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Free credit report 2011

info — Tue, 12 Jul 2011 05:17:25 +0000

Are you considering getting your free credit report and free credit score 2011 to improve your financial situation for the future? Did you know that reviewing your credit report is the first step in saving you money should there be any sort of unwarranted mark on your report? By requesting your credit report you will receive a detailed analysis of your financial history.

Why is it important to request your free credit report in 2011?

Did you know that whenever you apply for a loan, a job, or an apartment, your credit comes under scrutiny because the potential employer or credit card company checks your credit report to analyze your credit history. Your credit history and credit score are used by lenders to assess the amount of risk you represent. The question is really quite simple: will you be a good risk or a bad risk? Lower credit scores or a black mark on your credit history will result in higher interest rates that can potentially cost you thousands of extra dollars in the long run. This is why improving your credit is so important.

What is credit monitoring?

Credit monitoring is also an important factor when you request your free credit report in 2011. A credit monitoring service is a service where an authorized agency notifies you whenever an update is made to your credit report, such as the opening or closing of an account, a change in address, or the processing of a loan payment. It’s a great way to keep track of your credit standing. It’s also one of the only ways to catch identity theft early, before any serious damage is done.

How to Build Your Credit History

You should consider checking your free credit report 2011 to find out just where you stand, even if you don’t think your credit history is all that good, or if you don’t think you have any credit history at all.. Most people are usually quite surprised what they find on their credit report. If you notice negative information on your report, it is suggested that you confirm that the information is accurate. Most derogatory information, such as a loan payment that was 180 days late, must remain on your credit report for at least 7 years. If a negative record on your report is not accurate, be sure to send a letter of dispute to the credit bureau that reported the error. The next step in the process of building or rebuilding your credit history is to get a credit card. Even if you don’t feel you need one, it is simply the way things have moved in today’s society. You might have to start with a secured credit card, in which a savings account is used as collateral for your credit. Also consider special-interest cards that are oriented to your purchasing habits, such as a gas card or department store credit card. No matter what card you decide to get, be sure to read the fine print and watch for high APR rates, setup fees, annual fees, and short grace periods. Be sure to use your new card responsibly and make all your payments on time.

Do you have what it takes to repair your own credit?

info — Fri, 15 Oct 2010 06:39:01 +0000

Dealing with a credit bureau and creditors requires a certain amount of tenacity and aggressiveness. You must be willing to wade through numerous rejections and potential roadblocks until you achieve your desired result with credit repair.

The reality is, credit bureaus will shoot down the majority of your claims and disputes on your credit report. They will treat you like a disreputable person and potentially even a liar. You must, however, take this rejection without becoming discouraged about reaching your ultimate goal. If you are the kind of person who isn’t comfortable with confrontation, you should seriously consider hiring a professional to repair your credit. If you are the kind of person who becomes angry when dealing with the slow, bureaucratic employees of big bureaucracies, you will also not fare too well. Patience is an absolute requirement, and, if you are thick-skinned and have the fortitude to fight the credit bureaus and your creditors for as long as it takes, then you may have the proper disposition to repair your own credit.

In the process of repairing your credit, you will have to track and monitor dozens of communications at once. This will require organized, disciplined habits. Every day, you must check up on each of these communications to make sure that the credit bureau or creditor hasn’t overextended their time limit. You must spend at least one-half to one hour per day tracking your responses, results, and taking appropriate actions. Remember, you will be dealing with three credit bureaus per person, plus you will be communicating with each creditor appearing on each credit report. If you are not a very organized person, you are definitely not in a good position to attempt to repair your own credit. Click Here To Learn More About Credit Repair.

These are some of the more common questions about credit repair:

When I pay off a past-due account, such as a charge off or a collection account, will that repair my credit?
If I succeed in repairing a negative item, will it come right back on my credit report?
Are there negative listings, such as bankruptcies and foreclosures, that are impossible to repair?
I’ve heard that repairing the credit report is easy and any consumer can do it himself for the price of a few postage stamps. Is that true?
If I declare bankruptcy, will it repair my credit and can I begin my credit report all over with a clean slate?
Can I file a “100-word statement” on my credit report explaining my side of the story and will creditors read my statement and consider my credit repaired?
By changing numbers in my social security number or by using an EIN tax number, can I repair my credit and fool the credit bureaus into creating a completely clean, new credit file under my name?
If I build enough good credit, will it offset my bad credit and repair my credit?
If I’m having trouble paying my bills, can I go to Consumer Credit Counseling Service and will they help me to repair my credit?
Is it illegal for creditors to take a negative, accurate listing off my credit report? They tell me that the law requires that these items remain on the credit report for at least seven years and that they won’t repair my credit.
How hard is it to repair my own credit?

What are some other questions that you have? Please list them below…

6 Tips on How to Dispute Errors on your Credit Report Efficiently

info — Mon, 11 Oct 2010 16:18:40 +0000

If you’ve noticed an error on your credit report and you are about to dispute these credit report errors, here are some simply tips to get the results you want quickly.

1. Review your credit report periodically and be prepared to dispute credit report errors. It is common for information on your credit report to be inaccurate, and it can affect your ability to get a loan and the amount you have to pay to borrow money.

2. Only order your credit report form the official Annual Credit Report site. Any other website that offers a “free annual credit report” only does so when purchasing one of their products or signing up for a free trial that will automatically bill you after 30 days. The Annual Credit Report site is completely free and allows instant access to your current credit report.

3. After reviewing your credit report contact the credit reporting agency, in writing, about the information you believe to be inaccurate. Send a copy of your credit report to support your claim, and keep copies of all documentation for yourself.

4. Send your letter via certified mail so you have proof that the information was sent and a record of when the reporting agency received it. By law they have 30 days to review your claim and get back to you with a final determination.

5. If your claim is accepted, the information on your credit report will be removed and your credit score should improve. Upon request, the credit reporting agency must send a notice of the corrections to anyone that received your report within the last 6 months.

6. Keep an eye on your credit report going forward. Just because you dispute credit report errors and win, that does not prevent the creditor or lender to put the negative information right back on your file. If this occurs, you will have to start the process all over again.

Do you have any additional tips you fee may be helpful? Please post them in the comments below >>

What Is a Good Credit Score on your Credit Report?

info — Fri, 01 Oct 2010 18:20:47 +0000

Ask a bunch of different people about what they think is good credit score on their credit report and you’ll get a different answer from everyone and from every possible perspective. Fortunately, when it comes to the topic of a good credit score, there’s a defined range of numbers on which everyone from creditors to consumers are in agreement.

We’re talking about the kind of good credit score that saves you money through lower interest rates, inspires lenders to smile when you sit down at their desk, and makes it easy for you to get credit when you need it. We’re not talking about a credit score that’s good enough to get a credit card and a cell phone contract.

Here is some information to help put your credit score concerns in perspective. Credit scores range from 300 to 850, with 300 the absolute lowest and 850 the almost unattainable maximum. Even the heads of the credit bureaus don’t have 850 credit scores, so I don’t think you’ll need to worry too much about not achieving the perfect credit score.

Here’s a reliable range of good-to-excellent credit scores:

680 to 724
Good. Any score in this range should be to your advantage when shopping around for an affordable interest rate on a mortgage, car loan, or other type of loan.
725 to 759
Very good. Your score isn’t quite excellent, perhaps because you have an error in your credit report, or maybe because you were late on a car payment a few years ago. A credit score in this range is still quite good, though, and getting credit should be easy.
760 to 850
Excellent. A credit score in this range means that you’ve been very proactive and conscientious about your credit management. You can expect lenders to welcome your credit inquiries, and you can negotiate for their best rates from a position of strength.

If your credit scores fall somewhere beneath this scale, don’t despair; it merely gives you a goal to work toward. Any one of a number of things could have happened, including things like plain bad fortune (medical emergency), which caused your score to fall beneath the range of a good credit score. Start your credit score recovery by getting current copies of your credit reports, looking them over carefully for mistakes, and researching ways to improve your scores. It won’t happen overnight, but the sooner you get started, the sooner you’ll have a good credit score that works for you instead of against you.

What Information is in a Credit Report in Canada?

info — Sun, 26 Sep 2010 23:30:00 +0000

What information is in a credit report? Countless adults in Canada are unsure of their credit score, let alone what they would find on their credit report or how to interpret one.

Before you learn how to read a credit report or understand a credit score, you first need to know what information is in a credit report.

While both credit bureaus in Canada offer easy to read credit reports, the truth is that they are often complicated and hard to understand for the average person. Let’s get started by going over what is on a credit report.

There are many parts to a credit report in Canada. Some are more important than others but each section provides information that employers, banks, finance companies and law enforcement find useful.

Your credit file contains a personal and financial profile of you that includes your identification, employment history and a detailed account of who you owe money to and how well you’re paying them.

On your Canadian credit report you will find the following information:

Personal Information – Personal information is mostly self-explanatory and includes information such as your full name, aliases, social insurance number and address. Along with your name and residence this section of your credit file also contains your employment history and previous employment history.

Credit Score (beacon score) - In Canada your credit score, also known as your beacon score, is one of the most important aspects of your credit file. Anyone with a credit history will have a beacon score between 300 and 900. The higher your credit score, the better. IMPORTANT: A credit score is only visible on a Canadian credit report if the consumer (or business) has purchased both the credit report and credit score. When you request a free credit report in Canada you will only receive a basic report that does not include your credit score.

Credit Inquiries – Whenever you apply for a loan, someone “pulls” your credit file. This is called an inquiry and it is recorded on your credit report under the section ‘credit inquiries’. Too many inquiries can be a bad thing and can lower your credit score.

Public Records – Bankruptcies, consumer proposals, court judgements and secured loans all report under the public records section of your credit file. If someone registers a lien against you or you take out an auto loan, it will appear here.

Collection Information – If you’ve ever defaulted on a loan or skipped out on a very high cell phone or video store bill, this is where the resulting collection will be registered. If you have not paid a collection, it will report as unpaid. Once you’ve settled the collection your Canadian credit report will update and label the collection paid.

Consumer Statement / Comments – Both Equifax Canada and TransUnion Canada will allow you to add a message to your credit report under this section. Most statements in this section are declarations asking that lenders contact the applicant before granting credit.

Credit Information – This is arguably the most important part of your credit report. In the credit information section of your file you will find a detailed history of your previous and current loans. Each loan has a trade line to describe its status. A credit report trade line shows the name of the lender, credit limit, balance, payment owed, start date, end date and a detailed history of how it’s been paid. If you apply for a loan, this section of your credit report tells the lender what kind of borrower you are and in most cases will be the biggest factor in their decision.

Each area of a credit file houses information that is important to your financial health, credit rating and your identity. In Canada, a good credit score can be the difference between high interest and low interest rates and a secure financial identity can prevent you from being a victim of fraud.

Protected your credit and your identity by knowing what’s on your credit report. Before you apply, check your credit first!

How To Dispute Something On Your Credit Report

info — Sat, 25 Sep 2010 22:08:14 +0000

Have you ever wondered how to dispute something on your credit report? If you have, you are not alone. This a very important question and it is a question that’s frequently asked. Your credit report is the key to obtaining credit, whether it is to buy a home or purchase a car. Your credit report has valuable information that identifies the way you manage your financial affairs.

Things you’ll need:

* Credit reports
* Completed dispute letter
* Evidence (i.e. cancelled checks, receipts, etc.)

1. Review your credit report annually. This helps you identify credit problems early and helps you dispute something on your credit report early before they become a major issue. Under federal credit laws, you are able to obtain one free copy of your credit report annually from the three credit bureaus. Therefore, contact the three credit reporting agencies–Equifax, Experian and Transunion–and take advantage of the free report.
2. Know your credit report legal rights. If your credit report is incorrect, there are steps to dispute something on your credit report. Per the Fair Credit Reporting Act (FCRA), you have the right to submit a request to the credit-reporting agency to remove any inaccurate information.
3. What happens if you find erroneous information on your credit report? If you find erroneous information on one credit-reporting agency, chances are the other reporting agencies have erroneous information as well. Therefore, check the three credit reporting agencies to make all the information reflected is complete as well as accurate.
4. Send a dispute letter via certified mail with a return receipt requested form. The best way to dispute something on your credit report is in writing. Send a dispute letter to the credit bureau and the creditor; the letter is your documentation that you did dispute something on your credit report. If you have documentation to substantiate your claim, include copies of the documentation and keep the originals. Documentation you may submit includes cancelled checks or a payment receipt. Make sure to include your name, complete address, dispute information and the reason you think the credit report is inaccurate. You might want to consider enclosing a copy of your credit report and highlight the information in question as well.
5. What happens after you send the letter to dispute something on your credit report? After you send the letter, the credit bureau has 30 days to investigate the dispute and respond to the issue. The response is generally in writing and it indicates the results of the investigation. Any inaccuracies are sent to the original company who provided the information. The provider who submitted the information reviews the information and sends their response to the credit-reporting agency. The credit bureau then returns the results of the investigation to you and indicates the results along with an updated report if credit report dispute resulted in changes.

If you want to dispute something on your credit report, be proactive and follow the steps indicated. Remember, erroneous information on your credit report will cause you financial hardship.

Bankruptcy and Its Effects on Your Credit Score

info — Sat, 12 Jun 2010 03:41:59 +0000

The financial world is definitely experiencing ups and downs. Hence, there are inevitable financial circumstances that many people are faced with which is resulting more and more in personal bankruptcy.

Personal bankruptcy refers to the debt management tool which is generally considered the last resort because of its long-term and far-reaching affect on your personal finances. In fact, when you arrive at the decision that you are bankrupt, this record stays in your credit score for as long as seven years. However, since you already have a compromised credit report and rating (otherwise you wouldn’t be declaring bankruptcy), it is imminent that you will experience a great number of future financial consequences.

There are, however, other components you need to know about personal bankruptcy that are equally salient and gives major effects on your finances and credit standings. These are the two kinds of personal bankruptcy that most often affects credit report.Reorganization

When you declare that you are financially broke, there are still certain properties and assets that you tend to keep due to value. This includes your house or car and otherwise there is a great possibility that you would lose these precious investments should you not decide to protect them. Reorganization allows you to pay off your mortgage or default in approximately three to five years. This is the other option you could persue when you are bankrupt rather than surrendering properties. This is a legal option and is also known as chapter 13 bankruptcy.

Straight Bankruptcy

This type refers to the liquidation of all assets which are generally not exempt property that may include basic household furnishings or work-related tools. In this case, some of the properties you owned will be sorted out and sold by an official appointed by the court or it could be turned over to creditors. This is known as chapter 7 and you can only file this once every six years.

The Imminent Effects

People who file for bankruptcy are bound to experience innumerable difficulties in terms of their finances in a given period while the mark remains on their credit score. First and foremost, it would be extremely difficult to get and be approved for any other type of credit. Most creditors or lenders require submission of credit report as a basis of your eligibility and once they see that you have recent bankruptcy records, rest assured you have the lowest chances to get approved for a credit or loan. There are some options, such a secured credit card which allow for a glimmer of hope of re-establishing ones credit once released from bankruptcy.

Bankruptcy also affects your capacity and credibility to buy a house in the future. Applying for home mortgage is extremely difficult because of the tedious requirements and criteria, which are getting increasingly more difficult for everyone. Mortgage providers will consider you a liability more than an asset especially if you have previous records of being financially broke and this will clearly show in your credit report. You may also find difficulty in getting a life insurance, finding employment and the lingering stigma is likewise inevitable.

Being bankrupt is an extremely tough situation. Speaking persosnallu, one simply needs to remain diligent and strong when going through bankruptcy and emerging from the other end of being released. The bringht side is that you are given a fresh start to make amends and rebuild your credit history.

Consumers Beware: Applying for Credit Can Torpedo a Credit Score

info — Fri, 21 May 2010 21:44:58 +0000

One of the most common and detrimental errors that consumers make in regard to their credit score may also be the most innocent mistake of all.

Without even realizing that they are doing anything wrong, millions of Americans each year inadvertently sink their credit scores by a significant amount just by applying for credit cards and loans.

While filling out credit card or loan applications may seem harmless enough, it involves having a bank, lender, or merchant “run your credit” or check your credit report to ensure that you are worthy of having credit extended to you. But just by doing so, those who check your credit may also be influencing your all-importantcredit score in an adverse way that could result in your being denied credit in the future.

Many unsuspecting people, for example, apply for department store charge cards each and every time a clerk offers those along with an attractive discount at the point of purchase.

Walk into any busy shopping mall during a major holiday weekend, for instance, and the chances are pretty high that someone will ask you to sign up for a retail credit card during a special store promotion. If you agree to fill out the application they’ll give you a free gift – like an umbrella, a toaster, or a tee-shirt. Or they may offer you a 10 or 20 percent discount on your first purchase.Perhaps you’re traveling, and as you walk through the airport someone offers you a new frequent flier card. All you have to do is sign up for it and they’ll give you enough bonus reward points to take a free trip. Passengers even encounter this kind of offer while flying, because flight attendants will sometimes hand out frequent flier credit card applications while en route to a destination.

Sign up and get a free trip, a gift, or a discount, they explain. Plus the offers sound rather attractive and usually make good financial sense – at least on the surface. They run your application through a computer – which checks your credit history or score – and if you have good credit you are almost instantly approved and you walk away with a bonus gift or perk.

That probably makes you feel more confident about your ability to borrow, and it should. But it makes lenders more wary and skeptical. While that may seem ironic or downright unfair, it’s a fact of life – and one that you should be aware of if you are interested in preserving and protecting your credit score.

Here’s why that is – and how applying for credit cards or loans can be bad for your credit score:

Credit reporting agencies calculate credit scores based on a variety of factors that are meant to help predict how risky it might be to lend you money. These are translated into a mathematical ranking system.
The banks and other financial services institutions who are their clients rely on these scores to help them decide who is credit-worthy. If you have great credit you can get loans easily and at preferential discount rates. A low score, on the other hand, makes it harder – if not virtually impossible – to get a reasonably priced loan.
Applying for credit frequently – unless it is done within a relatively short timeframe – is one of the consumer behaviors that appears risky to banks and to credit reporting agencies.
They assume that if you are filling out lots of credit applications all year ‘round that it means that you are having trouble getting a loan, and the more applications you fill out the more desperate you appear to be.
So each time a company checks your credit report because you have applied for a loan or a credit card, that event is noticed and documented.
People in the credit industry refer to it as a “hard hit,” and a pattern of frequent hard hits over an extended period of time will add up to an injury in the form of a lowered credit score.

But that does not mean that you should never apply for a loan or a credit card. Credit is a really useful resource, and loans can really come in handy when you need to make a special purchase or otherwise manage your finances with some additional cash on hand. It just means that now that you understand how the system works you should keep that in mind and avoid the practice of unnecessarily filling out applications.

The first step is to gain as much knowledge and information as you can about how the credit industry operates.
Take advantage of free consumer education resources at sites like Quizzle.com, where you can track your credit history and credit score for free (without a negative impact on your score). They’ll also help you monitor your credit and have tools that offer you protection from identify theft and other nefarious attempts to use your credit unlawfully.
Instead of applying for credit cards or loans on a frequent basis, for instance, spend more time comparing those financial products to pick the one that’s most attractive for you. That way you can just apply for loans that you really want.
The same goes for credit cards or department store charge cards. Control the impulse to apply every time someone offers you a discount or perk, and instead only apply when you really need a loan or card.
Plus, only do it then after you’ve conducted an investigation to find out who has the best deal in town – or the most valuable rewards and bonus perks.

This strategy will protect your credit so that when you do decide to apply for a loan or a credit card you’ll have cleaner credit report and a higher credit score. Those qualifications ensure a smoother credit application process and a more successful outcome to get you the most affordable loans.