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Free Copy of Your Credit Report
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How to Establish a Good Credit Score
Your credit score is a mathematical calculation done by the credit bureaus to determine your credit worthiness. A high credit score means you are a good credit risk; a low score means a lender will only lend to you if they charge you a high interest rate, or if you provide outside security, such as a car or a house.
A good credit score is important, because the better your score, the ea... Read credit counseling article
Tackle Credit Repair
Though you're in debt at this time, if you dig down deep and decide to fight for your financial freedom back, you can surely find a solution. Credit repair becomes a necessity in some of our lives at times since we do not always have great debt management skills going into adulthood.
The creditors that have lent us money are doing so in good faith and under the assumption that they will... Read credit counseling article
Free Copy of Your Credit Report
Thanks to the Federal Fact Act, consumers nationwide are now able to get annually a free copy of credit report.
Why order for a free copy of credit report?
You credit report is actually your credit history for a period of time. Even though it is just a three-digit number but it has great importance in today's business world. Many money and bank lenders solely depend on your credit report to judge your financial stability to grant a loan. It's quite possible that your credit report may contain some errors and flaws. Remember this small error in your credit report can actually affect your credit history in a big way. In order to overcome this problem you need to get the error rectified as quickly as possible. It's a good idea to request a free copy of credit report at least once in six months.
When are you entitled for a free copy of credit report?
- You are entitled for a free copy of credit report if you have been denied credit
- If you are unemployed and intend to apply for employment within 60 days
- If you are a public welfare assistance
- If you report has been revised
- If you credit report contains inaccurate information due to fraud or theft
It is estimated that at least 48% of consumers have errors in their credit files and 12% of those errors are severe to result in credit being denied. It is unfortunate that these mistakes can actually cause you to be denied a loan, insurance or employment.
Can I get a free copy of my credit report?
- You are entitled for a free copy of credit report if you have been denied cedit
- If you are unemployed and intend to apply for employment within 60 days
- If you are a public welfare assistance
- If you report has been revised
- If you credit report contains inaccurate information due to fraud or theft
How can you fix your credit report?
- Check your credit report at least once in six months and rectify errors in it immediately
- Do not open unnecessary account. It would be advisable to shut down all the unnecessary accounts
- Do not open multiple accounts at the same time. Remember a zero balance account is also taken into consideration.
- Repair your credit report in case of any errors
- Pay your minimum balances before the due date. This alone will fix your credit report
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Build Credit
Building credit is essential to living in modern American society. A credit score is used to assess one's responsibility in repaying their debt. A credit score reflects one's credit history, and the numerical value of the score is a function of one's fidelity. A credit history is a detailed record or report on the repayment schedule of one's debts. Basically, your numerical credit score represents your "risk value" -- if a financial institution is going to lend you the money to purchase a high dollar item, they are more likely to "feel safer" lending their money to the person who demonstrates a "lower risk" of ignoring their repayment obligations.
Institutions evaluate credit history, and thus credit scores, when determining how much money and at what percentag rate you are eligible for. Financial institutions use your credit history and your credit scores to finance high dollar items, such as a home, a car, or furniture. While using cash is ultimately the best way to pay items, using cash does not assist in building credit.
One must begin building their credit sooner or later. (The reason why credit must be built is because not everyone has the cash or savings to purchase a house or a car.) Since time is a variable in determining your credit score (time means history), the longer that one demonstrates their fidelity in their repayment obligations, the higher one's credit score is. In other words, always keep the credit card that you have had for the longest period of time, even if it's not used.
Since repayment fidelity is an essential determinate of one's credit score, the dollar amount of purchases plays a significantly less role. In other words, building credit does not necessarily mean purchasing and paying on high dollar amount items. From the point of view of the financial institutions, it means more that one repays the debts that one has. Therefore, if one desires to build their credit, one can purchase low dollar amount items such as CDs and DVDs -- even items that cost less than $1.00. Using your credit card to purchase a single item that costs less than $10.00, and quickly paying back that $10.00, is an easy and inexpensive way of building a credit history. Begin small.
A credit score also factors in the variables of one's income and one's existing debt obligations. Those who demonstrate (1.) fidelity in their repayment obligations, (2.) a low debt-to-income ratio, and (3.) fewer lines of credit, are more likely to qualify for more money lent at a lower percentage rate. In other words, as a rule, one should be earning more money than one sends out on bills. Where possible, discontinue the use of specialied gas cards or specialized department store cards in lieu of one card that offers nice rewards for its use. You're more apt to earn rewards by using one or two cards more frequently than by using dozens of cards less frequently.
Always and forever zero out your credit card balance on a monthly basis. This demonstrates your financial responsibility to the future lenders who will query your credit history.
Obtain a credit report, on an annual basis, to eliminate errors that lower your credit score. This is especially important for a child who shares the name of one of their parents. All credit disputes should be hand written and sent in using certified mail.
In conclusion, building credit is an easy process -- but it takes time. By purchasing small dollar items, items that cost less than $10.00, one is more likely to be able to repay their obligations. As a rule of thumb, I recommend that one purchases a $10.00 or even a $5.00 item once per month. There's no need to "rush." By doing so, you're showing financial institutions your history of repayment fidelity -- this is essential in growing your credit.
Original article can be found on The Midessa Forum.
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