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  • Do You Know What Your Credit Score Report Reveals?

    November 15th, 2014 by admin

    Credit score reports play an integral part when you require a large amount of loan for a purchase. An example is when purchasing a house. A lender reviews your credit report before finally approving your loan, which is why; many of your big purchases depend on the right credit score of your report.
    Therefore, a credit report has a huge impact on the quality of your life. In order to avoid any future discrepancies related to credit, you should know all about your report as well so that you can be aware of things that might bring the score report down.

    What Does this Report Actually Show?

    The credit report basically shows if you pay your debts on time or not. It is a report that contains all the loans you have taken, whether or not you have repaid them, what your debt status is and all sorts of information that are required by a prospective lender so that he/she may decide whether you are reliable enough to obtain a loan.

    What Sections Are Present In the Report?

    The credit report contains a great deal of information on your financials as well as the financial history. In general, there are six sections present in the credit report;

     

    1. Personal Info
    2.  Account Summaries
    3.  History of the Accounts
    4.  PI (Public Information)
    5.  Inquiries (if any)
    6.  Contacts of previous or current creditors

    Lacking in any of these sections can compromise one’s chances of obtaining loans, etc. Disputes between yourself and the creditors also end up being listed on these reports so it is a wise decision to be careful. However, this report does not contain information related to annual income, account balance, health records, race, religion and driving history.

    Where Can I Get A Copy of My Credit Report?

    Credit report copies can be requested by three credit bureaus, majorly; namely,

    • TransUnion
    • Equifax
    • Experian

    Previously, obtaining a copy of your credit report cost a particular amount, but the Federal Fair Credit Reporting Act has recently amended this by implementing that each of these credit bureaus should provide a free of cost credit report copy yearly to those who request them.

    Although a low credit score reduces your chances of obtaining loans; if there is a gradual improvement seen in payments of loans and debts seen in the report; a lender usually grants the loan.

  • Reduce your debt and become debt free

    October 29th, 2014 by admin

    Having debt is a common thing among people but if the debt is not managed properly, it can and will have a negative influence on almost every aspect of one’s life. Managing debt is a huge burden in everyday complex life. Troubles related to money may have an influence on work performance, can put marriages under strain and cause some serious health issues. Having a flexible budget and a debt management plan along is of major importance. This way you can address any problems in no time. What is the essence of this all? It is enjoying your life and not only controlling your finances.

    A plan for reducing your debt will enable you to pay off your debts in an affordable way and meet your everyday expenses of living at the same time. You will enjoy the lack of harassing phone calls from collectors and moreover, you will not have your bills on your mind any more. All you need to have is the right solution, and you can start thinking about making your goals real.

    There are many indicators that will clearly show why you need debt management plan in order to get your finances back on track. Many people have a busy life that keeps them from finding time to manage small debts and control the income changes. Debts can rise due overspending, interest charges or hardly making the ends meet. For other people, the problem may lie in a sudden change of life circumstances like illness, divorce, job loss, arrival of a new baby, etc. There are many signs but here are some crucial warning signs you should never forget:

    • You have no idea where to start when it comes to debt management
    • You worry about money all the time
    • You stopped saving
    • You argue with the members of family over money
    • It has become hard to keep up with loan payments
    • You have many bills that are overdue
    • You don’t even keep record of received bills
    • You constantly borrow money from other people
    • You overdraw your account
    • You’ve reached a max limit on your credit card
    • You are not able to pay off your credit card in full at the end of a month

    If you find any of previous signs true concerning your financial situation, you better find a proper solution and get some help to manage your finances. Financial fitness is your goal so wait no longer and look for an expert in this field who will help you achieve your goals.

  • Improving Your Credit Score is Your Priority

    October 8th, 2014 by Ruth Racey

    Do you have bad credit score and looking to improve it? Have you been denied opportunity due to your bad score? Or you have put yourself into more debt in your bid to improve your score? If these are your problems, you don’t need to worry any longer as the solution you simply need is in this article. Yes! What you simply need is right information and you will have your score improved within the shortest time possible. However, it is important for you to know that improving your score is like trying to lose weight meaning that it does not happen in one day. In fact, you need to run away from any company that promises repairing your score within few days and hours as most of them are unscrupulous in their act.

    What Credit Score Really Means

    Honestly, before going ahead to try to improve your score, it is important for you to know exactly what it means for one to have poor score. Indeed, it is simply a numerical analysis in the credit files of an individual, which usually represent the credit credibility of the individual. The information about scores is always offered by credit bureaus. For that reason, most money lenders like the credit companies normally confirm the credit rating of an individual before lending money out to such fellow.

    Know That There Is No Quick Way to Repair a Bad Credit

    It is really important for you to allow these facts to sink into your mind that there is nothing like quick credit score repair. For that reason, you can easily have your effort to improve your score automatically boomeranged and cause more problems to you. For that reason, it is really necessary for you to beware of the financial councilors that will promise to fix your score within a day or few hours. Indeed, the best and most effective way to improving your score is to ensure that you manage it effectively.

    Crosscheck Your Credit Report

    In most cases, errors in computation of your credit report can result to bad score to you. For that reason, before embarking on any effective techniques of improving your score you need to ensure that you request for your credit report and crosscheck it yourself. Then if after crosschecking the credit report you still discover that your score is bad then you can kick off in implementation of some effective means.

    Reduce the Number of Debt You Own To Improve Your Credit Score

    It is important for you to know that the most effective way of managing your credit score is to reduce the number of debts you own. For that reason, you can easily reduce the amount of debt by implementing some debt management programs like debt consolidation and other effective means of managing debts. Really, consolidating your debt will help to reduce the interest rate also the pressure thereby making it easy for you effectively manage your debt and improve your score with ease.

  • Things that will impact your credit score the most

    August 24th, 2014 by Ruth Racey

    If you are thinking about taking the loan now or in near future, you should be aware of the fact that the terms you will be offered are mainly dependent on your credit score. You should know which factors will influence your credit score the most – below are few things you should really keep an eye on, in order to improve your credit score before applying for next loan.

    The most important thing that has impact on your credit score is your repayment history. Be sure to check your credit report and find out if there are any errors made with your previous payments (believe it or not, even in time of computers and internet there may be some). This can be done on your own and shouldn’t take too much time unless you have a very long credit history. Next thing you need to be looking at is what you owe to your lenders at this time. Your debts are presented in form of credit cards and other loans you may have now, if you have any extensive debt at this moment it will greatly reduce your overall credit score. In case of having more than one debt (such as with multiple credit cards) you should try to reduce the amount you owe down to under 30% of allowed limit, there is no point in bringing one of your debts all the way to zero if you still have another that is way over the above mentioned limit.

    Next thing that can greatly influence the overall credit score is servicing your old debts. As surprising as it may be, if you have been using loans in the past and if you have been able to repay them in time this is going to really positively affect your score. Another thing that has influence is the numbers of times you have applied for a loan or a credit card, in case you have been applying for loans too often this will negatively affect your overall score. Next thing that has great influence is the diversity in types of loans you have been taking, for example if you have been applying for credit cards only or just asking for bank loans they will have negative effect on your score. The reasoning behind this is that you need to show your ability to use different types of bank loans and repay those on time – the better you can do this the higher your score will be.

    There are other things that can affect your overall credit score but they are not as important as those mentioned above. If you are thinking about applying for a new loan make sure to check in which “fields” you can make most improvements. You may not be able greatly improve or make corrections in all areas that are mentioned here, but just making a small steps forward in any of these fields may be just what you need to get a better credit score and create better conditions for your next loan.

  • How to Leverage 100% Guaranteed Credit Repair with Ease

    July 10th, 2014 by Ruth Racey

    The most popular advert these days both on the internet and at bricks and mortar world is all about Credit Repair. Most of the companies normally promise to help their clients repair credit automatically which in most cases is not really possible. If you want to know the truth about how to repair damages caused in your credit card either through identity theft or others, you are just in the right place. Indeed, without missing word, there is nothing like automatic repair for credit report which you might have heard in most adverts.

    Indeed, the truth of the matter is that there is no one that can repair another person’s credit except by helping the person offset the debt that resulted in bad credit. In that regard, you need to avoid being scammed by most unscrupulous companies that normally pose to have what it takes to repair credit within 24 hours. The most important thing you need is patience so as to enhance your credit report legitimately. So, you need to save your money and time you would have spent on those unscrupulous firms in order to repair your credit report.

    Apparently, the problem associated with bad credit can be overwhelming making the victim perplexed about the best and easier way to fix the problem. Bad credit describes your past failure to meet up with your credit conformity which normally results in failure for you to be approved for fresh credit. One thing you need to understand is that despite the fact that this problem is really far reaching yet, it is never a permanent situation without remedy. But it simply depends on you when it comes to determining the speed to repair your credit.

    The first thing you need to do is to get the details on the things that led to your bad credit and improve from that area. If it is about unnecessary expenses, then you will need to adjust your daily or monthly expenses until you correct the damages on your credit report. The worst and most dangerous thing that causes bad credit report to most people all over the world is identity theft. For that reason, if you are victim of identity theft which resulted to bad credit report, what you simply need to do is to place initial fraud alert so as to avoid further issues from occurring in your credit report before looking for a way to take actions regarding your credit Repair.