What You Need to Know About Credit Reports
You hear people talk about credit reports all the time but do you know what they are really all about? Well, if you have ever been turned down when applying for a credit card or a loan it is high time you learned all about your credit report and how you can get it working for you instead of against you.
Let's start off by explaining what your credit report actually is. Your credit report is a public record of all of the transactions concerning any money you may gave borrowed in the past. Any payments that you make on time or late, will show up on this report as well. Any tax liens or bankruptcies are on there as well. Your credit report even notes each time your report has been requested by someone or some company.
The reason that this report is so important is that this is how most lenders make their decision about whether you are a good credit risk or not. If you have a history of not paying your debts, they are obviously not going to want to give you any money because they know they will have a hard time getting it back from you. If you have poor credit you will find it difficult to get any credit cards or loans, even employers and landlords are accessing credit reports these days.
Everyone should request a copy of his or her report at least once a year. This is a simple task, all you need to do is contact one of the three major credit reporting agencies and ask them for a copy. This will not cost you anything but the copying expense and the stamp. You can contact these agencies online at:
Experian (located at www.experian.com)
Trans Union (located at www.transunion.com)
Equifax (located at www.equifax.com)
It is a good idea to get a report from all three of these agencies because they are not always the same. Once you get your report you will want to check it over for any errors or discrepancies. If you find any be sure to contact your creditors right away so that they can fix the problem.
According to the law you are entitles to receive one free copy of your credit report each and every year sot here is a chance that you will have to pay for the other two. But there is a chance that you will be eligible to get free reports if you meet certain criteria.
This criteria is as follows:
You have been the victim of identity theft
You are on welfare
You are unemployed
You have been denied credit recently
If your credit report is not a good-looking one at all there are some things that you can do to fix it up. First off, as I mentioned before if you see any errors report them right away, but if the black marks you see are all legitimate claims you will have to do some serious repair work. You cannot fix your credit overnight, no matter what anyone tells you, it is going to take some time and some effort.
If you just cannot seem to get things together enough to start making all of your payments on time each month you can contact a credit counseling service. They can help you to manage your debt successfully.
Having good credit is very important and the truth of the matter is that it is only going to get more important. Now is as good a time as any to get things under control don't you think?
Martin Lukac, represents, #1 Loans USA, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: http://www.1LoansUSA.com
MORE RESOURCES:
 Boston Globe | Former Credit Suisse broker arrested in US Swissinfo, Switzerland - A former Credit Suisse broker has been arrested for fraud and conspiracy over deceptive sales of subprime-related auction-rate debt in the United States. ... Former Credit Suisse broker charged with subprime-linked fraud in ... UPDATE 1-FBI arrests ex-Credit Suisse broker Bulgarian Wall Street broker indicted |
S&P cuts O'Charley's credit ratings CNNMoney.com - S&P on Thursday cut the company's corporate credit rating to "B+" from "BB-" and its senior secured credit facility rating to "BB" from "BB+. ... Cut north-west or bust Upstate NY water authority rated AA |
 CEP News | S&P upgrades Raytheon credit ratings 1 notch CNNMoney.com - S&P upgraded the company's long-term corporate credit rating to "A-" from "BBB+." The outlook is "Stable." The Waltham, Mass. ... S&P puts Fifth Third on credit watch Credit rating soars in District 300 Starbucks downgraded to 'BBB' on weakening credit metrics - S&P |
When the Bank Closes Your Credit Account Washington Post, United States - By Joan Goldwasser Q I received a notice from Capital One that it is closing my credit card account because of inactivity. If the company closes the account ... Capital One Spurned Mortgages For Credit Cards - CFO |
The Upcoming Technology of RFID For Contactless Access Control ... MarketWatch - This technology is now being rolled out in the UK and around the World for so called 'BioMetric passports' and credit cards because there are no physical ... |
Credit Crunch: The Sequel U.S. News & World Report, DC - And that certainly seemed to be the case in March when investment bank Bear Stearns became the highest-profile victim of the credit crisis. ... UPDATE 1-US banks' direct borrowing hits record in week UPDATE:Comml Bks Set Record For Avg Discount Window Borrowing The Market: What the Pros Are Saying |
 CBC.ca | Canada bank CEOs see more credit crisis uncertainty Reuters - By Lynne Olver CALGARY, Alberta, Sept 5 (Reuters) - Fallout from the US subprime mortgage crisis and subsequent credit crunch has left nagging regulatory ... Markets still rocky but underlying environment 'benign': Deutsche ... |
 Minyanville.com | As the Credit Strains Linger, Pimco’s Gross Calls for Intervention New York Times Blogs, NY - Banks and businesses are still having trouble raising money, according to data on Thursday that reinforced the prospect that the year-long US credit crisis ... Freaky Friday Potpourri: Help Wanted in Washington! Pimco's Bill Gross hits the panic button 'Financial Tsunami' To Engulf Markets, Says Pimco's Gross |
Credit Suisse appoints India investment banking MD Hindu Business Line, India - MUMBAI: Credit Suisse on Friday announced the appointment of Mr Pankaj Kalra as the Managing Director of its India investment banking department. ... Credit Suisse hires Merrill banker in India Credit Suisse appoints Pankaj Kalra, MD, investment banking Merrill Lynch Hires Dick Barrett and Mark Ellman to Strengthen ... |
 Washington Post | UPDATE 2-Lehman credit spreads widen amid KDB speculation Reuters - Lehman's credit default swaps rose 20 basis points to 345 basis points, or $345000 per year for five years to insure $10 million in debt, from 325 basis ... Credit crunch: Small Korean bank in $6bn bid to rescue Lehman Southpaw: Blood now, pay later: banks get ready for bonus season Lehman nears rescue deal with KDB |
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