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. Each of these three agencies uses their own techniques of arriving at a credit score and receiving credit information, so attention should be paid to all three. A credit report score can go up to 800, and an increase of 50 points is a big one, enabling borrowers to get loans they previously were denied, and getting loans at much better interest rates. A 1% drop in an interest rate on a $150,000 house, for instance, may drop a payment by over $100 a month, saving the borrower over $35,000 over the life of the 30-year loan.
Each of these credit agencies have taken all the financial information they can find about you and tabulated a credit score from those results. Information will include your current and previous home addresses and employers, the credit cards and loans you have, and any late payments made over the last ten years. These agencies' credit reports will be very similar, but there will be differences, as they all make mistakes, and the banks and credit card companies giving them the information make mistakes, too.
Here's where you can improve your credit score. Any request for a change in information in a credit report must be answered and corrected within 30 days because federal law regulates the credit bureaus. If you write in to a credit bureau complaining that one of the late payments on your credit report is wrong, they must investigate and correct the information within the 30 days, or delete the information. Because this deadline is very difficult to make, often the late payment report is simply deleted off of the credit report.
This procedure is very slow and time-consuming, and you can either do it yourself or hire an agency to do it for you. Each letter should only request one change, otherwise the credit bureau will usually declare the request to be frivolous and thus they are not required to do anything. Each letter should be written to all three credit reporting agencies. These agencies, Equifax, Experian, and Trans Union, all have PO boxes specifically set up for complaints, but they change the PO Boxes often to make it difficult for customers to find. Every month you, or the agency you have hired, should send out another letter referring to a different mistake in your credit report. After many months, your credit report will show many fewer late payments, perhaps even none, and your credit score will have improved dramatically.
The author runs the finance website http://www.pawninfo.com about short-term loans and payday loans, and any or all of this article may be reproduced in any form as long as there is a link to the website. Pawn Shops and Short Term Loans
How do these people get my name? If you have... Read More
Check 21 is the common name for the Check Clearing... Read More
Which of the following is the biggest threat to your... Read More
LIVING IN CREDIT CARD UTOPIALet's just take a brief moment... Read More
If you are just entering the world of credit cards,... Read More
One of the biggest problems people have in these modern... Read More
If you intend to apply for a loan, you need... Read More
So what do you look for when applying for a... Read More
A bad credit history can sometimes seem like a curse...... Read More
A credit report is basically a file about you kept... Read More
Many employers are now looking at an applicant's credit report... Read More
Credit counseling is an option you might want to consider... Read More
It's the number one source of consumer complaints at the... Read More
Fixing a credit report starts with seeing what's on it.... Read More
If you have never heard of a FICO score before,... Read More
Do you know what your credit card is truly costing... Read More
How many of you bank, shop, or transact other business... Read More
Lenders are quite fussy about what they like to see... Read More
The moment I placed myself in front of the computer... Read More
I didn't think it was possible. But it is. Folks,... Read More
Will lenders really love you for having a good credit... Read More
If you have a bad credit rating, then you might... Read More
There are seven consumer credit laws you should be aware... Read More
Most families in America today have a credit card; some... Read More
Your credit rating / credit score is based upon how... Read More
In the twenty-first century, there are few documents that have... Read More
His hard earned money? Gone. Creditors on his back everyday.... Read More
If you've ever applied for a credit card or loan,... Read More
In their quest to get you to sign up for... Read More
Today, selecting the proper credit card can be a bit... Read More
Mortgage loans are some of the most difficult loans to... Read More
Sure, there are a lot of problems with credit cards,... Read More
In order to determine a consumer's credit worthiness, creditors and... Read More
1. Choosing A new credit cardThere are many reasons for... Read More
Imagine...obtaining credit that's incredibly easy...opening doors of opportunity you never... Read More
Have you ever wonder about how to get good credit... Read More
One of the biggest problems people have in these modern... Read More
Identity theft is a growing concern among Americans, and rates... Read More
Someone impersonating you could be spending your hard-earned money.Impossible! Not... Read More
You've just opened your credit card bill and attached to... Read More
If you've ever applied for a credit card or loan,... Read More
If you're like most people, you probably own at least... Read More
Are you thinking of buying a house? Do you want... Read More
I remember back when I was 18 and completely oblivious... Read More
Reach into your wallet or purse, pull out a card,... Read More
What are inquiries?When you apply for credit the creditor or... Read More
Establishing credit and wisely managing your credit becomes easier when... Read More
The nightmare of identity theft strikes an estimated 750,000 people... Read More
INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The following is part... Read More
Most families in America today have a credit card; some... Read More
Credit needed for real estate mortgage financing differs from credit... Read More
Let's face it, having credit is no longer a choice.... Read More
We spend money every single day on many different types... Read More
Do you have enormous credit card debt? You are certainly... Read More
Paying a credit card late fee is the same as... Read More
Negotiable instruments like checks and drafts have become an indispensable... Read More
In industrialized nations, going into debt starts early. It's easy... Read More
Today, selecting the proper credit card can be a bit... Read More
Have you ever really looked at your credit card and... Read More
It is a well-publicized fact that more of us are... Read More
It is important to know your credit rating for a... Read More
Joint debts remain joint debts.Both spouses signed a legally binding... Read More
Understanding credit report scores is important when you see your... Read More
Rewards cards have become the latest rage in the credit... Read More
Secured Credit Card is similar to a prepaid credit card... Read More
Individual banks elect to become members of ChexSystems, and to... Read More
Credit |