Understanding Credit Report Score
Posted in Finance on 04/30/2010 05:43 pm by
Gary Gresham asked:
Understanding credit report scores is important when you see your credit report because you need to be able to make some sense of it.
Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. They all use your credit score to determine your credit risk. The interest the lender charges you is based on your credit risk. So you can see how understanding credit report scores is information that can save or cost you money.
You need to find out what your credit score is before you talk to any lender in case there is something on your report that you may question. You don’t want the lender to find a mistake that you aren’t aware of. If you find a mistake, it takes at least 30-60 days before you see corrections in your credit reports and scores.
You have probably heard that checking your credit will bring down your score. But checking your own credit report and score is counted as a “soft inquiry” and doesn’t harm your credit score at all. Only “hard inquiries” from a lender or creditor, made when you apply for credit, will bring your credit score down a few points.
Your credit report should have the three main credit services Experian, Trans Union and Equifax and each service will give you a different credit score.
The credit scores will range between 300 and 870 with each credit service giving a different score. The higher your score is the better, because as your credit score increases, your credit risk decreases.
The average high approval score where the best interest rates are offered is 680 or above. The credit score the lender uses comes from the middle score or an average of all three scores is sometimes used.
Don’t be surprised if you find an error once you get your credit report. Statistics show that 70 percent of credit reports contain serious errors. Those errors are what you want to clear up because they will affect your credit score.
If you find a mistake, you have the right to dispute the information free of charge. Contact the credit bureau that provided the information and dispute the inaccurate information.
Below are the names, addresses, phone numbers and web sites of the three credit bureaus TransUnion, Experian and Equifax.
Equifax Credit
P.O. Box 740241
Atlanta, GA 30374
Equifax 800-685-1111
http://www.equifax.com
TransUnion
P.O. Box 1000
Chester, PA 19022
Trans Union 800-888-4213
http://www.transunion.com
Experian
P.O. Box 2002
Allen, TX 75013
Experian 800-682-7654
http://www.experian.com
You can also contact the creditor direct and ask that the corrected information be provided to the credit bureaus.
If you suspect any fraud, contact all three credit bureaus immediately and place a fraud alert on your report. Then, contact your credit card companies and bank to protect your accounts.
Understanding credit report scores and checking your credit report at least once a year will keep fraud in check and keep your credit score safer.
Copyright
Understanding credit report scores is important when you see your credit report because you need to be able to make some sense of it.
Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. They all use your credit score to determine your credit risk. The interest the lender charges you is based on your credit risk. So you can see how understanding credit report scores is information that can save or cost you money.
You need to find out what your credit score is before you talk to any lender in case there is something on your report that you may question. You don’t want the lender to find a mistake that you aren’t aware of. If you find a mistake, it takes at least 30-60 days before you see corrections in your credit reports and scores.
You have probably heard that checking your credit will bring down your score. But checking your own credit report and score is counted as a “soft inquiry” and doesn’t harm your credit score at all. Only “hard inquiries” from a lender or creditor, made when you apply for credit, will bring your credit score down a few points.
Your credit report should have the three main credit services Experian, Trans Union and Equifax and each service will give you a different credit score.
The credit scores will range between 300 and 870 with each credit service giving a different score. The higher your score is the better, because as your credit score increases, your credit risk decreases.
The average high approval score where the best interest rates are offered is 680 or above. The credit score the lender uses comes from the middle score or an average of all three scores is sometimes used.
Don’t be surprised if you find an error once you get your credit report. Statistics show that 70 percent of credit reports contain serious errors. Those errors are what you want to clear up because they will affect your credit score.
If you find a mistake, you have the right to dispute the information free of charge. Contact the credit bureau that provided the information and dispute the inaccurate information.
Below are the names, addresses, phone numbers and web sites of the three credit bureaus TransUnion, Experian and Equifax.
Equifax Credit
P.O. Box 740241
Atlanta, GA 30374
Equifax 800-685-1111
http://www.equifax.com
TransUnion
P.O. Box 1000
Chester, PA 19022
Trans Union 800-888-4213
http://www.transunion.com
Experian
P.O. Box 2002
Allen, TX 75013
Experian 800-682-7654
http://www.experian.com
You can also contact the creditor direct and ask that the corrected information be provided to the credit bureaus.
If you suspect any fraud, contact all three credit bureaus immediately and place a fraud alert on your report. Then, contact your credit card companies and bank to protect your accounts.
Understanding credit report scores and checking your credit report at least once a year will keep fraud in check and keep your credit score safer.
Copyright
How do I reach a ‘real person’at the major credit bureaus (Equifax, Esperian, Trans Union?)?
Posted in Credit on 04/18/2010 06:23 pm by
dorseydan asked:
I have all of the toll free numbers for the reporting bureaus but, can only listen to the automated recording. I want to fax some info to them however, that info is not on the recording. HELP!
Ricky
I have all of the toll free numbers for the reporting bureaus but, can only listen to the automated recording. I want to fax some info to them however, that info is not on the recording. HELP!
Ricky
Federal Credit Bureau: How Does It Protect Your Credit Record?
Posted in Finance on 04/11/2010 05:31 am by
Ann Richter asked:
Many people mistakenly believe that the four major credit bureaus are under the jurisdiction of the federal government. There is no federal credit bureau. The corporations who keep track of the credit files of America’s consumers are for-profit companies owned not by the government, but by the stockholders of the company. Companies like this get no funding or help from the government in any way. However, Federal law does govern the actions of the four nationwide consumer credit reporting companies.
Who Are the Credit Reporting Companies?
The three main players are Trans Union, Equifax, and Experian. The fourth bureau is called Innovis, but it lags behind the others in usage, being a fairly new organization. Every local credit bureau in the United States is affiliated with one of these three large companies. It is important for the consumer to understand that it is quite important to request a copy of your credit file from each of the three major bureaus. Why is this? A little known fact is that these national bureaus could each have different information on you in their files. Since the credit reporting business is a competitive one, they do not share information between them on a usual basis.
The Federal law that regulates all credit bureaus in the United States is called the Fair Credit Reporting Act. The main gist of the law is accuracy in recording and record keeping, and the privacy and protection of consumers and their personal credit information. It is the law that you have to be informed if any of the information in your file has been used against you, such as when you are turned down for a job because of poor credit. Usually, this information comes to you in the form of a letter in the mail. If you just want to know what information is in your credit file, all you have to do is ask, and you can get a free report once a year from each major credit bureau.
Once you find out that there is no federal credit bureau, and contact one of the three main credit reporting agencies for a free copy of your file, examine your credit report closely. If you see any inaccuracies at all, it is up to you to contact the agency to have the discrepancy remedied. They have to, by law, investigate the false information by checking out all the evidence surrounding it. They then must get in touch with the information source that provided them with the erroneous information. This source must also review the information, then report back to the credit reporting agency.
The CRA will then send to you via mail a written investigative report, detailing everything that was done to check out this error in your file. You will get another, corrected copy of your file once the error has been corrected. Also, anyone, be it a potential employer or that local department store where you are trying to get a credit card so you can buy a kitty condo for you cats, will be informed by mail that there has been a change to your credit file, with detrimental information removed.
annrichter(at)creditreportguideonline.com
Arthur
Many people mistakenly believe that the four major credit bureaus are under the jurisdiction of the federal government. There is no federal credit bureau. The corporations who keep track of the credit files of America’s consumers are for-profit companies owned not by the government, but by the stockholders of the company. Companies like this get no funding or help from the government in any way. However, Federal law does govern the actions of the four nationwide consumer credit reporting companies.
Who Are the Credit Reporting Companies?
The three main players are Trans Union, Equifax, and Experian. The fourth bureau is called Innovis, but it lags behind the others in usage, being a fairly new organization. Every local credit bureau in the United States is affiliated with one of these three large companies. It is important for the consumer to understand that it is quite important to request a copy of your credit file from each of the three major bureaus. Why is this? A little known fact is that these national bureaus could each have different information on you in their files. Since the credit reporting business is a competitive one, they do not share information between them on a usual basis.
The Federal law that regulates all credit bureaus in the United States is called the Fair Credit Reporting Act. The main gist of the law is accuracy in recording and record keeping, and the privacy and protection of consumers and their personal credit information. It is the law that you have to be informed if any of the information in your file has been used against you, such as when you are turned down for a job because of poor credit. Usually, this information comes to you in the form of a letter in the mail. If you just want to know what information is in your credit file, all you have to do is ask, and you can get a free report once a year from each major credit bureau.
Once you find out that there is no federal credit bureau, and contact one of the three main credit reporting agencies for a free copy of your file, examine your credit report closely. If you see any inaccuracies at all, it is up to you to contact the agency to have the discrepancy remedied. They have to, by law, investigate the false information by checking out all the evidence surrounding it. They then must get in touch with the information source that provided them with the erroneous information. This source must also review the information, then report back to the credit reporting agency.
The CRA will then send to you via mail a written investigative report, detailing everything that was done to check out this error in your file. You will get another, corrected copy of your file once the error has been corrected. Also, anyone, be it a potential employer or that local department store where you are trying to get a credit card so you can buy a kitty condo for you cats, will be informed by mail that there has been a change to your credit file, with detrimental information removed.
annrichter(at)creditreportguideonline.com
Arthur
Fix Bad Credit – 3 Amazing Insider Secrets That the Credit Bureaus Don’t Want You to See!
Posted in Finance on 02/20/2010 04:19 am by
Mark J Garcia asked:
The Credit Bureaus exist for one reason, and one reason only…to make money! Each and every one of the bureaus is a publicly traded company. They make most of their revenue by selling information to lending institutions, insurance companies, utility companies, credit card issuing banks, and employers.
They DO NOT make money by researching your disputes…in fact, it costs them time, money, and resources to investigate them. Is it any wonder then who the bureaus ultimately serve?
Bureau Secret #1 Credit Bureau Reports – Your 92 Scores
Reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender. In fact, you can have up to 92 different scores…23 different scores for each Bureau: Trans Union, Experian, Equifax and don’t forget the little known “other” bureau named Innovis.
Remember your credit scores can vary drastically depending on who pulls the report and the particular profile applied to you. This Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The score you see if you request it from a major reporting bureau or an on-line service WILL be different – and probably much higher than the score you receive from a Mortgage Broker.
Why?
One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.
When the bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it. Why do the Bureaus provide different – and LOWER – scores to lenders?
Because they’ve decided that by reporting lower – more conservative scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.
Do you think the major reporting bureaus care about showing lenders your true credit worthiness? I am here to tell you that they don’t! Matter of fact, if you would like to find out more information about how the bureaus are royally screwing over the American Consumer, I have created a newsletter that details shocking news about the 3 Major Bureaus
Bureau Secret #2 Credit Bureau Reports – Your Scores are NOT Accurate
Did you know that your score is probably inaccurate? According to a recent Public Interest Group Research study, more than 70% of Reports contain errors. Oh sure, the Bureaus say to the public that only 20% of reports contain errors, but that’s a bunch of Bureau bologna, because when they are in court under oath they admit that more than 50% of reports contain errors.
What kind of errors are probably on your report – and making you pay more for your home, auto loan, insurance, credit cards and student loans? The study found that 29% of reports contain serious errors that don’t belong including; false delinquencies that can kill your score.
41% of reports contain personal demographic information that was incorrect, outdated, or misspelled. 20% of credit reports – 1 in 5!!!! were missing major loan mortgage or other information to demonstrate the worthiness of the consumer. 26% of reports contained accounts that were in incorrectly listed as open (or) “closed by credit grantor.” When your account is “closed by grantor” it looks like you did something wrong and that’s bad for your scores.
Bureau Secret #3 What Is Your Real, Accurate, and True FICO Score?
Did you know that over 90% of the financial institutions in the world will use scores from one organization only? The name of that company is Fair Isaac Corporation or as they are more commonly known FICO.
The location where I recommend that you purchase your credit scores from is from the Fair Isaac Corporation at their main website. Now, I recommend going to a certain section of their website where you will get a true picture of why your scores are behaving the way they are
This website will not only give you the most current status of your reports, but it will also show you your FICO Scores from all 3 bureaus.
This is the only place you should ever get your scores, because your FICO scores are the ones from where most lenders will base their acceptance of your credit application.
I find it interesting that the major bureaus also have their own version of scores that they try to sell to you and I. However none of the people you are trying to get to extend you a loan will even look at those scores! It is just another example of the greedy bureaus trying to squeeze more and more money from us.
Let’s Wrap This Up…
So as you can see, there are many myths disguised as truths when it comes to credit and credit repair. There are also hidden secrets that the credit bureaus don’t want you to know. I hope that since you are now armed with this knowledge, you won’t fall victim to false information that exists out there.
Your Credit Score Insider, Mark J. Garcia
Kathleen
The Credit Bureaus exist for one reason, and one reason only…to make money! Each and every one of the bureaus is a publicly traded company. They make most of their revenue by selling information to lending institutions, insurance companies, utility companies, credit card issuing banks, and employers.
They DO NOT make money by researching your disputes…in fact, it costs them time, money, and resources to investigate them. Is it any wonder then who the bureaus ultimately serve?
Bureau Secret #1 Credit Bureau Reports – Your 92 Scores
Reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender. In fact, you can have up to 92 different scores…23 different scores for each Bureau: Trans Union, Experian, Equifax and don’t forget the little known “other” bureau named Innovis.
Remember your credit scores can vary drastically depending on who pulls the report and the particular profile applied to you. This Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The score you see if you request it from a major reporting bureau or an on-line service WILL be different – and probably much higher than the score you receive from a Mortgage Broker.
Why?
One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.
When the bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it. Why do the Bureaus provide different – and LOWER – scores to lenders?
Because they’ve decided that by reporting lower – more conservative scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.
Do you think the major reporting bureaus care about showing lenders your true credit worthiness? I am here to tell you that they don’t! Matter of fact, if you would like to find out more information about how the bureaus are royally screwing over the American Consumer, I have created a newsletter that details shocking news about the 3 Major Bureaus
Bureau Secret #2 Credit Bureau Reports – Your Scores are NOT Accurate
Did you know that your score is probably inaccurate? According to a recent Public Interest Group Research study, more than 70% of Reports contain errors. Oh sure, the Bureaus say to the public that only 20% of reports contain errors, but that’s a bunch of Bureau bologna, because when they are in court under oath they admit that more than 50% of reports contain errors.
What kind of errors are probably on your report – and making you pay more for your home, auto loan, insurance, credit cards and student loans? The study found that 29% of reports contain serious errors that don’t belong including; false delinquencies that can kill your score.
41% of reports contain personal demographic information that was incorrect, outdated, or misspelled. 20% of credit reports – 1 in 5!!!! were missing major loan mortgage or other information to demonstrate the worthiness of the consumer. 26% of reports contained accounts that were in incorrectly listed as open (or) “closed by credit grantor.” When your account is “closed by grantor” it looks like you did something wrong and that’s bad for your scores.
Bureau Secret #3 What Is Your Real, Accurate, and True FICO Score?
Did you know that over 90% of the financial institutions in the world will use scores from one organization only? The name of that company is Fair Isaac Corporation or as they are more commonly known FICO.
The location where I recommend that you purchase your credit scores from is from the Fair Isaac Corporation at their main website. Now, I recommend going to a certain section of their website where you will get a true picture of why your scores are behaving the way they are
This website will not only give you the most current status of your reports, but it will also show you your FICO Scores from all 3 bureaus.
This is the only place you should ever get your scores, because your FICO scores are the ones from where most lenders will base their acceptance of your credit application.
I find it interesting that the major bureaus also have their own version of scores that they try to sell to you and I. However none of the people you are trying to get to extend you a loan will even look at those scores! It is just another example of the greedy bureaus trying to squeeze more and more money from us.
Let’s Wrap This Up…
So as you can see, there are many myths disguised as truths when it comes to credit and credit repair. There are also hidden secrets that the credit bureaus don’t want you to know. I hope that since you are now armed with this knowledge, you won’t fall victim to false information that exists out there.
Your Credit Score Insider, Mark J. Garcia
Kathleen
Which Credit Bureau Should I Use To Check My Credit Report?
Posted in Finance on 02/01/2010 08:42 am by
Beth Pardue asked:
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Carlos
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Carlos