It Pays to Know Thy Credit

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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



It Pays to Know Thy Credit
Credit is a complicated matter. Many people don't understand it and don't want to. They know all they need to know. Until they find that they are unable to get any more credit due to their ignorance of the way it really works.

I am constantly surprised by the things I hear people say about their credit. One thing I hear over and over again is that someone doesn't want to know what is on... Read credit counseling article



It Pays to Know Thy Credit
Credit is a complicated matter. Many people don't understand it and don't want to. They know all they need to know. Until they find that they are unable to get any more credit due to their ignorance of the way it really works.

I am constantly surprised by the things I hear people say about their credit. One thing I hear over and over again is that someone doesn't want to know what is on his or her credit report.

But believe me, plenty of people do want to know what is on your credit report. You lenders, your current credit card companies, your landlord, your insurance company and your potential employers all will look at your credit report. It will determine your interest rate, you rentability, your insurance premiums and in some cases even your hireability.

So what is on your credit report is increasingly important to you as you get older. Most people have mistakes on their reports. Many are the victims of identity theft, but they don't know it yet. You need to check your credit report at least once a year. You can get a free credit report from each of the three credit reporting agencies -- TransUnion, Experian and Equifax -- once a year. Simply go to AnnualCreditReport.com for more information.

It is a good idea to know your credit score as well. There are reports that one in five people have higher interest rates than they should for their credit score. Often, people don't realize that they have better credit than they think, so they go along with whatever rate is offered to them. You have to pay a small fee for your score, but it is worth it. And with time, you can watch your efforts to improve it pay off.

Be a wise credit consumer. Pay all your bills on time each month. Don't overextend yourself. Avoid credit card balances at all costs. Keep your balances to credit limits at least under 50%. Work hard to pay off your debts. Remember, the less you have in debt, the more money you have.

Take the time to shop around for great interest rates and favorable terms. Don't just accept the first offer that comes your way. Shop around for everything from mortgages to credit cards.

The key to this is to shop around first and then apply with the one lender that you decide best fits your needs. You don't want to have more hits on your credit report than necessary. It won't raise your score, but it will alert lenders to the fact that you are searching for credit.

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Remove Negative Information From Your Credit Report

There is a huge difference between companies who claim that they can remove accurate information from your credit report immediately and those who say that they can help you remove inaccurate information from your credit history right away and can teach you to clear your credit report with patience and a bit of sacrifice.

Be careful with Illegitimate Credit Repair Services

Paying for these companies advice will in the best scenario imply that you will loose a considerably amount of money and get nothing in return. In the worst scenario, however, you may end up being prosecuted due to committing fraud to lenders or the government just by following their advice. Presenting a false identity is a crime, lying in application forms is a crime and trying to deceive lenders or government agencies in any way is also a crime, thus, beware.

Is it Possible to Dispute Information Legally?

The answer is YES, however, you can only dispute inaccurate information successfully without risking prosecution for making false claims. In order to dispute information on your credit report, you need to tell the credit agency in writing what specific details you believe to be false or inaccurate, you'll also need to attach any documentation (copies, never the original documents) you have as proof of your claims.

You need to include your contact information too along with a copy of the credit report where you found the negative information you believe to be false or inaccurate. Don't forget to request the information to be corrected or removed. Otherwise, they might do nothing about it. Always keep copies of al the documentation sent and the receipts as you may need to use them in court if they don't comply.

What if I'm Right and the Information was Inaccurate or False

Credit Agencies have 30 days to review all these information, forward it to the institutions that reported the negative information, make a proper investigation and reach a well informed and formal conclusion. If the information was false or inaccurate, the credit agency will inform the other credit agencies in the market so they can correct their credit reports too.

The credit agency is also obliged to give you a written explanation of everything that was done along with a copy of your credit report if anything was changed. You are also entitled to receive the details and contact information of the bank, lending institution or whoever provided the negative information. If you were declined by a lender or credit card provider or where affected in any way by this information, you can take legal action against this institution first and eventually, against the credit report agency too.

Mary Wise, a professional consultant at Badcreditloanservices.comwith twenty years in the financial field, helps people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into the hands of fraudulent lenders.




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It Pays to Know Thy Credit
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