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credit score, credit rating, credit rating, debt, Credit History, money, mortgage loansKnowing Your Credit HistoryEstablishing a good credit history is very important. It's what financial institutions look at when making decisions about you. Plus, your credit history will haunt you, if you're not careful. Here's what many consumers do in an attempt to establish a good credit history.
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Credit ReportInternet Epoch | Home Live | Look Faq | A credit report is a record of your debt paying history. This includes your
history paying credit cards, mortgage loans, student loans, car loans, department
store credit
cards, etc. The credit report includes such information as how much money you have borrowed, from whom you borrowed that money, how timely your payments were (did you make them on time or did you miss payments), how much credit you have available, if you ever filed for bankruptcy (which stays on your report for 10 years), and if there is a lien, or a claim against any of your property by a creditor. Mistakes in the reportIt is important to maintain a good credit record. In addition, sometimes your credit report may have a mistake. Do not assume that if you see something you don't remember that the information is correct. There are lots of chances for your credit report to have incorrect information. If there is such a mistake, then you should fix the problem immediately, by calling and/or writing to each of the major credit bureaus. Keep a record of all your conversations until the mistake, and dispute, are resolved. Credit bureaus must respond within 30 days of a request to fix a credit error. Improving your Credit ScoreTo improve your credit score, you need to show a good credit history. It is important to pay your bills on time, and keep your credit card balances low. Avoiding all credit would be unwise, because then you will not be able to show that you can manage your debt wisely, so having a small, manageable amount of debt, and then paying that debt off on time, is a good way to improve your credit score...More about credit report info>> Check your Credit Report OnlineBy Sharon Oosthoek If getting your finances in order tops your list of new year's resolutions,
then dealing with debt likely looms high on your to-do list. The best place to
begin is with your credit rating,
the official record of your financial history. A credit report is compiled by a credit agency using information gathered from your past and current creditors, such as your credit card companies. It gives prospective lenders information to assess how likely you are to repay debts. Lenders use this information to determine whether to give you credit and what rate of interest to charge you. Under the federal Consumer Reporting Act, you are entitled to a copy of all the information a credit agency has on file about you. Obtaining your credit rating used to mean waiting for a report to arrive by snail mail. Though you can still receive your report this way, these days you can also obtain your detailed, personal credit report online almost instantaneously. It's the quick, easy and secure way to learn your credit status. Why your credit report mattersKnowing what's in your credit report is invaluable, says financial counsellor Amanda Marshall who works for Thornhill, Ont.-based FGI, a company that runs employee assistance programs. After all, she says, a credit history has a major impact on a person's ability to rent or buy a home and secure credit when paying cash is not an option. "You need to know where you stand," says Marshall, who often helps employees in dire financial straits. "Even the video store wants a credit card on file in case you never bring back that video."..More about credit report online info>> Understanding Your Credit ReportIf you're in the market for an auto loan, one of the first things you should do is take a look at your credit report. This document provides the data that goes into calculating your credit score; your credit score, in turn, plays a huge role in determining what interest rate lenders will charge on your loan and whether you'll be able to get a loan to begin with. Awash in numbers and data, a credit report can look like gobbledygook to the
uninitiated. Getting up to speed on how it works is clearly important. Let's unlock
its secrets. Your credit report is a document that comprehensively details your credit payment history. Ever owned a credit card? Or taken out a bank loan? If you have, it's likely that information regarding your account activity will be reflected on your report. But this sort of payment data isn't all that your report will contain. Typically, four types of information are reflected:
Not all of this information remains on your credit report permanently.
There is, of course, some personal information that your credit report does not reveal. It doesn't reflect information about your race, religious preference, medical history, personal lifestyle, personal background, political preference or criminal record. More about Credit Report info>> Consumer credit report rights have been expandedSeptember 9, 2005 As of Sept.1, other Northeastern states have joined Massachusetts in the right to an annual free credit report from the three major credit reporting agencies. The new federal law took effect in 14 Northeastern states, Puerto Rico, the District of Columbia and all U.S. territories. Other regions of the country gained free report rights beginning last December. Since 1993 Massachusetts consumers have had the right to a free annual credit report, but the new federal law will give Bay Staters the ability to get 2 free credit reports a year-one because of existing state law and an additional free credit report because of the new federal law "Consumers in Massachusetts should use the new federal right, as well as our existing state law, and get two free credit reports each year to check up on the three national credit bureaus," said MASSPIRG Consumer Advocate Eric Bourassa in a press release. MASSPIRG said that consumers from Massachusetts and other Northeastern states can log onto the government mandated Web site www.annualcreditreport.com to get their free credit reports from Experian, Equifax or Trans Union. Because scam artists have purchased many similar web addresses, consumers may want to call 877-322-8228 instead to obtain their reports. MASSPIRG recommended that consumers should avoid the high-priced credit monitoring services that the bureaus also promote. MASSPIRG noted that this month the Federal Trade Commission fined the credit bureau Experian $950,000 and ordered it to make refunds to consumers who had purchased its deceptively marketed credit monitoring services. "Instead of paying for an over-priced deceptively advertised credit monitoring service, consider staggering your requests for free reports," Bourassa advised. "Order one now, and then one from each of the other bureaus every 2 months." According to a 2004 MASSPIRG report "Mistakes Do Happen: A look at Errors in Consumer Credit Reports," 1 in 4 credit reports contain serious errors that could cause credit to be denied. Other provisions of the new law, the Fair and Accurate Credit Transactions Act (FACT Act), took effect nationwide on December 1, 2004. These include the right to place fraud alerts on your credit report, to complain directly to your bank about mistakes on your credit report and to obtain information from businesses where you do not have an account but an identity thief has used your name fraudulently. Despite the new protections, MASSPIRG opposed final passage of the FACT Act because it imposed unacceptable permanent limits on most state rights to protect their consumers More info about credit report Thousands angry over credit-report difficultyBy Caroline E. Mayer The Washington Post WASHINGTON -- Residents of the East Coast can finally order one free copy a year of their credit report from each of the three national credit bureaus. The annual free credit reports were mandated by Congress two years ago to reduce the incidence of identity theft by encouraging consumers to regularly check their credit histories for suspicious activity, such as a new credit card account that was never requested But consumers should be prepared: Getting the reports may not be easy. The Federal Trade Commission has received almost 2,100 complaints from consumers about the program since it was launched on the West Coast last year. Almost 80 percent, or 1,641 consumers who complained, said they were unable to order the free reports, either online or over the telephone. An additional 435 said they ordered the reports but never received them. Typical is this complaint filed last month: "EXTREMELY difficult to find how to request free report. Once I did find it, I completed the on-line request form, then was told I had to request the report by mail. They are making the process complicated." This complaint, along with others, was obtained by The Washington Post under a Freedom of Information Act request. In some cases, consumers have complained that they were asked to pay a fee before they could get their reports. Still others say the credit bureaus have incorrect information on file, making it impossible for them to get their reports. One July complainant, for instance, noted that she couldn't get a report because "they said my birth year did not match the birth year on the report. My birth year is 1951. What other number could I enter?" More worrisome to consumers is being told they can't get a free report because they already received one. "Consumer states that she has not ordered her credit report and is concerned about who obtained her annual credit report," says a July 22 complaint. The consumer has tried repeatedly to call the credit bureau "but has been unable to reach anyone" -- another concern that appears repeatedly. It's unclear how many credit histories have been requested or issued under the new free-report program. The three major credit bureaus -- Equifax, Experian and TransUnion -- declined to disclose any numbers, saying such information was proprietary. As a result, it is impossible to say what percentage of consumers have encountered difficulties. Joel Winston, associate director of the Federal Trade Commission's Financial Practices Division, said "many millions of consumers" have received their free reports but declined to disclose the precise number because he said such data are considered confidential. Article Source: centredaily Making The Most Of Your Free Credit ReportEvery consumer is entitled to a free copy from each of the three reporting agencies. Experts say you should space them out. Guilford County, NC -- The free credit report is here for all North Carolinians. But beware of those who are trying to make you pay for it. "I saw it on TV. It said free credit report," says Pres Spivey. He heard the government was giving it for free, so Spivey typed in free credit report while on the internet. "I didn't realize it was a reporting center." This site named "free credit report" is actually operated by Experian, but it's not free. "If there was any mention of a fee it was either in small print or in Chinese, cause I didn't see it." The page will give you a report, but it also signs you up for paid service, and it says so. "There is only one official website under the law," says consumer credit counselor Paul McCollum. The only, no-strings attached, credit report site is named "annual credit report". Every consumer is entitled to a free copy from each of the three; Equifax, Experian and Trans Union. Experts say you should space them out. "The option is up to us to get them all at one time or spread them out," explains McCollum, "then every four months you can see what the creditors are reporting and you can identify anything that is inaccurate." Just remember, the new law entitles you to the free credit reports, not your credit score. We've linked you to the official website. But you can also get your free report by phone by calling 1-877-322-8228. The reports are also available by mail; Annual Credit Report at Post Office Box 105281, Atlanta, Georgia 30348. Article Source: wfmy news Free credit report program extends across the countrySep. 05, 2005 WASHINGTON - People from coast to coast are now able to request free credit reports through a government-mandated program. Overseen by the Federal Trade Commission, the program has been phased-in across the country, beginning last December in 13 Western states. The rollout then moved to the Midwest, South and, as of Thursday, it extended to 14 Eastern states, the District of Columbia, Puerto Rico and all U.S. territories. The program allows consumers to request a free credit report each year from any of the three major credit bureaus - Equifax Inc., Experian Information Solutions and TransUnion. The free reports were mandated by Congress as part of consumer privacy legislation. They are intended to help consumers looking to buy homes or apply for loans or those worried about identity theft. The last 14 states the program added Thursday are: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia. But consumers should be prepared: Getting the reports might not be easy. The Federal Trade Commission has received nearly 2,100 complaints from consumers about the program since it was launched on the West Coast last year. Nearly 80 percent, or 1,641 consumers who complained, said they were unable to order the free reports, either online or over the telephone. An additional 435 said they ordered the reports but never received them. Many of these latter requests were made by mail. Typical is this complaint filed last month: "EXTREMELY difficult to find how to request free report. Once I did find it, I completed the on-line request form, then was told I had to request the report by mail. They are making the process complicated." This complaint, along with others, was obtained by the Washington Post under a Freedom of Information Act request. In some cases, consumers have complained that they were asked to pay a fee before they could get their reports. Still others say the credit bureaus have incorrect information on file, making it impossible for them to get their reports. One July complainant, for instance, said that she couldn't get a report because "they said my birth year did not match the birth year on the report. My birth year is 1951. What other number could I enter?" More worrisome to consumers is being told they can't get a free report because they already received one. "Consumer states that she has not ordered her credit report and is concerned about who obtained her annual credit report," says a July 22 complaint. The consumer has tried repeatedly to call the credit bureau "but has been unable to reach anyone" - another concern that appears repeatedly. Article Source: fortwayne site |
