Credit Report Archive for July, 2010

• Advisory on Credit Report for a Better Chance of a Loan

  by Faye Mergel
  

  In today’s era, more business firms in the U.S. are vigilant in scrutinizing application as a precautionary measure on their business. Because of this, they advised customers to improve their Credit Report to avail of a loan without so much difficulty. The firm’s advisory was a response to the increasing number of individuals who were denied of a loan or had a hard time availing one. Just like a customer who expressed her concern in one forum in the internet … (more) July 29, 2010

• Catch-22 poses a threat to job seekers

  by Faye Mergel
  

  People who are on the lookout for a job and do not have a good credit report backing them are in trouble today. Over 60% of the prospective employers request for a copy of credit report of the candidate and scrutinize it thoroughly before offering them the job. This does not herald good news for people who are currently unemployed. In fact, this only tightens the noose and makes job search even more stressful. Nobody seems to give a thought … (more) July 27, 2010

• Consumerism Tips on Raising Your FICO Scores

  by Andy Snyder

  Damaged scores are usually brought about by bad credit reputation due to unsettled debts and other financial obligations. The three reporting agencies gather all reports from merchants and other financial institutions that you have made some business transactions with and reflect them in their reports subject for the computation of your FICOs. Once your obligations are not settled, they are able to pull you down the drain and gradually shut all opportunities for financial growth. This is considered the time … (more) July 26, 2010

• Fraud Alert: The Good, the Bad, the Ugly and The Bright Side

  by Faye Mergel
  

  A fraud alert is a safeguard tool used to notify everyone that checks a cardholder’s credit report that the cardholder is a victim of identity theft. Viewer of the report would have to verify that the cardholder is the person really applying for credit. The service is free and takes about ninety days. An extended fraud alert, which lasts for seven years, needs an identity theft report from a law enforcement agency. An active duty alert, which lasts one year, … (more) July 25, 2010

• Credit Reports For Free

  by Faye Mergel
  

  Everybody knows how credit reports affect credit card holders. The possibility of obtaining future loans, employment and services availed depend on those pieces of information contained in the credit reports. Card holders are also aware that bad credit reports can expose them to higher risks of financial failure or higher debts. But what cardholders are not that knowledgeable about how they can secure themselves to financial crises regarding their credit. The Fair and Accurate Credit Transactions Act (FACTA), a law … (more) July 23, 2010

• Understanding How Credit Bureaus Work

  by Karen Anderson

  Consumers may find it hard to understand the roles of the credit bureaus especially if they are not geared to attaining good FICO scores. But every consumer should acquaint themselves on the important roles done by the three reporting agencies in order for them to know what interventions or credit report tips could be used to improve ratings. Credit bureaus are important if you want to have a good chance for financial enhancement. Not only do they affect credit opportunities … (more) July 23, 2010

• Freezing Reports Fights off Scammers

  by Faye Mergel
  

  Many Americans have no idea that freezing their credit reports can actually prevent scammers to gain access their credit history. Credit report freeze or security freeze is a method where the credit card reporting agencies block or lock the data contained in credit reports of cardholders. It is done upon the customer’s request to disallow others from viewing the credit history. The customer is also not allowed to open a new credit account while the credit freeze is taking place. … (more) July 21, 2010

• Student Loans on Credit Report

  by Faye Mergel
  

  Many college students ask whether their student loans will appear in their credit report or not. The answer is: yes, they do. They remain on the credit report for, to college students’ dismay, about seven years. Credit reports contain information that is useful when applying for loan, setting up for new accounts, applying for insurance and such. With the problems in creditworthiness and default risks, it is obviously proper for lenders to have a background check on their potential customers … (more) July 19, 2010

• Acquiring the Best Credit Report Advice

  by Andy Snyder

  Maintaining an untarnished credit line is a task difficult to accomplish. With the economic meltdown and with lots of people experiencing financial pitfalls, it is never easy to avoid delinquencies or unpaid debts. Priorities vary from one person to another and but it is very useful to understand how a blemished credit line could become more detrimental to a person’s life. Taking this into consideration will lead anyone to look for useful credit report advice in order to raise credit … (more) July 19, 2010

• Credit Reports Bad News Continues

  by Faye Mergel
  

  Mortgage Meltdown: Past Revisited. No one can forget what happened during the mortgage meltdown. In 2008, FICO scores were said to be unreliable and their creator corporation have had a hard time defending itself when many homeowners and banks accused the scores for the crisis. Credit scores are calculated based on the information details contained in the credit report. Thus, the FICO scores controversy affected cardholders and lenders’ reliance on the credit reports. Many banks who rely mostly on the … (more) July 17, 2010

• Fair Credit Reporting Act Protects Consumer Credit Rights

  by Faye Mergel
  

  The Fair Credit Reporting Act which was passed in 1970 is the foundation of consumer credit rights in the United States today. The fairness, accuracy, and privacy of all your personal data in the records of consumer report agencies is promoted by the FCRA. However, keep in mind that some states have their own consumer reporting laws and you may have more rights under the laws of your state. Here are some of major rights afforded by this piece of … (more) July 15, 2010

• Surefire ways to Get Improved Credit reports

  by Karen Anderson

  Credit is an opportunity very rarely given to deserving individuals. Not all people in this world get approved of a credit application because credit worthiness varies from one person to another. The making of worthiness highly depends on a person’s financial activities especially of his ability to pay for his debts. Credit report tips flourish in the internet because of the intense conditions that not all borrowers are able to adhere to payment options. Almost all consumers experience difficulty settling … (more) July 15, 2010

• Credit Report Dissected

  by Faye Mergel
  

  Credit Reports can be viewed by credit card holders once in every twelve months in AnnualCreditReports.com under federal laws. The three main credit bureaus are responsible in issuing these free annual reports. This is to make cardholders aware of the fact that it is important to view the report with their own very eyes to detect errors or symptoms that could lead possibly to fraud or theft. If errors do exist, the cardholders must contact the credit bureaus to discuss … (more) July 13, 2010

• Knowing How Your Credit Scores are calculated

  by Andy Snyder

  Getting denied or approved for a loan depends on your credit scores. These scores are the basis of credit companies on assessing your worthiness for a new account or a loan application. If your scores are low, your application if denied. Logically, if your scores are high, you will have the chance to enjoy great financial opportunities. Many people seek for the most effective credit report advice they could ever get in order to improve their credit scores. Little … (more) July 12, 2010

• Federal Laws Can Damage Credit History

  by Faye Mergel
  

  The Credit Card Accountability Responsibility and Disclosure (CARD) Act simply known as Credit CARD Act of 2009 has opened portals to fair treatment to credit card holders and merchants. The problem is not all people are satisfied with the passed federal law which was passed earlier this year. Though the Act prevented excessive payment of fees on the credit cards, the act did not limit price controls, rate caps, and fee setting. The act does not limit how high interest … (more) July 11, 2010