The process to buy a credit score can be a little confusing. A credit score can be calculated by a number of different methods and can be offered by more than one company. An individuals credit score may be based on different credit score models using different credit reports. It certainly does sound like a complicated mess of information. Thankfully it appears more complicated than it really is. Consumers need a little advance knowledge to be aware of their credit score and credit … [Read more...]
Charge Offs, Avoid This at All Costs
February 7, 2011 By Leave a Comment
Being late paying your bills is not unusual and happens to the best of us. If a situation arises where you suddenly cannot pay your bills – loss of a job or a medical emergency – it is important to understand just what will happen if you find yourself delinquent on a loan or other debt. The last stage of a delinquent debt is generally identified as a charge off and this item, when it is recorded in an individual’s credit report may very well be one of the most damaging items impacting … [Read more...]
What is a Judgment
February 4, 2011 By Leave a Comment
A judgment is the legal document stating the final decision on the outcome of a lawsuit. For many consumer credit cases the judgment involves a debt that is owed. In these cases, the judgment is frequently a monetary award to the plaintiff which is usually a creditor such as a credit card company or bank. The judgment in debt disputes may include a formal document issued by the court ordering the defendant to pay a certain amount of money to the credit card company or bank or whomever who has … [Read more...]
Identify Credit Report Problems
December 15, 2010 By Leave a Comment
One of the first steps to improve a credit score is to fix the credit report that is the underlying problem directing the low score. An individual’s credit score, whether it is good or bad, is based solely on the data found in that individuals credit report. To improve a credit score therefore requires an improvement in the underlying data in the credit report. In order to repair any issues in a credit report that is the cause of an individual’s low credit score, it is necessary to … [Read more...]
How to Increase Your Credit Score
November 10, 2010 By Leave a Comment
In order to improve your credit score, it's important to know where your credit stands currently. By understanding how your credit report looks now, you can see what factors are driving down your credit score and what aspects of your credit needs work to increase your credit score. Your credit score is calculated based on the information in your credit report. Any errors or negative information in the credit report can push your credit score lower as can limited credit or limited … [Read more...]
Contact Credit Reporting Agencies
October 30, 2010 By Leave a Comment
There are generally two reasons consumers need to contact credit reporting agencies. Credit reporting agencies can be contacted to obtain a free credit report or the credit reporting agencies may be contacted to handle a credit report dispute. To contact a credit reporting agency in order to obtain a free copy of your credit report, the best method is to use the website set up to make these requests for all three of the major credit reporting agencies. The three major consumer credit … [Read more...]
Advantages of a Good Credit Report and a Good Credit Score
October 27, 2010 By Leave a Comment
The benefits and advantages of a good credit score and good credit report is far greater than just obtaining the ability to have easy access to credit. There are several advantages to maintaining a credit score of which one is certainly, lower rates for new credit and bank loans. Lenders will use a credit report, along with a credit score, an evaluation of your capacity to repay and any collateral in making decisions to lend you money. Most lenders also take these same matters into … [Read more...]
Credit Report Dispute
October 26, 2010 By Leave a Comment
To help fix your credit score or credit report, the process that often has the quickest and biggest impact is the credit report dispute. To dispute the information in your credit report you must send a dispute letter to each of the major credit reporting agencies. A dispute letter is a consumer’s means to challenge the accuracy or validity of information in their credit report. The value of the credit report dispute letter comes from the Fair Credit Reporting Act (FCRA). The FCRA … [Read more...]
Credit Reports are the Foundation for Credit Scores
October 20, 2010 By Leave a Comment
A credit score, often referred to as a FICO score, is a number based on the information in an individual’s credit file or credit report. Because your score is constructed from the information in your credit report it is always worthwhile to review your credit report to find out what is causing either a low credit score or a good credit score. In fact, it is hard to improve your credit score numbers if you don’t know what is in your credit report causing the low numbers. Since a … [Read more...]
Credit Score Quick Facts
October 18, 2010 By Leave a Comment
Here are some quick facts about credit scores that consumers should keep in mind when reviewing their credit score, credit report or putting together a plan to help improve their credit scores. You need to have and use credit to have a credit score. Credit reporting agencies gather and report a consumer's credit history that includes debt repayments to credit cards, auto loans, mortgages and other creditor accounts. Credit reporting agencies also record information on judgments, liens, … [Read more...]