Your credit report gets viewed by other people besides credit
grantors. Potential employers and insurance companies can deny
you employment, auto and home owner's insurance based on your
credit report. Understand your rights protected by The Fair
Credit Reporting Act.
No matter what many credit counseling scam artists may try to
tell you, no one can legally remove any information that is
up-to-date and accurate from your credit report. They can't do
it, and you can't do it yourself. However, you CAN request an
investigation of anything you find in your credit file that you
believe to be either incomplete or inaccurate. That is perfectly
legal, and can be done at NO cost to you. In fact, anything that
a credit repair company offers to do for you can be done
yourself, generally free or for a nominal fee.
In fact, there's a law that guarantees it. It's called the Fair
Credit Reporting Act (FCRA). Under provisions of the FCRA, you
are entitled to receive a free credit report if a company
denies your application for credit, employment, or insurance.
You must ask for the report within sixty days of the refusal,
and the company must tell you which credit reporting company
they used, and provide you with their address and phone number.
(The three nationwide companies most often used are Experian,
TransUnion, and Equifax.)
The FCRA has made it mandatory for consumer credit reporting
companies to correct information that's incorrect or
inaccurate. To correct inaccuracies, you must first contact the
reporting company, in writing, telling them which information is
incorrect or incomplete. In your correspondence, include copies
of documents that will verify your claim. (Don't send
originals!) Clearly detail why each piece of disputed
information is incorrect, and then ask that the inaccurate
information be either corrected or removed from your file
completely. It's generally worthwhile to include a copy of the
credit report itself, with each disputed item circled.
Once you've put your package together, send it to the company
in question by certified mail, indicating "return receipt
requested." That will allow you to be certain that the company
received your package. Also keep copies of everything for
yourself, of course!
The FCRA makes it mandatory that the reporting company
investigate each item you have disputed, often within thirty
days, unless they consider your dispute to be unworthy of
researching further. By law, they must also forward everything
you have provided them on to whatever company or organization
initially provided the disputed information in the first place.
That provider must then review and investigate the situation and
report back to the reporting company. If the provider has
mistakenly provided inaccurate information, they must correct
it with all three major reporting companies.
Once the investigation has been completed, the FCRA mandates
that the reporting company must provide you with the results,
in writing, and a free copy of the report if the investigation
resulted in a change in your credit report information. You may
also request that a copy of the amended credit report be sent to
anyone who may have received the disputed report during the
previous six months. If the report was given to potential
employers, you have a right to request that a corrected report
be sent to any employer who may have received the inaccurate
report during the past two years.
Copyright © Jeanette J. Fisher
About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For free credit advice and free
ebook "Credit Tips for Mortgage Financing," see
http://worryfreecredit.com
===============
raise-your-credit-score-yourself.com exposes what the credit industry won't tell you about your credit, your credit score, and your credit habits. We will show you the key secrets to legitimately raise your credit score “yourself”.
Monday, February 13, 2006
Friday, January 27, 2006
Credit Scores: Don't Waste Your Money
Did you know that your credit score that you purchase online is
not the same credit score your loan officer gets?
You probably know that when you apply for a mortgage, your loan
officer gets all three credit reporting agencies reports with
three different scores. From your three credit scores, most
mortgage companies use your middle credit score to determine
your credit worthiness.
Do you know that the credit score an auto dealer sees is not
the same credit score your loan officer sees?
Imagine our surprise to find out that my husband's credit score
for purchasing my new car one afternoon was 50 points higher
than his top credit score was earlier in the day when he
refinanced an investment house. This happened because credit
scores get computed differently for mortgages and auto loans!
If you think that you have a great credit score because you
recently bought a new car, think again. You may have been told
that your credit score was 700 by a finance company. Therefore,
you think that you have the perfect credit score to buy a house.
Don't be surprised to hear from your loan officer that your
credit score falls short of a prime rate mortgage loan.
You don't want to have your credit history checked too often.
You do get a small penalty with a few points deducted when you
have too many inquiries on your credit report. However, when
you're shopping for a car or a home loan, the credit reporting
agencies batch your inquiries into one. In other words, you can
call several mortgage lenders to shop for the best terms and
rates without losing points.
Don't waste your money buying your credit scores. These scores
are not the ones real estate lenders get. Instead, get your
credit scores FREE by calling a loan officer.
Copyright © Jeanette J. Fisher
About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For a free ebook "Credit Tips
for Mortgage Financing," see http://worryfreecredit.com/
================================
Visit: Raise Your Credit Score Yourself And Credit Repair Specialist We review and list some of the very best credit repair companies.
not the same credit score your loan officer gets?
You probably know that when you apply for a mortgage, your loan
officer gets all three credit reporting agencies reports with
three different scores. From your three credit scores, most
mortgage companies use your middle credit score to determine
your credit worthiness.
Do you know that the credit score an auto dealer sees is not
the same credit score your loan officer sees?
Imagine our surprise to find out that my husband's credit score
for purchasing my new car one afternoon was 50 points higher
than his top credit score was earlier in the day when he
refinanced an investment house. This happened because credit
scores get computed differently for mortgages and auto loans!
If you think that you have a great credit score because you
recently bought a new car, think again. You may have been told
that your credit score was 700 by a finance company. Therefore,
you think that you have the perfect credit score to buy a house.
Don't be surprised to hear from your loan officer that your
credit score falls short of a prime rate mortgage loan.
You don't want to have your credit history checked too often.
You do get a small penalty with a few points deducted when you
have too many inquiries on your credit report. However, when
you're shopping for a car or a home loan, the credit reporting
agencies batch your inquiries into one. In other words, you can
call several mortgage lenders to shop for the best terms and
rates without losing points.
Don't waste your money buying your credit scores. These scores
are not the ones real estate lenders get. Instead, get your
credit scores FREE by calling a loan officer.
Copyright © Jeanette J. Fisher
About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For a free ebook "Credit Tips
for Mortgage Financing," see http://worryfreecredit.com/
================================
Visit: Raise Your Credit Score Yourself And Credit Repair Specialist We review and list some of the very best credit repair companies.
Wednesday, January 18, 2006
Fast Cash Loans - When You Should Borrow And When You Should Wait
A fast cash loan should be an option used as a last resort to
avoid a financial emergency. With its interest rates, a cash
loan should not be used to purchase the latest gadget or
fashion item.
Avoid A Late Payment
A late payment can cost you more than just a late fee; it can
raise your interest rates on credit cards and future long-term
loans. Higher interest rates on a car or home will cost more
than a few dollars for a cash loan. While you shouldn't make it
a habit to pay bills with a cash loan, it is better than missing
a bill payment and lowering your credit score.
Skip A Non-Sufficient Fund Fee
While a cash loan fee is high, a NSF fee on a check can easily
be higher, especially if the merchant charges a fee as well. To
avoid these spiraling cost, make sure your checks are covered
with a cash loan.
Keep Your Job
If keeping your job means you have to get your car fixed today
and you are out of cash, then use a payday loan. It is better
to pay the fees than lose your job. Payday loans are ideal for
these types of situations.
Delay A Payment
Not all late payments warrant getting a cash loan. If you will
be less than 30 days late on a bill, it will not show up on
your credit score. You may have to pay a late charge though,
which is typically less than the finance fee for a cash loan.
Wait On Impulse Purchases
A cash loan is not a good way to fund an impulse purchase. Even
if the item is on sale, it probably isn't reduced enough to
warrant paying fees on a cash loan. Instead, wait to make the
purchase until you have enough money on hand.
Your decision to get a cash loan or not should be based on what
is in your financial best interests. Cash loans, when used
wisely, can save you from a financial emergency. Keep in mind
the cost of a cash loan's financing fees when factoring the
cost of your decision.
About The Author: Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans. To view our list of recommended payday
loan companies online, visit this page:
http://www.abcloanguide.com/paydayloans.shtml
avoid a financial emergency. With its interest rates, a cash
loan should not be used to purchase the latest gadget or
fashion item.
Avoid A Late Payment
A late payment can cost you more than just a late fee; it can
raise your interest rates on credit cards and future long-term
loans. Higher interest rates on a car or home will cost more
than a few dollars for a cash loan. While you shouldn't make it
a habit to pay bills with a cash loan, it is better than missing
a bill payment and lowering your credit score.
Skip A Non-Sufficient Fund Fee
While a cash loan fee is high, a NSF fee on a check can easily
be higher, especially if the merchant charges a fee as well. To
avoid these spiraling cost, make sure your checks are covered
with a cash loan.
Keep Your Job
If keeping your job means you have to get your car fixed today
and you are out of cash, then use a payday loan. It is better
to pay the fees than lose your job. Payday loans are ideal for
these types of situations.
Delay A Payment
Not all late payments warrant getting a cash loan. If you will
be less than 30 days late on a bill, it will not show up on
your credit score. You may have to pay a late charge though,
which is typically less than the finance fee for a cash loan.
Wait On Impulse Purchases
A cash loan is not a good way to fund an impulse purchase. Even
if the item is on sale, it probably isn't reduced enough to
warrant paying fees on a cash loan. Instead, wait to make the
purchase until you have enough money on hand.
Your decision to get a cash loan or not should be based on what
is in your financial best interests. Cash loans, when used
wisely, can save you from a financial emergency. Keep in mind
the cost of a cash loan's financing fees when factoring the
cost of your decision.
About The Author: Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans. To view our list of recommended payday
loan companies online, visit this page:
http://www.abcloanguide.com/paydayloans.shtml
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