Your Credit Report : 5 Myths Busted
The credit report in United States is a document prepared by each of the three main credit reporting agencies Equifax, Experian and TransUnion. This report is absolutely essential to get any kind of loan from banks and other agencies. The credit report determines your credit score which is an indication of your financial health. A lot of misconceptions prevail regarding the credit report and credit score. In this article we try to clear some of these misconceptions.
1. The credit reporting agencies make random guesses for credit score
The credit reporting agencies do not arbitrarily decide on your credit score. In fact every loan, mortgage or credit card you take is closely monitored by the financial institution that ...
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Everyone Should Know About Credit Report Basics
Credit Report BasicsThe Credit Reporting Agencies work with lenders, creditors, insurers and employers to collect information from them and share it with companies with whom you desire to do business. Here's an instance of how the system works:A) When you apply for newly credits the creditor petitions a copy of your financial history from at the least one credit reporting agency. This causes a "hard inquiry" to be recorded on your credit report. B) The creditor utilizes your credit reports and scores along with income, debt and other information to set what rates to offer up to you. C) You begin to utilize the new credit and the creditor reports your payment ...
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How to Report an Error on Your Credit Report
Have you been turned down for a loan recently? Have you applied for store credit and been refused? Did you really want that car and find out that because of your 'credit score' that they would have to require an unreasonable down payment? Credit reports are designed to help businesses evaluate the risk factor in giving you money or valuable products on a line of credit. The Fair Credit Reporting Act promotes the accuracy, fairness and privacy of information in the files of the nation's credit reporting agencies. The act is enforced with regard to the consumer's rights and requiring new responsibilities for the credit reporting agencies. For example, a reporting agency must give you a copy of your report ...
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Reasons for Checking Your Credit Report
Your credit report and score tells lenders whether or not you are a good risk for a loan. Your credit history, payments, and account information are on this report. Your FICO score is also an important factor for lenders. The information contained in your credit report is used to generate your FICO score which acts as your credit "report card". A FICO score is not the same as your regular credit scores. It uses different set of rules & algorithms for coming up with your credit score. And many lenders utilize the FICO score to determine your creditworthiness. Therefore it may be prudent to see what's on your FICO score as well before applying for a loan. Often the information ...
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Credit Report questions and answers
Credit Report Advice?
I was checking my credit report because a college I applied to have information stolen. On my credit report was an unpaid medical bill. This be not my fault. My insurance company didn't retribution the bill because they weren't convinced I was still a student. We faxed them the required documents and they said everything was fine. We call the doctor and they were supposed to rerun the bill. They didn't and after sent it to a collection agency. I didn't get the mind they did that until after the month I had to contest it. I enjoy tried to get them to re-run the bill next to my insurance and they won't take my call or call ...
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