Free Credit Bureau Report

Greg Mckeon asked:




One of the biggest threats to consumers is the lack of credit report monitoring. Most of us know that fraud exists but don’t realize just how big the threat is. Con artists prey on the naive and the greedy and they’ve honed their skills for years duping their victims out of money and possessions. It may not be surprising then that identity fraud has become so widespread because consumers still embrace the DIY mode of prevention; but honestly it’s too many avenues to keep abreast of. While you’re watching A, B and C, D, E and F are left vulnerable.

Proactive credit bureau monitoring could minimize the risk of financial and identity theft. The credit bureaus are updated by vendors of your whereabouts all the time. Use a new address and you can be sure that the credit bureau will soon have it listed on your credit report. Apply for a new credit card and the inquiry is listed on your credit report. This is why credit report monitoring is so vital to keeping your identity protected.

Just imagine some imposter posing as you, using your information including your sacred social security number. It becomes life altering when someone is out there posing as you ruining your good name and credit. And while the majority of us request our free yearly credit report, there are a vast number of people who don’t and this group won’t find out that someone has stolen their identity until they happen to come across some peculiar information. Which group are you in? Will it be the protected or un-protected group?

Fraud is the type of crime that keeps on giving; here are a few reasons to consider why credit report monitoring is so important;

The yearly credit report you just reviewed had no suspicious items listed so you’re at ease and feel protected. The following month an imposter opens 3 new credit cards in your name with a new address. You have no idea that this has occurred. The new credit card billing statements began going to the new address and the imposter is paying the minimum payments; it may be a rarity but they have successfully became you and you still have no idea that this is occurring. The imposter feels confident and successfully gets approved for 2 new car loans; this time they have no intention of paying and the imposter disappears. You still are unaware that your identity has been stolen because no one has notified you.

This is nothing new because imposters steal identities everyday for various reasons. In some cases they only want credit and some will even pay the minimum payments; others are just buying time to see how much they can get away with until they completely disappear once the credit limit has been reached.

All of those scenarios has happened and become frequent each year. While all cannot be completed prevented, it certainly can be minimized because if you were utilizing a credit monitoring service they would have alerted you the second a new address or application for a credit card hit your credit report.

Every instance of a request for new credit or a vendor reporting a new address will show up on your report however if you’re not taking advantage of good credit monitoring then an imposter could do damage twice-fold before you find out.

Some of you may be very proactive and keep regular updates on your credit report while others should really invest in a service that specializes in credit report monitoring and quick alerts of fraud. In today’s age of the unknown you need all the help you can find.

Frederick

Hector Milla asked:




The Fair Credit Reporting Act within the United States regulates the consumer reporting agencies and how they conduct business. Some of the provisions of this act state that the credit report companies must take steps to ensure the accuracy of reports sent to them if the consumer disputes any of it, provide one credit report free of charge at the consumer’s request, and maintain negative reports no longer than 7 years after the date they were reported.

That said, the credit bureaus do not deal with any company that furnishes consumer information directly to resolve consumer disputes. Instead they must use a system controlled and monitored by a third party, which is usually what causes the infamous delays. Because of the regulations provided for both consumers and creditors, it can take months to clear up errors or old items from your report, this is especially true if you are attempting to clear the item from more than one bureau, or remove more than one item.

In some states, you will most likely not be dealing directly with the major credit bureaus. Instead, the agency has another company which handles consumer relations. For example, disputes to your Equifax report in Texas will not be handled directly with them. They will actually be handled through an agency called CSC Credit Services, adding another party to the mix and causing more delay.

All of these frustrations are never fun to go through, and are a very good reason to get your credit report more than once a year. This way, you can catch errors quickly, and perhaps get them cleared up quickly. The older an error, the more time it will take to clear up. You do not want to wait until you’ve found your dream home to find your report is riddled with errors and old information. The time it will take to get your report cleared may cost you the home.

As stated above, each credit bureau is required to send one report per year at the consumer’s request, but any additional reports will cost you about $9 per company. Receiving your report usually takes 6-8 weeks, and cross your fingers it doesn’t get lost in the mail! Unless, of course, you are enrolled in a monthly credit monitoring service. These services allow online access to your credit report from all agencies, and some of them even provide your FICO score.

Allan

Martin Lukac asked:




It can be surprising how many people don’t have a credit history. There are actually quite a few older consumers without a very strong credit history. They may have never had any credit in their names. Many wives find that their credit has always been maintained through their husbands. When they apply for something on their own, they have no history.

Students, young people, newly single women and many older Americans may find that they are in need of a credit history. Or perhaps you have already established credit, but it is less than stellar. What should you do?

You can’t get credit if you haven’t had credit, but you can’t get it without it! Wow. How do you get around that?

There are a few ways. The best way is to simply apply for a small loan or line of credit from your local bank. Make sure that they will report the information to the credit bureau. You can also secure a store credit card. These cards do come with a little higher interest rates than other credit cards, but are a good way to build your credit. You can often only use the card in one or two different stores.

To be approved for a credit card, you have to be over 18 and have a job. Cards can be fairly easy to get, you simply have to look for the best interest rate. You do need to use it to show you can handle credit, but you must pay the entire bill each month. This shows that you are financially stable and responsible.

If you find that your credit isn’t improving much over time, you could consider finding some other ways to get your mortgage. You could try to find a larger down payment. This will often show the lender that you have more at stake, and would not default on the loan.

If you don’t have a checking account, it is time to open one. Checking and Savings accounts both look well to lenders. But you must be sure that you don’t overdraw your bank account. Bouncing checks shout that you can’t manage your money and may default on your debts.

It is a good idea to start thinking like a lender. You have to show a well thought out financial plan over an extended period of time. If you apply for eight credit cards in three months for the free stuff, lenders will only see that you are desperate to find credit. They may also see that other lenders don’t want to lend to you, so why should they.

It is possible to establish a credit history, it simply takes time. Don’t believe anyone who says that they can quickly get you a good credit score or history. It isn’t true. It just takes time, paying your bills on time and making wise credit decisions. Good Luck.

Danielle

Jesse B. Smith asked:




This is a frequently asked question. With tough times upon us, more and more people are finding it difficult to get their bills paid on time. This, in turn, means that these same people are reported to the credit reporting agencies as late and the late payment is reported to lenders who request your credit report.

A “late payment” as the term implies is any payment on a credit associated account which is received by the creditor after the due date. The only thing that matters is that the payment was late. It does not matter if the payment was one day late or thirty days late, it is still considered late. Additionally, you will be charged a late payment penalty on any payment made after the due date and these are normally pretty stiff penalties.

To remove overdue payments from your credit report, you will need to obtain a copy of your credit report. You can do this by contacting one of the three credit reporting agencies, TransUnion, Experian, and Equifax. These companies are legally required to provide you with one copy of your credit report every twelve months.

Though the credit reports may vary slightly in their layout, they all contain the same types of information. You should be able to easily and quickly ascertain how each credit report lists entries showing overdue payments and should report the number of late payments you have made over a given period of years.

Though, consumers understand that making payments late is not a good thing, they normally don’t understand the far-reaching consequences. Payment punctuality can count for over 30% of your total credit score. Because of this, late payments can severely affect credit applications which you submit to a lender.

The first thing you can try in order to remove late payments from your credit report is to contact the creditor directly and ask that it remove the overdue payments. This is often successful, however, if you habitually make late payments, it may be less likely.

If contacting the creditor is unsuccessful, you should write the credit reporting bureau that reports the overdue payment and request that the late notation be removed. You should include documentation which proves your claim and be sure to retain copies of all correspondence to and from the credit bureau. If the credit bureau cannot verify within 30 days that the payment was late, it must remove the entry.

Of course, it is always easier to try to stop the situation from occurring in the first place. If you know you will be late paying a bill, contact the creditor and explain the situation to them. Many times creditors will work with you to agree on a payment plan.

Any legitimate late payment entry can remain on your credit report for up to seven years. Instead of letting this cause havoc with your credit score, work with your creditors to keep the late payment from showing up on your credit report.

Joann

Mike Geraghty asked:




Under the Fair Credit Reporting Act (FCRA), the credit bureaus have 30 days to complete their investigation if a consumer disputes an entry/item on their credit report. However, during that 30-day time period, if the consumer sends in other documentation relating to or in support of the dispute, the credit bureaus automatically get a 15-day extension to complete the investigation. This increases the allowable investigation time to 45 days from 30.

An important provision of the FCRA granted in 2003 is that consumers are entitled to one free credit report a year. This could be a sneaky little trap though. If they take advantage of this free credit report, and file a dispute based on this free report, the credit bureau has an extra 15 days to respond. However that does not mean that the bureaus continue to get additional 15 days extensions if the consumer again sends in more related documentation to support the dispute… The allowable investigation time is 45 days no matter what other documentation is sent in.

I have also discovered that the credit bureaus claim that they are allowed an additional 15 days to investigate if the consumer calls in merely to check on the status of their dispute. This is false…Technically, the bureaus do not get the extra 15 days simply because you called for status. The best thing to do just to be on the safe side is to wait out the investigation even though you may feel anxious and want to check up on the dispute for the status…Do not give them any reason to claim an additional 15 days. It’s been my experience that most disputes conclude in 2 to 3 weeks.

If you are ready to begin a credit dispute, and want to go about the process in the correct manner, the first step is to receive a free copy of your credit report ALONG with your credit scores.

Rose