Credit Report Archive for January, 2010

• Not So Fast, Say Creditors

  by Faye Mergel
  

  Several consumer advocates have recently called out on homeowners to walk away from their mortgage if their property is way underwater. Despite the damage it will cause on a credit report, it will at least free consumers from an enormous financial burden. But John King knows things are not that easy. Two years ago, he stopped paying the mortgage for his home in Coral Gable, Fla. He thought reaching a foreclosure was the end of it all: no more monthly … (more) January 31, 2010

• Tennis Enthusiasts Top Victims of ID Theft

  by Faye Mergel
  

  A recent report reveals wealthy consumers who are fond of tennis and other leisure activities such as skiing and international travel are at greater risks of becoming identity theft victims. Identity thieves are extremely difficult to stop because of the many ways they can work their crime out but consumers can prevent crooks from using their accounts if they check their credit report regularly. This week, credit bureau Experian issued a report revealing that wealthy suburban consumers are the top … (more) January 30, 2010

• ID Theft Rises in Provincetown, MA

  by Faye Mergel
  

  Technology has made life easier for many. However, it has also made life easier for identity thieves as they now have more ways to steal from unsuspecting consumers. This week, authorities in Provincetown, M.A. reported that cases of ID theft in the area has gone up, prompting them to remind residents of the importance of reviewing their credit report. Any transaction completed under a person’s name is recorded on his credit report. In cases of identity thief, a victim can … (more) January 29, 2010

• Ignorance and Arrogance, the Deadliest Sins in Credit Management

  by Karen Anderson

  Ignorance is one of the worst enemies of credit account holders. The nature of mastering the credit worthiness assessments tools greatly depends on the attitude toward the system itself. As mandated by the law, credit account holders are to be granted three free annual credit reports and credit scores from the three recognized credit bureaus. Credit report tips from experts will not miss to remind the general public that they have three options regarding their credit reports and credit scores. … (more) January 29, 2010

• Debt Settlement May Not Be a Bright Idea

  by Faye Mergel
  

  It has been weeks since consumers finished listing their New Year’s financial resolution but many of them are still months away from being able to remove those Holiday debts off their credit report. This situation though is hardly unusual. In October last year, 13.5 million American consumers were still grappling with the credit card debts they acquired during the 2008 Holiday season. There is, however, a little twist on this year’s financial situation for consumers: the implementation of new federal … (more) January 28, 2010

• Accurate Credit Report Essential to Excellent Consumer Rating

  by Faye Mergel
  

  Consumers can get lower interest rates on their mortgage if they have a high credit score. But their scores at times suffer because of the inaccuracies on their credit report. Consequently, this causes them to lose hundreds of dollars on monthly mortgage payment, as inaccurate credit reports make them pay higher than they deserve. Experts highly suggest checking those documents for inaccuracies, as they can cost more than consumers could imagine. The three major bureaus—Equifax, TransUnion, and Experian—leave it up … (more) January 27, 2010

• Road to Financial Fitness Starts with Credit Report

  by Faye Mergel
  

  Anyone who has a financial resolution this year is most likely to include credit score improvement in it. Tidying up a FICO credit score can help a person get better loan rates at banks, mortgage lenders, and other creditors. Additionally, it allows one access to lower premium rates from insurers and more affordable monthly rent from landlords. But many people who want to boost their ratings do not know how to do it, prompting finance advisers to give their own … (more) January 26, 2010

• Disorganized Consumers Losing Huge Money

  by Faye Mergel
  

  Many people think they do not earn enough or are spending too much that is why they are barely able to make both ends meet. Jumping from paycheck to paycheck becomes an endless cycle for them and could at times force them to live on debts. However, experts say, in some cases, those people are neither spending much nor earning too little—they are simply disorganized. Doing a credit report check is one of the best ways to start organizing for … (more) January 25, 2010

• “Free” Is Enough to Protect Identity

  by Faye Mergel
  

  Consumers and businesses alike are facing serious threats of identity theft. However, some advocacy groups argue that the dangers for this crime are at times exaggerated by commercial sources to boost profit. Advocates hint at a TV commercial which says it will provide “free” credit report so consumers can avoid falling victim to ID scammers. While viewers are initially told that they will be given their credit reports for free, they would later on find out that they are automatically … (more) January 24, 2010

• Credit Report Advice-Should you trust a free credit report?

  by Andy Snyder

  Credit reports hold the key for any and all of your future investments. Any creditor or lender has to first check your credit report to take a decision regarding your loan application. Credit is basically the money given by a creditor to a borrower with the promise that the borrower will repay the money through periodic repayments without any delay in the payments. These payments are known as instalments. Therefore, for a creditor to be assured of your paying the … (more) January 24, 2010

• DC Commissioner Does Not Want Credit Report Information to Affect Insurance Cost

  by Faye Mergel
  

  The insurance commissioner for the District of Columbia is pushing to ban the insurers’ practice of charging policyholders according to information on their credit report. He points to credit-based insurance discrimination in how car and homeowners are charged for their policies. Negative information on a credit report can increase insurance costs for motorists. It is an underwriting practice that has been in existence for decades, and DC commissioner, Mike Kreilder, is pushing to stop that now. Jim Arthur had no … (more) January 23, 2010

• Property Owners, Renters Target of Online Scam

  by Faye Mergel
  

  A new cyber scam is out which targets homeowners and renters, prompting investigators to issue a warning so the public can protect their credit report. The most recent victims are two property owners in Albany, Georgia. The owners placed their properties up for sale but they were on another site as rentals. The homeowners did not post their properties for rent in Craigslist and did not ask anyone to do it either. The scammers are out to get money or … (more) January 22, 2010

• Man ‘Dead’ According to Credit Reports

  by Faye Mergel
  

  Many consumers are denied loan applications because their credit report shows that they have repeatedly missed their mortgage payments or because of the numerous credit card delinquencies under their name. But what happens when a man is denied credit because he is dead? Glenroy Allen knows it is a lot of tough time. The Brevard County man is now on a struggle for life—on his credit report, that is. Several credit reporting agency (CRAs) made the mistake of listing him … (more) January 21, 2010

• 2010 Still A Good Year to Refinance

  by Faye Mergel
  

  Owen Metz says getting a refinance is all about the dollar. The Plymouth, Minn. homeowner is saving $150 on his mortgage payment after getting approved for refinancing. Many people like Metz who are still paying those 2007 and 2008 rates are now looking for creditors who are willing to refi their homes. While this is an excellent financial move, experts warn that lenders are now more careful on whom they lend money to. Tougher loan qualifications are among the major … (more) January 20, 2010

• Knowing the Law and your Credit Report

  by Karen Anderson

  The numerous numbers of constraints, laws and implications that credit bureaus impose unconsciously on the credit account holders through its bylaws can make movements in the credit business difficult. Luckily, credit repair companies and credit experts compensate for these constraints through credit report tips. These credit report tips enable credit account holders to discover innovative ways to make use of helpful tactics that can make the process of dealing with credit reports and credit scores a lot easier. But behind … (more) January 20, 2010