Credit Reports: Managing your credit history

Credit reports are used by financial companies to evaluate their customers for loans, mortgages, and other borrowings. They are also used by landlords, employers, and other interested parties to evaluate their clients. It is important to be aware of what is on your credit report so as not to face surprises in the future.

A credit report contains a history of your credit life: amounts borrowed, credit card dues, loans, payments, dates, periods, late payments, defaults, public records, and so on. This information can be used by a prospective lender or creditor to find out if you have defaulted on your loan payments, or credit card payments, and how regular you have been in paying back your dues.

A credit report also comes with a credit score - FICO score – that can range between 300 to 850. This comparative score shows in a nutshell where a consumer stands with respect to others in the overall soundness of his or her credit history.

The credit score, like the credit report, can be used by a prospective creditor or finance company to instantly judge and sanction a service. A high score may get you a low interest rate and save valuable money, whereas a very low score may even result in a denial of service.

There are three major credit bureaus that collect information from other companies about consumer credit history and provide a return feedback on any prospective client.

It is important to know whether your credit report contains any mistakes, errors, and adverse comments against your financial activities. Everyone is entitle to obtain a free credit report from any of the major credit bureaus, and one should go for the same.

Credit Reports and Scores Often Confuse Consumers

Most people who are of an age to care about their credit are aware that the three main credit bureaus, Experian, Trans Union and Equifax, maintain credit reports on them. The bureaus keep track of loans, credit cards and bankruptcies and make note of whether each consumer pays his or her bills on time. Most people are also aware that their credit history is also available in the form of a credit score, which is, in essence, their overall credit worthiness reduced to a three-digit number.

Beyond that, many people have, at best, a vague understanding about how their financial transactions are regarded by the credit bureaus. There are a number of myths and misconceptions about credit reports and credit scores and how they are affected by things people do financially. Here are a few examples of these popular misunderstandings:

A consumer has only one credit score - Not true. Each bureau keeps track of financial transactions independently of the others and may have more or less information to work with than the other bureaus. Plus, until recently, each bureau used their own scoring system. In all likelihood, if a consumer were to contact each bureau to obtain his or her credit score, the result would be three completely different figures.

Your salary affects your credit score - Your score is simply a reflection of how well you handle the credit available to you. If you earn more money, you might have more available credit, or not. Either way, the score is simply a reflection of what type of credit you have and whether you pay your bills on time. How much you earn is not part of the equation.

Canceling a credit card raises your score - Not necessarily true. Credit bureaus examine how much of your available credit you are using. Less is more; the bureaus like to see that you are using as little of your available credit as possible. If you owe a lot of money on credit cards and you cancel an unused account, it may look like you are using a larger portion of your available credit. That will actually raise your score!

Marriage merges credit reports - Your credit report is your own. That will not change if you get married. Jointly borrowed money will show up on both reports and will affect both of your scores. And just as marriage doesn't merge the reports, divorce won't separate the joint items. If you get divorced and your ex doesn't pay on your joint loans, your score will decrease.

The process of compiling credit scores is a complicated one. It's understandable that many people don't entirely understand how the system works. Perhaps the best way to keep tabs on what is going on with your own finances is to check your credit report regularly.

Credit Reports -- Your Free Report Could Cost You

The growing prevalence of identity theft and increased concern about good financial health has led many consumers to seek copies of their credit reports online. Doing so is certainly laudable; the more you know about how potential creditors and lenders see you, the more prepared you can be when it comes time to apply for a loan or credit. An added bonus is that consumers can obtain one copy of their credit report from each of the three main credit bureaus once a year through the official Web site set up for such purposes at AnnualCreditReport.com.

Unfortunately, there are still many Web sites that exist for the sole purpose of tricking consumers who are seeking copies of their free reports. A quick Google search for the term "free credit report" today turned up no fewer than twenty four million sites in the search results. There certainly are not twenty four million Web sites that are going to provide copies of credit reports for free, so what is this all about?

It's about money. Aside from the "official" site, the others are there to profit, and they can profit in one of two different ways:

Sell you something - Some of these sites actually belong to the credit bureaus; they have set them up to give you the credit report while selling something else to you in the meantime. These sites will offer the "free" report in large letters, while telling you in smaller ones that by accepting the free report you are agreeing to buy a credit monitoring service, which can cost you $10-15 per month. The credit bureau-owned sites will also tell you that you can get your report for free at the "official" site. That is usually stated in fairly small print near the bottom of the page.

Steal something from you - Unfortunately, there are still many unscrupulous crooks out there on the Internet who see the interest in credit reports as the ideal way to steal personal information from people. Their sites will offer a "free" report, and perhaps some other services for which you can pay. But when you fill out the application and provide your name, Social Security number and credit card, you get nothing in return. Instead, the operators of these sites use the personal information to borrow money and take out credit in your name, leaving you to pay the bills.

If all you want is a free credit report, the best way to avoid this problem is to obtain it from the official Web site at AnnualCreditReport.com. Alternatively, you can call 1-877-322-8228 to receive your report by mail. That way, you can avoid being victimized by the thousands of Web sites that might cause you to pay dearly for your "free" credit report.

Credit Reporting And Your Bottom Line

If you have ever been issued a credit card, received a personal loan, obtained a mortgage or held a job, chances are someone is keeping a file on you. This file contains information on how you pay your bills, whether or not you`ve been sued, and if you`ve filed for bankruptcy. Companies that gather and sell this information are called Consumer Reporting Agencies, or CRAs. The three most common are Equifax, Experian and TransUnion.

What`s in a credit report

Congress passed the Fair Credit Reporting Act requiring CRAs to provide correct and complete information to businesses to use in evaluating your applications for credit, employment or insurance. Credit reports are only provided to those with a legitimate business need. CRAs generally report unfavorable information for a period of seven years. Exceptions include bankruptcy information, which can be reported for ten years, and information concerning a lawsuit or judgment against you, which can be reported for seven years or until the statute of limitations runs out, whichever is longer.

When applying for a job with a salary of more than $20,000 or for more than $50,000 worth of credit or life insurance, there is no time limitation for reporting credit information.

Know what`s in your credit report

If you request it, the CRA is required to tell you about the information in your report and, in most cases, the sources of that information. You also have the right to be told the name of anyone who received a report on you in the past six months. If you filed an application for credit and it was denied based upon information supplied by a CRA, you can request a free report within 30 days of receiving the denial. If you have not recently received a denial but still wish to receive a report, you may be charged a reasonable fee. To receive a copy of your report, contact:

Experian
P.O. Box 2002
Allen, TX 75013
888-397-3742 (voice)

Equifax
P.O. Box 740241
Atlanta, GA 30374-024
800-685-1111

TransUnion
Two Baldwin Place
1510 Chester Pike
Crum Lynne, PA 19022
800-888-4213

Fixing Credit Report Errors

If you find inaccurate or incomplete information in your credit report, notify the CRA immediately. They are required to re-investigate the items in question. If the new investigation reveals an error, a corrected version must be sent, at your request, to anyone who received your report in the past six months. If the new investigation doesn`t resolve your dispute, request that the CRA include your version or a summary of your version of the disputed information in your file and in future reports. There is no charge for this service if it is requested within 30 days after you receive notice of your application denial.

Fixing a Poor Credit History

Unfortunately, there are no quick or easy cures for a poor credit history. Time is the only thing that will repair your credit report. There is a brisk business among so-called "credit repair" companies which charge from $50 to more than $1,000 to "fix" your credit report. The only information in your credit report that can be changed are items that are actually wrong. If that`s the case, you can fix the errors yourself for free.

Credit Counseling

While only time can fix a poor credit history, there are some organizations that may be able to help if you find yourself confronted by overwhelming money problems. Many of these problems arise from inflation, overuse of credit, faulty planning or a lack of money management. For example, a credit counseling corporation may be an option. These non-profit corporations offer specialized counseling services to over-indebted consumers and handle their money as their agent. The corporations may charge a nominal fee for services provided. A credit counseling corporation is not a lending institution, charity, government or legal institution.

Consumer Report

Some financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you're considering making a major purchase, such as buying a home. Checking in advance on the accuracy of information in your credit file could speed the credit-granting process.


Getting Your Credit Report

If you've been denied credit, insurance, or employment because of information supplied by a CRA, the FCRA says the company you applied to must give you the CRA's name, address, and telephone number. If you contact the agency for a copy of your report within 60 days of receiving a denial notice, the report is free. In addition, you're entitled to one free copy of your report a year if you certify in writing that

(1) you're unemployed and plan to look for a job within 60 days,

(2) you're on welfare, or

(3) your report is inaccurate because of fraud. Otherwise, a CRA may charge you up to $9.00 for a copy of your report.

If you simply want a copy of your report, call the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting." Call each credit bureau listed since more than one agency may have a file on you, some with different information. The three major national credit bureaus are:

Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111.

Experian P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).

Trans Union, P.O. Box 1000, Chester, PA 19022; (800) 916-8800.

Correcting Errors

Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under the law, contact both the CRA and the information provider.

First, tell the CRA in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the sample below. Send your letter by certified mail, return receipt requested, so you can document what the CRA received. Keep copies of your dispute letter and enclosures.

CRAs must reinvestigate the items in question--usually within 30 days--unless they consider your dispute frivolous. They also must forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so they can correct this information in your file. l Disputed information that cannot be verified must be deleted from your file.

If your report contains erroneous information, the CRA must correct it.

If an item is incomplete, the CRA must complete it. For example, if your file showed that you were late making payments, but failed to show that you were no longer delinquent, the CRA must show that you're current.

If your file shows an account that belongs only to another person, the CRA must delete it.

When the reinvestigation is complete, the CRA must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.

Also, if you request, the CRA must send notices of corrections to anyone who received your report in the past six months. Job applicants can have a corrected copy of their report sent to anyone who received a copy during the past two years for employment purposes. If a reinvestigation does not resolve your dispute, ask the CRA to include your statement of the dispute in your file and in future reports.

Second, in addition to writing to the CRA, tell the creditor or other information provider in writing that you dispute an item. Again, include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider then reports the item to any CRA, it must include a notice of your dispute. In addition, if you are correct-that is, if the disputed information is not accurate-the information provider may not use it again. Accurate Negative Information When negative information in your report is accurate, only the passage of time can assure its removal. Accurate negative information can generally stay on your report for 7 years. There are certain exceptions:

Information about criminal convictions may be reported without any time limitation.

Bankruptcy information may be reported for 10 years.

Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit.

Credit information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.

Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Criminal convictions can be reported without any time limit.

Adding Accounts to Your File

Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to CRAs: Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. If you've been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, ask the CRA to add this information to future reports. Although they are not required to do so, many CRAs will add verifiable accounts for a fee. You should, however, understand that if these creditors do not report to the CRA on a regular basis, these added items will not be updated in your file.

Consumer Credit Reports – A Brief Review

Being an employer, you may want to use consumer credit reports while hiring new employees and also while assessing them for promotion, reassignment, and retention, but only if you abide by the Fair Credit Reporting Act (FCRA). Sections 604, 606, and 615 of the FCRA clearly mention the employer`s responsibilities towards its employees when he uses consumer reports for employment purposes.

The FCRA was primarily constituted to guard the privacy of the consumer report information and to guarantee that the information that is printed on the report by the bureaus and agencies is precise. An amendment was made to the FCRA on 30th Sep 1997 stating that more and more obligations should be imposed on employers who use consumer reports. The Congress advocated this step, as they felt that inaccurate and incomplete consumer reports can cause someone his job or may be even his promotions.

The amendments made it clear that

individuals must be informed that the employer is checking his credit report and more importantly he should agree to it.
individuals have the right to be informed if the information in the credit report has negative influences on employment decision.
More information about consumer report: -

A consumer credit report consists of personal information along with credit characteristics, character, general reputation, and lifestyle. This report should be prepared by a consumer-reporting agency (CRA) according to the FCRA.

Employers feel safe and satisfied to run a background check on applicant before hiring them for the desired job. Some employers are only interested in your credit payment record, some in driving record and some in criminal records. Depending on your job profile, an employer can even ask for an investigative consumer report. These are types of consumer credit reports if acquired from CRA.

Check Your Credit Report

Review your credit report from each credit reporting agency at least once a year. Credit report helps to know where you stand financially at the year ending.

The law of credit report many vary from state to state. But generally one can investigate their credit report from any of three financial bureaus.

To check your credit report you need to provide all of the correct following information to the financial bureaus.
•    Current and previous addresses
•    Marital status
•    Bankruptcies
•    Current and former employers
•    Social security number
•    Liens and judgments
•    Child support obligations
•    Loan and credit card payment history
•    Credit score
•    Who has checked your credit report
Now according to Federal Fair Credit Reporting Act (FCRA) law one can have copy of their credit report annually with no strings attached. It's a good to check your credit report regularly for accuracy and fix it if required. Errors and omissions can cause background check and security clearance hassles. It's not unusual for credit reports to be inaccurate. One can have a credit report from anyone of three bureaus or at a time from all of the three companies.

If you find someone is violates FCRA, you can file a case in against. Numbers of online sites are there those who provide your credit report. But may be fake sometimes, search for a legal sites of three financial bureaus where you just have to fill the online form with all the correct information. Sometime many people give their incorrect credit card number and their form gets rejected by the bureau. So try to avoid all such incorrect information to get your credit report as soon as you can with all the correct information.

Anna Josephs is a freelance journalist having experience of many years writing articles and news releases on various topics such as pet health, automobile and social issues. She also has great interest in poetry and paintings, hence she likes to write on these subjects as well.

Check credit report

One should review their credit report from each credit reporting agency at least once a year. It will helpful to know where you stand financial at the year ending.

The law many vary from state to state. But generally one can investigate their credit report from any financial.

To get credit report you need to provide all of the following information.
•    Current and previous addresses
•    Marital status
•    Current and former employers
•    Social security number
•    Bankruptcies
•    Liens and judgments
•    Child support obligations
•    Loan and credit card payment history
•    Credit score
•    Who has checked your credit report

Now Federal Fair Credit Reporting Act (FCRA) law one can have copy of their credit report annually with no strings attached. It's a good to check it regularly for accuracy and fix it if required. Errors and omissions can cause you background check and security clearance hassles. It's not unusual for credit reports to be inaccurate. One can have a credit report from anyone of three bureaus or at a time from all of the three companies.

If one fell that someone is violates FCRA, you can file a case in against. Numbers of online sites are there those who provide your credit report. But may be fake sometimes, search for a legal sites of three financial bureaus where you just have to fill the online form with all the correct information. Sometime many people give their incorrect credit card number and their form gets rejected by the bureau. So try to avoid all such incorrect information to get your credit report as soon as you can with all the correct information.

Anna Josephs is a freelance journalist having experience of many years writing articles and news releases on various topics such as pet health, automobile and social issues. She also has great interest in poetry and paintings, hence she likes to write on these subjects as well.

Can You Really Get A Free Credit Report?

We`ve all seen the ads for "free credit reports" in our email and on various websites.

But are most free credit report offers real?

Unfortunately, most are not actually free. In fact, most require a monthly "credit monitoring" or other fee – one that most people really don`t need.

Under the Fair and Accurate Credit Transactions Act (FACT Act) consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies – Experian, Equifax, and TransUnion.

To get your copy, visit AnnualCreditReport.com and you can order your credit report online. Or if you prefer, you can make your request by phone or mail.

Other websites that claim to offer "free credit reports," "free credit scores," or "free credit monitoring" are not part of the legally mandated free annual credit report program.

So don`t get taken by these other offers.

What should you do if you find any wrong or damaging information on your credit report?

Contact the credit bureau that issued the report in writing (you can also file a dispute online.) Be specific about what you think should be removed, and provide an explanation. By law, the credit reporting agencies must investigate your dispute within 30 days, and notify you in writing – if the information cannot be verified as correct, it must be removed.

One way to monitor your own credit throughout the year is to order one credit report at a time, wait a few months, then order the next. While not all creditors report to each of the 3 major credit bureaus, this will give you a good idea about any changes in your credit.

What about your credit score?

Unfortunately, your credit score is not considered a part of your free credit report, and must be purchased separately. In most cases you do not need to order your credit score frequently, although it is a good idea to know your score before you apply for any major credit purchases.

Does credit repair work?

Credit repair does work. The credit reporting agencies must remove any items that are incorrect. And there is nothing that prevents you from disputing any item on your credit report that you consider to be damaging. While the credit reporting agencies have no obligation to remove any items just because it hurts your credit, many individuals are able to get damaging items removed from their credit report, and improve their credit score, just by asking for the item to be verified.

But be careful – there are many companies that will charge you a fee, basically to do what you can do on your own. And beware of any company that offers to create a new identity or credit file for you, as this is fraud, and can get YOU in trouble.

The best way to protect your credit is to be an informed consumer!

Business Credit report

Like other types of credit report, credit bureau also maintains your Business Credit Report. Business Credit Report is the short summary of your business credit. It instantly indicates the financial position of your business. In today's competitive market many business offer as well as get credit facilities. So credit plays an important role in every business.

All the credit transactions of a business are included in their Business Credit Report. Many a time business credit reports are useful as reference purposes. It helps to know the liabilities as well as assets of the business. Business Credit Report mainly includes debts incurred, loan repayment, business credit history, creditors and debtors list, bills, etc, which are necessary to inform about the financial position of a company.

It is advisable that a person must check his/her business credit report so that necessary steps could be taken to eliminate the errors or negative remarks, which can act as an obstacle to obtain credit facilities. If situation demands one must also repair business credit report as repairing can also help to increase credit score.

Why Repair Business Credit Report?
Like other credit report one must also repair business credit report. Bad credit report can hinder your credit borrowing capacity but good credit report can wider your credit line. One must always repair the credit report by some credit report service agency or by some credit repair professionals. Apart from all one must repair the business credit report periodically.

Confidentiality
Many a time there is complete secrecy in business credit report. But many a time it becomes necessary to disclose it as to obtain credit facilities.

Procedure to obtain Credit Report
You can get your credit report from the respective credit bureaus but with the developed in online facilities on can also order for free instant credit report. Below are some of the procedures that can help you to get free credit report.

•    Initially download the Credit Report Request Form that you can get from Credit Bureau or you can get it personally.
•    Carefully complete up the form.
•    Soon your application will be verified and you can get your credit report either with the help of fax, post or hand delivery.

Bad Credit Report Repair

Every aspect of your life can be adversely affected by a bad credit report. Having a low credit score means you will not qualify for low interest credit cards or for car and mortgage loans. However, getting out of debt and fixing your damaged credit report is not as hard as you might think. You may be able to do so without the assistance of credit counselors or money managers who will try to take more money from you with their debt consolidation plans.

The temptation to seek the services of credit repair companies is very strong to those with bad credit. They way they advertise can look very promising for those who are desperate enough to need their service. However, everything they can do for you to repair your credit you can do yourself for little or no cost. You do not need to pay their fees to fix your credit report.

Depending on the accuracy of the negative information on your credit report, there are easy steps you can follow to repair it. If the negative information is accurate, the only thing you can do is to wait. Only time will remove that information from your credit report. In the mean time, you need to pay all your bills on time because late payments will adversely affect your credit score even more. You will also need to establish responsible spending habits to prevent any going into further debt.

If the negative information in your credit report is inaccurate, you will need to send a written request to the consumer reporting company to investigate the items in question. By law, they must investigate your claim within 30 days, unless they believe that the claim is frivolous. There are many advertisements claiming to legally erase your bad credit report. They can do this for you for a substantial fee. Again, anything they can do legally you can do as well. Save your money, and do the work yourself.

Bad Credit Report and its Implications

Bad credit report gives a negative repercussion on your financial standing. Several agencies would be monitoring your conduct of handling credit. Even a single failure recorded against you leads to vulnerability when you plan to open a new transaction account.

It is very important to maintain your credibility because it is the only key that you can hold on to win the approval of your creditors. It will be easier for you to execute business with them if you have a clean record.

Credit reporting gives protection to the financial institutions and merchants against fraudulency. If they will keep on entertaining clients that will just deceive them, it may lead them to bankruptcy.

Most of the people who have bad credit record are blacklisted on several companies. This is the reason why they are not given opportunity anymore to make transaction with the said companies.

Turning a Bad Credit Report Around

There are several ways to get your bad credit report to do a 180. This may include making purchases through credit and paying them off consistently and on time. The problem though is you may have to pay higher rates than what a person with a good credit report may be obliged to pay.

But his is a small matter if you consider that you will be getting back your good credit rating and report. Once you get it back, you can purchase products on credit once again without any worries.

It is also imperative that you update your credit report to see how bad it is and how far you have progressed in turning it around. Any errors in there could do a lot of damage so make sure that they are completely updated and truthful.

Bad Credit Credit Report Repair - Why Do It Yourself?

A credit report is a powerful piece of paper. Lenders look at it closely when deciding whether or not to give you a loan. Insurance companies can use it to determine your rates or whether they will cover you at all. Employers can access it and use it as a factor in offering you a job or promotion. With that much significance placed on your credit report, it is absolutely essential that the information it contains paints you in a good light.

Repairing your credit yourself saves you money

According to the Fair Credit Reporting Act, consumers can dispute mistakes in their credit report for free. It can be a little time consuming to pull your report, document the error, type up a letter and send it in, so many people hire credit repair agencies to do the boring work for them. There is no real reason, other than the issue of time, to pour out money for work that you can easily do yourself.

There are no secret tricks to credit repair

Don`t be fooled into thinking that you don`t have the knowledge to clean up your credit report and that a credit repair agency knows a bunch of angles that have eluded you. Everything you need to know in order to fix errors on your credit report is readily available and there is nothing in the process that is required to be done by a third party or professional agency that specializes in credit repair.

Keep yourself from getting scammed

Don`t fall for the ads that claim an agency can erase bad credit from your report. The only thing by law that can be changed on a credit report is inaccurate information. If you have had a bankruptcy, the only thing that will legally remove it from your credit report is time.

Credit repair agencies charge anywhere from $400 to $2000 for their services and the reality is they are not doing anything that you can`t do for yourself. For $30 you can obtain a credit report that lists your history with all three credit bureaus. The rest of the investment in cleaning up your credit report is in the value of the time it requires.

A TRW Free Credit Report – Get It From Experian

The TRW free credit report now comes from Experian, one of the three main credit reporting agencies. However, the free credit report that you are entitled to by law is not covered under the TRW free credit report. To obtain this free report you will have to visit another website. The TRW free credit report, whilst it is free, carries with it the possibility of incurring monthly charges.

When you log on to the TRW site for a TWR free credit report, you have to make sure that you read all the instructions. It covers the credit report that Experian has on you and while you may have a really good score here, you also need to check out your credit report from Trans Union. These are the two agencies that provide credit reports to American consumers. When you request your TRW credit report, you will get it online instantly.

Along with your free TWR credit report, you will also get a free trial version of Check monitoring. This offer is free for one month only and if you do not cancel before the month is up, you will have to pay $9.95 a month thereafter. Any credit report that requires you to register and give a credit card number is one you should avoid. Unless you are really diligent and do cancel the membership, your TRW free credit report could be costly, rather than free.

The home page of the TRW free credit report gives you all the reasons why you need the check monitoring service. Maybe once you read the reasons, you will decide that it is something that you need. However, the main thing is to get a free copy of your credit report. While you can get a free TWR credit report giving you your Experian credit history, Experian, itself, is required to supply you with a free copy once a year when you request it. Why bother with the hassle of the middleman when you can go right to the source?

The TWR credit report will give you the same information about your credit report as any other free online credit reports. Along with your TWR free credit report, if you sign up for a membership, you will get newsletters and toll-free customer support. Do you really need that when all you want is a free TWR credit report? You do have to read the fine print to make sure the TWR free credit report you receive is actually free.

You can get a TRW free credit report, but they certainly do try to sell you more than that.

A Good Credit Report – The Key To Cheap Finance

Is your credit report important? There are a lot of people who would not consider their credit rating as something too important to them in their life. There are others who, while recognising its importance, would not be overly concerned about the issue or understand the reasons for its importance. Well, to those people, they should at least be aware of some of the uses that are made of credit reports in the world in which we live.

Lenders

While it may seem obvious to state it, credit reports are predominantly concerned with assessing the risk involved in lending money to you. Lenders are obsessed with one thing, getting repaid, and their entire industry revolves around making this occur. Therefore, they have developed the credit score that will assess your likely hood of repaying them and this is then used to either approve or reject your application for credit. While this is the basic purpose, some more sophisticated lenders desire to get in on an ever larger share of the market and in order to lend to higher risk borrowers, they create different categories of loans which people with lower scores can qualify for. These loans will invariably have higher interest rates and other less favourable conditions and this will be the price you pay for having a lower credit rating.

Since loans are used to finance homes, education, cars, and most other large purchases in life, the inability to get access to credit, or only to be able to get it at less attractive terms and rates, is a substantially reason to care about your credit report and try to keep it in as good a condition as possible.

Credit reports are also used when you apply for renting or leasing accommodation. This is usually because the landlord wants to be fairly certain that you`ll be able to pay your rent as it falls due. So keeping your credit score healthy at this stage will pay off if you need to be approved for renting or leasing residential property.


There is also a trend among employer to start using credit ratings when assessing job applicants. The reasons they are making use of credit reports are of course different for every employer but there is a consensus that a healthy credit report and a good past record of meeting financial commitments is a good sign that the job applicant is someone reliable and worth employing. While it does seem slightly perverse that the very people that will need a job the most are precisely the ones that can be denied it but that`s the direction things are moving in.

3 In 1 Credit Report - Getting A Copy Of Your Credit Report And Seeing What Needs To Be Improved

If you are concerned about identify theft or regular credit monitoring, you likely understand the importance of obtaining a copy of your free personal credit report. Neglecting to monitor your credit may prove damaging in the long run. It does not take long for a person to access your information and begin opening accounts in your name. For this matter, consumers are advised to obtain a 3 in 1 credit report every six months.

Benefits of a Credit Report

Aside from protecting yourself against identify theft, credit monitoring is essential for improving your credit rating. Although lenders use credit reports to judge a loan applicant's creditworthiness, credit reports are also beneficial because they keep us informed of our credit standing. Thus, we can know our odds of obtaining a home loan, auto loan, etc.

How to Get a Copy of Your Credit Report

Getting a copy of your 3 in 1 credit report is simple. Furthermore, because reports are viewable online, there is no valid reason not to check your report at least once annually. Every city across the country has a local credit agency which will issue copies of your credit report from all three bureaus. However, if you prefer the convenience of the internet, there are various websites offering 3 in 1 reports for a small fee.

To obtain a copy of your personal reports, you must provide information such as name, address, social security number, etc. Once your information is verified, credit reports are either sent via email, or viewable from the website. Your entire credit history will show before your eyes.

Why Obtain Copies of a 3 in 1 Credit Report?

If you are hoping to improve your credit rating, obtaining a 3 in 1 credit report should be the first step you take. This way, you know exactly what needs improving. The report will list all creditors, current balances, and account standing. Moreover, you should review your report for errors. If inaccuracies are present, contact the bureau and discuss clarifying the matter.

In addition, credit reports include a credit score. This 3 digit number carries a lot of weight. Low scores indicate bad credit, whereas high scores equal good credit. If the goal is to improve credit score, it may be wise to improve in certain areas. For example, avoid late or skipped payments, reduce debt to income ratio, settle collection accounts, and limit your number of credit inquiries.

3 Free Credit Reports For You

If you were to tell someone that they can have a certain item for free, more than likely their response would be, "what`s the catch?" In the case of credit reports there is no catch, you can now get a free copy of this report through the three credit reporting agencies: Equifax, TransUnions, and Experian. Let`s take a look at the law and how you can benefit from it.

An amendment to the federal Fair Credit Reporting Act (FCRA) requires the three national credit reporting agencies to provide one free copy of your credit report to you annually. Beginning on December 1, 2004 and culminating on September 1, 2005, the Federal Trade Commission is requiring that these agencies offer reports on a rolling, phase in basis. In other words, on December 1, 2004, if you live in certain western states you became eligible at that time and every three months later additional states were added. By September 1, 2005, residents of all states are eligible.

Fortunately for consumers, you need not contact the three reporting agencies separately to obtain your free credit report. You can order right online at annualcreditreport.com; or by calling 877-322-8228; or by completing the Annual Credit Report Request Form and mailing it:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

The form is available online where you can print it out and mail it in: ftc.gov/credit.

If you need copies more often, you can contact the three reporting agencies and request copies. You will pay for this service.

To buy a copy of your report, contact:

Equifax
800-685-1111
equifax.com

Experian
888-EXPERIAN (888-397-3742)
experian.com

Trans Union
800-916-8800
transunion.com

There are also private companies who will obtain all three copies of your credit report for you as well. There is a fee involved, but you may find their services to be less of a hassle than contacting the three companies separately.

So, how can you benefit from the law? By ordering copies of your reports from the companies on a four month rotating basis. Most consumers will find this plan to be sufficient and it will allow for you to compare/contrast the reports of each agency. Of course, if you already suspect fraud you will want to order all three reports at once and notify each agency to place a "fraud alert" in your credit file.

All in all, the new law is a big win for consumers. Take advantage of this "windfall" as soon as you become eligible to do so.

3 Credit Report,Discover How To Improve your Credit Rating

This 3 credit report article was written to answer many of the most frequently asked questions, I hope you find all of this information helpful.

A 3 credit report can be useful for a variety of reasons. There are three major credit reporting agencies: Experian, Equifax, and TransUnion, and each of them has their own information about your credit, so to get a good credit report, you have to use all 3. Fortunately, you can get a 3 credit report for about $24, and this will tell you all you need to know about your credit rather than wasting time with a so called free online credit report.

Many institutions need to know your 3 credit report before they will approve of you, and so knowing your credit record can give you a heads up on your chances of receiving all kinds of services. For example, a home loan will not be given if you have a bad credit score, and neither will you qualify for low cost life insurance, a credit card with a low apr, or some times even a lease on a house or car. So knowing your 3 credit report can be a short cut to save you time applying to services which you won't receive.

Another thing about knowing your 3 credit report score is that it can show you if someone has been defrauding you or stealing your identity. If, for example, someone has been getting accounts in your name and not telling you or paying them, they will show up on your 3 credit reports as a bad score. This will let you take appropriate legal action to get them removed from your record and to get the guy who did it by calling the cops.

Getting the bad fraud charges off of your 3 credit report score can be a major hassle. Once my mon had serious charges on her 3 credit report because someone was filling for a cellphone using her name from Detroit, and the company would not believe it was not her, even though it was a different residence. To get them to believe it, she had to produce several pieces of identity and mail, as well as her home title to show where she was living. They would not believe that he address was what she said it was until she showed them lots of proof. What a hassle.

There are many ways you can improve your credit score. One of them is to own credit cards and regularly pay off your payments to show that you are reliable and can be trusted with credit. If you regularly pay off your balance, and are on time with gas, phone, electric, and utility bills, this also can help. In the long run, it is worth it for you to keep your credit good, because it means you qualify for better interest rates, bigger lines of credit,equity line of credit,home equity line of credit ,low apr credit card, and all kinds of other financial benefits that you wouldn't have otherwise. Really, it's easy and you've got nothing to lose.

3-in-1 Credit Report Is Car Buyer's New Best Friend

You've researched the perfect car to buy and the perfect time to buy it. But have you checked your credit report and credit score? A quick review of your credit report online before you visit dealerships can save you both time and money when you are ready to make your deal.

1. Give that credit report a tune-up.

Check your credit report early in the process to avoid embarrassing or costly episodes at the loan desk.

 Get the facts first. Having your 3-in-1 credit report from TransUnion's TrueCredit.com before you shop for a vehicle allows you to compare and review your financial information from each of the three credit bureaus: TransUnion, Equifax and Experian.

 Check the accuracy of your 3-in-1 report. If you find any mistakes, report them immediately.

 Are your credit card balances high? Reducing these or paying off small debts can sometimes boost your credit score and save you money on a loan.

 A few months of prompt bill payments can improve the way lenders view you.

2. Don't overextend yourself.

Brand new sports car vs. used and practical? Before you decide which car is right for you, it's a good idea to see how much you can really afford.

 After all your other bills are paid each month, how much do you have left to put toward a vehicle?

 Do you have a trade-in or down payment? These can help you negotiate a better rate with lenders and can be especially important if you have problem credit.

 Calculate your debt-to-income ratio by dividing all your monthly payments by your gross monthly income. Make sure to add in your expected new car payment. A ratio greater than 30 percent may be a red flag to lenders.

3. Do your financing homework.

Applying for an auto loan doesn't have to be stressful if you arrive prepared. Consider the following:

 Be ready to discuss your income, occupation, home loan and credit history.

 To negotiate the best loan, check the rates banks and credit unions will offer you before visiting a showroom to make your final deal.

With these tips and your credit report from TransUnion's TrueCredit.com in hand, you should be well-equipped to negotiate a better deal on your next car. Now, go get 'em!

10 Tips To Improving Your Credit Reports

Credit is something that some take lightly or give little thought to until it’s really needed. There are 10 things that you can do to make sure that your credit is always in good standing so it will be available when needed.

1) Pay your bills on time. A consistent history of timely payments will greatly improve your credit profile and will, therefore, make you more desirable to lenders. In many cases, a strong payment history in your credit reports will also result in better interest rates.

2) If possible, pay your bill in full every month. This will help to save you money in finance charges, especially credit cards with high interest rates, and will make your credit reports even stronger.

3) Avoid carrying a balance of more than 50% of your total credit limit on any credit card.

4) If you notice any incorrect information on your credit reports, dispute it in writing with the credit bureau immediately. You may also find it helpful to contact the creditor directly, notify them of the incorrect information and ask that they correct it with the credit bureau and on each of your credit reports.

5) If you have recently filed for bankruptcy, start rebuilding your credit with either a secured credit card or one that is known to be bankruptcy-friendly. The latter often requires higher interest be paid, but your credit score will begin to rise after three months of a steady payment history is listed in your credit reports.

6) If you have old accounts that are listed as being open, but are actually closed, call the creditor and send a letter to the credit bureau. Often times, creditors simply never report an account as being closed with the credit bureaus. If you have a lot of available credit on your report, potential lenders may wonder why you need all of this open credit and what your plans are for it’s use. A large number of apparently open accounts with a zero balance may put you in the high risk loan category if the lender suspects you plan to increase your debt load substantially with your unused credit.

7) Avoid excessively applying for credit as this may lower your credit score because of multiple inquiries.

8) Use your credit cards for necessities only and avoid spending more than you could repay within six months.

9) If your credit cards have excessively high credit limits that you never plan to use, call the creditor and ask that they reduce your credit limit to an amount that you are comfortable with. This will not only reduce the temptation of overspending, but will also prevent potential lenders from seeing that you have a lot of available credit and suspecting that you plan to go into serious debt.

10) The best way to improve your credit reports is to review the information filed with each of the three major credit bureaus every six months. These include TransUnion, Experian and Equifax. A free copy of credit reports can be obtained every 12 months.