Posted by admin on May 13th, 2008 — Posted in World Of Mathematics
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 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 have ever been turned down in the past - it is important to find out what these companies have on their records about you. And because all three companies are independent, you need to check on all of them.
The good news for consumers is that as from September 1, 2005, everyone in the US is entitled to a free copy of their credit report from each of the consumer reporting companies once a year.
To get free copies of your credit report, you should not apply to the three companies directly. There is only one website that is authorized to give out free credit reports, and this is at www.annualcreditreport.com You can also get your free credit report via telephone by calling 877-322-8228.
If you find a mistake on your credit report - for example, a debt that isn’t yours or a disputed amount - you’ll need to fill out the form that comes with the report, or follow the instructions on the explanatory sheet. Upon receipt of a challenge, a credit reporting agency must investigate the claim, usually within 30 days.
As long as a charge is in dispute, it will still show up on your report. Long-time lenders say it’s common for reports to have errors. Some estimate that as many as 80 per cent of all credit reports contain some kind of misinformation. So it really is important to take advantage of this free opportunity to check your credit report, even if you’re not currently planning any finance applications.
Nick Davis is the owner of http://www.finest-credit-cards.com, which aims to match you up with the ideal credit card to suit your situation. With details of all the leading card offers updated daily, plus informative articles to guide you in your choice, you will never pick the wrong credit card again.
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Posted by admin on April 14th, 2008 — Posted in World Of Mathematics
Repairing your credit is something that is very “easy” to do …. NOT!!! There are tons of sites online telling you that you should repair your own credit but what they leave out is one simple truth. It is tedious and you are normally going to receive a letter from the credit bureau telling you that the info is correct. Take it from me, I did this for about six months before I realized they did give a d@mn whether the info was correct or not. I wasted countless hours writing and researching until the realization finally set in that the only thing I was doing was going in circles.
The fact of the matter was that there are companies (legal & legitimate) that were able to get more accomplished than I could. Try this, go to a hospital, tell them you are a doctor and ask to be prepped operate on someone. See how far the personnel will allow you to go before calling security. Credit repair works the same way. In order to make any headway, you have to know what you are doing and HOW to do it. You wouldn’t ask the person at the local drive-thru to give you your annual check-up or perform some high-risk surgery on you… would you? While you “CAN” repair your credit the fact of the matter is that your probably will take MUCH longer than someone who is skilled in this undertaking.
If you go to any of the “BIG 3″ credit bureaus websites you will note that each has a section on avoiding credit repair agencies. They say that everything that these companies offer can be done on your own but what they don’t say is that they respond to these companies (positively) where you would be lucky just to word the letters correctly so that they’ll “actually investigate” your file. You can improve your credit fairly quickly (3-8 months) but you will need people that are skilled, legitimate, legal, and affordable in your corner. Watch out for all of the “too good to be true” repair scams, and there are tons of them out there.
Do you honestly think the bureaus want to do the work necessary to investigate your file? Take it from me, I repaired my credit within 8 months (560 to 705 and still rising) and didn’t know everything that I know now. Learn from my mistakes and start now.
http://www.nocreditnolife.com/
Email: info@nocreditnolife.com
Written by Mark Redd contributing writer at http://www.nocreditnolife.blogspot.com
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Posted by admin on April 13th, 2008 — Posted in World Of Mathematics
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. So what is this credit score and how does it influence your capacity to take fresh credit?
Your credit score is a number that reflects on the likelihood at which you will pay back a loan. Credit scores generally range between 300 and 800. In general, a score of above 620 is needed to avail of a loan at lower costs. If you have a low credit score, it would indicate high risk and would make it difficult for you to obtain fresh credit at reasonable costs.
So what goes into the calculation of your credit score? Credit scores do not take into consideration your income or how much savings you have. Instead, your credit score is primarily influenced by your current debt level, your credit history and how many times your credit report is pulled up by various agencies.
- A high debt level would lower your scores considerably as it means that you are already financially burdened with many loans and would not have the capacity to take on fresh credit.
- Your credit history would take into consideration your track record at paying past and present dues. Timely payment of such dues would ensure a higher credit score as compared with late payments.
- The more frequently your credit report is pulled up by various agencies, more the points docked off your credit score. However, your checking of your own credit report will not affect your credit score as you are entitled to doing so.
To ensure you maintain a decent credit score it’s most important that you pay all your bills in a timely and consistent manner and also that you not take more debt than you can handle. If you’re able to do that, your credit score shouldn’t be able to trouble you too much in life. Take care and be wise with your finances.
Sameer S Panjwani - Homes For Sale / Homes For Rent - Real Estate Listings
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