credit report - Credit History Stopping You From Getting Mortgage Loan You Want? Learn What's On Your Credit Report

Have you ever been denied a credit card or home loan, and you simply just didn't know why? The credit provider or lender told you that your credit history just wasn't up to par in order to qualify for the line of credit or loan. Well sure you made a few mistakes in the past, perhaps a few late payments, and of course there is some debt that you are aware of. But then again, doesn't everyone? You certainly didn't believe that your credit report history was bad enough to not qualify for a credit card or loan, even at a higher interest rate. Let me tell you a secret, many people have absolutely no idea what is on their credit report! Your credit report has, in the past, been something not readily available to you, or an expensive item to attain. Many people are just not aware that your credit history can determine your financial activities for your entire life. This is becoming more prevalent as credit awareness and education is deemed necessary. So it is important to always be apprised as to what is really on your credit report! There can be either two items on your credit report: accurate or inaccurate. Credit providers may have reported inaccurate information on your report! Mistakes happen that you may not even be aware of. A move, changed phone number, lost mail, open credit cards from 15 years ago that you simply didn't know existed, and other easily overlooked or forgotten items do happen, more than one might think. Hey, who has time to keep track of every single financial item when life, as we know it (busy, fast paced) is hardly ever forgiving? Many people get down on themselves for having a bad credit score. But this is not necessary! It is not a reflection of who you are. Really. You may have never been educated on how to handle your finances or extenuating circumstances may have greatly effected your credit. So in order to stay on top of your credit history, and not be blind sided by an embarrassing, unexpected rejection, check your credit report! Credit reports are no longer some far off document that is hard to get a hold of. After all, it is YOUR credit report, right? Shouldn't you have easy access to it? Well somebody else thought you should too, and the Fair Credit Report Act (FCRA) was enacted just for this reason. Here are the terms: ? Every person is entitled to a free credit report if a credit company takes an adverse action against you, or if your application for credit or insurance is denied. ? You are entitled to a free credit report if you are unemployed and plan to get a job in 60 days, are on welfare, or if your report is inaccurate because of fraud including identity theft. ? Equifax, Experian and Transunion, all nationwide consumer reporting companies, are required to provide you with a free copy of your credit report every 12 months. Now there is no excuse for you not to keep on top of your very important credit report. All you have to do is go to www.annualcreditreport.com and request your free report! Or, you can call 1-877-322-8228. Always check your credit report before you apply for any mortgage loan or line of credit. So you have your credit report, what next? Evaluate each item as accurate or inaccurate. Which items can you clear quickly by simply closing a card or calling a creditor and paying off an old debt? If there are inaccurate items, you must make a dispute in writing with supporting information. This means copies of any documents that support your claim. You must send this information to both the credit consumer company as well as the credit provider. If your dispute is accepted and changes are made, the company must send you the changes in writing as well as send you a new credit report with the inaccurate information removed. The credit provider may not make the same claim against you again. If you find inaccurate information and get it fixed, then your credit report will be better, and another step towards getting that lower mortgage rate has been made! If there are negative items that are accurate on your report, then you must take action towards fixing them! If you are not sure what to do, consult a financial advisor at your bank who can help you set up a repayment plan, consolidate debt if need be, or even investigate debt forgiveness. Negative items will stay on the credit report up to seven years, but if you make an effort to begin paying back debts, and show you are serious about qualifying for a mortgage loan, then you are yet closer to proving to a mortgage lender that you are both willing and able to pay back a loan. And these two things: willingness and ability are exactly what a lender evaluates when considering a person for a loan. Fixing your credit of accurate negative items takes personal effort and time. However, fixing inaccurate information that can greatly increase your credit score, can be done fairly quickly. If you are serious about getting a mortgage loan, or even a better mortgage loan to save you money, consult your credit report before you take any steps at all! By understanding where you stand, you can either choose to go forward and find a mortgage loan that is within your limits, or repair your credit before making a move. Even if you are not considering a loan or line of credit, always stay on top of your credit history because you never know when a better score can save you time, money, and huge headaches! John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: http://www.scourtheweb.com/mortgage/ Article Source:http://EzineArticles.com/?expert=John_R._Blakefield credit report - 5 Ways To Raise Credit Score It's not as hard as you think to raise credit score. It's a well known fact that lenders will give people with higher credit scores lower interest rates on mortgages, car loans and credit cards. If your credit score falls under 620 just getting loans and credit cards with reasonable terms is difficult. There are more than 30 million people in the United States that have credit scores under 620 and if you're probably wondering what you can do to raise credit score for you. Here are five simple tips that you can use to raise credit score. 1. Get a copy of your credit report Obtaining a copy of your credit report is a good idea because if there is something on your report that is incorrect, you will raise credit score once it is removed. Make sure you contact the bureau immediately to remove any incorrect information. Your credit report should come from the three major bureaus: Experian, Trans Union and Equifax. It's important to know that each service will give you a different credit score. 2. Pay Your Bills On Time Your payment history makes up 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago. Missing just one months payment on anything can knock 50 to 100 points off of your credit score. Paying your bills on time is a single best way to start rebuilding your credit rating and raise credit score for you. 3. Pay Down Your Debt Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn't matter whether you pay off that balance a few days later or whether you carry it from month to month. Most people don't realize that credit bureaus don't distinguish between those who carry a balance on their cards and those who don't. So by charging less you can raise credit score even if you pay off your credit cards every month. Lenders also like to see a lot of of room between the amount of debt on your credit cards and your total credit limits. So the more debt you pay off, the wider that gap and the better your credit score. 4. Don't Close Old Accounts In the past people were told to close old accounts they weren't using. But with today's current scoring methods that could actually hurt your credit score. Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy. If you are trying to minimize identity theft and it's worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you. 5. Stay Out Of Bankruptcy Bankruptcy is the single worst thing that will destroy your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from. Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years. The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate payments from you for years. It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time. Copyright ? 2005 Credit Repair Facts.com All Rights Reserved.

credit report - 5 Ways To Raise Credit Score

It's not as hard as you think to raise credit score. It's a well known fact that lenders will give people with higher credit scores lower interest rates on mortgages, car loans and credit cards. If your credit score falls under 620 just getting loans and credit cards with reasonable terms is difficult. There are more than 30 million people in the United States that have credit scores under 620 and if you're probably wondering what you can do to raise credit score for you. Here are five simple tips that you can use to raise credit score. 1. Get a copy of your credit report Obtaining a copy of your credit report is a good idea because if there is something on your report that is incorrect, you will raise credit score once it is removed. Make sure you contact the bureau immediately to remove any incorrect information. Your credit report should come from the three major bureaus: Experian, Trans Union and Equifax. It's important to know that each service will give you a different credit score. 2. Pay Your Bills On Time Your payment history makes up 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago. Missing just one months payment on anything can knock 50 to 100 points off of your credit score. Paying your bills on time is a single best way to start rebuilding your credit rating and raise credit score for you. 3. Pay Down Your Debt Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn't matter whether you pay off that balance a few days later or whether you carry it from month to month. Most people don't realize that credit bureaus don't distinguish between those who carry a balance on their cards and those who don't. So by charging less you can raise credit score even if you pay off your credit cards every month. Lenders also like to see a lot of of room between the amount of debt on your credit cards and your total credit limits. So the more debt you pay off, the wider that gap and the better your credit score. 4. Don't Close Old Accounts In the past people were told to close old accounts they weren't using. But with today's current scoring methods that could actually hurt your credit score. Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy. If you are trying to minimize identity theft and it's worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you. 5. Stay Out Of Bankruptcy Bankruptcy is the single worst thing that will destroy your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from. Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years. The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate payments from you for years. It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time. Copyright ? 2005 Credit Repair Facts.com All Rights Reserved. Gary Gresham is a mortgage loan officer and the webmaster for http://www.credit-repair-facts.com He offers you credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: http://www.credit-repair-facts.com/articles_1.html Article Source:http://EzineArticles.com/?expert=Gary_Gresham credit report - Getting a Free Personal Credit Report Online You are entitled to a free personal credit report from each of the three major credit reporting agencies if you have been recently turned down for credit. Checking your credit history ensures the information is accurate. Your credit affects your interest rates, insurance premiums, and even employment chances. Taking a few minutes to check your records protects you from paying for your creditors' mistakes. Why Check Your Credit Report Your credit report is used by a number of companies to make decisions about you. Financial lenders categorize your loan application based on your payment history. Life and car insurance rates are also based on your risk level based on your credit and life choices. Potential employers can also evaluate your application based on your credit report. Besides payment history, your report also includes records of being arrested, sued, taking out insurance policies over $150,000, and where you live. These items stay on your report permanently, unlike payment history that drops off after seven years. Where To Get Your Report You have a number of options for getting your report. By applying online, you can get your free report instantly. You can also call or write for a copy of your credit history, but you will have to wait 15 or more days to receive it. To get your credit report online, you can go directly to the sites of Equifax, Experian, and TransUnion. You can also request your copy through a third party site. These sites also offer additional services, like providing you with your FICO score. You won't get that for free from the credit reporting agencies. What To Do With The Information Once you have received your credit report, look over it for any errors. Both the credit reporting agency and the information provider (bank, government agency, creditor, etc.) are responsible for fixing errors. Write to both parties explaining the error. The reporting agency will investigate your claim in usually less than 30 days. If an error is found, the information provider is responsible for notifying all three agencies of the mistake. However, it is also a good idea to check your records again. Be sure to keep copies of your letters until the matter is resolved on your report. And remember that every 12 months you can get a free copy of your credit report.

credit report - Getting a Free Personal Credit Report Online

You are entitled to a free personal credit report from each of the three major credit reporting agencies if you have been recently turned down for credit. Checking your credit history ensures the information is accurate. Your credit affects your interest rates, insurance premiums, and even employment chances. Taking a few minutes to check your records protects you from paying for your creditors' mistakes. Why Check Your Credit Report Your credit report is used by a number of companies to make decisions about you. Financial lenders categorize your loan application based on your payment history. Life and car insurance rates are also based on your risk level based on your credit and life choices. Potential employers can also evaluate your application based on your credit report. Besides payment history, your report also includes records of being arrested, sued, taking out insurance policies over $150,000, and where you live. These items stay on your report permanently, unlike payment history that drops off after seven years. Where To Get Your Report You have a number of options for getting your report. By applying online, you can get your free report instantly. You can also call or write for a copy of your credit history, but you will have to wait 15 or more days to receive it. To get your credit report online, you can go directly to the sites of Equifax, Experian, and TransUnion. You can also request your copy through a third party site. These sites also offer additional services, like providing you with your FICO score. You won't get that for free from the credit reporting agencies. What To Do With The Information Once you have received your credit report, look over it for any errors. Both the credit reporting agency and the information provider (bank, government agency, creditor, etc.) are responsible for fixing errors. Write to both parties explaining the error. The reporting agency will investigate your claim in usually less than 30 days. If an error is found, the information provider is responsible for notifying all three agencies of the mistake. However, it is also a good idea to check your records again. Be sure to keep copies of your letters until the matter is resolved on your report. And remember that every 12 months you can get a free copy of your credit report. To see our recommendations of where to get a copy of your credit report for free, visit this page: Recommended Sources for a Free Credit Report. Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. Article Source:http://EzineArticles.com/?expert=Carrie_Reeder credit report - The Truth About Credit Repair Services Advertisements from credit repair companies can be found on local newspapers, TV, radio, internet, and fliers on the mail and on the streets claiming that if you have credit problems they can help you, that they can remove your bad credit, that they can get you a new credit identity or that they can remove stains like bankruptcy, judgments, liens, late payments, missed payments, and even unpaid loans or credit card balances. Avoid Being Taken In Truth is that all the above claims are nothing but false advertising, no one can remove those marks from your credit report unless the information is false or inaccurate. If you are actually responsible for those delinquencies, only time and a continued proper credit behavior can improve your credit report. If these companies promise you they can fix your credit so you can get a new loan, credit card, store card, etc. right away, they are lying and you are probably facing a scam. Save your money and time and avoid paying for these companies' services. Only legitimate companies that state that credit repairing can take some time are saying the truth and can help you to repair your credit by teaching you budgeting, how to refinance your loans, how to consolidate your debt, etc. Avoid Legal Problems Moreover, being ripped off is not the only problem you may face. If you follow some of these companies' advice and try to invent a new credit identity and a new credit history by using an employer identification number instead of the social security number or by faking documentation, you may be charged with fraud and face serious legal consequences. Don't pay attention to companies that want you to claim that information on your credit report is false if it isn't or any other practices that you think are clearly illegal or immoral. Don't lie when submitting forms or other documentation nor when answering questions to lenders by phone. The conversations may be taped, the documents kept and used as proof to prosecute you for fraud. The Truth About Credit Repairing No one, in any way can remove correct information from your credit report in a legal way. Thus, if it isn't a scam, it's a crime. What can actually be done in order to repair your credit is to show a continued positive credit behavior. Some companies can teach you to do that and provide you with documentation and all the necessary tools for achieving your goals. It may take some time but it can be done with little sacrifices. However, there are no such things as magic solutions to your credit problems. Legit Credit Repair companies will teach you how to repair your credit by yourself. What they can actually do is to provide you with information that you'd be able to find for yourself but is spread all over the net and on different government agencies. They have all this information, forms and documents packed and easily explained so you can save yourself time and probably money too.

credit report - The Truth About Credit Repair Services

Advertisements from credit repair companies can be found on local newspapers, TV, radio, internet, and fliers on the mail and on the streets claiming that if you have credit problems they can help you, that they can remove your bad credit, that they can get you a new credit identity or that they can remove stains like bankruptcy, judgments, liens, late payments, missed payments, and even unpaid loans or credit card balances. Avoid Being Taken In Truth is that all the above claims are nothing but false advertising, no one can remove those marks from your credit report unless the information is false or inaccurate. If you are actually responsible for those delinquencies, only time and a continued proper credit behavior can improve your credit report. If these companies promise you they can fix your credit so you can get a new loan, credit card, store card, etc. right away, they are lying and you are probably facing a scam. Save your money and time and avoid paying for these companies' services. Only legitimate companies that state that credit repairing can take some time are saying the truth and can help you to repair your credit by teaching you budgeting, how to refinance your loans, how to consolidate your debt, etc. Avoid Legal Problems Moreover, being ripped off is not the only problem you may face. If you follow some of these companies' advice and try to invent a new credit identity and a new credit history by using an employer identification number instead of the social security number or by faking documentation, you may be charged with fraud and face serious legal consequences. Don't pay attention to companies that want you to claim that information on your credit report is false if it isn't or any other practices that you think are clearly illegal or immoral. Don't lie when submitting forms or other documentation nor when answering questions to lenders by phone. The conversations may be taped, the documents kept and used as proof to prosecute you for fraud. The Truth About Credit Repairing No one, in any way can remove correct information from your credit report in a legal way. Thus, if it isn't a scam, it's a crime. What can actually be done in order to repair your credit is to show a continued positive credit behavior. Some companies can teach you to do that and provide you with documentation and all the necessary tools for achieving your goals. It may take some time but it can be done with little sacrifices. However, there are no such things as magic solutions to your credit problems. Legit Credit Repair companies will teach you how to repair your credit by yourself. What they can actually do is to provide you with information that you'd be able to find for yourself but is spread all over the net and on different government agencies. They have all this information, forms and documents packed and easily explained so you can save yourself time and probably money too. Mary Wise, a professional consultant with twenty years in the financial field, helps people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into the hands of fraudulent lenders. In her website: Badcreditloanservices.com you will find more useful tips and interesting financial articles on this and many other related topics. Article Source:http://EzineArticles.com/?expert=Mary_Wise credit report - Credit Card Offers for People Having Bad Credit Ratings Once you are in debt, naturally you have to settle any due amount. Otherwise, you will be known by other people as an irresponsible borrower. Establishing a good credit history is very important especially if you want to make a credit card or loan application, or any application which involves money. In today's fast changing times, where most people want fast and easy access in almost anything, a credit card can be very useful. But how are you going to secure a credit card application if your credit rating is poor? Different application forms have pre-established criteria. A typical example is a homeowner versus renters. Credit applications give more weight to homeowner applicants. Other reasons why most people have poor credit rating include paying bills late, default payments, and those who have obtained judgments from the county court. Credit files are usually kept by certain organizations, and judgments or bankruptcies are filed for a maximum period of six years. If you have this kind of problem, securing any credit application would be a great problem. Companies which issue credit cards looks into the files kept by reference credit agencies before approving or disapproving any application made by individuals. Once a person applies for a credit card, the company will instantly check with different credit agencies for their credit rating. If you've made a lot of credit applications and transactions, your credit report can become large, so it would be wise to ask for a copy of your credit report and check if all the items listed there are correct. If some information is incorrect, you can get supporting papers and have it changed. If you have a bad credit rating, your credit card application will be most likely turned down, or if it is granted, you will have a low credit limit. Most of time, these people will not benefit from incentives and low interest rates enjoyed by applicants with a good credit rating. People with good ratings can enjoy an interest rate for as low as 5%, while those having a bad credit rating will be charged a rate of about 25%. You can actually see the big difference between the two cardholders. A bad credit rating is not only given importance to a card application, but to securing loans as well. Almost any application which concerns credit will refer to your credit rating. So if you are just starting to build a credit rating, make sure that you start on the right track, and stay on that track to be able to create a good credit rating. Establishing a good credit history at an early age is an advantage, and not only that, you will learn how to be responsible in handling your expenses. If you are badly in need of a credit card, you can check out companies which offer credit cards to people just like yourself. Although it may not be the best, you can probably find it useful in other ways. Shop around and you may be able to find one. If you're one of those who already have a bad rating, perhaps it is now time to make a change. It's never too late, start paying your bills on time. Although the change happens little by little, over time it will prove to be rewarding.

credit report - Credit Card Offers for People Having Bad Credit Ratings

Once you are in debt, naturally you have to settle any due amount. Otherwise, you will be known by other people as an irresponsible borrower. Establishing a good credit history is very important especially if you want to make a credit card or loan application, or any application which involves money. In today's fast changing times, where most people want fast and easy access in almost anything, a credit card can be very useful. But how are you going to secure a credit card application if your credit rating is poor? Different application forms have pre-established criteria. A typical example is a homeowner versus renters. Credit applications give more weight to homeowner applicants. Other reasons why most people have poor credit rating include paying bills late, default payments, and those who have obtained judgments from the county court. Credit files are usually kept by certain organizations, and judgments or bankruptcies are filed for a maximum period of six years. If you have this kind of problem, securing any credit application would be a great problem. Companies which issue credit cards looks into the files kept by reference credit agencies before approving or disapproving any application made by individuals. Once a person applies for a credit card, the company will instantly check with different credit agencies for their credit rating. If you've made a lot of credit applications and transactions, your credit report can become large, so it would be wise to ask for a copy of your credit report and check if all the items listed there are correct. If some information is incorrect, you can get supporting papers and have it changed. If you have a bad credit rating, your credit card application will be most likely turned down, or if it is granted, you will have a low credit limit. Most of time, these people will not benefit from incentives and low interest rates enjoyed by applicants with a good credit rating. People with good ratings can enjoy an interest rate for as low as 5%, while those having a bad credit rating will be charged a rate of about 25%. You can actually see the big difference between the two cardholders. A bad credit rating is not only given importance to a card application, but to securing loans as well. Almost any application which concerns credit will refer to your credit rating. So if you are just starting to build a credit rating, make sure that you start on the right track, and stay on that track to be able to create a good credit rating. Establishing a good credit history at an early age is an advantage, and not only that, you will learn how to be responsible in handling your expenses. If you are badly in need of a credit card, you can check out companies which offer credit cards to people just like yourself. Although it may not be the best, you can probably find it useful in other ways. Shop around and you may be able to find one. If you're one of those who already have a bad rating, perhaps it is now time to make a change. It's never too late, start paying your bills on time. Although the change happens little by little, over time it will prove to be rewarding. James has written many articles about the benefits of business and college student credit card offers and runs a website on locating the best credit card offers for your lifestyle. Article Source:http://EzineArticles.com/?expert=James_H._Puckett credit report - Credit Card Offers for People Having Bad Credit Ratings Once you are in debt, naturally you have to settle any due amount. Otherwise, you will be known by other people as an irresponsible borrower. Establishing a good credit history is very important especially if you want to make a credit card or loan application, or any application which involves money. In today's fast changing times, where most people want fast and easy access in almost anything, a credit card can be very useful. But how are you going to secure a credit card application if your credit rating is poor? Different application forms have pre-established criteria. A typical example is a homeowner versus renters. Credit applications give more weight to homeowner applicants. Other reasons why most people have poor credit rating include paying bills late, default payments, and those who have obtained judgments from the county court. Credit files are usually kept by certain organizations, and judgments or bankruptcies are filed for a maximum period of six years. If you have this kind of problem, securing any credit application would be a great problem. Companies which issue credit cards looks into the files kept by reference credit agencies before approving or disapproving any application made by individuals. Once a person applies for a credit card, the company will instantly check with different credit agencies for their credit rating. If you've made a lot of credit applications and transactions, your credit report can become large, so it would be wise to ask for a copy of your credit report and check if all the items listed there are correct. If some information is incorrect, you can get supporting papers and have it changed. If you have a bad credit rating, your credit card application will be most likely turned down, or if it is granted, you will have a low credit limit. Most of time, these people will not benefit from incentives and low interest rates enjoyed by applicants with a good credit rating. People with good ratings can enjoy an interest rate for as low as 5%, while those having a bad credit rating will be charged a rate of about 25%. You can actually see the big difference between the two cardholders. A bad credit rating is not only given importance to a card application, but to securing loans as well. Almost any application which concerns credit will refer to your credit rating. So if you are just starting to build a credit rating, make sure that you start on the right track, and stay on that track to be able to create a good credit rating. Establishing a good credit history at an early age is an advantage, and not only that, you will learn how to be responsible in handling your expenses. If you are badly in need of a credit card, you can check out companies which offer credit cards to people just like yourself. Although it may not be the best, you can probably find it useful in other ways. Shop around and you may be able to find one. If you're one of those who already have a bad rating, perhaps it is now time to make a change. It's never too late, start paying your bills on time. Although the change happens little by little, over time it will prove to be rewarding.