Most Recent News in Credit Report News

• Business credit report released by equifax to help better risk management

  by Faye Mergel
  

  Running a successful business is not easy and involves a lot of financial planning and management. Hence, it is important to know the financial history of the company with whom you conduct your business. It is the most important aspect of risk management. There is absolutely no reason to blindly get into a business relationship without knowing their financial background, and especially when all this information is readily available. Equifax has just released the Business Credit Report last month. This … (more) August 3, 2011

• The negative impact of credit reports eliminating medical debt from the list

  by Faye Mergel
  

  US Representative Heath Shuler had earlier this month introduced the Medical Debt Responsibility Act of 2011. As per the requirements of the bill, credit bureaus such as Experian, Equifax, and TransUnion had to remove settled or paid medical collection item up to $2,500 for every collection, out of the credit reports. When unpaid medical bills are turned over to collection agencies, then they may seem like a medical collection item, while being reported to credit reporting agencies. This may be … (more) July 31, 2011

• The positive aspects of removing medical debt from the credit report

  by Faye Mergel
  

  A couple visited a cardiologist last year just to get a routine stress test done. The gentleman’s father had died of a heart attack at a very young age and the couple didn’t want to take chances. They contacted their insurance company and were told that the expenses would be covered by the insurance company as long as the stress test was carried out as a preventive measure. After a lapse of three months, the insurer had still not settled … (more) July 26, 2011

• Payday loans and their impact on your credit rating

  by Faye Mergel
  

  It might shock you to know that even your payday loans can have an impact on your credit rating even though the provider does not conduct a credit check. Just as it is the case with the other providers, even the payday loan providers will have to report details of who gets the finance and this has a rebound effect on the credit rating. But you will surely want to know if this is a negative thing? For one, … (more) July 24, 2011

• Reliability of credit reports examined in new study

  by Faye Mergel
  

  Credit plays a very important role in our lives and it has a huge impact on the US economy. Regulators, consumers, lenders are some of the entities who have a vested interest and wish to have a better understanding of the data that is provided by the credit bureaus. There are a number of research projects and studies that have been conducted to address these issues regarding the accuracy of the reports provided by the credit bureaus, dispute resolution, and … (more) July 20, 2011

• Does your credit report contain serious errors that you are not aware of

  by Faye Mergel
  

  Your credit report is the all-important document in your life and it is important to know if there are any errors in it. The accuracy of the credit report is of prime importance and you have to ascertain if the information is accurate. Earlier estimates on credit reports have shown that those with grave errors vary to a large extent and may be anywhere between 3% and 25%. Consumer Data Industry Association had recently conducted a paid study. It is … (more) July 14, 2011

• Credit reports and the way it can impact your credit score

  by Faye Mergel
  

  Credit is important and so are the credit reports. But most people tend to focus only on their credit scores and don’t realize the impact of the credit reports on their credit scores. In most cases, it may be difficult to separate credit reports from credit scores. But it is important to understand that these are two sources of information for lenders and the others who can use it to determine the creditworthiness of an individual before making a decision … (more) July 8, 2011

• Be cautious while trying to obtain a free credit report

  by Faye Mergel
  

  When you wish to obtain the so-called free credit report, you must be doubly cautious. There are many who have burnt a hole in their pockets as they had inadvertently signed up for a paid program. A 23-year-old female sales associate from Northern Virginia wanted to run a check on her credit report and she signed up for a free credit report. She was also one of the many people who knew that she was well within her rights to … (more) July 4, 2011

• Nuances of disputing credit report errors perfectly

  by Faye Mergel
  

  Credit reports are essentially the passport to your financial world. You need them when you apply for a credit card, auto insurance, renting an apartment, or even when you seek employment. The information that is contained in your credit report is very critical as this is used to measure your creditworthiness and most banks and financial institutions use them for verification purposes. Hence, it is important to ensure that your credit report is in order and does not contain any … (more) June 30, 2011

• Check your credit report periodically for errors and avoid delays while securing a loan

  by Faye Mergel
  

  Even your credit report needs some cleaning up once in a while, just like the way you would clean up your wardrobe or your garage. Your credit report contains your credit history which is the foundation for financial stability. The information that is found on your credit report is what companies like FICO use in order to generate the credit score. Credit scores are used for everything including the interest that you would be charged on your loan, that is … (more) June 25, 2011

• Reliability of credit reports examined through new study

  by Faye Mergel
  

  The credit reports are an important aspect in our daily lives, given the fact that it is increasingly used everywhere and has a huge impact on the economy in the US. It is important for lenders, regulators, consumers, financial institutions etc., and all of them have a vested interest in these reports. Hence it becomes imperative that we understand the quality of the data that is contained in these credit reports. The accuracy of the credit reports has been a … (more) June 18, 2011

• Mistakes in the credit report – what can you expect

  by Faye Mergel
  

  Whenever a person finds a mistake in the credit report the next course of action would be to dispute. This is a right given to you under the Federal Law and you are entitled to dispute any information that is incorrect. You can report to the credit reporting agencies who are reporting the data and the furnisher as well (the credit card issuing company, the debt collector, or auto lender for instance). The furnisher will have to carry out the … (more) June 10, 2011

• Check for mistakes in your credit report or it could cost you dearly

  by Faye Mergel
  

  The type of credit you have can have a huge impact on what you want to buy – irrespective of whether it is a cell phone or a house that you are planning to buy. Most people in the industry state that the credit report is more or less like a report card for grown-ups. This clearly shows your ability to handle finances but the report could also contain mistakes and reflect a bad grade. The policy and economic research … (more) June 5, 2011

• Credit report errors and its effect on consumer’s creditworthiness

  by Faye Mergel
  

  According to the reports of the new study that was released today by the Policy and Economic Research Council (PERC), consumers can now rest easy and they need not be too concerned if there is a possibility of errors occurring in their credit reports, which could be negatively affecting their creditworthiness. The PERC research is a statistically sound and comprehensive study that is performed under rigorous peer review. The accuracy of the data that has been collected and maintained by … (more) May 23, 2011

• Credit report and the impact on your job search

  by Faye Mergel
  

  It is not uncommon to see people applying for their dream job and then worrying if their credit report will prove to be a tough obstacle to overcome in order to attain that elusive appointment letter. An increasing number of employers are conducting a pre-employment credit check of potential candidates before offering the job. One of the surveys published in 2010 by the Society for Human Resource Management says that around 47% of the companies evaluate the credit report of … (more) May 18, 2011