Live the Dream by Mastering Your Credit for Free
If you're here then obviously you've been hearing the word "credit" thrown around a little bit. What we can do now is to go over some of these credit starting points to help ease some of the concerns and give you a starting place.
To regard the significance of your credit, it's valued like your reputation. Maintaining good credit is achieved simply by keeping your bills paid on time. It's that simple, but it isn't that simple.
Credit cards, loans, and low interest rates for either of these are the reason why your credit is so important. If you have credit issues, if will more than likely be difficult in getting a loan and at a respectable interest rate.
Something else that you will hear about is your credit score. This is the number that is assigned to your credit history. They calculate at your spending habits and how well you've made your payments on time. Your credit score ranges from 300 to 850 where most are looking for a score of 660 and higher.
Just so you have an idea, here are some factors that determine your credit score:
1. How have you used your credit? If you have more than one credit card and they are maxed out or close to the max, you are more of a risk.
2. What is the length of your credit history? If you're 18, you will pose a greater risk than a person that is 40 years old.
3. How many times you have applied for credit? Every time you apply, it gets recorded. By applying too often, your credit score gets dinged.
4. The different types of credit you have. Some carry more risk than others.
Now you have a few fundamentals, you should be questioning what is next. To get started, you will need an actual copy of your credit record. There are three companies that report on your credit - Equifax, TransUnion, and Experian. Each of these institutions are required by The Fair Credit Reporting Act (FCRA) to provide you ever 12 months with a free copy, by request.
This is your first step. Have a credit report sent to you by each institution so that you will be able to examine your credit history.
How to dispute your credit report
The FTC recommends that if you want to dispute an item on your credit report, the best way is by mail. They are going to want to see proof of your dispute so be sure and gather all of these things up. If a late payment is reported that you know isn't correct, attach a copy of something like a online receipt or testimony that shows differently. When you do this, it is almost impossible to lose. Many people insist that the reporting agencies believe them but it never really works out for them that way.
Be sure and send your dispute by certified mail and make sure you request a return receipt. The credit agency is upheld to investigate your dispute within 30 days unless they deem it without merit. When the investigation is over, the agency has to report back to you the results in writing and if there will be a change or modification to your credit report.
If you get changes made in your favor, there are a couple of options to you that I highly recommend you take advantage of. If anybody requested a copy of your credit report within the last six months, they will report to them any corrections made. If a copy was requested based on your employment, you can request that the corrections be sent to them as well up to two years before.
Repairing your credit report is certainly not a fun task. It's aggravating, tedious, and you need to maintain good records. But, in the end, the time and effort are more than worth it by making things so much easier for you.
Questions and Answers
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Who else wants a 750 credit score... or better? Are you sick and tired of being turned down for credit? Are you fed up with being embarrassed, humiliated and REJECTED each and every time you apply for something new? If you are anything like I once was, the simple truth is that bad credit MAY be ruining your life.
Credit report different from My credit league later credit report I buy? I bought my 3 credit reports and I only have two negitive tradelines on all three, when I go to my credit union they pulled a credit report from Transunion and here was 3 more negitive tradelines on it from 9 years ago.Why did thoes tradelines not show up on the reports I bought?And I thought they be to "fall off" surrounded by 7 years.Thanks for your replies ....
Negative information on your credit report can harm you and impact your life in many ways. Creditors and debt collectors don't always play fair when it comes to the items they report to credit reporting agencies. The Fair Credit Reporting Act sets out certain credit reporting rights that are important for you to know and understand.
There are many ways to improve credit score ratings, and the first step is to check credit score standings whenever possible. Inquiring about a credit score is important because it allows the consumer to keep track of his or her financial practices, and report any fraudulent activities or mistakes that could occur on the account. Once you determine your rating, you can start taking steps to improve your credit score.
It can happen to anyone: Miss just a credit card payment or two and the next time you check your credit score, you're stunned to find a low number that makes lenders shun you. But with patience and discipline, you can move that score from the depths to the stratosphere.
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