One of the four main components of credit data in a credit report includes public record information. Public records include items such as bankruptcies, tax liens, legal judgments and other legal proceedings recorded by a court. These records are often the biggest drags on a credit score. Some of these accounts may be able to be cleared up or removed from the credit history or credit report with a little bit of work. Most of these public records unfortunately, can not be altered or … [Read more...]
What are FICO Scores
August 25, 2009 By Leave a Comment
FICO scores are one of several credit scores that are used by lenders, banks, insurers, credit card companies and other companies to measure consumer risk objectively. A credit score can be created by different companies based on information in a credit report, but FICO® scores are the most used credit bureau scores in the world. According to the Fair Isaac Corporation, the creator of the FICO score, more than 100 billion scores have been sold by the company and three out of four US … [Read more...]
Beware of the Little Things that can Hurt Your Credit Score
August 21, 2009 By Leave a Comment
Countless articles regarding credit inform consumers about the big events that can have a negative impact on their credit score. But, many consumers fail to realize all the little transactions or little known transactions that may have a fairly significant and harmful influence on their credit score. We all now the importance of good credit and a good credit score in our society with its wide ranging impact from credit and borrowing to employment to insurance and housing and more. Most … [Read more...]
What You Need to Know About Credit Counselors
June 13, 2009 By Leave a Comment
Credit counseling organizations are designed for people who are so far in debt that they are facing bankruptcy. This is an important distinction. If you find yourself with poor credit and a poor credit score but are not drowning in debt, what a counselor will suggest is what you already know: be disciplined to create a workable budget and stick to it while you work out repayment plans for any creditor with which you are in arrears. Now if you have tried to do this with little success you … [Read more...]
What is a Credit Freeze?
May 15, 2009 By Leave a Comment
A credit freeze allows an individual some control on how a consumer reporting agency allows access to your credit report and credit history. With the rise of identity theft, a “credit freeze” is a tool that can allow you to block your credit file from anyone who tries to open a new line of credit with your vital information. Anyone who has spent months, if not a year, unraveling fraudulent use of their credit will tell you that the inconvenience of putting a credit freeze on your credit … [Read more...]
Getting a Free Credit Report
May 14, 2009 By Leave a Comment
The Fair Credit Reporting Act entitles everyone to one free copy of their credit report each year from each credit reporting companies. The law allows you to order one free copy of your report from each of these nationwide consumer reporting companies every 12 months. You may order the reports from the three nationwide consumer reporting companies at the same time or you can order two of the company’s reports or you can order your report from each of the company’s one at a time at … [Read more...]