Posts Tagged ‘report’

‘Free’ credit report not free

‘Free’ credit report not free
The credit report you get from freecreditreport.com is no longer free, no matter what that Web address promises.

Read more on Omaha World-Herald

Equities turn lower on credit report

Equities turn lower on credit report
NEW YORK, April 8 (UPI) — Markets in Asia and Europe tipped lower Thursday in a global downturn sparked by a drop in U.S. consumer credit activity.

Read more on UPI

Consumer Report: New Credit Card Laws Flawed

Consumer Report: New Credit Card Laws Flawed
On Monday, new federal laws go into effect designed to protect credit card customers. But as CBS 2 HD found out, those rules will still leave banks plenty of wiggle room to keep adding on those fees. Sweeping reforms under the Credit Card Accountability Responsibility and Disclosure Act — or “CARD” Act — mandate that anyone under 21 will need to prove they can pay or get a co-signer on the …

Read more on WCBS-TV New York

Credit Report Repair

Image taken on 2008-12-12 21:01:32 by Credit Building.

How and Should I correct 2 judgments on my credit report for that expire within the next 2 years?

I had 2 judments placed against me in 2002 & 2003 1) from the credit card company 2) from the debt collection company hired by the credit card company; for the same account that was closed in 2002.

Now that I am in a position to correct this issues and improve my credit score, what steps should I take to correct this matter?

Should I contact the credit card company or the debt collection company?

Can I have the judments corrected and merged so that they are only showing one, and then make payment?

Any suggestions would be appreciated, thanks

Why would my father in-law’s name be merged with mine on my credit report?

It says on my report his name first, then it says “Also known as”, then there is my name? It’s also odd because they have my maiden name listed for my last name. I have been married for 10 years.

My experian credit report merged with someone elses.?

my report got mixed up with someone with the same name. it took experian 23 days to fix. all i wanna know is now can it be merged again??

Errors on my credit report caused me to be declined for a credit card?

I had my credit information merged with my mother which greatly affected my credit score (negatively). I called Experian and they removed all the errors that were contained on my credit report and the gentleman said that my updated credit report should be available this afternoon. Should I call Citi and ask them to reconsider my credit application or do you think it’s too late?
I would really appreciate your insights

A Proven Way To Improve Your Credit Report

Lots of people with pretty good ratings that were able to buy on credit without any problem just a year ago, are now finding that they are unable to get a loan because lenders of all kinds have now raised the qualifying-bar so high. That said, don’t even think about applying for a loan if you’re not 100% certain that you’ll be approved, because every time a company refuses you a loan or a credit card it will appear on your credit report as an enquiry, and it will quite likely cause a lowering of your credit score. The first thing that you need to do before you apply for a loan is to check the three leading credit bureaus, Experian, Equifax, and TransUnion, and “yes”, you’ll have to check all three of them because they are all separate entities that will more than likely have slightly different information. I wouldn’t recommend getting the free credit reports that are offered by many websites however, because the formats are often very difficult to understand, and comparing the outputs from the three companies is incredibly difficult, even for experts. The best kind of report, and therefore the one that I’d recommend that you get, is a ‘tri-merged’ one, and the best place to get it from is from the website of one of the three major credit reporting agencies, but be sure that you only order a one off report and not a monthly one. It should cost you around $20 and it will be worth every cent. After you’ve invested your $20 and have your report in hand, read it carefully and expect to find errors because over 50% of all credit reports contain them. Especially check for underreported credit card limits because your credit score is heavily affected by the relationship between your limits and revolving balances. Additional mistakes to watch out for are debts that you already settled that are still being reported, and debts that are not even yours. The area of collections is something that should be paid special attention to as well because the same item will often appear twice on all credit reports and could of course be very damaging. The reason this error comes about is because one collector frequently sells a debt to another collector, but fails to inform the collection agencies after having done so, thereby causing the same thing to appear twice, and often under different names. Whatever else you do, don’t imagine for even a moment, that the several small things that you might find in your reports are not worth reporting to the agency in question, since their accumulated effect may cause the reduction of up to 100 points from your rating. Make a list of all the errors, even the ones that are not obviously negative and notify the credit company by mail in an envelope which is generally supplied for that specific purpose. If you feel after getting the reports that the job is beyond you, then by all means hire a reputable credit repair company to do the job for you, and perhaps retain their services on a continuing basis for a small monthly fee. Checking your reports and informing the agencies is not an extremely difficult task though, and the important thing is to get it done, regardless of who does it!

What Exactly Do you Get in a Free Credit Report ?

In this article we will discuss the misconception of free credit reports. There are lots of advertisements out there saying get your free credit report. But what exactly does a free credit report come with? I have personally seen about 3 different types of credit reports being advertised out there.

The first type of credit report is the credit report where you only get a credit report from one of the bureaus. There are 3 bureaus, and they are Equifax, Trans Union, and Experian. Typically the offer includes a report only from one of these bureaus. You might ask yourself how does this help me, and the answer is it does not help very much. The reason is since there are 3 bureaus, and they all report somewhat different information; you might want to get a credit report from all three bureaus. This is called a tri-merge, or a 3-1 credit report. In other words you get one report with all three bureaus and what they are currently reporting about you in regards to loans outstanding with your creditors.

The second type of credit report is the 3-1 credit report with credit score. This is somewhat better; you get all three bureaus reporting your information along with only one of the agencies giving a score. Well you might ask yourself again, what is the advantage and disadvantages of this type of credit report? Since there are 3 bureaus reporting your credit, it would only make sense to get all 3 scores since that is what most lenders look at. Mortgage companies pull your 3-1 credit report with all three scores and typically use the middle score for qualifying purposes. If this is the industry standard in the qualifying process, shouldn?t you see the same report? I would have to say yes.

The third type of credit report is the 3-1 credit report with all 3 scores. This is the best type of credit report, because it is what lenders look at. Most people out there getting a free copy of there credit reports are not really sure what they are getting. Annualcreditreport. com advertises that you are entitled to a free copy of your credit report once a year, but fail to mention you don?t get your scores. It is in your best interest to get your credit report with all 3 bureaus and all 3 scores, especially since this is what most creditors look at in the determining process for lending you money.

Here is the break down for credit scores and how they are classified for mortgage:

? 780-850 ? Low Risk

? 740-780 – Medium ?Low Risk

? 690-740- Medium Risk

? 620-690- Medium High Risk

? 620 and Below ? High Risk or ?Sub-Prime. ?

With all of this being said, it obviously makes more sense to get your 3-1 credit report with all 3 credit scores. Especially since that is what creditors are looking at. When pulling a consumer credit report it does not affect your credit scores.