John Mcfadden asked:


Getting your free credit report online is not easy straight forward you you might think, there are plenty of things you need to know - like being aware of the current scams in the targeting consumers, you need to get the 3 credit reports from all three major Credit Bureaus, you need to get your report every four months, you need to know about identity theft, and more.

A credit report is essential - you know that you need to have a good one - or a good credit score to be able to access credit, but do you know the key information that banks or lenders look at on your report when they are assessing gif they will lend you month or not?

The American company FiCO has a tool that helps credit bureaus determine your credit score - below is the matrix that is used:

Payment History 35%

Amount Owed 30%

Length of Credit History 15%

New Credit 10%

Types of Credit Used 10%

So you need to go though your report and look at these areas and concentrate on the ones at the top of the list. If they don’t look that healthy then maybe leave applying for a loan for at least six months - in that time frame you can look at areas to improve your credit score.

Current Credit Report Scams

There are a few scams on the internet at the moment - they will advertise a free credit report and then slug you will a service fee. Be sure that when you apply for you credit report you are sure about the additional services that they are selling to you - make sure you read all there documentation and be sure not to sign up to anything you are not sure about. Also, watch out for this one where you can get caught by supplying personal inforamtion. It works by you providing information via an online form requesting to receive a credit report. What actually happens is that your personally identifiable information is captured by the Scammers who pose as a business.

Get your correct Credit Report Information

You need to get a report form all three credit report bureaus, why you asK? because your past loan and debt information may only be on one of the reports - by law lenders have to report you financial info but only to one bureau, so if you get your report form another bureau then you don’t have access to all your financial history - so you will not be able to firstly correct wrong information but you wont get a clear assessment of where you stand, so when you apply for a loan you could be rejected. You need to get your report form all three bureaus and also make sure you keep getting the reports every 4 months - as different information will come in at different times, the best way to get your info is first apply for your report at all three bureaus and then get an addition one for each agency one-by-one every four months. This way, after a year you will be sure to have a full picture of where you are at.

I hope this information on getting your credit report was of value and you see the importance of your credit report and credit score.



Website content

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.



Create a video blog…instantly.