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

Jared Wright asked:




Taking a peek into your credit bureau report is like looking into your school evaluation. It holds pertinent information about your financial activities. The facts contained on your credit report are provided by creditors. The credit report also includes public records. This document gives financial agencies or institutions a picture of how well you are in control of financial matters. Therefore it is a must that you keep up with when you pay your bills in order to be able to land favor from banks, financial institutions and even prospective employers.

There may come a time when your credit bureau report may not just be that favorable. And an unfavorable credit bureau report could mean a low credit score. Getting a low credit score will not give you buttons to push to get an approval on your financial proposals. If you do get a low credit score, all you need is little improvement on your credit bureau report. Read on.

• Check and analyze your credit bureau report. Your credit rating may be requested from a lender. You need to see your credit report and look for erroneous entries in your document. Should there be any damaging information you can opt for a credit repair.

• Build on a good “credit” reputation. It is never too late to build on your reputation. If you have made mistakes in the past, then now is the time to fix and improve on those past mistakes. It is a must that you have to make the necessary adjustments on how you handle your finances. Make prompt payments to avoid future negative credit report.

• Correct and dispute erroneous information. You may request for credit report corrections and disprove erroneous information. Write a letter of appeal to any consumer report agency or CRA. This way, any information that may cause damage may be reverted.

• Be updated. Should there be repairs needed on your credit bureau report, it is a must that you monitor the changes that had been made. Check on the corrections that you have requested. Make sure that all your letters and documents are well filed so as to avoid difficulties in the future.

Improving your credit bureau report will definitely save you unnecessary headaches. Changes to be made on your credit report cannot be done by any credit repair service on its own. Improvements can only be made with your help. It is never too late; you can still grab that chance of landing that much-awaited loan or your dream job.

Carlos

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

Richard H Hughes asked:




The US government is compelled to provide every citizen with a free copy of their credit report every year. This is one of the various ways of receiving your free 3 credit bureau reports. This way you can monitor your financial situation and at the same time weed out any errors on your record.

If you still need an easier way to get your credit report, there are several bureaus which provide you with a free copy of the credit report. In case you would want to get a legitimate copy you would do best as to inquire with the government approved credit reporting firms such as Experian, the Equifax or the TransUnion. According to the standard procedure when you take a loan or use your credit card, your payment patterns are recorded in a report which is then presented to each of these three firms. However generally, discrepancies arise because some creditors place this report to only one agency thus leading to inconsistency to your profile in general. Hence your details are generally and should be reported to all three firms to maintain a consistency in your financial record.

As a small example, if your profile has been submitted to say TransUnion only and not Equifax or Experian, in that case only TransUnion will have your accurate profile and the other two firms will have ratings that is inconsistent with your profile in TransUnion. In such a case it is important that you check all 3 credit bureau reports at least once a year and undo any inconsistency that may have arisen. This in turn will help improve your record and allow you to get better rates of interests on subsequent loans.

Each of the three firms mentioned have been entrusted with the task of providing citizens with their credit reports, so if you want to get your free credit report, you can request a copy individually from each of the firms. They are bound by laws to comply. The other obvious procedure for getting your credit bureau report is to apply online through one of the various websites that provide you with the report. Once you place a request at any of these websites they contact the three official bureaus for you and then they send your free 3 credit bureau report. This is a very convenient method and is the most popular method.

Wayne

Aubrey Clark asked:




The epidemic of home foreclosures, higher gas and food prices have stretchered the average consumers budget to the max. According to Trans Union and Equifax, national credit scores are steadily dropping at a higher rate than they have seen in the last decade. As a result of the lower credit scores large ticket items, like homes and automobiles, have began to slow down fueling the current recession. At Direct Banc, we thought a few credit bureau repair tips might be in order, here are the steps we recommend consumers follow.

Become Familiar with your Credit Report – Having a credit bureau in hand is essential if you are serious about credit bureau repair. There are three major credit reporting repositories (Experian, Equifax, Trans Union), each reporting their own version of your credit. It almost certain that each of their reports will differ from the others. For this reason, you should get a 3 in 1 credit bureau report before you begin your credit bureau repair. Validate all Negative remarks – We suggest that you send a validation letter to every creditor or collection agency that is reporting negative information about you. Send these letters BEFORE sending a dispute letter to the credit repositories. Creditors/collection agencies are required to validate the legitimacy of your debt and their relationship to the debt. If they are unable or unwilling to answer your request for validation, the credit repositories will likely remove the remark. Dispute Invalidated Items to the Credit Repositories – Wait 30 business days from the time sent the creditors a letter of validation. Once this time frame has passed, you can send a dispute letter to EVERY credit repository showing proof (certified letter receipt) that the collection agency failed to respond to your request. This will usually result in the removal of the remark. Stop the Collection Agencies from harassing you -Once you are back on the collection agency’s radar, they will most likely begin to actively collect the debt. We all know how annoying that is; all you need to do is send them a “stop harassment” letter that basically tells them to leave you alone while you are working on the debt. Dispute Valid Debts with The Credit Repositories – As we mentioned earlier, collection agencies have to prove that you owe the debt to the repositories. Even though you may actually owe the debt, or deserve the negative remark, some agencies are unable to back it up. If you send a dispute letter to ALL of the repositories requesting an investigation the collection agencies are compelled to answer them. If they do not answer the repository in a timely manner, or they offer unsatisfactory proof, the remark must be removed.

This list is just a partial explanation of how to thoroughly repair your credit bureau. We have a tutorial underway at Direct Banc that will give you a detailed, step by step break-down of credit bureau repair. We also list a comprehensive assortment of pre-written sample credit repair letters that are free to download to help you with all of the validations and disputes.

Keep in mind when attempting credit bureau repair, the credit repositories are your friends, being rude or disrespectful to them will not help your situation. The collection agencies, not so much, it’s best to deal with them by mail. Remember to send ALL correspondence certified, return receipt mail; it’s worth the two bucks. Keep all receipts and letters, you WILL need them in the future when the collection agencies sell your debt to penny brokers.

Stephanie

Suzy Vanstrusen asked:




So you’ve been told to get a copy of your credit report. Where should you get a copy? The answer is, you must get one copy from each of three major credit bureaus in the country – (Equifax, Experian, TransUnion). Why should you obtain a copy from each? Some people think that all three credit reporting agencies are the same. On the contrary, each one of these three agencies performs their jobs separately. Thus, the report you’ll get from one bureau may have some discrepancies or differences with the other. To be sure, it’s best to get a copy from all three credit reporting agencies. Now that you have a copy of your credit report in your hands, what’s next? How can you examine your credit report correctly to make sure that it is accurate and error-free? This credit report guide will focus on how to read and understand all information contained in your report.

Your Credit Report:

Your credit report is divided into four categories – your personal information, credit history, public records and inquiries. Don’t overlook checking if all details listed under your personal information are correct. For example, is your name displayed correctly? Is your Social Security Number correct? What about your address? Driver’s license number? Employer? Date of birth? Contact numbers? Double-check if all the information are correct about you.

The next section would be your credit history. This is where all your accounts with different creditors are listed. It includes the date you opened your account, the type of credit you have, your existing balances, payments, unpaid dues, closed accounts, charged offs, and everything that has to do with credit.

In most cases, the public records section is left blank. All consumers want this section of their credit report empty because having something written there indicates a problem. Under this section, reports of tax liens, foreclosures and bankruptcies are noted. If you’ve just been through bankruptcy, it will be reflected here and will remain in your report for up to 7 years.

Lastly, we have the inquiries category. Every time you send an application for a loan, a credit card, or insurance- your prospective lender will be checking on your credit report. You will find all the inquiries done by lenders here. Too many inquiries can make a creditor curious as to why you submit too many applications to lenders at once. A lender may think that the most probable reason for such inquiries is declined applications. This is why too many inquiries can have a negative impact on your credit rating. However, inquiries that have been initiated by companies who want to offer you their services because of your excellent credit are of course, a great boost to your credit score.

As you can see, the most important part of your credit report that you must examine is your credit history. Never delay and quickly call the credit bureau who issued the report once you’ve found an error. Next, prepare you dispute letter and send it to the credit bureau via registered mail.You’ll also want to notify the creditor who reported the item you’re disputing since they would be the one to confirm this. You must bear in mind that your creditor has the power to make changes you requested. The credit bureau’s job is just to put these information in your credit report. After submitting your dispute, you must wait up to 30 days for the investigation to complete.

Cheryl

Hector Milla asked:




There are three credit reporting bureaus which although do similar business, may come up with varying reports. Different individuals and professionals work in the firms and thus it’s expected that their conclusions even on similar things is different. With this in mind, a consumer would therefore be better off if he considered the three reports before making any conclusions on his credit condition. Actually a review of the three reports should be done before conducting a final analysis.

A typical 3-1 credit report will contain consumer’s basic information i.e. name, address, date of birth and employer. It also has a consumer statement and accounts histories while the public records section is a log of events such as bankruptcy and judgment filings. There is also a section with a list of creditors and their contacts.

There are two types of 3-1 credit reports; the first comes with a single score and has an advantage in that one gets all the three reports from the three firms but the shortcoming is that the consumer ends up getting one score from one bureau. This means that if the bureau has a bias in its conclusion then the consumer will be affected and will actually end up getting the wrong idea as regards to his/her credit position. This may lead to loss of investment opportunities because most lenders will need to look at the three reports each with their scores before approving a loan.

The second type of a 3-1 credit report is very similar to the first one but in this case each report has its own scores. This means that the consumer may end up having three different scores for his/her report. Thus he/she will be in a better position to understand his credit situation. Lenders also feel more secure when dealing with a client with scores from different agencies because it means that the likelihood of a biased report are very minimal. This kind of report can also be useful to the consumer as a personal regulating tool to ensure that his credit path stays on track by regularly checking the scores and analyzing his performance.

Adam

Jared Wright asked:




Credit report companies offer their services to people who need to get their credit score and other information about their financial status. A credit report is required when you apply for a loan such as a home mortgage, and may also be required when you want to apply for a credit card. There are credit reports for individuals, and there are also some reports which are made to evaluate the statuses of companies.

Credit report companies are also known as credit bureaus. There are three major credit report companies, which are the Equifax Credit Bureau, the TransUnion Credit Bureau, and the Experian Credit Bureau. These companies collect different information from creditors, which are then used to generate reports that are sold to their clients.

A credit report is a valuable document in the sense that it includes information which may grant or deny loan approval, employment, licensing, insurance and other business needs. Individuals and businesses alike are dependent on their credit scores and report to help in evaluating their current financial standing.

Some information which is available from credit companies includes the following:

• Identification. Credit report companies have consumer details such as name, employer, address, name of spouse and the company or employer of the spouse.

• Credit history. This includes accounts which are active, including the account numbers, the date when the accounts where opened, the payments and other activities made for it, balances, amounts that were paid in the past, and how often payment was late. These are all bases for a low credit score, meriting a lender ground for denying you of a loan.

• Derogatory items. These include risks which may affect the lender or the company which will deal with the other party. Judgments, suits, bankruptcies and tax liens may prevent you from getting approved for a loan.

• Inquiries. Companies or individuals may have asked for your information, such as banks and financial institutions which have required your bank details. You will be given information about the inquiries which happened in the last 18 months only.

Credit report companies update your information regularly so that their database is updated and is relevant. Lenders can access your information to help them decide whether or not you can be trusted with a loan or a new credit card. You can also access your own credit score by logging in to the website of the three credit bureaus mentioned above so you can monitor your finances as closely as you need.

Curtis