Marc Marseille asked:




A 3 credit bureau report can be useful for various reasons. There are 3 key credit bureaus: Experian, Equifax, and TransUnion, and each of them have their own knowledge about your credit, so to obtain a good credit score, you need all three.

Several financial institutions require a good score with all 3 credit agencies before they will approve you. For example, a house loan won’t be approved if you have a bad credit rating from 2 out of the 3 bureaus. You also will not qualify for low cost life insurance, a credit card with a low interest rate, or some cases even an apartment. In essence, knowing your three score can save you time from applying to services which you already know you will not be approve for.

Another advantage about knowing your 3 credit bureau report score is that it can show you if somebody has been defrauding you or hijacking your credit profile. If, for example, somebody has been opening accounts in your good name without your knowledge, that information will show up on your 3 credit score report as derogatory. The knowledge of this information will allow you to take legitimate action to get the derogatory items removed from your credit bureau report.

There are many ways you can enhance your credit rating, but none of these tactics can be implemented if you do not know your credit score. One solution to improving your score is to acquire a couple secured visa cards and pay off your bills before they are due. If you continually pay off your balances in a timely manner, this will affect your credit score in positive way.

In addition to paying your bills on time, maintaining a low balance on your revolving accounts and credit cards are mandatory. High balances reflects someone who is strap for money which creditors tend to stay away from. You may be surprised at how many points your credit can rise by simply reducing your balances.

In the long run, it is worth it for you to keep your credit in good standing, because it means you will be able to qualify the things that are important to you. The ability to stay on top of your finances does not have to be difficult, the main thing is not living beyond your means. The more discipline your are now, the more rewards you will receive in the future.

Lucy

Mike Clover asked:




Your credit score report can be affect by more than your available credit history. We talk about how credit cards, mortgages, car loans, and any type of loan that reports to all 3 credit bureaus will affect your credit score. We don’t always talk about utility companies and how they can have a negative impact on your credit report. Here are utility companies I like to consider non-creditors. In other words these companies don’t give you a line credit, they just provide a service.

Utility companies

- Phone companies

- Electric companies

- Security companies

- Cell phone companies

- Water companies

- Gas companies

- Cable companies

- Internet Companies

Let’s assume you are having a tough time currently, and you stop paying your cable bill. The cable company will give you a little time to pay off the debt for service rendered, but will eventually turn that debt over to a collection company. The collection company in return will report that obligation to the 3 credit bureaus wanting their money. This is how it works with any of the companies mention. Once this collection reports to the credit bureaus your credit rating just dropped about 100 points. Utility companies on the other hand don’t help your credit when you are in good standing, but will also hurt your credit score if you don’t pay. Once the collection hits your credit report, and you finally decide to pay off the collection, the collection will be on your credit report for 7 years. 7 years of negative information will be on your credit report. If you don’t pay the collection, the collection company can sell the collection repeatedly to different collection companies which will ultimately drive down your credit score even more.

Pay your bills on-time

If you get behind, call your creditors immediately and work out a payment arrangement with them. They will typically work with you, especially during tough economic times. A creditor or utility company would rather get some form of payment versus nothing. If you don’t pay your bills including utility bills it will affect your credit score report. With lending getting extremely tough currently, your credit scores are more important than ever. If you have credit issues, the banks may look at your credit history as too big of a risk for there portfolio.

Don’t assume if you don’t pay utility it will not affect your credit. Because it will affect your credit, and will not go away until you pay it off. If you are unsure what is on your credit report, get a copy of your free credit score report today.

Lynn

This Is Not My Real Name asked:


This is somewhat an odd situation. I have had a 2 year credit history with all three credit bureaus prior to this problem. It seems that all of my credit cards have suddenly stopped updating on my equifax credit report. When I try to apply for a new credit card, I get denied because I have “no equifax credit file”
I requested a free credit report with equifax and even they can’t locate me!
It’s as if my equifax credit file just disappeared. But I have previous copies of credit reports from equifax so it obviously did exist. What can I do and what seems to be the problem?

Fyi: experian and transunion is working fine. My credit report is updated and my score is good. But all accounts have not updated since 2007 on my equifax credit report

Paula

Ann Richter asked:

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Hector Milla asked:




Many people are very worried about their financial situations right now. The recession has made it very hard for many thousands of people to stay employed. The people who are lucky enough to have jobs are still being burdened by the fact that their paychecks are being cut by a percent and their bonuses are being cancelled. These problems are only being compounded by the fact that many people are struggling to pay their bills and thousands more are in debts that they are having trouble getting out of.

There are several ways that these people are trying to cut back on spending and keep better records of their spending. Many are turning to financial advisors to help them to cut spending. Some are looking more closely at their bank statements and credit card statements to make sure that they are only purchasing things that they need. Some people are even cutting up their credit cards to prevent any unwanted debt from adding up on them without them thinking about it. Along with all of these things that are helping people to control their spending and keep track of their expenses, many people are actually checking their credit reports.

This report can be one of the most important financial documents that there is. It shoes not only everything that you need to know about your finances, but it also shows you what your rating is. This report tells you all of your outstanding loans and mortgages, as well as how well you are doing paying back bills and other things of that nature. These reports are very reliable if they are bought and received from the correct places. There are many places that offer these reports, but every company and firm should be reviewed before buying a report.

The truth is that there are thousands of businesses out there fighting to sell you their report on your credit. However, there are really only three agencies that a professional and safe enough for you to do business with. These companies are the best of the best and are actually contracted to do credit checks and reports with the government. These firms are the big three reporting agencies called Equifax, Experian, and Transunion. They have been creating reports for years and are the top picks among all other reporting agencies. These are by far the best credit reporting bureau agencies and the only ones safe enough to be endorsed by the government.

Henry

leon p asked:


I am trying to build credit and I was declined a secured credit card by Bank of America so I am thinking of trying at a credit union.

Pauline

Jackie Beem asked:




It is not uncommon for a man and wife to sign jointly for debt while they are married.

]]> http://three-bureau-credit-report.com/finance/protecting-your-credit-scores-during-and-after-divorce/feed/ 0 http://three-bureau-credit-report.com/finance/7-surefire-ways-to-repair-bad-credit/ http://three-bureau-credit-report.com/finance/7-surefire-ways-to-repair-bad-credit/#comments Tue, 05 Oct 2010 20:43:47 +0000 admin http://three-bureau-credit-report.com/finance/7-surefire-ways-to-repair-bad-credit/

Wesley Atkins asked:




Do you have a poor credit rating? If so, you are one of tens of thousands of Americans with the same problem. In fact, it seems that this has become a national ‘disease.’ And just what do people need that have a disease? They need a cure.

Here are some sure-fire solutions to ‘ repair bad credit ‘. Keep in mind, like most ‘diseases,’ credit repair can take some time, but complete healing is possible.

The First Step

The first thing you need to do is find out what is being reported about you. This is easy and inexpensive. For under $10, you can get your credit report from one of the three main credit reporting companies: Equifax, Experian, or TransUnion. Keep in mind however, that if you have recently been denied credit, you can get a free report from the same credit bureau the lender used to reject you as long as you do so within 30 days.

What You Don’t Need

You don’t need a repair clinic. Why? There is no legal way to ‘repair’ your credit. Those that claim to know loopholes and shortcuts are merely out for your money. They may even get you into legal trouble by having you fudge the facts or creating a whole new file for you. Anything legal that a clinic can do, you can do just as easily and without the cost of ‘professional’ help.

Further Steps to Take

1. Stop using your credit cards immediately. Put them somewhere where they will not tempt you. You may consider keeping at least one card for emergency purposes. Additionally, with poor credit, you may find it more difficult to get a credit card in the future. If you keep at least one account open, then you won’t have to worry about applying.

2. Be Honest With Yourself. Taking a good hard look at your financial situation, particularly if it isn’t good, can be very difficult. Yet, to get out debt you have to fully understand what the situation is.

3. Find the Errors. Believe it or not, up to 40% of all credit reports have errors in them. If you find that your credit report shows something that is not true, you need to write to them with all the details. Be sure to use certified mail so that you can keep track of who you wrote to, when you wrote, and who received the mail on the credit bureau’s end. Then ask the credit bureau to send a corrected report to anyone who has requested a report on you in the last 6 months.

4. Find the Omissions. By law, you are allowed to add information to your report that you believe will help your rating. This might be additional information about a repayment of a loan, good credit you have with companies that do not report to the credit bureau, or salary increases.

5. You Must Have a Plan. Whether you determine to pay your bills down little at a time, take a second job, go to credit counseling, or file bankruptcy, you need to make a plan and stick to it. In order for your credit to be improved, you have to have a plan and then take action!

6. Talk to those that you owe. Creditors want their money. They do not want you to default (quit paying). In fact, most creditors will work with you to get a reduced payment schedule. If you can keep them from reporting you to the credit bureau, then it won’t hurt your credit. The catch here is this: be sure to stick to the new negotiated plan – they won’t renegotiate if you fail to comply.

7. The Best Cure is Time. Have you ever heard the saying ‘time heals all wounds’? It also heals your credit. After 7 years, most items will be dropped. This is good news if you are working to correct your credit. As each year passes, more and more bad items will drop off and more and more good items will be included. Eventually, the disease will be cured.

Follow these steps and you will find that your credit looks healthier and healthier each day. Eventually this path will lead you to full recovery. Good Luck!

Bill

Tim Gorman asked:




Even though everyone in United States now has a right to obtain a free credit report annually from each of the three main credit bureaus, Equifax, Experian, and TransUnion, there is still considerable doubt among consumers as to whether they can get a credit report without having a credit card.

In fact having a credit card is not required to get your credit report. Everyone is free to have a look at his financial records without any charge whatsoever once a year. This is mandated by law. However many (in fact almost all) of online credit report providers that offer free credit card reports use credit cards as a method to verify the identity. This is one of the main reasons for the confusion. Consumers should be wary of using such services and they must go through the small print.

In any case there is no need for a credit card to obtain your free credit report and you can bypass the need to go through other online sites when you can obtain the credit report from the legally mandated source site. All you have to do is to visit the central website maintained by the three main credit bureaus to provide the free credit reports according to the provisions of The Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transaction Act (FACT). This website is named annualcreditreport.com and once you complete the form there, you can almost immediately see your credit report.

You will be asked for proof of identity but it will not be your credit card. You will be asked to provide your name, address, date of birth, and social security number. If you have changed residence you will be asked to provide previous address. In addition the credit bureau from which you requested the report will ask you to answer a question, the answer to which only you may know. Questions may change from one bureau to another, but they will most likely comprise employment history, previous addresses or telephone numbers.

You can also request your free credit report through the toll free telephone number or through the mailing address provided by the three credit bureaus. Using that method you will get the report within 15 days of the request.

Federal Trade Commissions which mandated the law for receiving your annual credit report free of charge has given notice that only one website has the authority to provide your free annual credit report. That website is annualcreditreport.com. They also warn of other websites that offer free credit reports, but with the catch of having to signup for credit monitoring. It should be noted that the only true way of receiving your report without having to register for other services is to contact the credit bureaus directly. This is done either via the website, telephone or through postage mail.

Since you can request the credit report from each of the three credit bureaus annually you can space the requests out instead of requesting all three report at once. That way you will not have to wait 12 months for your next free credit report. Note, however, that the three bureaus have different sources for the information they include in their reports. Therefore, their credit reports for the same person tend to differ from each other.

Tiffany

Helen Hecker asked:




Of course you don’t want to make any late payments on your credit cards or loans and affect your credit report and score unless you absolutely have to, but what happens if you’re unable to avoid it? It all depends on whether you’re 30, 60 or 90 days past due. If it’s only one late payment you may be able to dispute it and get it removed from your credit report but if it’s more than one that may be difficult to do. And it depends on whether it’s currently past due or long term past due, and other factors.

Understanding how FICO credit scoring works for late payments will help you avoid late payments and understand which late payments will show up for the long term and which payments won’t.

Put simply, FICO credit scores are used by credit card companies, loan and mortgage companies, utility and insurance companies etc., to predict how reliable you’ll be as a customer and how much they can trust you make the payments.

If you’re 30 days late on a payment it will affect your credit score only when it’s reported to the credit bureau. The same applies to 60-day late payments. However these are considered short term and may not cause any lasting damage to your scores. If this happens over and over then this will not be the case. Also a one time late payment of 30-60 days may never be reported to the credit reporting agency. You can avoid a lot of worry by finding out if the creditor reports a currently 30 or 60-day late payment or not. Many do not.

If you’re 90 days late it’s another matter. This can damage your credit report and score for seven years, unless you can get it removed. If it was in error or you had some special circumstances and your credit history has been good then it is worth a try by writing a letter to the credit report company. The three main credit bureaus are Experian, Equifax and Trans Union.

Credit card companies and other creditors look at 90-day or 120-day late payments as a red flag. They can no longer trust you to make your payments on time so your credit score will go down. Their purpose is to determine whether you’ll be able to make your payments on time or at least before 90 days have passed. It doesn’t matter if the payment was for $25 or $1000, they will look at it the same way.

Also sometimes late payments may cause a rise in the interest rates on your credit cards.

If you can avoid making any late payments you’ll dramatically improve the scores on your credit report. And if you haven’t gotten your copy of your personal, annual, free credit report online yet then get one now. Study it and then find out how your current creditors look at late payments. Call them up and find out if they report a 30 or 60-day late payment to the credit reporting agency.

Best of all find some emergency ways to completely avoid making any late payments. Try making your payments online a few days early to avoid payments getting lost in the mail. If at all possible find things you can sell or do some small part-time work from home and try to make a small emergency fund.

Do anything you can to avoid making a late payment. But if it happens, make it as soon a possible so it doesn’t go into a 90-day problem. Ninety days is the point where it’ll be difficult to turn things around and seriously affect your credit report and score and future borrowing opportunities. It’s best to spend a little time learning about credit reports, how you can fix or repair your credit report and scores now and how you can raise your credit scores fast. You may be doing some things you had no idea would cause your scores to drop.

Julie