[C]redit report errors are responsible for a large number of credit scores being lower than they should. Many consumers are not even aware of their low credit score until they apply for a loan or credit card and get turned down. Even then they are confused as to why their credit rating is low, as they had previously acted responsibly with credit. The fact is, not understanding your credit report, what it contains, and how it affects your credit rating, can cripple you financially.
Of course to examine your credit report, which is basically a summary of your credit history, you need to order a copy. You can do this once a year for free from each of the three major credit reporting agencies, TransUnion, Experian, and Equifax. Once you have a copy of your credit report in front of you, there are three major areas you need to look at to ensure thy contain no errors.
1. Your Personal Data. You might not think it, bit many credit reports contain incorrect data. Check to make sure your information is correct, including your name, social security number, your address, the name of your employer etc. Incorrect personal information leaves you more vulnerable to identity theft, and could also be holding you liable for someone else’s bad credit.
2. Number of Inquiries Made About You. Every time you apply for credit, whether it be a loan, credit card, or charge account, the creditor makes an inquiry about your credit rating. Too many inquiries could indicate that you rely too much on credit, and will negatively affect your credit score. If you see inquiries from companies you have not done business with, you need to have them removed from your report immediately.
3. Accounts Information. This section will list all of the credit accounts you have opened in your name. If you identify accounts that you have not opened, this could indicate that you have been the victim of identity theft. Also, if you see an account listed as open that you have paid off, you need to alert the credit bureau immediately
Now for the easy as 1-2-3 part. Repairing credit report errors has until now been a very complicated and drawn out process. Not so with the new EBook by CreditScoreResource.com, Disputing Errors on Credit Reports. This excellent manual gives clear and simple step-by-step instruction for disputing credit report errors at each of the three major credit reporting agencies, Experian, Equifax, and TransUnion. Don’t be a victim of credit report errors. Get your copy of Disputing Errors on Credit Reports and boost your credit rating today.
[I]f you live in a homeowner’s association, you have an annual fee. In the past, these fees are like rent payments in the fact that they didn’t impact your credit. That is about to change now. Sperlonga is a company that manages HOA payments and accounts, and they will begin reporting to Equifax later in […]
[I]f you need money and have bad credit, you’ve probably considered a payday loan. Even with their poor reputation because of high interest and high payments, some people consider them their only option. The question you may be asking is if you can have a credit score too low to even be considered by payday […]
[D]ealing with a debt collector can be frustrating and even downright scary. Some of them use unscrupulous tactics to attempt to force you into paying a bill. Before you contact a debt collector or talk to them, you should know your rights. A Right to a Written Notice A debt collector is obligated to provide […]
[I]nstallment loans are a type of personal loan with no collateral. You are given a loan which you will pay back with regular payment. They may be set up monthly, bi-weekly or with some other timeframe. Before applying for one, you should understand what they are, how they work and what they can do for […]
[I]f you’re like many people with bad credit or past credit problems, you may not qualify for traditional credit such as loans and credit cards. Your negative credit makes it difficult to establish new positive credit because it seems like no one will give you a chance. However, you can use nontraditional credit to help […]
[W]hether you are young and establishing credit for the first time, or trying to open an account after years of using cash only, you should understand the basics about building new credit. 1. It takes time. Even if you are approved for a credit account, it won’t automatically open up a whole new world for […]
[D]o a search on the internet for bad credit home loans, and you’ll see a lot of results pop up. Take some time to browse through those results, and you’ll quickly see that they may talk about mortgages for bad credit, but no one seems to offer them. You may wonder if such a thing […]