Credit Report Archive for February, 2010

• Why Companies Sometimes request for your Credit Report

  by Karen Anderson

  There are three major and recognized credit bureaus, Equifax, TransUnion and Experian. These three credit reporting and scoring companies are the ones responsible for the credit worthiness ratings that credit account holders receive. As mandated by the law in the Fair Credit Reporting Act or FCRA, credit account holders have the right to annual and free credit reports and scores from these three credit bureaus. However, the mandate of the law is not enough to make people have better credit … (more) February 26, 2010

• Juggling With Debt To Rebuild A Damaged Credit Score

  by Faye Mergel
  

  A high number of consumers are dealing with bad credit scores right now. A lot of them got surprised by the economic crisis and overextended their credit. A few were irresponsible borrowers to begin with. Some may have had to take out loans and lean on their credit cards due to some emergency such as serious health problems. Whatever the case, consumers with bad credit scores need to rebuild their credit as quick as they can considering the importance of … (more) February 25, 2010

• Safer Credit Report Checks Through The FTC

  by Faye Mergel
  

  The economic climate right now has really forced consumers to be very critical of their finances. Failing to keep an eye on their finances in this economic downturn could be disastrous for consumers. Now more than ever, it is very important for consumers to check their credit reports. The need for constant credit report monitoring is not going unnoticed among the more entrepreneurial in the credit industry. A lot of consumers are getting offers, especially online, for credit report checking … (more) February 23, 2010

• Threats to your Privacy Protection

  by Andy Snyder

  Fair credit Reporting Act was created for reasons which include the protection of consumers’ privacy. According to this law, access to your credit report is limited and that there are certain sets information like those asked by employers and medically-inclined information could not be disclosed by credit reporting agencies without your approval. It is indeed a good credit report advice to keep knowledge about your rights and the CRA’s legal obligation.  In spite of this, there are certain instances nowadays … (more) February 23, 2010

• Easier Fraud Detection When Consumers Monitor Their Credit Reports

  by Faye Mergel
  

  One of the biggest concerns among consumers today is identity fraud. It was bad enough a few years ago and now, with the current economic scenario, cases of identity fraud have gone up considerably. According to a research done by Javelin Strategies, there was a one in twenty chance of a consumer being a victim of identity fraud in 2009, an increase of 11% compared to the previous year. The risk exposure among consumers differentiate considerably depending on the consumer. … (more) February 20, 2010

• FICO SCORES: The Percentage Needed to Succeed

  by Karen Anderson

  The Fair Isaac Corporation method of computing for the credit score of a credit account holder is the only official way of computing for credit score. The credit score or FICO score is the numerical equivalence of the narrative credit documentation or credit report. No matter how people may try to understand the process of computing for the FICO score, it is too complicated to comprehend. On the bright side, credit account holders can boost their credit worthiness rating in … (more) February 19, 2010

• U.S. Consumers Get Free Credit Reports Annually

  by Faye Mergel
  

  Consumers from the United States will be happy to know that they are entitled to a free credit report annually courtesy of the U.S. government. This is part of the regulations included in the Fair Credit Reporting Act or FCRA. A credit report is an important document for American consumers because it helps them keep track of their finances and understand their credit scores. Most consumers know very well the impact that their credit scores can make in their financial … (more) February 16, 2010

• We are not Left with no Rights

  by Andy Snyder

  Tracking down history one will find out that credit reports started 100 years ago utilized to file just the negative financial information about a person. It is also inaccessible even to the person whose name is written on the document.  Addressing this issue, in pursuit for increasing accuracy and protecting privacy grounded on fair information practices, Fair Credit Reporting Act was passed in 1971. This act made a lot of difference on how credit reporting agencies work before as compared … (more) February 16, 2010

• 7 Year Limit For Foreclosures In Credit Reports

  by Faye Mergel
  

  Foreclosures, though consumers are loathe to admit it, have been wide spread during the past two years. Driven primarily by the economic crisis, foreclosures have become the bane of consumers. A foreclosure is a disastrous event for consumers. It can severely damage the confidence of a consumer and can dash their hopes and dreams in one fell swoop. An even more daunting and long term effect of foreclosures is the negative mark that it will make in a consumer’s credit … (more) February 14, 2010

• The Problem of owing too much

  by Karen Anderson

  The credit bureaus in their own ways can direct the financial status of many individuals. In the United States alone the three major credit bureaus are taking care of 250,000,000 of credit account holders’ information. The personal information of the credit account holders will be the basis of credit bureaus in assessing their credit worthiness. There are many technicalities in the credit bureaus’ processes of making their credit worthiness measures. Among the technicalities and problems that credit bureaus can bring … (more) February 12, 2010

• Guessing Consumer Income From Credit Reports

  by Faye Mergel
  

  Come February 22, the new Credit CARD Act goes into effect. This will mean a lot of changes in the credit industry, most of which are going to require a lot of adjustments not only from credit card issuers but from credit card holders as well. Case in point: credit issuers may soon be using credit reports to guess just how much income a consumer is making so that they can properly gauge whether they should be giving credit to … (more) February 9, 2010

• Freezing points in your Credit Score

  by Andy Snyder

  Identity theft is a serious threat to everyone. It is not just about your financial aspect that can be greatly damaged but you and your entire reputation can also be put at stake. Following credit report advice on how you must handle disclosing of information to others however can help in lessening the probability of being a victim of this crime.  To protect our credit reports we can actually request the credit bureaus to flag a fraud alert on our … (more) February 9, 2010

• Everything Counts: Don’t Miss Minor Details in your Credit Report

  by Karen Anderson

  Perfect does not exist in the world of credits. There are no perfect record, no perfect history and no perfect information. The world of credits evolves and revolves in its own plain imperfections. But unlike other imperfections that can be repaired; in the world of credits there are imperfections that are beyond repair if left unchecked for a long time. Credit report tips are dedicated in changing imperfections to new chances and new opportunities to improve as a credit consumer. … (more) February 5, 2010

• Legislation Loopholes Can Damage Credit Report

  by Faye Mergel
  

  Legislators are eager to promote the interest of consumers and protect them from unfair lending practices. However, analysts say new legislations have unintended consequences which are costing consumers big time. Cardholders know that keeping their credit report impressive can save them lots of money. They could avail cards at lower interest rates and even get credit cards with very high limits. But as the CARD Act nears its full implementation date—February 22—banks have tried to change policies and terms in … (more) February 2, 2010

• How to do a Rapid fix for your Credit Reports

  by Andy Snyder

  Credit reports are important documents that are known for their imperfections. The erroneous reports credit bureaus are mostly generating are causing troubles to both the lenders and consumers.  Too many people are denied of loan services and are subjected to high interest rates as a result of having low credit scores which may be caused by inaccuracies in their credit reports.  Lending professionals are also having their share of misfortune in this picture since errors in credit reports give low … (more) February 2, 2010