Mike Clover asked:


Your Free Credit Score Report is absolutely the most important piece of mind you need to have these days. How are you ever going to know what is being reported about you if you don’t have a current copy of your Free Credit Score Report. Maybe you are applying for some type of loan and find out to your surprise that you don’t have the credit score you really should have to get the best interest rates. I am going to give the top reasons why you should get a copy every 60 to 90 days. It is to most peoples surprise when they are told NO in regards to the following, or maybe someone stole your identity and you never knew about it. Here are the top reasons.

1. To get that new “Dream Job”.

2. To get the low interest rate credit card

3. New Car

4. Identity Theft Protection

5. New House

6. Keep your current rates low on existing credit cards

7. Discover inaccuracies on your Credit Report

8. Because you were denied credit

9. Piece of Mind

10. An educated consumer saves money.

The previous list mentioned is so important because all of these items are part of our every day lives. If you are not on top of your Free Credit Score Report, you may not have got that new “Dream Job”. Most employers are now pulling your credit report to determine if you are a responsible person. Your Report will say a lot about your personal life. If you have a history of not paying your bills, your new employer may assume you don’t show up to work on time. A Credit Report says a lot about an individual, and that is why most establishments are pulling your in-file. There is talk also about Medical facilities pulling your credit with there credit scoring system to determine the likelihood of you paying back your medical bills. Read more at Dallas Morning News. No matter what you do, or how cleaver we thing we think we are, they will find out your Credit Score.

Identity Theft is also another huge reason to have a current copy. Every 3 seconds someone gets there personal information violated. Once this happens to you it is a major on taken to get cleaned up. All of this could have been avoided if you had monitoring of your Credit Report set up. Believe me I see this all the time with clients of mine, someone stole there credit and they had no idea. I think this article pretty much covers why you should not delay anymore. Get your Free Credit Score Report today with monitoring.



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Debbie Dragon asked:


There are three major credit reporting agencies within the United States: Equifax, TransUnion and Experian. These are the organizations that lenders go through to verify potential borrowers credit worthiness.

Federal Law indicates that individuals are able to receive one copy of their credit report from each of the three agencies annually, and at no charge. It’s a good idea to look it over once a year to make sure there are no errors or omissions.

How do you read a credit report? There are abbreviations and numbers and codes, and for people who are looking at them for the first time, they can be a little confusing.

Obtaining Credit Reports

In order to get your free credit reports each year, you can go to www.annualcreditreport.com, which is the only authorized source for free annual credit reports under the September 1, 2005 federal law. If you go directly to the credit reporting agencies, there will be a charge to view your report- unless you qualify for another criteria to view a free report (being denied credit, for example).

If you want to monitor your credit report more often than annually, you can sign up for reports at any of the three credit reporting agencies, and pay about $10 per report. You will want to view the report at all three agencies, unfortunately, because the information is not exactly the same and you need to check for errors at all locations.

Reading Credit Reports

Credit reports are divided into four different segments: identifying information about the individual, credit history, public records, and inquiries made to the credit file.

Identifying information should include your name and address, and social security number. If you see a few variations of your name or more than one social security number, it’s because one of your creditors has reported it incorrect, but that information should remain because taking it off can hurt the connection between the report and the creditors who use it.

Identifying information also includes your employer(s), driver’s license numbers and sometimes your spouse’s name.

Credit history includes a list of individual accounts and account numbers (which may be encrypted). Information for each account will usually show the date it was opened, the type of credit (mortgage, car loan, installment, revolving), total amount of your loan and the amount you still owe, as well as the status of the account (open, closed, paid as agreed, inactive) and how you’ve been making payments on the account (on time, 30 days late, 90 days late, etc).

Public records is a section that you hope has nothing in it. This section provides details for bankruptcies, tax liens and judgments. This section will lower your credit score faster than anything else can.

Inquiries provide a list of “hard” inquiries- credit you’ve applied for and can affect your credit score- although FICO ignores most inquiries when coming up with their scores for individuals, and “soft” inquiries from credit card lenders who check your file before sending out promotional credit card offers. Soft inquiries do not raise or lower your credit score.

What to Do with Mistakes on Your Credit Report

If you find mistakes on your credit report- such as incorrectly reported amounts on an account, or an account that doesn’t belong to you, you can fill out the dispute form included on a mailed copy of a credit report, or use an online form to dispute the discrepancy online.

The credit reporting agency must then verify the information within 30 days of your filing the dispute (or the mistake must be removed). If they find it to be correct, and you still disagree- you can contact the creditor directly to have it corrected. If they find the information you’ve disputed to be incorrect, they are required to remove the item from your credit report.



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Ben Cortese asked:


The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months.

That’s right; you are entitled to receive one free credit report every 12 months from each of the nationwide consumer credit reporting companies. In addition to consumers who are eligible for a free credit report through the Annual Credit Report Request Service; consumers in some states are eligible for a free credit report under state law. The following states have laws that make free credit reports available to consumers: Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont.

Commonly called a credit report, what a credit report is really is a credit file disclosure. A credit file disclosure includes a record of anyone who has received a consumer report about you within a certain period of time. These are often referred to as “Inquiries”. The credit file disclosure includes certain information that is not included in a consumer report about you to a third party, such as the inquiries of companies for pre-approved offers of credit card companies, or medical account information.

A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

You are also entitled to a free report if a company takes adverse action against you, like denying your application for credit, employment or Insurance. You have up to 60 days to request your report after a decline. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of identity theft.

For more information, see Your Access to Free Credit Reports at http://ftc.gov/credit



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Liz Roberts asked:


When applying for credit or taking out a loan, the first thing that your creditor will do is to check your credit report. Based on your credit report, a lender can either grant you an approval or reject your application. For this reason, everyone is advised to personally check on their credit report first before sending out an application to a prospective lender. This way, rejection and unnecessary inquiries in your credit report can be avoided.

What factors affect the status of your credit report? Your credit report is divided into four sections- the identity information, credit history, public records and inquiries. Checking the accuracy of the details in your ID information section is important. One minor error can cause serious problems or mistaken identity.

Meanwhile, your credit history section is what your lenders is most interested about. The types of accounts you own, your debts, your payments, credit limit, and everything that concerns you and your creditors are listed here. Naturally, you’ll want to check if all the charges that are billed in your account are correct and if all the payments you’ve submitted to your lender are recorded accordingly.

The next part of your credit report is the Public Records section. You’ll want this section to be empty unless you’ve filed for bankruptcy once or if you have tax liens or have been through foreclosure. Obviously, a remark listed in this section of your credit report will have a negative impact on your status and your credit score.

Last but not the least, the inquiries section of your credit report contains information about past and present lenders who have made an inquiry in your report. If you frequently submit applications to various lenders and often get rejected, this will all be reflected in your credit report. Take note that too many inquiries and rejections will badly affect your credit score.

Now that you know the factors that make up your credit report, take the time to review every detail in your report. In case you’ve errors, you are free to dispute about them by sending a dispute letter to the credit bureau who issued your report and to your creditor as well. Remember, being aware about the status of your credit report is your personal obligation and is the best way to protect yourself from erroneous reporting and fraud.

What if you found out that your credit score isn’t enough to get an approval from a lender? Do not lose hope. You can still work out on improving your credit score by paying your unpaid debts and keeping up with your payments to your present creditors. By being timely in submitting your payments, significantly reducing the amount owed, and staying within your credit limit, you can be assured that your credit score will improve. So instead of rushing in submitting your credit card or your loan application, take a moment to review your credit report and see if you are in the right position to apply for new credit.



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Tomas Loden asked:


Can you trust online credit report services? That is the question that consumers are asking today, especially with the hundreds of offers that flood your e-mail in-box promising accurate credit reporting scores with just the click of a mouse.

The good news is that most, if not all of these companies, are legitimate and do in fact provide you the necessary information that is directly related to your credit report and your overall score, which depends on whatever particular credit bureau system the company uses to check your background with.

Free credit report services

Just about every credit report organization will offer you some type of “free” background check of your credit score. While this free report may not entail every detail that you would like to know in terms of your debts, there is some valuable information that can be obtained. However, you should know that these introductory offers are merely just to give you a taste of their product so that you can upgrade to the paid credit reporting services they offer.

Is it safe to submit your personal information for a free credit report service?

If you stick with the most popular credit reporting agencies then you should have absolutely no problem worrying about your personal information being delivered over the Internet such as your Social Security number, driver’s license, etc. This information is typically handled by a secure server and there is little need to worry about the credit form being hacked and stolen by an unauthorized user.

What credit bureaus are checked when using a free credit report service?

Since there are three main credit bureaus that most agencies use to locate and filter your debts and credit score information, this free reporting service may use one of these entities or a combination of all three.

The three national credit reporting organizations used by most businesses is Experian, TransUnion, and Equifax.

Remember, the most accurate scoring for your credit and history can only be obtained by having a combination of all three major credit bureaus. In other words, let’s say for example you sign up with a free reporting service and the information comes back only partially accurate. This means that you would need to upgrade to the paid service in order to get 100% up-to-date credit information.

Is it possible to contact the three national credit reporting agencies on your own, instead of relying on a paid service?

While utilizing a credit reporting service is the most efficient way of compiling your information into one easy-to-read scoring system, you can in fact request your credit history from the three major national credit bureaus. Below is the contact information for Experian, TransUnion, and Equifax:

1. Experian: The phone number is 1-888-397-3742 and Experian will send you your report by mail within seven to ten business days.

2. TransUnion: The contact number for TransUnion is 1-800-916-8800 and in most cases you will receive your credit report within seven business days.

3. Equifax: The phone number is 1-800-685-1111. Equifax is faster than most services and usually sends your credit report out to you within 48 hours.



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anonymous asked:


A credit report generated by three major credit bureaus. The report has information about your employment, the way you have paid your bills and details about major financial transactions in which you were involved. It also includes details about any loans or payments on which you have defaulted and also if you were arrested or have filed for bankruptcy in the last decade. In short a credit report is what determines your credit worthiness to businesses and financial organizations across the world. The credit bureaus sell your information to major banks and financial agencies across the world.

The Major Credit Bureaus

There are three major bureaus. TransUnion, Equifax, and Experian. There are many small time bureaus as well but they are affiliated to one of these three majors in the field.

A Clean and Error Free Credit Report

It is extremely important to have an accurate, clean and error free credit report. If you have applied for a loan and have been denied it due to a bad credit report, then the lender will give you the name and telephone number of the credit agency that gave the report. If you contact them in writing within 60 days of being denied, then you can get a free copy of your credit report mailed to you. Even otherwise, you have a right to receive at least once copy of your credit report every year. Even if you wish to review your credit report at any point of time, you simply need to get in touch with one of these credit report agencies.

If There Are Errors

If there are any errors or discrepancies in your credit report, then you need to once again let them know in writing about the information that you believe is incorrect. The letter should have your complete name and address, each part of the report which you are willing to dispute and copies of documents which support your claims. It would be better if you keep a copy of the letter with yourself as well.

Then it is up to the agency to review the information which you are disputing. They will then reinvestigate those parts and if there are any errors correct it. For example, if there is an account which you cannot identify and have not opened, and then you need to report it. It may even be a case of fraud. It is also called as identity theft and millions of people are falling prey to it. Hence it is always recommended that you keep checking your credit score.

Online Credit Report

An online credit report is the latest addition to the list of services that credit bureaus provide. When you sign up with these credit bureaus for their services, you are allotted a unique log in id with which you can easily access credit reports from all the leading agencies. It includes all reports from all three major credit bureaus, viz. Equifax, Experian and TransUnion. This is an excellent service because it reduces the time factor by a huge margin. Earlier, it took days for the credit report to reach you after you wrote or got in touch with the agencies. Now, thanks to the online credit report, all that you have to do is click on the website and log in. Viola! You have access to all the information that you need.



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Sandra Stammberger asked:


Due to the increasing number of households having an Internet connection, instant credit reports obtained online have risen in popularity and are preferred when compared to the traditional methods of written requests and toll free telephone calls to major reporting agencies. An instant credit report allows a consumer to access their complete credit file within minutes or in some cases seconds with a click of their mouse. This is a vast improvement and is greatly appreciated by the consumer, especially if they are wanting to pursue a loan application and need an instant credit report to assess their chances.

There are currently two ways to obtain your instant credit report online, one is more cost efficient than the other depending on your specific needs. The first is a free annual, or even in some cases biannual, instant credit report. These types of free instant credit reports do not usually contain all three reports or a credit score. The second way is to pay a competitive fee including a three in one report from Equifax, Experian and Trans Union complete with a credit score. Paying for your instant credit report can be a little more complicated, as more choices accompany this option. You can go directly to the credit reporting websites or use a credit service company. With a credit services company, you will usually receive a free one-time instant credit report for agreeing to purchase many others throughout a set period, usually one year. However, with these companies you will not receive the free instant credit report information available at the major reporting agency sites.

Instant credit reports enable you to correct vital mistakes that may affect your financial future by submitting a request for an investigation into discrepancies online. They also allow you to update any or all information that has changed or been misreported since you last viewed the credit report. Even more importantly, an instant credit report can allow you to recognize if you have been a victim of identity theft faster than ever before.

Obtaining an online instant credit report requires that you have access to an online computer and have all your personal information ready to enter. It really is as simple as that to get your instant credit report. As with any online interaction that involves personal information it is always important to remember to check that the website is secure before entering any details and requesting your instant credit report.



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Trevor Mulholland asked:


Getting an annual credit report has been likened to getting an annual physical check-up. Some people may view it as something that can be put off for later. It may have been an annoying inconvenience in the years past, but today’s Internet technology has facilitated the process. It is as important to an individual’s fiscal health as a physical exam is important to his or her physical health. Also, as in a physical exam, getting a credit report can help prevent bad things from happening (financially speaking) and if financial problems already exist, viewing your credit report can prevent things from worsening.

During the past years, an individual would have had to fork over $9 to get a copy of his or her credit report. Today, however, consumers are entitled to get a free copy of their annual credit report, thanks to a law passed by the United States Congress in 2003: the Fair and Accurate Credit Transactions Act (FACTA). Under this law, American citizens can avail of a copy of their credit report every twelve months, gratis. All they have to do is log on to Annual Credit Report, a web site made possible through the cooperation of the top three U.S. credit bureaus: Experian, TransUnion, and Equifax. It is also possible to request individual credit reports from these three agencies.

However, keep in mind that the content of credit reports from these agencies may differ. For instance, a person’s TransUnion and Equifax credit report may contain information about court accounts and late payments, while his or her Experian report may reveal other information. All these pieces of information are vital to a person’s fiscal health. Why is this so? Many people might not realize it, but there are entities that use their credit report for reasons that affect their everyday lives.

For instance, if you are applying for a mortgage, or if you want to re-mortgage your property, you can be assured that your credit report is one of the things that your potential creditor will consider. This information is also pertinent when it comes to things such as your automobile insurance, home insurance, and loans. It all boils down to a concept called creditworthiness. Are you credit-worthy enough for financial institutions to lend you money or underwrite your potential debt? Your credit report is one of the main factors in helping financial institutions decide this, so it is worth your time and effort to make sure that your credit report is in order; or if it is not, to take the necessary steps towards credit repair.

Because even if you are certain of all your financial dealings, you might be surprised to find inaccurate information in your annual credit report. Although such occurrences are not that frequent, they can happen nevertheless. Sometimes payments you have made or debts you have cancelled may not be reflected in your credit report, and this will negatively affect loans or other financial dealings for which you are applying. Did you know that interests on your car loan or mortgage can be affected by negative information in your credit statistics? This is one major reason why you should have the most updated copy of your credit report - any such inaccuracies will be noticed and you can take the necessary steps to correct these mistakes as early as possible.

Your credit report is another exceptional indicator of whether you’ve been a victim of identity theft. Think about it: you may have given personal information such as your Social Security number to an e-mail asking for that information or to a web site requiring that you give that sort of data first before being allowed to proceed with the site’s other services. The fact is, an unauthorized person who has your Social Security number and other personal information can get loans or credit cards under your name. Fraudsters who do this usually go on a spending spree, racking up debts with you as the debtor. Meanwhile, you go about on your daily business, innocent of the fact that your credit reputation is being ruined (for, because you don’t know about your alleged “debts,” you don’t take steps to pay them).

Then the time comes when you need financial services of your own: a mortgage refinancing or the renewal of your car insurance, and it’s only then that you see from your credit report that you’ve been a victim of identity theft. Although such situations are remediable, they can take a lot of time and hard work, not to mention the additional payments needed for credit repair purposes.

Getting an annual credit report, therefore, is essential to helping ensure one’s financial well-being. It can help you fix inaccurate credit data as early as possible to your advantage. And best of all, this credit repair tool is free!



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Liz Roberts asked:


You may never see one, or visit one, but the credit reporting agency is always there in the background. These are the companies that assign credit ratings for both corporations and individuals. The credit rating is a way of measuring credit worthiness-or in other terms, the ability to pay back a loan.

You may envision a remote room in an unknown place where individuals in lab coats collect and collate personal data on people. Actually, in the earliest days of credit reporting, this was exactly the case. The ratings were compiled by hand and banks could call and check on anyone they wanted verbally. In modern times, the data is sent in via magnetic tape reporting or secure data transfer and the only times humans really involved is when there is an inaccuracy on your credit report that needs to be investigated.

There are hundreds of extensions of the “Big Three” Experian (formerly TRW), Equifax and TransUnion that are located all across the country. Because the credit bureaus competitors and do not share information with one another, it is a good idea to check the Big Three regularly to ensure there are no errors or omissions on your personal credit report.

Thus, it becomes the responsibility of the individual to check up on the people that are checking up on everyone else. Changes in the statutes for credit reports now make it possible for everyone to get one free report from each of the three major credit bureaus per year.

Looking at your own credit report will give you valuable insight on how your history is being rated. It would also help to understand the laws that govern how these agencies are able to do business. Know your rights! As the old saying goes, “If you don’t know your rights, you don’t have any.” There may be times that require you to challenge something inaccurate on your report. Since your credit report is the way many firms will “know” you, you want every item in it to be absolutely accurate.

You may think that you have a good credit report but a credit report that has something questionable contained within it may be the difference between getting that new credit card or auto loan and being denied. And if you’re in the process of applying for credit without this knowledge, you can be turned down. This is why checking up on your personal credit report and going through the complaint or correction process if necessary is so important.

Since the credit reporting agency is the standard of how the world determines credit worthiness, make sure that any lenders or retailers you want to do business with are reporting to one of the major agencies and that information gives a one-hundred percent correct picture of how you handle your personal finances.



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David Faulkner asked:


What role does your credit report play in your life? In case you apply for some sort of a loan, how do you think the lender would judge you? The lender simply checks your credit report which reflects all your credit history along with your credit score. Things do not just end there. The rate of interest decided by the lender on which he will lend you money is also decided on the basis of your previous transactions that reflect in your credit report. Having a bad credit report and credit score can be a sure shot reason for ant one not to trust you for further dealings.

Importance of credit report:

You must always keep a close watch on your credit report keeping in view the effect it has on your life. A person with bad credit report may possibly bear the expenses of not maintaining it and on the other hand, a person who has well maintained it can get much more credit than he otherwise can. A good credit report clearly puts up a faith in your credibility.

The credit report must be checked thoroughly. One should not just rely on one of the bureaus and get regular statements from all the three agencies Equifax, Experian and TransUnion. In case you find anything that is not clear to you, you must report it back and case the problem still persists, you must dispute on it.

What exactly a credit report contains. Basically it contains the complete records about all the transaction being made by you, either it is some expenditure done by you or some payment delivered by you to the concerned agency along with your full identity including your name, personal address, employment status and your social security number. It clearly shows your credit applications. Loans sanctioned to you, loans you asked for but not given to you, credit you still have to pay and also the available amount of money you are still offered by the bureau. It show’s the description of monthly payments that you have to make. All payments made by you, pending towards you and once which you were unable to pay. Last dates of payments along with previous late fees and interests if any are also mentioned.

Taking advantage of the free online credit report annually helps you track your history and make necessary inquires if you find mistakes. This step is important for everyone, even if you have excellent credit or poor credit. You need to know what the credit report says about your credit history. Because lenders use your credit reports and credit score to see if you are credit worthy and what amount of money you may borrow along with your interest rate, you need to keep a close on your credit history.

Once you receive your free online credit report from Annual Credit Report, a highly recognized agency, you can look over the three different credit-reporting agencies and check for errors and wrong information. For instance, if you are divorced and it has you still married, you can summit a letter to them with a copy of your divorce decree so they can correct your credit history. The idea is to have all the information accurate when a lender views your credit history.



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