| |
| |
|
Kellys Credit Information |
|
|
|
Its Your Credit - Take Care of It!
Thanks to the Fair and Accurate Credit Act, American consumers can receive a free annual credit report from each of the three major credit bureaus-Experian, TransUnion and Equifax. You can order your free credit report by visiting www.annualcreditreport.com or calling 1-877-322-8228. Monitoring your credit report regularly will ensure that you can clear up any incorrect information and prevent identity theft. It is recommended that consumers review their credit reports at least once a year. Being that consumers are now eligible to receive three free credit reports a year, you can actually keep track of your credit report year round by ordering one report at a time every four months. If you are ordering your credit report because you are going to make a large purchase-for example a house or a car-and you want to know where your credit stands, then it is recommended to order all three reports and compare them at least three months before you intend to apply for the loan. Each credit report might contain slightly different information so your credit score could vary by as much 100 points from one report to the next. If you are simply monitoring your credit report to prevent identity theft and other fraudulent activities, then ordering one at a time may be enough. Reviewing your report Once you receive your credit report, set aside some time to review it carefully. Eighty percent of credit reports contain errors, and a quarter of those are serious-late payments that do not belong to you, debt that is not yours, or accounts that you did not open. If you do not take the time to correct these mistakes, they can seriously affect your ability to acquire favorable credit terms in the future. There are four main categories you need to review in your credit report: personal information, account history, public records and credit inquiries. 1. Personal Information Information contained: Check this information closely and make sure that it is all correct. Common mistakes occur among family members with similar names who reside in the same address. Variations of your name are ok as long as you have previously applied for credit using the variations. Incorrect information can result in another person's accounts reported on your credit report. 2. Account History Information contained: Pay close attention to the account numbers, statuses, balances, and payment statuses. Make sure all accounts listed are actually yours. 3. Public Records Information contained: Make sure all of this information is correct and updated. You should realize that certain bankruptcies and other negative information can remain on your credit report for up to 7 years. 4. Credit Inquiries Information contained: There are two types of inquiries that you will see on your credit report. Hard inquiries are those that you initiated when you requested your credit report or authorized a lender or credit card company to view your credit report. Soft inquiries are those made by credit card companies that send you pre-approved promotions for their credit card. Soft inquiries are only visible to you. A lender cannot see them when they review your credit report. There is much speculation as to how much inquiries affect your credit score. Soft inquiries do not affect your credit score at all. According to Fair Isaac Corporation, each hard inquiry can subtract no more than five points from a person's score. Often no points are subtracted. Since it is normal for a consumer to shop around for interest rates when applying for a home or car loan, multiple auto or mortgage inquiries in any 14-day period are counted as just one inquiry. The subject matter contained in our educational publications is for informational purposes only. We suggest that you consult your financial or other advisors when planning for your specific needs or requirements.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
What Does Your Credit Score Tell You? When you apply for a loan or a mortgage, the first thing the lender does is to check your credit score. Based on your credit score, the lender decides the amount of finance you are eligible for and the interest rate at which you will be charged. Identity Theft - Dont Think You Are Immune As identity theft becomes more prevalent, the need to regularly check your credit report is very easy to see and understand. Two big headlines in the news recently point to how closely tied your credit report and identity theft are. All About Balance Transfers What is a balance transfer?A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. Always Avoid Payment Holidays Once you've been paying off a credit card for a while, you might be offered a 'payment holiday'. You'll get a letter, saying that since the company knows it's difficult for some families around Christmas (or whatever other excuse they think up), they're offering you a month off from paying, as a 'special present'. 10 Dirty Tricks Credit Card Companies Play The credit card companies make billions each year in legitimate interest charges and fees, but are under constant pressure from the shareholders to increase their earnings. To make this extra money the credit card companies sometime adopt some dirty tricks to make this money. Choosing The Credit Card That Is Right For You Credit cards represent an important part of our financial lives. Having the right credit cards is essential and will make a big difference to your finances. What You Need To Know About Credit Cards What is a credit card? A credit card is a card that allows you to borrow money to pay for things. There will be a limit to how much you can spend called your credit limit. Credit Card Is Adding The Silver Lining To Your Pocket In the new millennium plastic money or credit cards has rendered a new zing factor to your pocket. This has not only made you economically more flexible but subsequently added glamour to your financial image as well. Credit Reports Inside and Out The Credit Report is like your scorecard in the lending world. Every time you prepare yourself to acquire or purchase something that requires financial assistance from a lending institution, your credit report will be your "presentation card". Bankruptcy Myths Busted The average American knows very little about bankruptcy. Most people probably are aware of bankruptcy's ability to dissolve debt and give the debtor a fresh start. 5 Ways To Prevent Credit Card Late Fees Paying a credit card late fee is the same as throwing your money away. Late credit card payments can also hurt your credit score. Dealing With A Collection Agency Step I - Selecting A Collection AgencySelecting a credit collection agency is perhaps the most important and difficult task. Some factors you must consider while selecting a collection agency are:- Experience and professionals - Geographical presence - Expertise - Fees and charging model - Customer references - Collection Agency Services has covered this topic in depth through various free collections reports and articles on this site. Rebuild Your Credit the Right Way the First Time If you are one of the millions of people out there with bad credit you need to step up and start doing something to get yourself back into credits good graces. Having good credit is the only way to assure that you will get the best interest rates on any loans and credit cards that you apply for. Clean Credit Report: Easily Raise Your Credit Score 100 points Clean Credit Reports, your credit report contains information about where you work, live and how you pay your bills (On time or not). It also may show whether you've been sued, arrested or have filed for bankruptcy with in the last 10 years. How to Evaluate and Raise Your Credit Score Why do some people get offers for pre-approved credit cards and others don't? What do car dealers know about your financial health that you don't know? The answer is your credit score.Your credit score is a number generated by a mathematical formula to estimate how likely you are to pay your bills. How To Boost Your Credit Score Years ago your credit score was a big secret, known only to a select few such as your mortgage and credit card companies. In 2000, Fair, Isaac Co. Credit Cards - Why Prepay? With prepaid credit cards, you get the practicality of plastic while choosing exactly how much debt to charge. By taking charge of your personal financing, you determine your own limits, to the penny, and change them any time you need to. Finding and Applying for the Right Credit Card Offer Online Anywhere you go online nowadays, you will see a multitude of ads for credit cards. Some offer low interest rate for an introductory period, or bonus frequent flyer miles while others offer real discounts on new vehicles and equipment. Credit Cards - A Blessing or a Curse? Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. Dont Fall for Credit Repair Scams We've all seen the ads on television or in magazines, shouting, "Erase bad debt!" or "Remove negative entries from your credit report!" If you're a person suffering from a less-than-stellar credit rating, those headlines may seem like the answer to a prayer.The only problems is, those programs don't work, and to add insult to injury, you'll find yourself paying hefty fees to those companies, only to end up right where you started, or worse.
|
| home | site map |
| © 2006 |
