Eyad a asked:


I have a 10,000 car loan from a small financing institution. They have been reporting my payments to TransUnion and every-time I apply for a credit card or any other loan I get rejected. My current balance is $400 and I will pay them off next month.

The problem is that when I go anywhere else and apply for loan or credit card, I get rejected because others can not see my car loan unless they check with TransUnion. Most banks and dealerships check with Equafix and Experian.

Yesterday, when I checked to see my credit report, I was able to see my loan and my score, which was around 650. When I tried to contact the my lender, they said that they only report to TransUnion and they can not change their policy just because of me.

What can I do to get my car to show on all three credit bureau?
and how am I suppose to find lenders who check with TransUnion

Jared

Joseph Kenny asked:




It can be pretty tough when your credit is bad and it is next to impossible to get credit when you need it. Most major credit card companies will not talk to you, and a lender – well, forget about it. There is a way, though, out of the tough situation with a prepaid credit card. Here is what you can do with a prepaid credit card to help rebuild your credit score.

Need A Bad Credit Rating

One of the best things about a prepaid credit card is that it was designed for people with bad credit. In fact, that is one of the qualifications. There will not be any check on your credit rating, or your employment. Anyone can get one of these credit cards, but you will need to deposit a cash amount equal to the credit limit you want. This lets you know that it operates on a debit basis – no actual credit is given.

Get A Card That Reports To A Credit Bureau

Not many prepaid credit cards actually report to a credit bureau. That is, however, the kind of card that you want to get. While others make having cash handy, it really will not help you (or anyone with bad credit) in the long run.

Watch The Fees

Prepaid credit cards often come with a number of fees. You should compare one card with another in order to get the fewest fees. In order to get a prepaid credit card that reports to a credit bureau, you will probably have to pay an annual fee – could be as high as $100.

Look For Benefits

Most prepaid cards do not come with any benefits, but some do. You can get points, like on a regular credit card, that are useable for a few benefits – like free phone time, and more.

No Credit Card Abuse

Another good thing about these credit cards is that you can never go over your limit, or have to pay any late fees or interest. (Hey, this is sounding better all the time). This means that if it reports to a credit bureau, that it would be impossible to get a lower score than what you may already have with this kind of card.

Easily Put Cash On Your Card

Most prepaid cards will allow you to easily put credit on it from just about anywhere. You can even put your paycheck onto it by Direct Deposit.

Use It Like A Credit Card

A number of these prepaid credit cards can be used in the same way as a credit card. You can set up automatic bill payments, purchase things online, or over the phone. If you want this feature, however, be sure that the ad says that you can do this.

Like any other credit card, you will want to compare features and fees in order to find the best prepaid credit card for your needs. While most of them are similar, the fees vary widely. Since no qualifications are needed, why not get the best?

Mathew

Ann Born asked:




Whenever it is time for you apply for a loan of any type, your credit is generally pulled. Depending on your credit history, your score may vary from anywhere within the 500s or lower, which is considered very bad to the 700s or higher which is considered excellent. Although many people consider the credit system within the United States to be somewhat cumbersome, it has been in place for many years and does not show any signs of changing soon. If you are trying to contact credit bureau agencies, you might be surprised to find that there are more than one that actually score you and are often looked at by the lending institutions.

The three credit agencies which take care of scoring your credit and ultimately help to determine whether you qualify for a loan are Experian, Equifax and TransUnion. Each of these three credit agencies will provide its own unique number, based on the scoring system that it uses to determine your credit. Whenever it comes time to contact credit bureau agencies, you need to figure out which of these agencies needs to be contacted. For example, if there is some fraudulent or mistaken information that appears on your credit report, you need to find out which of these agencies and is responsible for that report and contact them directly.

It may also be necessary for you to contact credit bureau agencies in order to receive a copy of your credit. As individuals, each of us are entitled to receive a free copy of our credit report on an annual basis. Although you certainly would not want to pull it all of the time because that would lower your credit scores, keeping in touch with your credit and knowing where your numbers are at is very important for you to make sure that no problems are occurring. Regularly contacting credit bureau companies and receiving a copy of your credit report can help you to avoid identity theft and to recognize any mistakes that were made on the report before they damage you too much.

There are also some companies which will contact credit bureau agencies for you and pull all three of your credit reports. Although you may have to pay a fee in order for this to take place, it may be worth your while considering the time that is involved in contacting each of the individual agencies one at a time.

Bertha

Waller Jamison asked:




Maintaining a good credit score isn’t easy at the best of times, but if you have worked hard to improve your credit and achieved a decent score, you wan to keep it that way. However, your credit score changes every time you take out a loan or are late with your payments and can also change through no fault of your own.

One of the reasons that your credit score can fall is because your report contains errors. This unfortunately can have an adverse effect on your ability to borrow money.

If you want to be sure that there are no mistakes in your credit score, you have to check it at regular intervals, that is to say at least once a year. And don’t forget that there are three major credit bureaus and each may have a slightly different score.

If you keep an eye on your credit score, you’ll be able to ensure that there are no major problems when you need to borrow money for a car, mortgage or other expensive item. It can be extremely inconvenient to be about to take out a loan and find that you are unable to do so because of problems with your credit score.

If you find any irregularities on your report you must contact the relevant credit bureau right away so that they can identify the problem and sort it out before it becomes a major issue. Any credit bureau dispute needs to be cleared up immediately.

Generally speaking, mistakes are just small errors which can be fixed quickly and without much effort, but even a minor error can prevent you getting credit when you need it most.

There are times when a mistake is the result of identity theft, which has become much more common these days and of course is a very serious problem, one that you must take steps to resolve immediately. If you are a victim of identity theft, the credit bureaus will put an alert on your file and this will explain the situation to any potential lenders. Identity theft can have long-term repercussions and is something you want to deal with as soon as possible.

Brian

Debbie Dragon asked:




There are attorneys and credit repair “clinics” that claim to be able to remove negative items from your credit file. The service is costly, with some providers charging up to $3,500. It sounds great, in theory, because what’s a few thousand dollars for repaired credit? The trouble with this service is consumer’s pay out the money and their credit files are not always repaired.

About Your Credit File- What You May Not Know

Every item listed on your credit report must be proven. If a credit bureau investigates an item and cannot verify that it has been reported correctly, then it must be removed from your file whether it’s true or not.

Whenever there is a negative item on your credit report, you can challenge or deny the negative report at any time. If the item can’t be verified within a reasonable amount of time, it must be removed from the credit report. The older an item is the better your chance that it will not be successfully re-verified. Creditors don’t always keep good records beyond a year or two.

How to Get a Negative Item Removed From Your Credit Report

The procedure to get negative items removed, if they are incorrect, is straight forward. Some of getting an item removed is simply luck, but if you follow the steps you will increase your chances of having the negative items removed.

Tip: Send your disputes in during the busiest time of the year for credit bureaus. Send them during November or December, and if the dispute isn’t verified in time, it will have to be removed from your credit file.

Step One: Obtain a copy of all three of your credit reports- one from Equifax, one from Esperian and another from Trans-Union. You can get one copy from each credit bureau for free every 12 months.

Step Two: Review each report and find any negative items.

Step Three: Use the credit bureau’s dispute process (sometimes online, sometimes a printed form) to dispute any and all negative items.

Step Four: The disputed items are removed or corrected.

Step Five: For any negative items remaining on your credit report, you can try to negotiate with the creditors to be able to make a lower payment to pay the account off The creditor must then report the item to the credit bureau as paid, and change it to a positive rating.

Consumer Rights Under The Fair Credit Reporting Act

The federal laws are in the consumer’s favor when it comes to credit reports. Under the Fair Credit Reporting Act, there are 5 basic rights given to every consumer:

1. You may challenge the accuracy of the details in a credit report at any time.

2. Any items you challenge must be investigated (and re-investigated) without a charge to you.

3. All challenged items must be investigated within 30 days time or they must be deleted from the file immediately.

4. If errors are found during the investigation, the credit bureau is required to delete or correct the item within your files immediately.

5. If the credit bureau investigates and finds the negative items to be correct, consumers can place a Consumer Statement as part of your credit report as explanation to any inquiries made to your credit file.

Edwin

Tim Bock asked:




Many times people are unaware of exactly what’s in their credit report, let along if there’s a collection account in there. There are usually 1 or 2 reasons why a collection account may exist.

- The account went to collections
- Mistaken identity

Fortunately it’s not the end of the world. There are steps that can be taken to get the collection off of your credit for good.

Get a copy of your credit report

There are 3 main credit bureaus where you can obtain a copy of your credit report. These are as follows:

- Equifax
- Transunion
- Experian

Dispute the findings

Each credit bureau operates separately. Therefore having the account deleted from one does not automatically mean it will disappear from all 3. Lenders do look at all three credit reports, so it’s extremely important to follow up with all of them. Not doing so will affect your ability in getting a loan.

Do it in writing

It’s important to mail your dispute in. Do not try to do it over the phone. Writing gives you documentation in case you need it. After they received the dispute, they will investigate the matter. If the investigation is not resolved within the allotted amount of time, the item will automatically be deleted from your credit report.

Fair credit reporting act

Become familiar with this law, before you contact the credit bureaus. It could save you a lot of time and trouble. It’s important to get the facts, so you have all the tools at your disposal when going up against the credit bureaus.

Phyllis

Sonny Collova asked:




You may need credit bureau phone numbers to request a free credit report if you have been turned down or would like to opt out of pre-approved credit card offers. Place security freezes, fraud alerts or get information about business credit services. You will need contact information for Equifax, Trans Union and Experian.

If you have children you’ll want to make sure no one is using their social numbers to fraudulently apply for credit. This has become very common over the past few years. Unfortunately many people don’t find out until the children turn 18 and apply for a credit card or car loan on their own. Finding out after the fact when there are pages of fraudulent defaulted credit makes it difficult to get corrected. In fact sometimes it takes months or even years to correct a credit report due to undetected identity theft. The sooner it is caught the easier it is to fix

Many credit monitoring and identity theft protection services offer free monitoring for your children’s social security numbers and whole family plans. Check with all three bureaus directly or make sure the monitoring company you choose checks all three.

If you are turned down for credit the creditor must provide you with a denial letter listing the reason why and the credit bureau phone number (toll-free). You can use this letter to request a free copy of you report even if you have already gotten a copy of your free annual report.

In order to avoid identity theft it is a good idea to opt-out of pre-approved offers and mailing lists. You can use credit bureau phone numbers to contact all three. If you don’t opt out make sure your mail box is secure and you don’t throw away mail with sensitive information, like social security numbers of you or your children.

Here are the main credit bureau phone numbers:

Equifax: 1-800-685-1111
Experian: 1-888-397-3742
TransUnion: 1-800-888-4213

Larry

Helen Hecker asked:




Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.

It may seem like a lot of work but it’s really easy. The hardest part is actually sitting down to do it. You’ll need to check all three credit bureaus to make sure the same error isn’t on all three but if you just have one credit report, start with that one.

First make a list of any and all errors that you find on your personal credit report. These could be in the form of personal information such as birth date or more likely there will be information that you know not to be true such as late payments or no payments recorded etc. If you think there is any possibility that you could be wrong check your past history with the creditor in question first.

You want to make sure you are right before you make the request to have any information removed from your credit report.

You will be sending the letter only to the credit bureau mentioned on the report, which would be Esperian, Equifax or TransUnion. You don’t want to sound angry in the letter, just be matter-of-fact, straightforward and business-like. Just outline the facts – name of creditor, dates, and the error(s) or problem(s) you’re finding on the credit report.

Here is a sample letter:

Date:

To whom it may concern at Esperian (or other credit bureau):

I recently acquired a copy of my credit report and found some errors that I’d like to dispute. I am enclosing documentation to prove the information is incorrect and would like a correction. I value my good standing and good credit history and want to maintain a good credit rating and credit score.

Name the creditor along with the reference date including the month, day and year if possible.

The error(s) I have found are:

I’m including copies of my payment record, with a (cancelled check or online payment print-outs or any other documentation that you have).
I would appreciate any attention to the matter as I would like my credit report to be accurate. I’m sure you understand that credit bureaus need to include only information that is accurate in my file.

Thank you for taking a look at my letter and file and hopefully making the necessary corrections so I can continue to maintain my good credit standing. Please let me know that my file has been reviewed and what action has been taken. I would also like a copy of my corrected credit report sent to the enclosed address. Thank you.

Sincerely,

Besides your full name as shown on the report, include you mailing address, a copy of the report that you have, your social security number, driver’s license photocopy and any other documentation such as a cancelled check or online payment confirmations.

Make a copy of the letter for yourself and a copy of any enclosures with the letter. Send the dispute letter by certified mail with a ‘return receipt’ requested. Then make sure to get the free credit reports from the other two main credit bureaus or reporting agencies to make sure they don’t have the same incorrect information. You can get free instant credit reports from the other two online.

Tom

Nicole B asked:


I signed a contract stating i would complete six months of employment in order for a training fee to be waived. I resigned after the first week and now the woman is trying to make me pay the entire training fee when I received one day of training. She has threatened to take me to court and now she is threatening to send the bill to the credit bureau’s. Four months ago when she started harassing me I asked for a bill and a copy of the contract. Four months later I finally received the bill and a copy of the contract and she is demanding payment or saying she will report me to all three bureau’s. I want to know how difficult it will be for her to report me. It is a small business and I was suppossed to work as a consultant for her. If the bill goes into collections, do I have a right to settle the amount with the collections agency?

I know I signed a contract, but the owner is basically trying to bully me into paying the training fee for 6 hours of training.
First of all she is claiming that I had over ten hours of training when I was only there for 6 hours total. Back in March she started sending me nasty text messages and e-mails requesting payment. I told her that I needed a bill and a copy of my contract before sending payment, becuase I was never provided a copy of the contract when I signed and I dont send out 400$ checkswithout a bill.
Four months later she finally sends it to me. First she threatened to take me to court, now she is threatening me with the credit bureau’s. The contract she sent me has my address listed incorrectly on it . She also changed the first page of the contract and accidently sent me the one she changed with the one I actually signed. I understand I breached contract and I would have had no problem paying her if she wasn’t so ridiculous and irratic about this.

Stanley

Jon Arnold asked:




In my mind, the credit bureaus demonstrate time and time again that they are run in a slipshod manner with little respect for the accuracy of the credit reports they distribute. But the good news is that with persistence and documentation, you can beat the credit bureaus at their own game, although you are going to need to really be persistent and not lose your cool at the incompetence you will undoubtedly meet when you are working with them.

As an example, a friend of mine was checking his credit reports and discovered an item which was charged off and determined “uncollectable” from several years earlier. The item was not a large amount, less than $50 but it was still a glaring negative listing in an otherwise pretty good looking credit report. The bill was from the cable TV company where they had claimed he had never paid his final bill.

Of course, he went through the proper procedure to dispute the item. Although most items like this do not appear on all three credit bureau reports, this one did. Remember that of the three major credit reporting agencies, some of your debtors reports to one of them, two of them, and occasionally all three of them. This means that in order to truly get your credit report as accurate as possible, you need reports from all three of them, since NONE of them have a truly complete picture of your credit history.

The dispute he filed was not answered two months later. The rules are that if the credit bureau cannot verify the information within 30 days, the item must be removed from your credit report. But it was more than 30 days and the item remained. He filed another dispute and got a letter back from the credit bureau that the item had been verified as accurate.

No way! He called the cable TV company and they went back through their records and verified that the final bill should not have been sent since he had moved out of that condo by then, and that the amount should not have been reported as overdue or uncollectable. So how had the credit bureau “verified” it as correct? The only answer was more incompetence on their part.

So with a letter from the cable TV company, he filed yet another dispute. The credit bureau sent him a letter several days later saying the item had been verified again and would remain. So he filed yet another dispute, this time sending the dispute via certified and registered mail with the letter from the cable TV company, and this time it did get removed.

The lesson here is that you need to be persistent when you are trying to get inaccurate information removed from your credit report. With that item corrected, my friend’s credit score shot up by more than 55 points. Don’t just file a dispute and think that will take care of it. The credit bureaus really don’t care, and they also know that the vast majority of consumer credit reports contain errors, so they do not seem to be motivated to get those errors corrected. Be persistent and provide documentation and it will happen but you will need to bird-dog it all the way.

Jon