Your Credit History What Gets Reported And What Does Not

A credit report is a document that outlines your financial status, specifically your credit history. The three national reporting agencies, Experian, Trans Union and Equifax, work independently so it is advisable to get reports from all three for an accurate picture.





Type Of Information



The credit report contains personal, financial and public information along with recent requests.





The credit report will provide personal information like your full name, frequently used nicknames and aliases, date of birth and social security number. It will also reveal your current and past addresses, present and past jobs and if applicable, information about your spouse as well.





Financial information of all your accounts with their opening date and credit limit are noted in it. These could be accounts with banks, credit card companies, power and telephone companies and such like. It will also detail your loans like mortgages, student loan and installment loans with relevant information, such as, payment pattern, default in payment, debts that are less than seven years old and so on. Some records will appear permanently. These are salaries above $75,000, any credit transaction or application for a credit card or insurance beyond $150,000 and unpaid tax liens.





Information from public records particularly those with a financial angle will always appear. These are usually obtained from state and county courts. It will include convictions, arrests, charges and monetary judgments. They can appear only for seven years. However under federal law, convictions will appear indefinitely. If you have declared bankruptcy, the same will appear on your credit report for not more than ten years.





Certain records do not appear. Debt records more than seven years old and bankruptcy records more than ten years old cannot be given in a credit report. Your age, marital status and race cannot appear if a current or prospective employer asks for it. Medical records can appear only with your express permission. Any information that has been erased from the records cannot be put back again.





Thus a credit report will help a person or organization make an informed judgment before entering into any transaction or deal with you.






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Your Credit Rating

Not many people spend too much time thinking about it, but every one of us, has a computer file somewhere that contains all the information that makes up our credit history. This information will include our current and previous addresses, our income level, our outstanding debt and how much extra credit we currently have available to us. It will also show things like our repayment habits, whether or not we pay bills on time and if we have had any county court judgments made against us for payment.



Checks



It will be made available to companies who wish to see it for a fee and it is surprising how many different types of companies now routinely make use of such reports. There was a time when only banks and other lenders used credit reports when deciding whether or not to give you a loan. However, these days, if you are for example thinking of renting a property, it is likely that the property agency will require a credit check in order to satisfy itself that you will pay your rent on time. Insurance companies also make heavy use of credit reports when assessing insurance premiums. Even large employers are now using credit reports to screen job applicants when they assess candidates.



Therefore, it can be seen that your credit rating can have a huge influence over you and your life. It can effect many important decisions that you might never have thought would be relevant to your credit history. For instance, you may not have been too worried about leaving an old phone bill unpaid after moving house, but the consequences can be quite serious.



Tips for Keeping a Healthy Credit Rating



There are some steps you can take to make sure your credit rating stays as healthy as possible. You can for instance pay your bills on time and reduce the amount of outstanding debt you have. You should also know that time is on your side because most negative elements on the report will not last forever.



You have a right to view your credit report and this is generally a good idea as it allows you to make sure it is accurate. If there is any negative information on the report that is in error you can have it amended or corrected. The credit reporting company has a duty to keep all information accurate and up to date. It can make a big difference so you should always inform the reporting company of errors promptly and give them the correct information.






Original pictures take http://credit.about.com/od/creditrepair/qt/Sample-Goodwill-Letter-To-Remove-Negative-Credit-Report-Information.htm site

Your Credit Billing and Electronic Fund Transfer Statements

It is important to check credit billing and electronic fund transfer account statements regularly because these documents may contain mistakes that could damage your credit status or reflect improper charges or transfers. If you find an error or discrepancy, notify the company and dispute the error immediately. The Fair Credit Billing Act (FCBA) and Electronic Fund Transfer Act (EFTA) establish procedures for resolving mistakes on credit billing and electronic fund transfer account statements, including:



charges or electronic fund transfers that you or anyone you have authorized to use your account have not made;



charges or electronic fund transfers that are incorrectly identified or show the wrong date or amount;



math errors;



failure to post payments, credits, or electronic fund transfers properly;



failure to send bills to your current address provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends;



charges or electronic fund transfers for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.



The FCBA generally applies only to open end credit accounts credit cards and revolving charge accounts, like department store accounts. It does not apply to loans or credit sales that are paid according to a fixed schedule until the entire amount is paid back, like an automobile loan. The EFTA applies to electronic fund transfers, like those involving automatic teller machines (ATMs), point-of-sale debit transactions, and other electronic banking transactions.



Knowing your rights is the first step in keeping track of your electronic transactions and thwarting identity thieves. Checking your records for charges or transfers that you didnt make will ensure that your credit record is correct and erroneous charges arent made. You are the first line of defense against the bad guys who are trying to access your electronic accounts.



Use common sense when making an electronic transaction and ensure that the transaction is secure. Checking your account online daily will allow you to see any unusual purchases or transfers and report them in a timely fashion instead of waiting for your monthly paper bill to arrive. You are the first line of defense and can help protect your good credit with very little effort. It only takes a minute or two per day to log in to your account and make sure that everything is OK. Take the time and enjoy the peace of mind.






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Your Credit Card - Know It Like Its Your Best Friend

The use of credit cards in Australia is escalating possibly on the back of a good economy breeding confidence although do people know how to service this debt and how much it could be costing?



Australians owe $32 billion in credit card debt, according to Reserve Bank figures, and some experts predict this will balloon to almost $50 billion by 2009.



Thats a staggering figure and as it would it appear it's definately on the rise with Baycorp Advantage, a credit information provider, saying that credit card applications were up 11 per cent on last year with 875,000 applications for credit cards in October, November and December.



This is the concern, only seven years ago, the fees incurred on cards was $136 million but they have now soared to a staggering $787 million. This is partly due to an increase in the charge for late payment from $20 to $29.



Analysts it would take five years of minimum repayments to pay off the $2399 shown by the Reserve Bank to be the average credit card debt in December. The average credit limit rose to $6754.



This probably doesn't apply to Australia alone as the trends in other countries are very similar.



From these figures it could be seen that there is a lack of knowledge on how to use credit effectively and safely and also possibly a lack of research into the terms and fees related to the particular card being used. Some say this could be due to the heavy marketing around bonus point systems shifting the customers decision making from 'terms and conditions' to 'what do i get for nothing'.



Consumer groups have renewed calls for reform of the Uniform Credit Code to stop banks promoting unsolicited limit increases, and requiring them to print warnings of how long it will take to repay their debt at current interest rates.



Credit cards are not all bad though. Credit cards are convenient and safer to carry than cash. You can also earn rewards or get cash back on your purchases. They can also help build your credit rating. Sensible and disciplined use are important as well as a good understanding of how your particular card applies charges and choosing the right credit card for you in the first instance.



The important factors should be considered when applying for and using a credit card. Asking questions of yourself is probably the first step. For example 'Do I need a credit card' and 'Will the payments fit into my budget'.



Choosing the right card should involve at least reviewing :



The interest rate - Some cards offer an attractive honeymoon rate although it is the rate after this that is important.



The interest free period - this can differ from card to card.



How is the interest calculated - from the time of purchase or time of statement?



The annual fee - some time bonus systems are offset by this annual fee.



Administration fees - are there any and what are they?



Late payment & over the limit fees - when does it apply and how much?



Other charges - what other charges are there?



Cash advance - if you are going to use review the conditions carefully and be aware of how it works and what charges apply.



Credit cards are a useful item by offering buyers protection in some cases by being able to cancel transactions, offering convienience by eliminating the need to carry cash and an almost necessity for travellers. Research and discipline are the keys success.






Original pictures take http://www.creditmarvel.com/guides/improving-your-credit-score/ site

Your credit card is a financial tool

Credit cards are an excellent way to help you manage your finances each month. Used wisely, they are an excellent financial tool. Used unwisely and people will quickly discover that their credit cards can rear their ugly heads and cause long-term financial problems.



But credit cards arent all bad. If we could live our lives without them, we would. But we cant. The world is simply not built that way anymore. More and more often, companies require credit cards as the best way to receive payment or security, rather than cash or checks.



But a credit card is just a loan. Few people realize it as such, but thats all it is: Simply a loan that you can use if you want, but you dont always use. A credit card is like a constant line of credit that is represented by the piece of plastic you carry in your wallet or purse. It says to the shop owner that someone has checked you out and deemed you worthy to receive a certain amount of credit line in order purchase the product offered for sale.



Used wisely, a credit card is an excellent financial tool. The first advantage a credit card offers is the ability to manage your finances. This means that you can buy things you want or need and defer payment until you choose.



If you have a credit card that provides you with reward points or rebates or discount opportunities, an advantage that credit card offers is to help you leverage your current purchases by building up points or generating discounts on the money you spend.



The third advantage a credit card can offer you is the additional layer of purchase protection. Some credit cards come with an extra insurance package so that purchases you make it any retailer are also covered by the credit card.



The fourth advantage a credit card can offer you depends on the credit card you get. Some credit cards offer travel insurance, car rental insurance, and even concierge services for a small fee. Depending on how busy your life is, or how often you travel or rent a car, having these advantages built into your credit card may be a wise financial decision for you.



A credit card is just an ongoing loan to you represented by a piece of plastic. But used wisely, this loan can offer you much more than other types of loans. Credit cards are not always bad. Consider whether you should add a couple to your financial portfolio.






Original pictures take http://debtpayoffspreadsheets.com/student-loan-payoff/how-i-paid-off-46500-of-student-loans-in-2-years/ site

You Can Fix Your Bad Or Poor Credit

Tips on how to get started now.



You will not be able to build good credit overnight. It will take discipline and persistence on your part to change your credit for the better. After you have fixed and improved your credit rating in the eyes of lenders, you will notice more opportunities offered to you to borrow money at more desireable terms than when your credit was bad. Just because you have bad credit does not mean that you can not borrow money or get a loan, it just means that less opportunities will be available. The funds you can get will come at a greater cost in terms of higher interest rates and more stringent repayment terms.



Many banks and lending companies are less likely to make loans to people with bad credit. Therefore, it only makes sense that you strive to improve your creditworthiness in order to convince potential lenders that you are a good credit risk. Once you have improved your credit history and track record you will be have better opportunities to buy a car, finance a personal loan, or buy a house. If you have already been trying to financed for any large purchases, then you may have noticed the hurdles you've been put through trying to get approved.



Fixing your credit rating may be as easy as getting any inaccurate statements off of your credit report. Therefore it is important to frequently check yours to see if everything on it is correct. If you do find inaccuracies immediately contact the credit bureau and work with them to get them corrected and off of your credit report.



For others, fixing or repairing their credit rating may be a lot more involved and complicated. Start by getting your personal budget balanced. You should not be spending more each month than what you bring in each month. If you are, then get that straightened out immediately. Cut out all unnecessary spending and charging. It is critical that you get your budget and debt repayment plan balanced, while making all debt payments on time. Not making on time payments each month increases the late payment fees you will have to pay, bring about increased interest rates and continue to negatively your credit rating. Once you start making and continue to make your monthly debt payments on time, you should see your credit score start to rise.



If you find that you can not do this on your own, there are many companies that can provide debt consolidation services.



So in essence to improve your credit:



Create and live by a personal budget that balances your monthly income with your monthly expenses.



Create a plan to save money and pay off your credit cards and debt.



Use credit wisely.



Pay your bills on time every month.



Once you have put all of these tips into action and your credit score begins to improve, you should see your borrowing opportunities improve as well. But remember, good credit habits must be worked at every day, so do not give up and make it a lifetime habit.






Original pictures take http://youngfinances.com/blog/how-fix-bad-credit/ site

Your Credit and Your Rights

Sometimes, things happen that can cause credit problems: a temporary loss of income, an illness, even a computer error. Solving credit problems may take time and patience, but it doesnt have to be an ordeal.



The Federal Trade Commission (FTC) enforces the credit laws that protect your right to get, use and maintain credit. These laws do not guarantee that everyone will receive credit. Instead, the credit laws protect your rights by requiring businesses to give all consumers a fair and equal opportunity to get credit and to resolve disputes over credit errors. This article explains your rights under these laws and offers practical tips to help you solve credit problems.



Your Credit Report



Your credit report contains information about where you live, how you pay your bills, and whether youve been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.



The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nations consumer reporting companies. Under the Fair Credit Reporting Act:



You have the right to receive a copy of your credit report. The copy of your report must contain all the information in your file at the time of your request.



Each of the nationwide consumer reporting companies Equifax, Experian, and TransUnion is required to provide you with a free copy of your credit report, at your request, once every 12 months. Consumers from coast to coast will have access to a free annual credit report if they ask for it.



Under federal law, youre also entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. Youre also entitled to one free report a year if youre unemployed and plan to look for a job within 60 days; if youre on welfare; or if your report is inaccurate because of fraud, including identity theft.



Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.



You have the right to know who asked for your report within the past year two years for employment related requests.



If a company denies your application, you have the right to the name and address of the consumer reporting company they contacted, provided the denial was based on information given by the consumer reporting company.



If you question the accuracy or completeness of information in your report, you have the right to file a dispute with the consumer reporting company and the information provider (that is, the person, company, or organization that provided information about you to the consumer reporting company). Both the consumer reporting company and the information provider are obligated to investigate your claim, and responsible for correcting inaccurate or incomplete information in your report.



You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.






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