Credit Reporting Agencies

Often in financial advice, you will see the three main consumer reporting agencies mentioned. However, you may not know who all three are or how to contact them. In the United States, there are three national consumer reporting agencies who determine most of your credit reports and scores. Each one is slightly different and contains different information, but all of it should be 100 percent accurate. The following are these three agencies and all their contact information. Equifax Credit Information Services, Inc. http://www.equifax.com/home/ PO Box 740241 Atlanta, GA 303374-0241 Place a fraud alert call 1-888-766-0008 Order a credit report call … Continue reading →

Credit Repair Scams

If you are on the hunt for ways to improve your credit, be very careful of credit repair scams. Anyone that makes big promises about erasing your debt or any guarantees of quickly improving your score… be wary. In the world of credit and debt, if something seems too good to be true, it most likely is. Debt reduction and credit repair take dedication and hard work. There are no quick fixes. The Federal Trade Commission monitors and regulates the credit repair businesses. Due to good consumer watchdogs, many have been shut down. Still, it pays to be very careful… … Continue reading →

The Effects of Debt on Credit

It is always good to pay down your debt. It makes your credit report and score better, but the effect may not happen as quickly as you like. Debt problems, like late payments and unpaid bills, will stay on your report for seven years — even if you take care of them. The longer back in your history they are though, the less impact they have on your credit score. Bankruptcy is the most serious flag on a credit report and should only be used as a last resort. Bankruptcies stay on your report for ten years and have a … Continue reading →

Closing Credit Accounts

Many years ago, I cleaned up my credit. I had paid off all my debts (minus our mortgage) and wanted to simplify my credit assortment. Back then, I had no awareness of credit scores. All I knew was I didn’t want to have so many accounts to keep track of. Today, the talk of the town is about improving credit scores. What I didn’t realize back then, was that closing off most of your credit accounts can actually hurt your score. Still, if you want to simplify, there are ways to do that and still maintain a decent credit report. … Continue reading →

Watch the Application

One factor that can hurt your credit score is too many credit history reviews. A credit report “review” is when a business checks your credit history. There are really two types of inquiries into your credit history. One is more of an overview, like when a credit company wants to pre-approve you. The other is a more significant inquiry; when a creditor is determining whether they will approve your actual application for a loan. Too many inquiries can erode your score. The worst kind of review is the “harder” one performed when you fill out an application. If you want … Continue reading →

The Credit Reporting System

Ever wonder how the credit report system works? Well, it is a big enterprise for sure, run by voluntary transactions that affect you both negatively and positively. There are three major credit agencies. The information they gather is reported to them voluntarily by businesses. Any business that holds consumer accounts can report information on you both positive and negative. The agencies simply gather the information and place it on individual credit reports. This information is then used to create your actual credit score. Since there are three major agencies, each one of them collects different information, which is why you … Continue reading →

Credit Scores and Life

Some people blow off the concept of credit history and credit scores because they don’t plan to use credit. Living without credit is possible. There are growing numbers of people in this society who have chosen this path. Certainly, debt has its demons. Starting a credit line can be a dangerous path. Still, no matter what your personal feelings are… society has begun to rely on credit scores to determine just how responsible you are in everything. This means, even if you never plan to take a loan or open a credit card, your credit history (or lack there of) … Continue reading →

Paid Off… Now What?

So, you have worked hard to pay off all that debt… congratulations! Unfortunately, it is still going to take some time to repair your history. The first step is certainly getting your debt in check. This will open all sorts of doors to financial flexibility in your budget. Not having that huge debt payment each month is almost like winning the lottery! Still, if you were having serious problems with debt before… it will take some time to rebuild your credit. The first step is to get some sort of installment loan or credit card, depending on your needs. A … Continue reading →

More Tips on Repairing Credit

To continue our discussion from yesterday, you have lined up all your important credit documents and set up a reasonable budget. The next steps are some specific tips you can do to get that credit score up a little quicker. With a goal of 720, your score is best improved by regular full payments to all your accounts, ON TIME. Even one late payment can dramatically affect your score and take months or years to remedy. Always, always pay on time… even if all you can do is make the minimum. Pay on time! In addition, a few other factors … Continue reading →

Repair Credit

If you have a poor credit score, it is time to get in gear. There are many ways to improve your report, but they all take time to heal the injuries. Therefore, it is important to start now, and then you can reap the benefits of good credit sooner than later. The first step should be to get your most recent credit report from all three reporting agencies, Equifax, Experian and TransUnion. You are entitled to one free report each year, so this is well worth your time. The best place to visit is AnnualCreditReport.com; they will easily process your … Continue reading →