| |
| |
|
Credit Information |
|
|
|
Credit Scores and Loan Applications
Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit Report It can make a difference of up to 18% in loan repayment costs.For example, on a 30-year, $150,000 fixed rate mortgage, a borrower with the best credit score, 760-850, will pay 5.59%, or $860 per month, while someone in the worst score range will pay 7.18%, or $1,016 per month.This can make a big different to the household budget, so it's to your advantage to keep your credit score as low as possible. The 3 major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is derived from credit report information submitted to them about you. Uner the Equal Credit Opportunity Act, a credit scoring system may not use characteristics such as race, sex, marital status, national origin or religion as factors, though they are allowed to use age. Credit scores are determined by your bill-paying history, the number and type type of accounts you have, late payments, collection actions, and outstanding debt. The total number of points reflects how likely you are, statistically-speaking, to pay back a loan. If you are denied credit, the Equal Credit Opportunity Act forces the creditor to tell you the specific reasons your loan application was denied if you ask within 60 days. Acceptable reasons include high balances on charge cards, or bad employment history. Unacceptable reasons include vague excuses such as "You didn't meet our minimum standards". Sometimes you can be denied credit because of information on a credit report. The Fair Credit Reporting Act requires the creditor to give you the contact information of the credit report agency supplying the information. The credit reporting agency can give you the information on your report, but only the lender can tell you why this led to your application being refused. However your credit report may include inaccurate or incomplete information (credit records). Identity theft is a growing problem, and can take up to a year to resolve. Nearly 10 million people fall victim to identity theft each year, costing consumers $5 billion and businesses $48 billion, according to the Federal Trade Commission. In this situation you have to send letters to every one of the credit bureaus. Also learn your credit rights by familiarizing yourself with the Fair Credit Reporting Act (FRCA). The FCRA gives you the right to dispute inaccuracies and omissions, and it requires credit bureaus to investigate your complaint (generally in thirty days), send you a prompt response and correct any errors. The law as well requires the source of inaccurate information (such as a bank) to correct the record at the credit bureaus to which it initially provided the erroneous information. Consumers working on their credit reports say many times their letters are ignored by credit bureaus. Consumers say even with proof a credit record isn't theirs, its removal from their credit report can take 3 or even 4 challenge letters, because the credit bureaus will have only corrected the facts in their own files and not updated the credit report. Send your dispute letter by REGISTED MAIL. Credit companies will respond faster if they know you can prove you filed a complaint on a certain date. Keep a record of when you sent the dispute letters and what date you should expect a response. If you have received no defense to your claim after thirty to thirty seven days, send another registered letter requesting an updated credit report and demanding the disputed credit record be deleted. If the bureaus don't reply in the thirty days, it must be that the information they had on file was either inaccurate or unverifiable. In either case, based on data from the Fair Credit Reporting Act, the credit record must be immediately deleted from your credit report. A few consumers have eliminated negative marks on credit reports just by going through this process of disputing credit records many times. Since some creditors will not take the time to respond, you can sometimes win by default. Usually a bit of progress will be made with each challenge.Remember, the credit bureau would like you to quit bothering them because if you are not disputing the credit report, they can legally carry on selling it as profitable information. To obtain your credit score, correct your credit rating, or even avoid becoming a Victim of Identity Theft visit our website at www.credit-score-now.info Frank Vanderlugt
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
UPS Delivers the Goods, Your Identity Well now we add CitiGroup and UPS to the Identity Theft corporations who have allowed Americans identity to be lost. Each time we have another identity theft case, we find larger and large numbers being lost. Finance - Money, Money Finance is a big word for some of us. It's a little scary. Beware of Bogus Credit Repair Companies! So-called "credit repair" companies claim they can remove negative information from credit reports. Advertising as "Credit Advisors," "Credit Rating Correction Services" or "Credit Consultants," they trumpet variations on this message: "Turned down because of bad credit? We can help!" Many of these companies charge hundreds if not thousands of dollars for the promise to "clean up" bad credit reports. Credit Card Balance Transfers Explained What is a balance transfer ?A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. Is Plastic Making You Happier? If you're like most people, you probably own at least one.And like most people, you've maybe never thought what it's really costing you?At a recent conference held by the Fabian Society at London's Imperial college, one of the issues discussed was happiness, and, more specifically, why it seems to elude so many of us. How To Use Your Credit Cards Wisely Are you one of the thousands pulling your hair out trying to figure out how you're going to pay your credit card bills? Using your credit cards wisely and sensibly will help you avoid financial problems and establish a strong credit rating, so here's some information to help you get your credit card problems under control.Credit cards are convenient for buying things now and paying later. Inflexible Friends and Plastic Assets, Why Money isn't Buying Love Anymore Consumers reject financial advice in favour of financial frivolityIt would appear that even though their "friends" aren't as flexible as they used to be, consumers are still stretching their credit cards beyond the comfort zone.The vicious circle of debt manipulation involving banks, consumers and commercial credit companies is putting consumer spending under strain, as funds begin to dry up. Bailiffs & Council Tax - Knowing What To Do This article is about bailiffs who may call trying to collect Council Tax or Community Charge (Poll Tax) arrears. If a bailiff has contacted you to collect another sort of debt the law might be different. Why Does Your Credit Card Rate Keep Going Up? Have your read your credit card contract through completely? Do you know when it is okay for your creditor to raise your interest rates? If you are not sure about how and when your rates can be affected over the life of your contract you should take a few minutes to read your contract thoroughly from beginning to end.Creditors must have clauses in their contracts that give them the right to change your interest rates. Debt Collection Agencies Debt collection agencies are often a viable option for receiving payment on overdue bills. Here you can earn how debt collection agencies work and what to look for in reputable debt collection agencies. How To Establish Great Credit Building a good credit history is important. If you have no reported credit history, it may take time to establish your first credit account. Credit Cards Credit cards are a form of unsecured credit. The issuer isextending you a line of credit, usually tacking on all sorts of little surprises in the fine print. Why Americans Find Predatory Lending Offensive "Menis - the author translates as "indignant rage" - It is the kind of rage arising from social betrayal that impairs a person's dignity through violation of "what's right." (p21), Achilles In Viet Nam - Combat Trauma and the Undoing of Character, Jonathan Shay, M. Free Credit Report - A Website Typo Could Be Costly In 2003, Congress passed the Fair and Accurate Credit Transactions act (FACT), which made it possible for consumers to obtain a copy of their credit report for free. In fact, the legislation makes it possible for consumers to obtain one free report from each of the three main credit bureaus - Experian, Trans Union, and Equifax, per year. How To Repair Your Credit Report A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or a house. The credit report can come from one of three agencies - Equifax, Experian, and Trans Union. Tired Of Being Broke?...Learn How To Force Banks To Give You Money! Imagine.. Clean Credit Report: Easily Raise Your Credit Score 100 points Clean Credit Reports, your credit report contains information about where you work, live and how you pay your bills (On time or not). It also may show whether you've been sued, arrested or have filed for bankruptcy with in the last 10 years. Update Your Computer System With Bad Credit Computer Financing The moment I placed myself in front of the computer screen a whole new world beckoned me to join it. And years of strolling have proved incompetent to get me acquainted with the full panorama of computers. Can Credit Search Entries Affect Your Ability to get Approved for a New Loan in the UK? About Search Entries:Every time a lender checks your credit history from your credit file (i.e. Your Guide On Choosing a Credit Card To Suit You Reach into your wallet or purse, pull out a card, swipe, and you're done. It is very easy to use a credit card.
|
| Home | Site Map | |
| © 2007 |
