1800 Credit Report
Free Credit Reports

FEATURED CREDIT CARD

 Triple Advantage from Experian

 

 
 
copyright 2006 1800CreditReport.com
home | contact | sitemap
CREDIT REPORTS | AUTO LOANS | MORTGAGE INFORMATION | CREDIT CARD APPLICATIONS | CREDIT ARTICLES | PRIVACY POLICY
 

Credit Articles
  Credit Card Debt: How To Deal With It You, Your Debt, And Your Credit Report Triple Advantage from Experian

You, Your Debt, And Your Credit Report
By Kathy Burns-Millyard

What many people don't realize is that not only are they entitled to free copies of their credit report, they can actually work to improve it. Just like poor behavior contributes to a bad credit rating, responsible behavior can help you to achieve a good credit rating.

Your purchasing and payment habits are tracked by a lot of different companies and agencies, including your bank, credit card companies, department stores, and other creditors. These transactions are then reported to credit bureaus that compile your credit report. Then when you apply for credit, potential lenders can decide whether or not it is worth the risk to lend you money. Credit bureaus also keep track of your job history and other assets you may own.

It is important to know what contributes to your credit report so that you know what to expect when you are looking to buy a house or are applying for some credit. That way, you can work toward having a clean credit report so that there will be no surprises.

The best way to ensure that there are no surprises on your credit report is to take a look at it. Often there will be errors on it that can prevent you from attaining your future goals. To make sure you have an accurate look at your credit history, you need to check your credit report with each of three credit bureaus: Equifax, Trans Union and Experian.

You are entitled to one free copy of your report from each of these bureaus once per year. Ordering extra copies is possible for a small fee. Or, if you've been turned down for credit by a lender in the last 60 days, you are entitled to a free copy of your credit report. Lenders are required to notify you of this right if they turn you down.

When you receive the credit reports, look at them to ensure that all open loans and accounts are actually open accounts. If something you've paid off is still listed as open, you need to contact the credit bureau and ask for a correction. Another way to correct your report is to fill in and submit the form for inaccuracies that usually accompanies a credit report.

Even if the bureau refuses to make the correction, you can send a short letter, less than 100 words, explaining your side of the story and the bureau then provides to anyone that requests your credit report.

All debt is listed on your credit report. The more debt you have, the less likely lenders are to give you credit. And, if you have irresponsible spending or payment habits the likelihood that you can obtain credit is even less. It is important to understand that the debt you incur affects your credit history, which in turn affects your future finances. Information is retained on your credit history for up to seven to ten years.

If you have had a bad history with debt and payments, you can slowly improve your credit history by paying your bills on time, paying-down negative balances, and avoiding new debt.

© 2006, Kathy Burns-Millyard. Learn How Debt Affects Your Credit Score at FinancialTrap.com

Article Source: http://EzineArticles.com/?expert=Kathy_Burns-Millyard

  

Triple Advantage from Experian
Should the New Vantage Score be Considered Reliable?

by Kimberly Kellish

 Anyone who has monitored their credit report in the past will be aware of the difference that can be on each credit bureaus credit report versus FICO. They may even have the exact same information on all three credit bureaus credit report and have a wide range of credit scores. Now the three credit reporting agencies have announced their joint efforts to release the highly anticipated Vantage Score. Why highly anticipated? The small amount of information that has been released so far about this new credit score has many wondering how reliable of a score this will be. The traditionally accepted FICO score, used by most lenders when considering credit application of all types, has a credit score range of 500-850. The new Vantage Score will have a credit score range between 501-990 and have a letter grade attached to it ranging from and “A” to an “F”.

            Many worry that this new letter value assigned to our credit reports may lead to the consumer getting less the acceptable rates on their loans. This letter system ranges in 100 point differences between each letter.  (ie. “A” = 901-990, “B” = 801-900 etc. ) This seems like a huge range to be basing a credit application on. Typically in the past when you are given a FICO score, creditors see the score and base the loan rate on that. For example, many lenders will give you a great rate if your FICO score is 720 or above, if you had a credit score of 718, you may still get the great rate. Now if we are only approved of denied on a letter grade, there is little room for interpretation.

            The three Credit Bureaus claim the development of the Vantage Score was because of societal demands for competition to the FICO score. FICO derives its score on information provided by the three Credit Bureaus, and has assured the public that it will be able to maintain its credit rating system and its partnership with the three credit bureaus. The real question, “Do we really need another credit report that we will be forced to monitor for misinformation, errors and identity theft?”

            Recent studies have shown that nearly 70% of credit reports carry some type of error on them. Perhaps the three Credit Bureaus should be focusing more on providing accurate credit information on their credit reports instead of trying to take on FICO, a credit rating system that has become an accepted staple in financial lending.

This is a demo text. Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters.

Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters. Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters. Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters. Please change the texts with your original text matters. This is a demo text. Please change the texts with your original text matters.

 

 
 

Credit Cards

for Every Need

This is a demo text. Please change the texts with your original text matters. This is a demo text.

more...
Credit Card Applications