Increasing Credit Worthiness
If you have none to little credit history, there are steps you can take to start building that credit history and in turn, improve your personal credit worthiness. Until you have a history of favorable transactions in your credit file, lenders do not know whether you are a good credit risk or not. Here are some unique steps you can try to increase your credit worthiness:
· Try applying for multiple credit cards within 1 year. Although they say that any inquiry into your credit file as a result of a credit card application automatically lowers your score, there is a hidden secret behind this. An inquiry for 1 credit card application has the same effect as 10 inquiries from 10 different applications if they hit the credit bureaus within 1 calendar year.
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Reasons to Check Your Credit Report
Most people don’t check their credit report until it is time to make a purchase that requires a degree of creditworthiness, i.e. buying a house or a car, opening up a credit card, etc.
Credit Report Blog.com would like to take this opportunity to reinforce to its readers the importance of consistently checking their credit reports for various reasons, as mentioned in this report. When an important decision is to be based on your credit report, it may cause unforeseen delays or rejections, if surprises pop up on your credit report which you were not expecting. The causes of these surprises could be the result of identity theft, reporting errors, mistaken names, etc.
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3 bureaus’ credit scores can be widely varied
Most lenders look at a consumer’s credit scores to decide whether to grant a loan and how much to charge. Consumers can buy a report on their credit scores, but these scores vary — sometimes widely. “There is a pervasive myth that there is one credit score,” said Rod Griffin of Experian.
CreditReportBlog.com advises that everyone get a copy of their FREE credit report from each of the 3 credit bureaus. Although most of the time the information should not be too different on all the credit reports, your credit score may vary somewhat depending on few bits of info that one credit bureau may or may not have. Before applying for any type of loan, a consumer should be aware of where they stand, in terms of their credit score. Read more
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Bankruptcy and your credit report
We at CreditReportBlog.com get this question asked pretty often by our readers: Is it a good idea to file bankruptcy to get rid of our debts? Well the answer is not a simple one. With the economy in shambles these days, more and more Americans are looking at filing for bankruptcy as the only alternative left to get themselves out of a bottomless hole of debt. However, before you go ahead, you must be made aware of the terrible stain filing bankruptcy leaves on your credit report.
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Thieves steal $22,000 using credit card of U.Va. Professor
Identity thieves in New York had opened a checking and savings account in Grant’s name, aided by his Social Security number and a fake New York driver’s license with his name on it. Using an online banking feature of the fraudulent checking account, the thieves hijacked Grant’s existing Bank of America credit-card account.
***Credit Report Blog*** After reading about this incident, it is apparent that no matter how safe you think you are or no matter how many precautions you take, identity thieves still manage to do what they do best—severe financial damage to their victim. In the professor’s case, after finding out that his personal info may had been compromised, he took all the right steps that he thought would save him from becoming another powerless victim of identity theft.
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Experts say consumers can minimize fraud risk
One of the surest ways to protect against new account fraud is to place a security freeze on credit reports, which consumers can do for a one-time fee of about $10 to each of the three major credit reporting agencies, according to Paul Stephens, director of policy and advocacy for the San Diego-based Privacy Rights Clearinghouse, a nonprofit consumer advocacy group on privacy rights.
http://www.signonsandiego.com/
***Credit Report Blog*** At first read, placing a “security freeze” on your credit reports seems like an ideal way to go to prevent identity theft. However, it must be mentioned how inconvenient this can be in your daily financial matters.
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We at Credit Report Blog (www.CreditReportBlog.com) do our best to provide you correct information about various credit related topics and issues such as credit reports, credit scores, credit monitoring, credit checks, credit cards, free credit report, credit bureaus, credit counseling, identity theft, bad credit, and your rights etc. We do not provide this information as legal advice. We just provide ALL this material for information purposes only. We are not responsible for correctness or validity of any information on our website. You are solely responsible for verifying the accuracy of the information from other sources before using it.
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CreditReportBlog.com
“Credit Report Blog” Team
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Stop Identity Theft in its Tracks
No matter how careful you are, thieves are usually a step ahead. What do you do, when they come for you? Once you discover that you may have become a victim of identity theft, here are some MUST DO’S for you to avoid minimal damage:
· Immediately, notify police, banks, credit card companies, and any other parties that you can think of.
· Make certain that you get your copy of the police report, so that you have proof of a crime having been committed.
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Fraudulent credit repair services?
You see ads all the time on tv, radio, the internet, and fliers, promising you services (for a fee) to “erase your bad credit”. These companies offer to remove bankruptcies, liens and bad loans from your credit forever. Some even go as far as offering to “create a new identity for you–legally.
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About Us
It is a well know fact that credit reports can not only have errors, but also other people’s wrong information. Credit report errors and low credit scores cost people millions of dollars in high interest rates every year. In addition, many people get denied access to valuable credit and loans because of their low credit scores. Many times low credit scores are not even the fault of the person applying for credit but it’s due to errors. Yet, it’s a sad fact that not much is being done to help people.
We realized it’s about time to do something about it. We were looking for a way to quickly know what is happening around the credit industry so that people can access the facts and get to know the answers to their questions in easy simple to understand terms without spending days looking for proper answers.
In order to make the required information easily available, we are providing credit related information about credit reports, credit scores, credit monitoring, credit checks, credit cards, free credit reports, credit bureaus, credit counseling, identity theft, and other credit problems in an easy format so that people don’t have to go from site-to-site looking for answers.
We add fresh new tips to increase and maintain high credit scores all the time. Please check back often.
We hope it will help you as much as it’s helping us get quickly informed about the latest credit industry buzz.
Thanks for visiting our site. Have a high credit score.
CreditReportBlog.com
“Credit Report Blog” Team
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