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The Lowdown On Credit Reports

2006-06-01T11:35:00.000-07:00

The Lowdown On Credit Reports

Are you wondering what all the fuss is about credit reports? Or perhaps you’ve just been turned down for a job or an apartment because of your credit report. If this sounds like you, then maybe you need a quick lesson about what it is. Let’s start with the basics.

What is it?

Anytime you borrow money from someone, your record of re-payment will be public record. Every time you make a payment on time—or late—it will go on your record. In addition, every time someone requests a copy of your credit report, that will be noted as well. If you are involved in a bankruptcy, or have a tax lien, it will all go on the report.

So, Who Cares?

A credit report is often thought of as something that lenders use when deciding whether or not to extend credit. That’s true—you won’t be able to apply for a credit card, car loan or mortgage without the potential lender first checking to see if you’re a good credit risk. But there’s more. Insurance companies are now using credit reports to determine whether or not someone would be a good risk, as are employers. And don’t even think of renting an apartment, house or commercial space without a good credit report!

How Do I Get A Copy Of Mine?

So, you think that you’d better see what’s on yours? There are three credit reporting agencies, and it’s a good idea to get a copy of your report from all three—just in case there are discrepancies. They are:

Experian (located at www.experian.com)
Trans Union (located at www.transunion.com )
Equifax (located at www.equifax.com )

You will have to provide the credit reporting agencies with your full legal name, your current address, as well as your last (if you’ve been at your current one for less than five years), your date of birth, social security number and a signature. You are entitled to one free copy of your credit report per year, but you will need a copy from all three agencies. Plan on paying a small fee to receive the other copies.

What Are All These Free Credit Reports I Keep Hearing About?

It also may be possible to get a free copy of your credit report if you meet certain requirements. They are:

* You don’t have a job, but plan to look for one within the next two months.
* You’ve been the victim of credit identify fraud or some other fraud that will affect your report.
* You are currently on welfare
* You’ve recently been turned down for credit

I Don’t Like What I See!

If your credit report has bad marks on it, you’ll have two courses of action, and that depends on whether or not the marks are true. If you have made some mistakes in the past, there is no magic formula that will erase them! You will have to get some help—either through a credit counseling company—or simply work to pay off your debts and be on time with your payments. Those marks will stay on your report for seven years—or ten years for a bankruptcy.

If you find that there are false statements on your credit report, you have some options to clear them up. You should write a letter to each credit reporting agency explaining the mistake, along with any proof that you have to back up your claims—such as paid receipts—and then wait. They will have 30 days to investigate the claim and make a decision.

Having a good credit report is key to a successful financial live. If you’ve never seen yours—take the step now and get a copy!... 0 apr credit card offer

making sense of your credit report

2006-05-04T15:02:00.000-07:00

If you've ever applied for a credit card or loan, you’ve probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it’s well worth your time to be sure that you understand what your credit report says about you. Even if you’re not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.

You can request copies of your report from the three major credit bureaus: Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit Reporting Act requires each of these national consumer reporting companies to provide you with a yearly free copy of your credit report upon your request.

Basically, your credit report is a summary of how you pay your bills; repay loans; how much credit you have available; what your monthly debts are; and other types of information that can help a prospective lender decide if you are a good credit risk.

Your credit report is made up of several sections. The first section contains personal identifying information such as your name, current and previous addresses, social security number, telephone number, birth date, and your current and previous employers... 0 apr credit card

Why Use A Prepaid Credit Card

2006-05-03T13:20:00.000-07:00

Why Use A Prepaid Credit Card

Prepaid credit cards have been growing in popularity over the past
several years. But despite the 'credit card' name, no credit is actually involved. Here’s how they work.

When you use a standard credit card, you pay for the convenience of
being able to purchase things without saving the money up first. The
issuing bank is essentially lending money to you, and you repay it on a
regular basis. But with a prepaid credit card, there is no line of credit or loan. Instead, the user will make deposits to a bank account, and then use the card to withdraw that money for purchases. Why would you use a prepaid credit card if you don't actually get any credit?

A prepaid credit card is a good choice if you want to be able to make
purchases online without taking the risk of giving unknown merchants
your credit card information and access to your credit line. Many people today are sensitive to online credit fraud, and this is one way around it. Be aware though, that many merchants that require monthly payments will not accept a prepaid card for purchases. 0 apr credit card offer

0 apr business credit card

2006-04-29T11:05:00.000-07:00

Building Business Credit

Let’s imagine that you wanted to start a business—you have a great business idea, and now all that you need is business credit so that you’ll be able to borrow money against your business without having to dive into your personal assets or personal credit. This means less risk for you, the owner. Some credit reporting agencies sell a business FICO score based on both the risk of the business and the personal credit of the owner. In some instances, the owner’s personal credit is linked to the business credit, but it’s best to keep them separate if you can. Building business credit is completely different from building personal credit. In addition, you don’t have the same credit protection laws with business credit that you do with personal credit. 0 apr credit card 0 apr credit card offer

0 apr credit card approval

2006-04-25T16:05:00.000-07:00

Online credit card approval is so easy a caveman can do it...

Instantly you can be approved for a brand new credit card and the online credit card approval process only takes minutes to complete.
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0 apr credit card protect your idenity

2006-04-22T10:43:00.000-07:00

when dealing with credit cards you should always use precautions to protect your identity.I have seen peoples lives totally fliped upside down because of identity theft.... 0 apr credit card

looking for a 0 apr credit card offer

2006-04-18T10:28:00.000-07:00

when looking for a 0 apr credit card offer always use good judgement, when possible pick the best 0 apr credit card offer for you. 0 apr credit card offer some good offers can be found at the above links.

Is the power in the credit or the card?

2006-04-15T14:46:00.000-07:00

I sometimes wonder with credit cards is the power in the credit or the card.I thought to myself well if you have a credit card and you have no credit line to charge to what good is the card?,on the other hand if you have good credit and no credit card you are sitting in the same position....0 apr credit card

learn about your fico score

2006-03-27T16:05:00.000-08:00

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before you apply for a 0 apr credit card get your fico score it could make all the difference.read more tips about 0 apr credit cards at www.creditcardandloaninfo.com

For those with good credit

2006-03-25T11:30:00.000-08:00

If you have good credit a good way for you to establish credit score and history for your kids would be to add them to your existing policy.you dont have to tell them of course and by time they are out of college they will be ready for the world with good credit. just something to think about. 0 apr credit card

create and maintain a budget

2006-03-24T14:00:00.000-08:00

Create and Maintain a Budget

The first step to avoiding the troubles of financial debt is to create and maintain a budget. It’s not as intimidating as it sounds, don’t worry.

First off, create a list of all your monthly income and also a list of your monthly expenses. When determining income, list all sources including alimony, child support, side jobs, etc. In calculating expenses, be sure to include housing, food, transportation, utilities, entertainment, etc. To gain an accurate reflection of actual expenses, sit down each night and write down expenses, just make sure to save receipts. Determine if your income covers all of your expenses. If the answer is no, then some expenses need to be reduced.

Adjust expenses. If it is a small discrepancy, it may mean reducing some minor expenses like entertainment or cell phone plan. If the deficit is larger, you may need to downsize your vehicle or living arrangements. If your income covers all of your expenses, you still may want to trim some of the excess fat off your spending habits. This can free up extra money for things such as vacations or college funds for your children.

Additionally, consider if you need to add new categories. Some areas that are often overlooked are debt reduction, emergency savings funds, and retirement savings. An emergency fund ensures there is an adequate amount available to cover unforeseen events (car emergency, etc), should it arise. This will eliminate the need for using credit which can quickly damage your budget.

There are several advantages to sticking to your budget. Firstly, most people have set financial goals that they would like to reach in the future. Sometimes it may be a trip, a brand new car, or a college education. A budget can help people save money to make these goals a reality. Additionally, many people are crushed under heavy consumer debt. Without a disciplined pattern of spending, it is virtually impossible to make much headway in reducing debt. A personal budget will provide the necessary framework to begin eliminating these inflated account balances.

If executed properly, a budget will allow a person to simultaneously meet their expenses, place money into savings, and pay back outstanding debts. Therefore, it is anyone’s best interest to create and implement a budget. 0 apr credit card

0 apr credit card

2006-03-21T16:35:00.000-08:00

0 apr credit card plus alot of information can be found at creditcardandloaninfo.com, with a special focus on 0 apr credit card so if you have any questions on credit cards or loans please leave a comment.