 |
Understanding Credit Report Score
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 © 2005 Credit Repair Facts.com All Rights
Reserved.
This article is supplied by http://www.credit-repair-facts.com
where you will find credit information, debt elimination programs
and informative facts that give you the knowledge to correct your
own credit and credit report. For more credit related articles go
to: http://www.credit-repair-facts.com/articles_1.html
MORE RESOURCES:
Credit - Google News
|
|
|
RELATED ARTICLES
Credit Reports - Why
Your Credit Score is Important
If you have never heard of a FICO score before, you should
become familiar with the term. Named for the firm that
invented it, Fair Isaac Corp.
How to Improve Your
Credit Rating
So you got into debt, had problems but you got yourself
back on your feet through hard work and sacrifice and how
are you rewarded? A Bad Credit Rating.You would be forgiven
for thinking thats not fair and why did you bother sorting
yourself out if your hands are still tied when it comes to
applying for anything financial? There are ways to improve
your credit rating and get back on track completely.
14 Common Credit
Mistakes
Establishing credit and wisely managing your credit becomes
easier when you know how. You'll feel empowered by taking
knowledgeable steps towards good credit, and you'll be on
your way to purchasing real estate and greater financial
freedom.
Understanding Your
Rights Under The Equal Credit Opportunity Act
It wasn't all that long ago that lenders blatantly
discriminated when it came to approving credit for women
and minority groups. Women were actually asked personal and
demeaning questions like, how many children do you plan to
have in the future or are you on birth control?Despite the
fact that they were entering the workforce in record
numbers, single women were often required to get a cosigner
or denied credit altogether.
What is Credit Card and
Debit Card Blocking?
Have you ever been told you were over your credit card
limit, or had your debit card declined, even though you
knew you had available credit or money in your bank
account? If this happened shortly after you stayed in a
hotel or rented a car, the problem could have been card
"blocking."What is Blocking?When you use a credit or debit
card to check into a hotel or rent a car, the clerk usually
contacts the company that issued your card to give an
estimated total.
SuperCharged Secret 5,
Credit Card Utopia
LIVING IN CREDIT CARD UTOPIALet's just take a brief moment
to recap:If you've been following along on this journey
with me, learning the 5 Super-Charged secrets to Credit
Card Utopia, then you now know 4 very important things:You
now know how to take advantage of zero to low interest
credit card offers.You now know that there is safety in
numbers, and you know the magic "Who's Who" of the major
credit card companies.
Grants, Loans, Free
Credit Cards And Credit Repair: The Whole Truth And Nothing
But The Truth
You got creditors calling you everyday. You could lose the
car or house.
Ethical Finance: Who
Benefits From Our Spending?
On one hand consumers are being universally criticised for
running up significant amounts of debt on credit cards, yet
conversely many companies are capitalising on the growing
credit card debt, from charities and political
organisations to football clubs, the Association of
Surgeons and somewhat ironically ActionAid, an
international development agency whose aim is to fight
poverty worldwide.Financial comparison site moneynet.
Practical Suggestions
for Protecting Yourself From Identity Theft
It's no surprise that thousands of Americans are victimized
by identity theft each year. Last year more than 9,000,000
people were victims of identity theft amounting to some $45
billion dollars.
SuperCharged Secret 2,
Credit Card Utopia
INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The
following is part 2 of a 5 part series, Over the course of
these 5 articles, I am going to introduce you to several
methods for maximizing the use and benefits of the best
Credit Cards and offers on the market today. This
information, when used in conjunction with one another, is
unlike anything you've ever seen before.
Read and Understand Your
Credit Card Statement
Have you ever looked at your credit card statement and
ended up just scratching your head in frustration? Well
join the club! But don't take any comfort in the fact that
you have plenty of company, because lack of knowledge can
cost you?.right on your credit report, and once there can
stay with you a while.
Credit and Its
Cost
What is Credit? Credit is money granted by a lender (or
creditor) to a debtor (or borrower) whereby the lender
defers receiving payment of the debt for a period. In
exchange for the credit allowed, the lender will get back
the money lent plus interest.
Credit Report - Check
Yours Regularly - and for Free
In the twenty-first century, there are few documents that
have a greater impact on the lives of Americans then their
credit report. Credit rating determines one's ability to
buy a home, a car, or to obtain a credit card or a job.
The Advantages of Credit
Cards
There are many evils associated with credit cards, but
there are benefits that are hard to ignore. One benefit is
having the credit card company act in your behalf to
recover funds from a disputed transaction.
Defeating Credit Card
Debt With Self Control
Credit card debt is a major social problem in some Western
countries. To rid yourself of credit card debt, it is best
to recognize the problem as both a social and individual
problem.
Credit Cards - The Top 3
Things You Need To Know
Today there are so many different credit cards available,
student prepaid, low interest cards etc. that it has
becomes a real hassle to find the right one that will suit
your needs.
Useful Tips On Avoiding
Credit and Charge Card Fraud
Credit and charge card fraud costs cardholders and issuers
hundreds of millions of dollars each year. While theft is
the most obvious form of fraud, it can occur in other ways.
7 Compelling Reasons Why
A Prepaid Debit Card May Be Just The Financial Tool You
Need
Prepaid debit cards are great financial tools and may be
just the financial tool you need. Here a seven compelling
reasons why:1.
Getting Your Credit
Report and Understanding Whats On It
If you intend to apply for a loan, you need to obtain your
credit score. Understanding what this score means will
allow you to make the loan process easier and quicker.
Different Types of
Credit Cards and Features - Part 1
Just as there are too many credit card companies to count,
there seems to be just as many different credit cards, all
claiming to offer you the best possible deal. Since no two
people are alike, not all programs and incentives will work
the same for everyone.
|
|
