Scott Paul asked:




It seems these days there are hundreds and hundreds of sites that claim to be able to get you your free credit report with no strings attached. However this is not the case. Most site will actually have you enter your credit card information and have you commit to purchasing some kind of product from them before having you get you credit report. Granted some sites can be very helpful and paying a little extra may not be a bad thing if you can afford it, but it sure can be annoying if you are just looking to get your normal free credit report and having to jump through lots and lots of hoops to get it.

Here are a few tips on where to go to find a free credit report without a credit card. First thing to note is that no matter where you go you are going to be asked for information to prove your identity, however this doesn’t mean you need to give out your credit card information. The main thing to remember is that you are guaranteed a free credit report every year from one of each of the three credit bureaus.

You will need to give your name, birth date, social security number, previous addresses if you have moved, employment history, and some security questions. If you go online and make sure you go directly to a legit credit bureau site to make sure you don’t have to jump through hoops. Otherwise you can always go through a toll free number, or mail in directly to one of the credit bureaus.

Florence

Tomas Loden asked:




Can you trust online credit report services? That is the question that consumers are asking today, especially with the hundreds of offers that flood your e-mail in-box promising accurate credit reporting scores with just the click of a mouse.

The good news is that most, if not all of these companies, are legitimate and do in fact provide you the necessary information that is directly related to your credit report and your overall score, which depends on whatever particular credit bureau system the company uses to check your background with.

Free credit report services

Just about every credit report organization will offer you some type of “free” background check of your credit score. While this free report may not entail every detail that you would like to know in terms of your debts, there is some valuable information that can be obtained. However, you should know that these introductory offers are merely just to give you a taste of their product so that you can upgrade to the paid credit reporting services they offer.

Is it safe to submit your personal information for a free credit report service?

If you stick with the most popular credit reporting agencies then you should have absolutely no problem worrying about your personal information being delivered over the Internet such as your Social Security number, driver’s license, etc. This information is typically handled by a secure server and there is little need to worry about the credit form being hacked and stolen by an unauthorized user.

What credit bureaus are checked when using a free credit report service?

Since there are three main credit bureaus that most agencies use to locate and filter your debts and credit score information, this free reporting service may use one of these entities or a combination of all three.

The three national credit reporting organizations used by most businesses is Experian, TransUnion, and Equifax.

Remember, the most accurate scoring for your credit and history can only be obtained by having a combination of all three major credit bureaus. In other words, let’s say for example you sign up with a free reporting service and the information comes back only partially accurate. This means that you would need to upgrade to the paid service in order to get 100% up-to-date credit information.

Is it possible to contact the three national credit reporting agencies on your own, instead of relying on a paid service?

While utilizing a credit reporting service is the most efficient way of compiling your information into one easy-to-read scoring system, you can in fact request your credit history from the three major national credit bureaus. Below is the contact information for Experian, TransUnion, and Equifax:

1. Experian: The phone number is 1-888-397-3742 and Experian will send you your report by mail within seven to ten business days.

2. TransUnion: The contact number for TransUnion is 1-800-916-8800 and in most cases you will receive your credit report within seven business days.

3. Equifax: The phone number is 1-800-685-1111. Equifax is faster than most services and usually sends your credit report out to you within 48 hours.

Dolores

L. Sampson asked:




Knowing what is on your credit report is important and with the plethora of companies that offer instant online credit reports for free, getting a copy of yours is easier than ever. There are good reasons to take advantage free online credit reports, but with anything that contains your personal information, there are reasons to be cautious.

Benefits of getting an instant online credit report

Having instant access to your credit report can come in handy. If you are heading out to go car shopping, you might want to quickly peruse your current credit report so you know your credit worthiness before you talk to the finance people at the dealership. Often companies that offer these services provide you with a consumer friendly report that is much easier to read and understand than the official credit reports offered through the 3 credit bureaus.

Risks to consider when getting an instant online credit report

As with anything that requires you to enter your personal information, it is important that you only deal with reputable companies. Over the last few years, there as been an upswing in fraudulent companies offering free credit reports and then stealing personal information from their customers. Typically the victims are solicited through emails advertising free instant online credit reports, so be skeptical of any advertisements for free credit reports that show up in your email inbox.

When you have found a reputable company to request your free instant online credit report from, make sure you know all the terms and conditions that come with the free report. Some free reports are only available if you sign up for a monthly credit monitoring service for which you will be billed. This isn’t a problem if you are interested in having your credit monitored, but can be inconvenient at best and expensive at worst if you have to pay monthly for a service you really don’t want.

Ann

Mike Clover asked:




To get collections removed from a credit report there is a process to follow. There is also a big misconception out there that you can get collections removed that you owe. Yes you can get collections removed but there is seasoning requirement in order to get them removed. In this article we will discuss what can and can’t be removed from your credit report.

Get a copy of your credit report with credit scores

If you want get collections removed you obviously need to know what is being reported on your free credit score report. You also need to make sure you pull a 3-1 credit report with all 3 of your credit scores. Once you have done this then you can determine what you need to start disputing. I see a common problem all the time, and that problem is people disputing information they owe. That does absolutely no good unless the original collection date has expired per the Fair Credit Reporting Act (FCRA). Here is list of when certain collections will expire and are to be removed from your credit report by law.

Derogatory expirations guidelines:

* Chapter 7 – 10yrs

* Chapter 13 – 7 yrs

* Tax Lien – Until paid off

* Child support – Until paid off

* Collections – 7yrs

* Chare Offs – 7 yrs

* Late payments – 7yrs

* Inquires – 24 months

* Foreclosure – 7 yrs

* Repossession – 7 yrs

* Judgments – 7yrs

*Expirations date starts ticking from the original collection date.

Dispute expired items on credit report

Once you have reviewed what derogatory information on your credit report is inaccurate, make sure you highlight those items on your report. Determine which collections, late payments, charge off, etc….. are set to expire or have already expired. Now you can start the on-line disputing process. I am personally a fan of disputing on-line for the simple fact that it is faster and easier. The credit bureaus will be able to verify the original collection date after you dispute. If the bureau finds you are correct they will remove the derogatory remark. This will start increasing your credit scores. If the collection has not expired don’t dispute it, you are wasting your time. The collection will not be removed unless the expiration date has expired. Folks it’s really that simple. There is no quick way to get bad credit removed. Just remember if you are late on a obligation you can expect your credit score to drop around 150 points, and the negative mark will be on your credit report for 7 yrs. So with all of this being said, make sure you pay all your bills on-time.

Louise

Rachel Myers asked:




Credit reports provide all the details to the people regarding their credit rating in the market after taking into consideration all the transactions, which is related to the credit availed by the people for their personal as well as commercial reasons. The fico scores are usually transferred by credit bureaus to all the financial institutions, banks, mortgage lenders of different lending institutions, credit card companies, who deal with people on the basis of their creditworthiness. The people are provided with mortgage, credit cards and many other facilities on their basis of their fico score in the market.

Credit reports can be accessed from any of the main credit bureaus available in the market, which are Experian, Equifax and TransUnion after every financial year. This can provide assurance regarding their credit report has been provided to different banks, financial institutions and lending institutions related to their financial strength. Credit reports also protect the people from theft of their identity in the city, avoiding any sort of mishappening.

There are many credit check programs, which are arranged for the people in the country to get their free credit report. All the major credit reporting organizations mainly credit bureaus launch their website along with their toll free number. The mailing address of credit bureaus is also provided in the free credit report program manifesto. individuals need to request the credit report from three different credit bureaus at the same time or some different scenarios according to the requirement.

The free credit report is provided to the consumers in that scenario if they apply for their credit scores instantly at their respective websites of specific credit bureau. Applicants need to be aware regarding their typing mistakes, which can lead to expenses. It is because of providing all the information by the people in the wrong website in relation to free credit report status, charge huge cost and provide credit status to them when the people are expecting free credit report from them.

There are many people who can apply for free credit reports over the toll free number or mailing them at the provided address, it takes at least 15 days of time, which is provided on the basis of time period required by the credit bureaus to extract the credit detail of each applicant. Free credit status can be provided to by the individual if he is not working from last 60 days or looking to join somewhere professionally in next 30-45 days. The person need to apply for free credit report if his credit rating is very poor or marginal.

It is important to be aware regarding credibility before looking to fill the application for mortgage or availing the facility of credit card. It is really a good idea to verify credit report from different credit bureaus at different period of time in order to secure the identity, which can prove to be beneficiary in avoiding identity theft. Identity theft is made when the unknown person pulls out the credit report of individual for different reasons such as taking mortgage or availing credit card services which can ruin the credit rating of the victim if the accused person makes irregular payments on mortgage or credit card bills

Availing the service of free credit report results in continuous credit inspection of the people,which results in avoiding bad credit report in the market.

Willie

Justin Smith asked:




Raising your credit score can be a fairly simple and straightforward process unless you have derogatory marks that need to be disputed (which will be explained below).

The reasons for bad credit can be as follows, high balances, bankruptcies, late payments, and many others. The most significant thing you can do to raise your score is to change your financial habits. Chances are that if you have a bad credit score, you did something to make it that way. Here are some of the best ways to quickly raise your credit score:

1. The most obvious: pay off your debt! This doesn’t include a home mortgage, but revolving balances such as credit card debt, a car loan, etc.

2. Make every payment on time. This is the most important factor in your credit score rating. If you have had late payments in the past, it will take some time to see real results from your on-time payments, but keep it up, sooner or later the credit bureau will notice the change in your payment habits. Develop the mentality that no late payment is acceptable!

3. If possible, pay over your minimum amount. This is especially important with credit card balances, and will reflect a slight boost in your score.

4. If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity. Otherwise, they have no way to gauge how you are doing financially.

5. Be patient! Sometimes repairing credit can be a long and arduous process. Especially if you have had a bankruptcy. It can often take the better part of a year or more to see any significant raises in your score.

Clearing a derogatory mark on your credit report:

This is probably the most difficult in regards to credit repair. If you have requested a copy of your credit report, and notice a problem (an example would be a late payment mark), that shouldn’t be there, you need to take action to get the derogatory mark cleared as soon as possible. It is extremely important to get your credit score cleared before you attempt to get prequalified for mortgage.

Here are the steps you should take:

First of all, if you are in contact with a loan officer, you may want to describe the problem you are having to them. They can be very helpful when it comes to credit repair, and should know exactly what to do if you have a bad mark on your credit that is a mistake. In some cases, they may even call the creditor for you to address the situation.

Second, you should call your creditor and each credit bureau to find out which course of action you should take. In most cases, writing a letter will do. Here is an example letter:

Date 00/00/00

Dear Big Credit Bureau,

This letter is a complaint that you are reporting inaccurate and/or incomplete credit information on my credit report.
I am displeased that you have included the below information in my credit profile that includes the following errors. Credit reporting laws ensure that bureaus report 100% accurate credit information.

The following information concerning my credit report needs to be re-investigated. I respectfully request to be provided proof of this alleged item on my credit report. If this cannot be provided, the item must be deleted from my report as soon as possible:

CREDITOR AGENCY, acct. 123-34567-ABC

The listed item is inaccurate and/or incomplete, and is a serious error in reporting. Please delete this information, and supply a corrected credit profile to all creditors who have received a copy within the last 6 months, or the last 2 years for employment purposes. Also, please provide the name, address, and telephone number of each credit grantor or other subscriber.

Under federal law, you have 30 days to complete your re- investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your re-investigation.

Sincerely,

your signature

Your Name

SSN# 123-45-6789

Unfortunately, you will need to write 3 separate letters to each of the 3 major credit bureaus. Here are the contact addresses for each:

Trans Union

P.O. Box 1000

Chester, PA 19022

1-800-888-4213

Equifax

P.O. Box 740241

Atlanta, GA 30374-0241

1-800-997-2493

Experian

P.O. Box 2104

Allen, TX 75013-2104

1-888-397-3742

Veronica

Clara Ghomes asked:




Negative credit rating of any consumer is termed as Adverse Credit Report. It is also called bad report, poor report, impaired report or sub-prime report. Many lenders, creditors and other credit extenders consider negative rating on reports as undesirable for purpose of loaning capital or money. A consumer’s report is compiled by credit bureaus and these reports contain data provided to them by creditors.

These reports contain detailed information of a lender-borrower relationship. Regular (usually monthly) reporting of account information, payment history, high and low balances, credit limits and any actions which were taken to recover the debts is done. This data is reviewed by a creditor to decide the terms and conditions of approving the loan.

With increasing popularity of credit, it became difficult for creditors to calculate and approve the loan and credit card applications efficiently. Credit scoring was adopted to address this issue as this method helped in credit availability at a low cost. Credit scoring involves creating numerical value to describe the worthiness (credit rating) of an applicant. The scores analyze the credit history to calculate the risk involved (financially) and help the lenders to assess applicants without prejudice. The scoring calculates the probability of the repayment of the loan (or any other obligation) taken by a consumer. Higher score means better credit rating (credit report) and higher probability of loan repayment.

The score can suffer when lenders report a lot of late payments. Also, when activity regarding collection agencies or bad judgements is reported, then the score decreases further. Repeated entries in the public record lower the score and form a negative rating or adverse credit report. The credit score number is calculated from factors like amount of outstanding versus how much the person owes, the duration of credit, the ability to pay bills, the credit types used and the number of inquiries. If a lender requests an applicant’s credit score, then it can decrease the score as more inquiries in short span of time indicates the difficult financial situation of the applicant.

The data in the report is sold by bureaus to lenders considering whether to offer a loan to a company or an individual or not. The information in the report is also given to other people with permissible purpose. The consequences of a negative rating or adverse credit report mean less likelihood that lender would approve the credit application of a person. Also, the interest rates are considerably affected by the credit report. If the credit rating is high, the interest rate is low and if the rating is low, the interest is high. Many times, employment, housing and even insurance could be denied to a person with adverse credit reports.

Christina

Ray Dando asked:




Anyone who has ever applied for any type of credit like a credit card, a mortgage, or even a cell phone has likely had their credit report checked. If the report says that you are late paying bills or have a ton of debt, you could have to pay a higher interest rate or even get turned down altogether.

Scott Mitic, CEO of an Identity Theft Protection service, says it quite well: the “credit bureaus are at the center of our credit-eco system in the U.S. And it’s hard to think about a set of companies that are more instrumental in the life that we live”.

What is a Credit Report?

A credit report is basically a file that a Credit Reporting Agency (CRA) keeps on you. Despite what many people think, your credit score does not say whether you have “good credit” or “bad credit” and if you are a risk. That determination is made by the lenders. All a CRA does is collect the information and then sell it. The information on your credit report is an important factor, but may not be the only one that determines whether the loan is made.

Another misconception is that your credit report is a “credit score” (you’ve probably heard of FICO). The credit score is a tool that lenders used based on a special formula that does use the information in your credit report, but the score itself is not part of the report.

Who can access your Credit Report?

Who can see your credit report is outlined by the Fair Credit Reporting Act. Anyone who accesses it must have a “permissable reason” to do so. The groups that can see it are:

Potential Lenders – Credit card companies, mortgage lenders, landlords, and other lenders are the most common. Whenever they request to see your report, a note of that becomes actually part of the report (called a “hard inquiry”). More on that later. Potential employers – A special (less detailed) version of your report. They must have written permission to do so. All they are able to see is how you make payments and handle debt, which (theoretically in their mind) shows your trustworthiness. This is a “soft inquiry” which does not show up on your report. Pre-approved credit card offerers – They can not actually see your credit report (thankfully), but they can pull a specially screened list to see if you qualify. This is also a “soft inquiry” which does not appear on your report. You – Obviously, you are able to see your own report.
What is on a Credit Report?

Credit history – Bill paying history (late payments etc.), balances, credit limits, open or closed accounts Personal information- Name, address history, work history, social security number Public information – Information from public records such as bankruptcies, court orders, tax liens, etc. Inquiries – Any company who has done a “hard inquiry” shows up. This is why you want to be careful in how many credit cards you sign up for or loans you request, because every time a company runs a credit check, that becomes part of your report (whether you take the loan or not). Disputes – If there is a dispute over something on a report, both your statements and the lender’s will be noted.
What do creditors look for?

Potential lenders make the decision whether or not to extend credit based on the contents of the report. Here are some of the things that they look for:


Missed payments – Payment history is a large factor. If you have a bunch of missed or late payments, lenders would be less inclined to take a risk of the same thing happening to them

Debt/Income ratio – Lenders want to make sure that you have enough income to handle debt payments

Inquiries – As mentioned, whenever a lender checks your credit using a “hard inquiry” a note is made on your report. If a potential lender sees a lot of hard inquiries over a relatively short period of time, they get concerned that you might be racking up the debt

Open accounts – If you have a bunch of credit cards or loans, even if you don’t use them all, lenders are concerned. They want to make sure that if you were to borrow all the amount that you theoretically could, you would still be able to handle it

Maxed-out credit – Do you typically max out your credit cards or lines of credit? That is a signal to lenders that you need to rely on credit to make ends meet

What do you do if you see errors?

According to the Public Interest Research Group, 79% of credit reports have errors, and 25% have errors significant enough to make lenders refuse credit.

It’s recommended that you check your credit report at least on a yearly basis. If you find a mistake, it can be a long and arduous process to fix it, but it’s important that you do. To correct the error:

Collect and prepare as much documentation as you can to support the correction Contact the relevant credit bureau, explaining what the error is. I recommend doing this via registered letter and including copies of all the documentation just to save back and forth later. Send a similar letter to the creditor as they will need to be involved sooner or later

Remember that neither the CRA nor the creditor have any vested interest in correcting the report, so expect some frustration when going through this process. Make sure you make note of every interaction with them and record dates, times, and who you talked to.

Legally, the CRA has 30 days to investigate your claim, so keep on them and be persistent.

Your credit report is one of the most important files in your life, and no one has motivation to make sure it is accurate but you. The more you know about it, the more power you have.

Dora

Chane Steiner asked:




Collection accounts can remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date).

If you haven’t paid your collection account yet, negotiate with the collection agency. Let them know that you plan to pay them off. You can try to negotiate less than the full amount if you want. The important thing is getting them to agree to remove the item from your credit report. It’s wise to get this agreement in writing before submitting your payment.

If you’ve paid a collection account in full and the item remains on your report. You will want to dispute the item with the credit bureaus by mail. When a collection account is paid in full, it will be marked “paid collection” on the credit report. It is NOT removed from your report and is still considered a negative account. For this reason, you want to have the account removed from your credit report.

Always remember that the burden of proof is on the credit bureaus. You have nothing to prove to them. They have to prove to YOU that the account is yours. Simply dispute by stating something like “Please provide documentation that the following account belongs on my credit report and that my rights have not been violated; otherwise please delete this damaging data immediately.” That’s all you need to say. One line. The credit bureaus then must conduct an investigation; they have 30 days to do so. If the collection agency can’t verify the account (most of the time they can’t), then they must remove the collection account from your credit report.

Annie

Charles Essmeier asked:




The economic downturn of the last five years has affected millions of Americans, but it has also affected the budgets of states, cities and counties. With limited tax dollars with which to work, various government entities have had to try to stretch their budgets to allow them to continue to function. Many government agencies at the state and local levels have turned over debt collection to collection agencies, even for such seemingly small debts as parking tickets or library fines. What does this mean? An unpaid parking ticket could end upon on your credit report.

Credit reports and the associated FICO credit score have become an increasingly important part of the lives of Americans. At one time, the credit report was primarily used by mortgage lenders to determine if a prospective customer should be granted a loan. In recent years, the credit score and report have been used for an increasingly large number of uses by all kinds of companies. Employers use them to avoid hiring financially irresponsible people and landlords use them to determine if a person might be a responsible tenant. As credit reports are used more often, blemishes on your credit report become magnified in importance. In past years, only significant unpaid debts or bankruptcy filings might have inhibited the issuing of credit. But now, with credit reports being used by so many more businesses, something as small as an unpaid parking ticket can prevent someone from obtaining a job or a lease on a good apartment.

This system isn’t all that equitable; not all cities and counties report unpaid fines to the credit bureaus. Worse, while the company that originated the FICO score has adjusted their scoring system to account for small fines, not all lenders use that version of the scoring system. Because of this, whether or not such small things affect your credit score is can be determined by something as simple as where you live or with whom you choose to do business. Fair or not, consumers need to be aware that some small debts may find their way into the credit score and the only way to be sure is to check your credit report regularly.

Most Americans can obtain a copy of their credit report for free at http://www.annualcreditreport.com. Many people who have had their scores negatively affected by small fines were unaware that they even owed them. This can happen if the debtor has recently moved. Paying the fine can quickly resolve the problem and raise the credit score again, so by all means, check your credit report!

Neil