 or visit our website freedomdm.org and LIVE CHAT with a counselor or complete our contact request form. You can be debt free, Freedom Debt Management, Inc. can help.

Credit counselors work with consumers to assess their financial situation and determine what their best option may be.

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