Credit Repair Companies-Buyer Beware!
After some unfortunately bad financial decisions, you find yourself with a very low credit score and collections agencies hounding you on a daily basis. You are desperate to find a way out of this mess that you have landed yourself in. The credit repair commercials on TV and radio seem so attractive. They claim they can make all your credit woes go away with magic solutions that seem almost too good to be true. Well, most of the time these claims are really not true and may even be illegal. Although legitimate credit repair companies do exist, you must be aware of some very key facts if you plan to sign up with one.
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Build Good Credit from the Get-Go
As a young person just starting out, the best way to ensure your credit file stays healthy is to take all the right steps from the get-go. It’s never been more important to have a solid credit history than it is in today’s world. Creditreportblog.com offers some basic steps to ensuring that you get started in the right direction.
· Open up checking and savings accounts, if you don’t have one already. Having a bank account is sort of sign of stability in the eyes of lenders.
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Credit Card Consolidation-Making Life Simpler?
When consumers have mounting debt on their hands and interest rates keep rising, some look towards finding ways to consolidate their credit card bills. If you are a consumer that falls into this category, Creditreportblog.com recommends that now is the time for you to consider transferring high-interest balances to 0% or low interest cards.
When looking towards doing balance transfers, shop for the lowest interest rate, not the lowest payment. Some companies that offer lower monthly payments are just stretching out your repayment, which ends up just costing more in the long run. Although many credit card companies offer this option to transfer balances, you should read the fine print so that you know exactly what the terms are and what costs they may incur if you choose to balance transfer.
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FICO 08 May Change Your Credit Score
The credit scoring formula has been periodically updated over the past 20 years, with changes in technology. FICO 08 will make the scoring system more sensitive to multiple late payments and less sensitive to isolated incidents of late payment or those that occurred a few years ago,� states Craig Watts, Public Affairs Manager, for Fair Isaac Corporation, the creator of the credit scoring system.
CreditReportBlog.com - As credit reports are increasingly being used as the basis of making major decisions concerning many facets of a person’s life, it is more and more important that the FICO score be as precise as possible in giving a true picture of one’s financial well-being. As we all know, your FICO score can affect possible employment, all loan applications ( big or small ), rental applications, etc. Read more
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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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How do I correct a mistake on my credit report?
Everyone should take advantage of their right to obtain a FREE credit report for themselves, every 12 months from each of the three credit bureaus. This is the only way you can monitor your own credit file, without paying high fees to a credit monitoring service. Although the FREE credit report will not include a credit score, it will let you view any negative information included in your file. If the negative information is true, complete and accurate, then you can take actions to start improving your credit situation. Read more
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Settlement results in free credit monitoring service
You can sign up today to receive free credit monitoring services from the credit bureau TransUnion due to a settlement the company reached on a class-action lawsuit.
Credit Report Blog.com would like to advise all consumers that a settlement has been reached in the class-action lawsuit filed against TransUnion Credit Bureau. The lawsuit was filed because TransUnion irresponsibly sold customer information in the form of marketing lists to other businesses. TransUnion denied any wrongdoing, while at the same time, stating that they had stopped the practice as far back as 2001.
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How is your CREDIT SCORE calculated?
Well, it’s just a mathematical formula. It’s based on information contained in your credit report which is compared with millions of other people. The resulting number is in indication of how likely you are to repay your debts. The higher your number is the better deals you will get with lenders, in terms of types of plans offered and interest rates. Credit scores are used extensively by lenders when determining what rate you get for a mortgage, car loan, credit card, or auto insurance. There are many different kinds of credit scoring models used by lenders to determine credit worthiness of potential clients.
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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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Low Credit Scores hurt in more ways than you know
CreditReportBlog.com has done extensive research on how low credit scores hurt innocent buyers. We are all aware of the obvious ways in which a low credit score hurts us like higher mortgage and credit card interest rates. What we don’t realize is that there are many other unsuspecting ways that a low credit score may affect our lives.
EMPLOYMENT
You may find it surprising that some employers care about credit scores as well. Close to 70 percent of companies, especially large organizations will check credit before they hire a person. The logic behind it is that they assume credit problems at home create stress and distraction at work. They don’t want to have an employee get collection calls at work or have to get involved in garnishing wages.
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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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Is it possible to “repair bad credit”?
If you have bad credit, be aware that your credit score keeps changing as new information is reported by your creditors. And so a bad credit score can change over time if you start to manage your credit responsibly. This means that you must do all the following:
· Pay bills on time, as late payments and collections can do real damage to your credit score.
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Business credit report monitoring
It is just as important to keep a close eye on your business credit report as it is your personal credit report. As a business owner, you want to know exactly what is in your business credit report because it is the basis of many decisions others make about your company. It will be used to determine how much loan you can get, how much interest you will pay on it and other things such as how much insurance premiums you will pay.
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What is a “credit score”?
Wondering what a “credit score” is? Well, let’s break it down into a few basic terms. Your credit score is a number that is derived from your credit report that tells lenders or others how likely you are to make credit payments on time. This score will affect whether you are able to obtain credit and if so, what interest rates you may pay for credit cards, mortgages, car loans, or whatever the case may be. For the most part, a higher credit score will mean that you will most likely be approved for a new credit at a lower interest rate.
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