Credit Guide

By: James Dimmitt

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There's only one way to discover the "health"of your credit. You need to examine your credit report. Your credit report is your "consumer identity" that potential lenders will use to judge your credit worthiness.

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Credit Union Use these tips to give your credit profile the "tune-up" it needs:

Don't let your credit suffer needlessly from errors or outdated information With tools and tips for fixing a bad credit report A bad credit report can hurt your chances at qualifying for loans and credit cards, and it can even get in the way when you want to rent an apartment or land a job. Credit Repair Kit For Dummies is your essential guide to managing your credit — from fixing mistakes on your credit report, to improving your credit going forward, to establishing manageable payment plans with creditors.

Merchant Credit Guide Co Tip #1- Check for Errors

How Your Credit Score Is Determined As we mentioned earlier, each credit reporting bureau uses unique mathematical formulas to weigh specific credit factors. Below are some of the most common factors used in the calculation of your credit score. Credit History — Long, healthy credit histories are generally viewed favorably. Payment History — Records of late payments on your credit report will negatively impact your credit score.

Apply Online For Credit Card Your credit report or profile is more than just a collection of who your creditors are and how much you owe them or have paid them.

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By Card Credit Debt Debt Guide The first thing you need to do is carefully check that your credit report is accurate. Nearly 70% of credit reports contain errors.

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Credit Repair These errors may be as simple as an incorrect middle initial or address. Or it could be as serious as a creditor reporting that you were late with a payment when in fact you were not late at all.

Active Credit Credit Guide This error might not seem like a big deal to you. However,to a future lender like a mortgage company it makes a big difference!

Credit Score Carefully examine your credit report and if you find an error contact your creditor and the credit bureaus. Catch and correct these errors now before it hurts your chances of securing credit in the future.

Bad Car Credit Guide Loan Tip #2 - Correcting Errors

Bad Credit Loan The two most common errors contained in credit reports are:
1) wrong account information
2) incorrect recording of late payments.

Credit Definition Derivative If you find an account reported that does not belong you, you need to contact the credit grantor or issuer immediately. Remember, finding accounts that you have not personally opened is a sign of possible identity theft.

Bad Credit Mortgage Hopefully you'll discover that this error is nothing more than an oversight and not an identity theft problem. Most often this occurs when they report an account belonging to a family member or someone with a similar name on your credit report.

The Insider Guide To Credit If your problem is an error in reporting a late payment you will need proof to back up your case before this error can be corrected or removed. The most common error occurs when a payment is reported as "late" when it was actually a current or "on time" payment.

Business Credit Card In either case, the problem can and should be corrected. You will need to correct the error in writing. Keep a journal or log of all calls and correspondence.

Banker Complete Credit Guide The Fair Credit Reporting Act (FCRA) requires the credit bureaus and the agency reporting the information to the credit bureau to correct inaccurate information in your credit report. Therefore, it is important that you contact both the credit bureau and the creditor whose information is in dispute.

Credit Card Application A sample letter is included here to help you in correcting your credit profile. Make sure that you clearly identify the information that you dispute, include copies of receipts or documents that support your position. Then request that the information be corrected or deleted from your file.

Credit Guide Managing Send your letter by certified mail and request a return receipt from the recipient. Keep all correspondence that you mail out. Give the agencies involved 30 days to begin their investigation. You can call them but be aware that phoning them does not protect your consumer rights! You must notify them in writing to protect your rights.

Credit Card Offer They must notify you of the results of their investigation. Although the process will take time, it's important to do it. This is your credit profile, your "consumer identity" that is at stake. Don't expect an error to correct itself.

Merchant Credit Guide Company At your request, the credit bureaus must send notices of corrections to your credit profile to anyone who has requested your report in the last six months. If you applied for a job and were turned down because of inaccurate information in your credit report, you can have the corrected report mailed to anyone who received a copy in the past two years.

Bad Credit ++++++++++++++++++++++++++++++++++++
Sample Dispute Letter
Date

Collection Collection Complete Your Name
Your Address
Your City, State, Zip Code

Credit Counseling Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code

Complete Credit Guide Higher Dear Sir or Madam:

Chase Credit Card I am writing to dispute the following information in my file. The items I dispute are also encircled on the attached copy of the report I received. (Identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.)

Complete Credit Guide Hedging This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.

Bad Credit Home Loan Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Bad Credit Personal Loan Sincerely,
Your name

Credit Score Guide Enclosures: (List what you are enclosing)

Online Credit Report Originally Posted at http://www.ftc.gov/
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Credit Guide Tip #3 - Budget Planning

Bad Credit Debt Consolidation You can also use your credit report to help you plan and implement a personal budget. Your credit report will show you where you are spending your hard earned dollars. While the credit card balances may not be completely current, you'll still see which of your cards has the highest balance outstanding.

Credit Guide Process If you have more than one major credit card you should compare the annual percentage rate (APR) you are paying on each account. If you are working on a budget to "pay down" your credit cards, start by paying down the one with the highest APR or interest.

Online Credit Card Application Once that credit account is paid off, move toward paying off the account with the second highest APR. Using this method you will be able to concentrate your efforts toward paying down your outstanding credit obligations.

Boston Credit First Guide You should also check with your credit card company to see what's the best annual percentage rate (APR) they can offer you. If you are a good customer, you can often qualify for a lower rate than what you are currently being offered.

Credit Card Debt Caution: Ask if the new rate you are getting is a "promotional" rate or a "contract" rate. A promotional rate will expire at the end of the promotional term, for example 6 months. A contract rate does not have an "expiration" as long as you continue to meet the terms outlined by your creditor for that rate.

Back Credit Foreclosure Tip #4 - Making a major purchase

Credit Card Processing If you are considering a major purchase such as a car or a home, checking your credit report gives you the chance to see what a potential lender sees and uses to judge your credit worthiness.

Beat Bureau Consumer Credit You want to make sure that your credit report is accurate before you apply for that sports car or new home. Errors or problems can be corrected before your lender can use those against you and deny your credit request. You'll also have a better idea of what type or rate of credit you should expect from a potential lender.

Credit Check Tip #5 - Check your credit report regularly

Credit Guide Idiot Pocket Check your credit report regularly. Guard your "consumer identity" as you would anything else you treasure. Use your credit wisely, along with these tips, and you will enjoy the benefits that your good credit and your good name deserve now - and for years to come.

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Credit Scoring Guide © 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt - James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other free bonuses by visiting http://www.yourfreecreditreportnow.com



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