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By: Jame Bowen

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Sunday, 11-Mar-2012 15:19 Email | Share | | Bookmark
What Are The Most Importan Credit Report Laws

Are you sure you know what's inside your credit report? Thanks to the terms of the Fair Credit Reporting Act (FCRA), you have the right to know exactly what credit reporting agencies are introducing in your credit report. That's just one of the rights that the FCRA guarantees you - and every consumer.

The Fair Credit Reporting Act was enacted to ensure the accuracy and privacy of your credit report. All businesses that use information from your credit report in order to determine whether or not, to lend you money or offer you credit are obliged to follow guidelines that are set out by the Fair Credit Reporting Act. The provisions of the Fair Credit Reporting Act explain how long particular financial information may be retained on your report, and also ways for you to correct data on your credit report, guarantee your right to see your credit report, and give you rights when dealing with creditors.

What exactly are these guidelines and how can they really help you if a credit agency is stating false or misleading information about your credit history?

1) You have the right to look at your credit report.

In the situation where you have been turned down for credit, housing or employment based on information provided by a credit reporting agency, you have a right to know which agency provided the report. After filing your request, the creditor has to give you the name and address of the credit reporting agency that they used. Next, the credit reporting agency must give you, your credit report after your written request for it, and they must do so chargin only for copying and postage.

2) You have the right to correct your credit report.

If the credit report you receive contains mistakes you have the right to ask for it be corrected with the accurate information. The request must be made in writing, and the credit reporting agency to whom you make the request have to investigate it within 30 days of their receipt.

3) You have the right to get a corrected copy of the report at no additional charge. But, you may have to pay for postage.

You can put together a written request to have a corrected copy of your credit report mailed to you, or to any agency that has requested your credit report in the past six months for credit purposes, or in the past two years for employment purposes.

4) They must respect a written request to stop further contact with you.
In a world where your credit report is most of the time your way to a better-paying job, housing, credit and many other things, it's vital to know what credit agencies are reporting about you. A lot of consumer protection agencies strongly recommend that you ask for and analyze your credit report every year so that you can correct any inaccuracies, or request that reports of special circumstances be attached to the report. It's a small task that could save you a lot in the long run.

Visit freefreecreditreport.org for more information.

Wednesday, 7-Mar-2012 08:21 Email | Share | | Bookmark
Easiest Way To Get Your Credit Report

There are people that are curious about their credit report and would like to know if it requires repairing. A free annual credit report will tell you if your credit score is in danger and is in need of serious repair. You may think that your credit score is fine one year, but could take a tumble the next year. A free annual credit report means that you can view your credit score every year and see what has happened--whether it has increased or decreased. A free annual credit report will tell you this and will let you know if you need to do any work on your credit score.

If you want to receive your free annual credit report, then you can do this in different ways: you can order your free annual credit report by telephone, or by mail, and you can also order your free annual credit report through the Internet. However, if you are looking for instant access to your credit score, then the Internet is the fastest way to do it.

If you want your free credit report score, then you need to understand that it will be different from your annual credit report. An annual credit report will tell you your monthly credit rating with your accounts that you currently have open and the ones that have been closed recently. A credit score, however, will just give you a three figure score based on your credit history.

A free credit report score is a good idea if you are already aware of your credit rating and would just like to know your credit score. Most companies get an idea of your credit score by obtaining information from a bunch of different customers. Then they get a credit score system and that is how your credit score is calculated.

Visit freefreecreditreport.org for more information.

Friday, 2-Mar-2012 23:16 Email | Share | | Bookmark
Maintain The Highest Credit Score

For a lot of people the thrill of buying a new car, new home or some other well deserved but high priced item can come to a grinding finish if their credit scores are low. Having this in mind it's extremely important to keep your credit score while in the mean time making sure you can do everything legally possible to send your credit score towards the higher end of the grading scale. In the end this number is the key to getting a large amount of credit at very favorable rates. Let's have a look at a few ways you can achieve and more importantly maintain a high credit score.

Nowadays the most commonly used credit score is the widely popular FICO (Fair Isaac Company) score. The median FICO score for the average United States consumer stands at about 723. A credit score in this range will qualify you for the average rates that are offered nationwide. Go under this median average with your credit score and you will be subject to higher rates ending with a higher monthly payment. Maintain a credit score higher then the FICO average of 723 and you will be capable to get credit at a much more favorable rate and thereby enjoy lower monthly payments resulting in more discretionary dollars from your hard earned paycheck at your disposal.

So that you can keep a high credit score you must make sure you keep a close eye on the five factors that affect your FICO or credit score. They contain your previous and current payment history, your dollar amounts owed in current outstanding credit, your length of credit history (hopefully favorable), your types of credit used and any new credit you may have recently incurred.

Obviously you can see why having and maintaining a higher credit score is for your economical benefit. The secret to obtaining and keeping a high credit score is to closely observe several factors that could and will influence the bottom line of your credit score. They include the following: Paying your bills on time, maxing out your credit cards, applying for a new mortgage, vehicle loan, credit card or department store card. They may also include applying for new credit cards in order to conduct balance transfers or false money juggling, declaring bankruptcy and other financial activities that may not benefit your credit score in a positive light or fashion.

Most likely the best way to make sure you keep your credit score high is to regularly and closely monitor your credit report. This detailed report shows your entire credit history and plays a huge part in determining your credit score when lenders run a check against your credit before you obtain financing through their establishment or company. Also, you must obtain a copy of your credit report at least once every year. This annual checkup of your credit will only increase your chances of keeping your well earned credit score higher versus lower.

Visit freefreecreditreport.org for more information.

Monday, 27-Feb-2012 11:56 Email | Share | | Bookmark
Credit Score Myths To Avoid

A good part 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. However, it is that bad information that costs you money no matter who you get it from.

It is very important that you know what will hurt or help your credit score points. To make it clear, here are some of the most common credit score myths.

Checking your credit report will hurt your credit score

Checking your own credit report and credit score counts as a soft inquiry and does not go against your score. However, if anyone else like a lender or credit card company is checking your credit report, this is considered a hard inquiry and will generally knock off about 5 credit score points.

Closing old accounts will increase your credit report score

Sometimes even lenders will tell you to close your old and inactive accounts as a way for improving your credit report score. In most cases, closing old accounts will actually have the opposite effect with the current credit score rating system. Canceling old credit accounts can actually lower your credit score because it makes your credit history appear shorter.

You need to check more than just FICO score rating

If you ever hear this from anyone, consider it a red flag. All of the three major credit reporting bureaus offer FICO credit score ratings using the formula developed by Fair, Isaac. It doesn't matter that each one gives the scores a different name you only need a fico score rating from the three major credit reporting bureaus.

At Equifax, the FICO score rating is called the Beacon credit score. At TransUnion, it's called Empirica. At Experian, it's known as the Experian/Fair, Isaac Risk Model.

Examine your credit reports from all three major credit reporting bureaus before you apply for a big loan like a mortgage. Fix any errors in all three reports before you shop for a loan because it takes time to correct your credit report.

Credit counseling will hurt your score

The current FICO credit score rating system ignores any reference to credit counseling that may be in your file. The researchers at Fair, Isaac, the company that created the FICO credit scoring rating system, found that people getting credit counseling didn't default on their debts any more often than anyone else.

However, any late payments you've had with creditors will hurt your credit score. Credit counseling can hurt your ability to get a loan because you probably have had trouble paying creditors.

Some lenders will back away if you are in credit counseling. Others may see it differently, but usually will charge you higher interest rates than if you had perfect credit.

Without any doubt the best way to increase your credit report score is paying your bills on time and paying down credit card debt. Check your credit report regularly for any errors and make sure you don't fall for these common credit score myths.

Visit credit--report.net for more information.

Thursday, 23-Feb-2012 22:10 Email | Share | | Bookmark
What Is A Credit Report Inquiry?

Before I explain how to delete inquiries on a credit report I'll explain what inquiries are.

Basically an inquiry means that someone looked inside your credit report. Your credit report is used by creditors and lenders to decide whether or not they will grant you credit. Besides that, they are used by insurance companies to decide whether or not they will cover you with an insurance policy. Naturally they will take a look at your credit report, an inquiry, in order to come to a decision.

Credit reports are used by landlords if you submit an application to rent an apartment or house. They will need to know your social security information, birth date and other information in order to check your credit report and your credit rating or FICO score and this, again, is an inquiry.

Keep in mind that having too many inquiries can be negative, because it could mean that you are attempting to get more credit than you can handle.

So How Do You Delete Inquiries On A Credit Report?

Watch out for any unauthorized inquiries because thieves may have requested credit in your name. They may be pretending they're a legitimate business or company that has a legal right to access your credit report. You can easily get these removed by simply writing a letter with documentation and an explanation.

You also need to know that there are two kinds of inquiries. There are "soft" inquiries and "hard" inquiries. "Soft" inquiries will not affect your FICO score. It's only viewed by you and does not impact your credit score. When you request a copy of your credit report you will be noted as an inquiry, a "soft" inquiry. Any of the creditors you have now can take a look at your credit report during your association with them and these are also "soft" inquiries.

"Hard" inquiries do affect your credit report and FICO score. When you apply for credit whether it's for credit cards or an auto loan for example, this will reflect on your credit score. Lenders are concerned that you have too much outstanding credit now and only so much income. They want to make sure that you can pay back.

These inquiries will expire naturally in two years. You may not be able to remove them before that if they're correct. If there are any inquiries that you have not authorized, you can get them deleted by writing a letter to the credit bureaus or credit reporting agencies that listed them.

There is however one exception: if you have two inquiries from the same source you may be able to get them merged so that one is deleted.

Lastly you need to know that inquiries that have been on your credit report for more than six months are usually not taken into account when creditors or lenders consider granting credit or loans. This should get some problems off your shoulders.

This is pretty much everything you need to know about credit report inquiries, what they are and how to remove them from your credit report. Keep following credit--report.net for more information on credit reports and related topics.[url]

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