Credit Report: Myth or Reality

1. Is it a myth or reality that you have more than one credit score?

A. Reality. There are 3 credit companies (Equifax, TransUnion, and Experian) that produce 3 credit scores.

2. Is it a myth or reality that bad credit will drop off after seven years?

A. Myth. If an account is in collections and the creditor reports this every month, that account will remain on your credit report for as long as the creditor reports it. It will drop off 7 years from the report date. So if the creditor reports every month, then your 7 years starts over every month.

3. Is it myth or reality that you can pay someone to clean up your credit?

A. Definitely myth. You’re throwing read more...

How To Get A Free Copy Of Your Credit Report

If you're going to apply for a credit card, a mortgage, a loan or any other source of finance, one thing any potential lender will check is your credit report. This will tell them about any previous unpaid debts or legal judgments against you, and help them assess whether you are creditworthy or not.

There are three three nationwide consumer reporting companies in the US: Experian, Equifax and TransUnion. All keep different information about you, and all or any of them may be referred to by a potential lender.

If you are thinking of applying for credit, therefore - and especially if you read more...

First Step In Credit Repair- How To Conduct A Credit Report Check

The use of credit today in the purchasing of food, property, assets and services is prevalent. There is hardly anything of value that cannot be purchased in part or in full by the use of credit, or a credit card. Whether it is to finance a home, or a car, or simply paying for a dinner or a holiday vacation abroad, credit is acceptable, convenient and useful.

However, the wide use of credit does not mean everyone who makes use of credit knows how to use it with wisdom. Credit, like the proverbial fire, can be harnessed for good or it can be like wild fire which can burn you and cause wanton damage.

Credit scores affect every aspect of our financial lives including qualification for read more...

Fix Your Credit Report To Get A Loan

We're not on this planet for very long, so while we're here, we might as well enjoy it. So you should buy things. Sure, you're smart enough to not run out and buy whatever catches your eye, but you want to have nice things. You deserve them.

Want to own a car or a house? You'll need a loan, and to get a loan you have to get your credit checked. One thing that you will be surprised about is how many credit reports out there have big mistakes on them. Does yours?

If you are not sure, you need to find out right away. You need to get a copy of your credit report every 12 months and check it thoroughly. Why? Because mistakes can happen, and they do happen all the time.

Why do mistakes happen all the time? The answer is read more...

The Fair Credit Reporting Act and Your Credit Report

You have a file out there on you. Even if you never have been arrested, or have been pulled over for a speeding ticket, and even if you never even got a detention in high school, there’s a file out there on you. It contains almost everything out there on you—whether you’ve ever applied for a credit card, and how many times; how many personal loans you’ve taken out in your name; how well you pay off these debts; where you work and where you live, and how many times you’ve moved; and yes, if you’ve ever been arrested or sued, it will be in there too.

This is your credit file. It’s put together and kept by consumer reporting agencies, otherwise known as credit bureaus. These agencies make money by selling off your file to read more...

Credit Report -- 5 Secrets Credit Bureaus Don’t Want You to Know

If you've ever applied for a loan or credit card, chances are your lender acquired and examined a copy of your credit report before deciding whether or not to grant you credit.

Your "Credit Report" is a record of your credit history and it's prepared by agencies called "Credit Bureaus", or "Consumer Reporting Agencies." These are private organizations and have no affiliation with the United States (or any) government. There are 3 major credit bureaus in the United States (2 in Canada) and their names are Experian, EquiFax, and Trans Union.

Did you know that credit reporting is a multi-billion dollar a year industry? It's true! The credit bureaus are for-profit organizations that generate read more...

Free Annual Credit Report - Strategies to Avoid Imposter Websites

In a 2004 amendment to The Fair Credit Reporting Act (FCRA), a new system providing a free credit report was initiated. The amendment requires each of the three national Credit Reporting Agencies (CRAs), Equifax, TransUnion, and Experian, to provide free copies of an individual's credit report once every 12 months. The free reports require a request to be submitted to a centralized office, in accordance with procedures defined by the Federal Trade Commission (FTC). The FTC is charged with consumer protection and ensuring compliance to the FCRA from the Credit Reporting Agencies.

The amendment was undertaken as a way to help individuals access the information contained in their credit reports. Prior to the amendment, credit reporting agencies were able to read more...

How to Check Your Credit Report for Evidence of Identity Theft

Imagine finding the home of your dreams. It's the perfect location, the perfect style, even the perfect price. Excitedly, you start the loan application process. You know this part of the process will be easy since you've always paid your bills on time and only have one credit card which you pay off every month in full. To your surprise, however, your application is refused because multiple credit cards have been taken out in your name, maxed out, and never paid. Your credit is ruined, and your dream home will never be a reality thanks to an identity thief.

This scenario may be hypothetical, but similar situations happen to people all over the country daily. Many people are victims of identity theft and don't even realize it until they need to use their credit for something, such as buying a car or a home. However, it doesn't have to be read more...