Credit Report Archive for 2009

• Credit Shopping and your Credit Score

  by Karen Anderson

  The idea of credit shopping is an over used shopping style that is used by many to decrease their utilization measurement in the hope of increasing their credit score and having a better credit report. However, over shopping for credit is also bad because of its long term potential detriments to the overall credit worthiness of the individual. Borrowers and credit reports recipients should avoid over doing the credit report tips on decreasing utilization. The tips prescribe to lessen utilization … (more) December 31, 2009

• Park County Foreclosure Second Highest in Colorado

  by Faye Mergel
  

  With one completed foreclosure in every 55 homes, Park County recorded the second highest rates in the state of Colorado for the third quarter of 2009, just lagging a little behind San Juan County. A foreclosure severely impacts a credit report, which could ruin finances of foreclosed households. The Colorado Division of Housing recently reported that Park County has the second-highest foreclosure rate than any other county in Colorado during the third quarter of 2009. Ryan McMaken, community relations director … (more) December 31, 2009

• Credit Report Mistakes Costs Family Thousands of Dollars in Mortgage Payment

  by Faye Mergel
  

  A Manitoba family has done everything right in paying their dues to a financing organization. However, the credit report error made by the company has cost them to pay thousands of dollars more on their mortgage loan, making their Christmas bleak when it should have been jolly and gay. Nancy Klassen sought financing for a GM minivan several years ago and was able to pay it off in June 2008. However, when they tried to refinance their home, they found … (more) December 30, 2009

• Know your Credit Report Better

  by Andy Snyder

  Before we get into understanding the finer details of credit reports, let us first try and define it. A credit report is a record of all your credit activities. For example, it shows what loans are outstanding, it shows how fast you repaid your previous loans, and it also shows whether any action was taken against you because of unpaid loans. In the previous days, banks or lenders would actually ask for a list of all your previous creditors. Then … (more) December 30, 2009

• Instant Card Offers May Disappear After Holiday Season

  by Faye Mergel
  

  Store cards offering huge discounts on item purchases are very popular during holiday season. Malls and retail outlets are enticing shoppers to sign up by tempting them with a luscious 15 percent slice off some tag prices. However, they could disappear next year as the government will begin implementing new measures to make sure that a borrower’s financial status and credit score is commensurate to what he owes. Federal regulators note that store cards have higher default rates because it … (more) December 29, 2009

• Debt Settlement, Debt Utilization, and your Credit Score

  by Karen Anderson

  Everything is at its best if it is in the right amount and proportions, nothing more, nothing less. In the businesses of credits, debts and payments the same truth applies, everything should be just right. This is the same nature that puts credit experts in an obligated position to give the best credit report tips. These tips would cater individuals to further understand the nature of credits and in answering the questions that continually bug the minds of individuals with … (more) December 29, 2009

• Short Sellers Banned from FHA Loans

  by Faye Mergel
  

  The Housing and Urban Development (HUD) recently sent a letter to mortgage lenders across the United States informing them that it will not insure loans for short sellers whose mortgage was in default at the time of the sale. However, it also announced that short sellers who managed to keep black marks off their credit report over the last few years may get an exemption. People are increasingly resorting to short sales in order to avoid foreclosure as more and … (more) December 28, 2009

• Don’t let your credit report affect your job prospects

  by Andy Snyder

  Credit is the most important factor in financial matters in the United States. Credit is when a borrower borrows some money to pay for goods and services from a creditor. It also includes a promise to pay the money back in periodic instalments with no delay in payments. Your entire credit history will be listed on your credit report. Details of every single credit along with any late payments and due amounts will be mentioned. Your credit history will be … (more) December 28, 2009

• Credit Report Check a Must for Tax Season

  by Faye Mergel
  

  The holiday season is here once again and finance advisers are quick to remind consumers of the importance of checking their credit report before being caught by the holiday rush. However, they also tell consumers that when the shopping days are over, it will be time for them to pay Uncle Sam his due or get a refund instead. The time for taxpayers to meet their obligations is fast approaching and another credit report check would help them know what … (more) December 27, 2009

• Time is Gold in the Credit World

  by Karen Anderson

  Time is always of the essence in making credit reports. The time factor in documenting credit reports is seen in its stress and emphasis on the Date of Last Activity or DLA. This DLA is the guideline followed by credit bureaus in documenting the needed information in an individual’s credit report. Credit report tips are available almost everywhere, the fast development of technologies like the internet made these tips more available to the public. On the other hand, the individuals … (more) December 27, 2009

• Lenders Looking for More Security

  by Faye Mergel
  

  The dream of having a home is supposed to be easier these days with mortgage rates and home prices lower than they have been for years. Ironically, that dream has become more unreachable for some because of new lending standards imposed by creditors. Aside from meeting minimum down payment, lenders also require borrowers to have strong creditworthiness. To determine if a potential borrower can meet loan terms, creditors check his credit report, monthly income, and employment stability. Typically, they focus … (more) December 26, 2009

• The Kind of Help we really need on Credit Reports

  by Andy Snyder

  When we are in trouble, whatever it may be, we tend to ask ourselves “Do I need help?” and if we are overwhelmed by digits zooming from the details of our trouble list we then have the answer for that question, YES!  To whom do we seek help? We mostly consider going to the subject matter experts. Those who know more about the issue we are dealing with. Those who have more experience related to what we are experiencing and … (more) December 26, 2009

• The Negative Effects of Closing Credit Card Accounts

  by Karen Anderson

  There are many companies out there that claim to have the capabilities to increase credit scores and repair credit reports in a flash. However, the lucrative nature of credit repair and troubleshooting business makes it very attractive even to those who would opt to make money from wrongful means.  If there is one most commonly advised wrong strategy in increasing credit score and repairing one’s credit report it would probably be-to close unused credit card accounts. This is one of … (more) December 25, 2009

• New Spending Pattern Unlikely to Last

  by Faye Mergel
  

  Americans have limited their credit card usage last year as they try to provide themselves more cushions against the pressing economy. Many do so out of their own volition, but an equally great number are forced to rid their credit report of card debts because of new lending standards by major creditors. Experts say the practice is doing consumers good, but they also fear that they may soon drift back to their old habits. As recently reported by Mercantor Advisory … (more) December 25, 2009

• Entrepreneur’s Credit Report Hit by Business Debts

  by Faye Mergel
  

  After starting his Limo business back in 2007, Byron Hebert knew a credit card would be very helpful in managing his business’ cash flow. So he applied for it and got two plastics from Capital One, with limits of $7,000 and $25,000. However, he was not aware of what his card provider has been doing to his credit report, until he applied for a loan. In November, Hebert found out that Capital One was reporting his business accounts on his … (more) December 24, 2009