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Posts Tagged ‘Payment history’

Online there was just recently a report about credit reports that I found very interesting. It explains false beliefs about credit reports of which most people are unaware.

This will help you determine whether or not you are making wise credit choices. This is how your future will be determined as you make an attempt to better your situation.

The Truth Revealed

One of the most obvious myths that people actually believe is the one of which they think they can instantly start with a clean slate once bills have been caught up. Paying your past debts is great for the conscience but it does not necessarily mean that it will wipe out your entire history.

You may still suffer some consequences for certain mistakes and/or unfortunate financial circumstances. This then probably leads to the next point, which has to deal with fear of debt management programs.

There is a wild myth out there that suggests that credit counseling affects a person’s credit score. However, if there are settlements made while the credit counselor negotiates with lenders and creditors that could affect you negatively.

This generally is the case whenever you have an account that is delinquent. However, if things are current it is not going to be counted against you if you are using credit counseling.

Another mistake in thinking that people often make is thinking that canceling credit cards always will boost the credit score. Although it is not wise to have too many of them that you cannot pay off, it helps to have at least two or three on your account.

Usually paying bills on time and not overextending yourself is more important than having a substantial credit card debt. However, you should still be careful about what actions you take.

For one, it will not look very good on your record if you for instance open up several credit cards during a holiday season. Too many inquiries at one time can really hurt your score.

Your free credit report is helpful to you in many ways. For instance, it helps you detect fraudulent activity and it also provides your creditors with information about your creditworthiness.

It can also help you plan for the future. This requires understanding what impact different portions of your credit score might have on you.

If you are a person who happens to be currently in the process of rebuilding your credit, your free report is one of your best guides. It can help you in the following ways:

• It can show you how the size and number of debts you have affects your credit score. Incidentally, it is not the amount of the debts but the number of them that you have that matters.
• If you show on your financial records that the balanced on your credit card limits is less than 25% of the maximum, this helps increase your creditworthiness. Thus, you have a higher score.
• The number of inquiries you make regarding your free credit report while shopping also matters. If you have more than three on your record at any given time this can count against you. You should be careful how many times you make an inquiry about your credit within 90 days.
• Your financial records can also assist you in changing your spending habits. It shows you how you use credit and it will help you cut down on trying to obtain it in the future.

The Federal Trade Commission (FTC) alerts consumers about access to free credit reports. This information pertains to the fact that according to the Fair Credit Reporting Act (FCRA) you are entitled to one free credit report every 12 months.

However, you should also know that you are actually entitled to one report from each of the three agencies, not just one report total every year. Therefore, you can receive a copy of your payment histories and other vital financial records as kept by Equifax, Experian, and TransUninon.

Additional FTC Guidelines

In addition to the above, you are also entitled to the following:

• Accuracy and privacy of the information kept about you
• The right to know if someone has stolen your identity
• Immediate access to your credit report if you file online
• To receive your requested report within 15 days if you want it mailed to you
• Right to a free report if you are unemployed and looking for work within 60 days
• Right to investigation in case of an error
• Opportunity to dispute your case when necessary
• The right to know if anyone has obtained an unauthorized copy of your financial records

FTC Function

The Federal Trade Commission works to prevent consumer fraud. They also fight against unfair and deceptive business practices, including false advertising. They also help consumers remain aware of problems and thus teach buyers and sellers to avoid being a victim of fraud.

The FTC also helps people file complaints in the event a company or individual has wronged them in some way. This organization deals with all types of consumer-related scams, including falsified records, fake credit report fraud, and credit card identity theft.

Consumers Beware!

The Internet has given rise to many fraudulent websites claiming to offer you a free credit report instantly. While some of these sites are very helpful, you need to watch out for any sign of a stolen identity.

WARNING: If you seek a credit report instantly online, make sure you know whom you are dealing with. This is especially important if you are signing up for a free trial of a credit monitoring service.

Remember, you should know what you are getting yourself into and who you are dealing with at all times. This is not to make you paranoid but rather to make you aware.

Use the Internet with caution when seeking a free copy of your financial history. Your financial future greatly depends upon taking proper precautions.

If you are looking for a way to get your free credit report instantly, it is far easier than you think. If you are just now using the Internet for the first time, usually all it requires is the following steps:

1. Register free with a qualified participant

2. Request daily alerts

3.Request from all three major credit bureaus (Experian, Equifax, and TransUnion)

How to Sign Up

Usually all you need to do is fill out your name, address, and other personal information. WARNING: If you are seeking an online instant credit report for the first time make sure you trust the source!

NEVER give your information to an online credit report checker you cannot verify. If you send your informantion to a fraudulent site, you could have your identity stolen.

Why you should Sign Up

The reason you may want to get a report of your financial history is that perhaps you need to know your credit score. This is handy to have if you plan to walk into a place sometime in the near future looking for a car or home loan.

You also are encouraged to sign up in the event someone has used your informant against your will. Monitoring your payment histories on a regular basis can stop you from having someone ruin your credit.

Furthermore, if anyone has stolen your identity the problem can be taken care of faster than if the situation is not caught right away. If you are not received alerts, you should begin to seek them today.

These are the two main reasons you can sign up. Furthermore, you can also track your progress as far as paying off debts you owe.

Benefits

When you seek the right information about your financial history, it can alert you of one or more of the following things:

1. Who is seeking reports on you (i.e. credit card companies, phone companies)

2. Learn how creditworthy you really are-or how you need to improve it
View a record of your payment histories

3. See how you compare to other consumers

Precautions

Of course, you need to remember also that many credit report checks are free that often you are just signing up for a trial period. This is important to remember in case you wonder why you are later being charged for the service. If you sign up to keep track of your financial history and payment records make sure you realize the terms of agreement.