Archive for the ‘Credit Report Article’ Category
Wednesday, January 13th, 2010
There is frequently quite an amount of uncertainty with regard to the question of how long do late payments stay on your credit report. There really is a huge deluge of information available on the Net regarding repairing credit. If you take a peek at the Web it’s easy to grasp why it can seem really bewildering. The pleasant thing is that it does not have to be the way of things at all. Repairing your credit needn’t be that difficult. There is enough clear info on hand about repairing credit that will assist you. The other good thing is that there’s really only a few entirely critical points that you will truly need to have an awareness of.
The fact that late payments of 10 days or less will probably not incur a penalty at all is a very major thing to make an effort to keep in mind. Lateness of 30 days, 60 days, 90 day or more will incur penalties and these will obviously increase in severity as the period of time that elapses increases.
Even very late payments are not the end of the world if you learn how to repair the damage they have done properly. The credit repair companies would like you to believe that the whole process is extremely complicated. This is actually not necessarily the case. If you take just a little time you will find that the whole process is actually quite straight-forward.
The really great thing is that there’s only a handful of utterly vital factors that you truly need to understand fully.
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Friday, January 8th, 2010
If you are concerned about identify theft or regular credit monitoring,
you likely understand the importance of obtaining a copy of your free
personal credit report. Neglecting to monitor your credit may prove
damaging in the long run. It does not take long for a person to access your
information and begin opening accounts in your name. For this matter,
consumers are advised to obtain a 3 in 1 credit report every six months.
Benefits of a Credit Report
Aside from protecting yourself against identify theft, credit
monitoring is essential for improving your credit rating. Although lenders use
credit reports to judge a loan applicant’s creditworthiness, credit
reports are also beneficial because they keep us informed of our credit
standing. Thus, we can know our odds of obtaining a home loan, auto loan,
etc.
How to Get a Copy of Your Credit Report
Getting a copy of your 3 in 1 credit report is simple. Furthermore,
because reports are viewable online, there is no valid reason not to check
your report at least once annually. Every city across the country has a
local credit agency which will issue copies of your credit report from
all three bureaus. However, if you prefer the convenience of the
internet, there are various websites offering 3 in 1 reports for a small fee.
To obtain a copy of your personal reports, you must provide information
such as name, address, social security number, etc. Once your
information is verified, credit reports are either sent via email, or viewable
from the website. Your entire credit history will show before your eyes.
Why Obtain Copies of a 3 in 1 Credit Report?
If you are hoping to improve your credit rating, obtaining a 3 in 1
credit report should be the first step you take. This way, you know
exactly what needs improving. The report will list all creditors, current
balances, and account standing. Moreover, you should review your report
for errors. If inaccuracies are present, contact the bureau and discuss
clarifying the matter.
In addition, credit reports include a credit score. This 3 digit number
carries a lot of weight. Low scores indicate bad credit, whereas high
scores equal good credit. If the goal is to improve credit score, it may
be wise to improve in certain areas. For example, avoid late or skipped
payments, reduce debt to income ratio, settle collection accounts, and
limit your number of credit inquiries.
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Tuesday, January 5th, 2010
More then likely you are reading this article because you are searching for how to improve credit report issues and boost your FICO scores. If that is the case then keep reading the text below for a simple but proven plan that will help you improve credit ratings fast.
Simple Ways To Improve Credit Rating Scores
The best way to know where you currently stand is to look at your monthly income compared to your monthly obligations written down on paper. Once in front of you use these numbers to develop a personal budget that you will hold yourself to, even if it means eliminating some luxury expenses.
After your budget is in place you will need to get your current debt under control and work on paying them off as fast as you can. If you have maxed out accounts your score will only start to improve when you get the balances under 50% of the limit so the faster you can pay them down the better.
After that you should focus your attention on your credit report and getting any negative or false information that is reporting on it removed. This process is called credit repair and you can either do it yourself or pay a service to do it for you.
Keep in mind that you can do anything a paid company will do but with a service you are just paying for the convenience.In most cases you are better off saving money and learning about and performing the repair yourself.
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Friday, January 1st, 2010
A credit report judgement is a court order ordering repayment of a debt. A judgement on your credit report will affect your credit scores and generally will have to be paid before you can acquire a mortgage. The court order will require repayment during a specific period of time.
The majority of lenders will not allow you to close on a mortgage with a judgement on your credit. It will need to be paid in full and released before you will be allowed to close on your mortgage.
Once you have paid the judgement off and had it “released” It will still be showing on your credit report. This can be detrimental when it comes to applying for any other forms of credit.
Removing your credit report judgement can be as simple as writing a letter to each of the credit reporting agencies that the judgement is being reported on. Usually, it will be reporting to all three of the major credit bureaus, Equifax, Experian and Trans Union. If it has been paid, you should dispute the accuracy of the way it is reporting…i.e. the date or the original amount.
If the judgement is not verified within a certain time period, the item will be removed from your credit report. If it does comes back as verified, then you should write another letter disputing another part of the judgement as being inaccurate. You will need to follow up until your dispute has worked at all the credit bureaus that the credit report judgement is reporting on.
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Friday, December 25th, 2009
Most people know that if they pay their bills late, their credit scores will suffer. However, most people don’t know this: According to Credit.com, a single 90-day late payment is as damaging as a bankruptcy filing, a tax lien, a collection, a judgment, or a repossession. It doesn’t matter if you’re late paying a $50 credit card bill or a $2,000 mortgage payment. All that matters is that you were 90 days behind in paying your due balance.
Payment punctuality counts for about 35% of your overall credit score. Paying bills on time is generally the single most important contributor to a good credit score. Being late on any bill, for any length of time, is a possible sign of future non-payment of debt and is always viewed negatively by lenders. Late payments stay on your credit report for 7 years from the date of the initial missed payment.
A 30 or 60 day late payment will damage your credit score only while it is being reported as currently past due. They usually don’t cause lasting damage to your credit score after this period passes unless you make 30 or 60 day late payments on a regular basis.
If you only have a few 30-60 day late payments listed on your credit report, the best thing to do is contact your creditors by phone and ask them to remove it. Tell them a nice little story and ask them nicely to remove it. Follow the conversation with a written request to have the isolated late payments removed from your reports. However, if you consistently make late payments, it will probably take a little more effort.
As mentioned, a 90-120 day late payment is extremely damaging. At around 90-120 days, the creditor will usually write off the account and it will stay on your credit report as a charge off for 7 years.
If you are unable to get the creditor to remove the late payment history from your reports, there are a few other ways to do it. One of the best ways is to dispute them with the credit bureaus.
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