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New Easy to Understand Consumer Credit Score is Introduced by Equifax, Experian and TransUnion

admin — Tue, 12 Apr 2011 14:58:08 +0000

New Easy to Understand Consumer Credit Score is Introduced by Equifax, Experian and TransUnion

Brooklyn, NY (PRWEB) March 15, 2006

Surprisingly good news for consumers were announced by the three major consumer credit reporting bureaus. An unified VantageScore(SM) credit score is being introduced to replace the currently confusing field of multiple credit scores offered by the three competing credit bureaus.

Currently, each credit bureau uses a proprietary credit score to rate credit worthiness of each consumer. Creditors use credit scores derived from credit reports to grant or deny credit, including credit cards, loans and mortgages.

Different creditors use credit scores from Equifax, Experian, TransUnion or FairIsaac. Fair Isaacs produces the best known credit score, known as the FICO™ credit score. Because of the differences in formulas used by competing credit agencies, the same consumer can have either good or bad credit score depending on who does the scoring. This variability in credit score-based credit worthiness creates nightmares for thousands of unlucky credit seekers who score badly with one of the credit bureaus despite having a good credit history.

Credit-Score.org, the authoritative guide to consumer credit scoring, introduced a news section devoted to the new VantageScore (SM) credit score. It helps consumers understand the Vantage Score (SM) credit score and to transition from the current system.

“Introduction of a simplify and unified Vantage Score credit score is a victory for consumers and creditors alike, who until now had to grapple with confusing and often contradictory attributed scoring algorithms,” said credit score expert and editor of Credit Score Online Information Center, David Caro.

Under the new scoring system, credit hitting differences between credit reporting companies, Equifax, Experian and TransUnion will be attributed to data differences within each of the three consumer credit files. Credit tally will no longer vary due to the variation in the credit scoring algorithm model since the same formula will be used by all credit bureau.

VantageScore will offer consumers and businesses a highly predictive, and uniformly reproducible credit hit that is easy to understand and apply. VantageScore uses score ranges from 501 to 990.

According to credit-score.org, a credit score of 501 is equivalent to the low possible credit score that signifies significant credit risk. A consumer with a lower credit tallying is expected to have difficulty obtaining credit and will pay higher interest rates.

A score of 990 signifies excellent creditworthiness. A consumer with an excellent credit score is expected to benefit from the lowest possible interest rates and ease of obtaining credit from creditors.

VantageScore imputed score is derived from consumer credit reports managed by Equifax, Experian and TransUnion. According to Steve Brown, a credit consultant from Denver, Colo., accuracy is a big problem when it comes to credit report. “The ‘big 3’ reporting agencies maintain files on roughly 90 percent of all American adults,” says Brown.

“What’s scary are the estimates that roughly eight in 10 reports have serious errors or other mistakes of some type.” He cautions that it is ultimately up to the consumer to make certain the reporting agencies get their information right.

Keeping a constant watch on your credit report and your credit score can be simplified with continuous credit monitoring services. http://www.free-credit-reports.com is a consumer advocacy resource recognized for continuous monitoring of special offers from the credit bureaus. Consumers will find reviews of free credit report offers from Equifax, Experian and TransUnion. Free credit score and report offers are also reviewed and updated monthly.

About Credit Score Information Center

Credit Score Information Center is a swelling respected consumer resource on consumer credit scoring. It helps consumers understand what imputed score is, how impute score is used and how to improve credit.

For more information, visit the company’s Web site at http://www.credit-score.org

Contact:

Alex Shtenshlyuger

Phone: 917-541-5393

Email: alex@credit-score.org

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Free Annual Credit Report – 3 Reasons to Get One

admin — Mon, 21 Feb 2011 23:23:58 +0000

Scott Lovingood asked:

Managing your credit history is a very important step in creating wealth in your life. A good bit of it is based on handling your money and credit correctly. The other part though is how it gets reported as well.

Every person in the US has a credit history. For some people it is blank. They don’t have a record yet of how they handle history. For some people it could fill a large volume of encyclopedias. Now the question becomes is your credit history accurate?

The US government requires the major credit bureaus to provide a copy of your credit history for free once a year. That is why you will often hear people talk about the free annual credit report.

It isn’t the same as your credit score though. It is important to realize that your credit score is still tough to determine as each company calculates them differently.

The three major credit bureaus are Experian, Equifax and Transunion. Think of them as giant record keepers. They get reports from credit card companies, auto loans, mortgage loans, and other areas. Not every company reports to all three. Some will only report your information to one or two of them.

There are three main reasons to get a copy of your free annual credit report. We will discuss each of them in more detail below.

Inaccuracies Identify Theft Forgotten Credit Lines

Inaccuracies can riddle your credit report. The systems involved in collecting this information is not perfect. It is very possible that information is reported to the company incorrectly. For example your credit card company can report that you had a card be placed into collections. It can happen from an employee mistyping information into a computer program.

It is also possible that someone else’s credit is being sent under your identity. I have a friend whose name is the same as her sister in law. They share first and last names but have different middle names. When she went to apply for a loan on a home, they were very confused by her credit history. They lived in different states, had different jobs, and different financial histories. The credit bureaus had mixed them up in places.

It took a while to get everything corrected so she could purchase her home. Getting a copy will allow you to find these errors quickly and get them corrected.

Identify Theft is a growing problem in the world. Getting a copy of your credit history can allow you to find out if someone has stolen your personal information. The credit bureaus will show any credit that is opened in your name. By checking it on a regular basis you can prevent this. You can also request that they put a freeze on your credit. This prevents anyone from opening credit in your name. Just remember to take it off when you get ready to apply for credit.

Forgotten credit lines may not sound like a big deal but they can be. It is not a good idea to have credit lines floating around. I found a couple of store credit cards on my report that I had completely forgotten about. I had gotten them when I was much younger and establishing my credit.

I kept the credit lines but requested that they be frozen. I didn’t want to remove them as they would impact my credit score. I also didn’t want to leave them laying around in case someone got the information and started using them.

Scott

FREE Instant Credit Report

admin — Fri, 21 Jan 2011 07:27:19 +0000

Zach Ford asked:

Everyone should understand their credit report and apply for a free instant credit report online. Items contained there are the most important determining factors for a loan, getting an apartment, obtaining a good credit card, and much more. The credit score you have will tell your potential lenders information about how you handle your financial business.

Credit reports are what all lending companies and banks use to decide whether an applicant is worthy of a loan from them. Applicants who have a history of not paying their debts on time will most likely repeat the scenario if they are given another loan. This makes applicants undesirable to lenders. The higher your credit score is and the better your credit report is, gives you the opportunity to be able to borrow at a lower interest rate.

Previously it would take days to get a copy of your credit report to view it for errors and other mistakes. But today, with advances in technology, it is easy for anyone to get their hands on a copy of their credit report within minutes, not days as before.

The United States Federal Trade Commission requires the big three in credit reporting agencies to provide you once a year, with a free copy of your credit report. You can contact Equifax, TransUnion or Experian to receive your annual free copy.

If you need more assistance, there are many helpful online sites that will guide you through the process of obtaining your credit report. Many of these same business online will even help you to improve your credit score, if need be.

In your credit report, you will also see the list of companies who have inquired about your credit so that you can make sure they are all legitimate inquiries. Another benefit is verifying that you haven’t fell a victim to identity theft or fraud of any kind. Fraudulent activity in your credit report can affect your chances of qualifying for a loan or getting a good credit card. Also out of date information contained in your credit report should be reported for removal.

Thomas

Credit Report Service – Are Free Credit Report Services Legitimate?

admin — Fri, 14 Jan 2011 10:00:43 +0000

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

A Sample Credit Report – Don’t Bother

admin — Tue, 23 Nov 2010 13:38:33 +0000

Justin Fox asked:

Searching for a sample credit report is something that a lot of people seem to do online. While a sample credit report might give you an idea of what to expect, getting one is largely a waste of time. Here’s why.

The credit reporting industry is largely regulated and the Fair Credit Reporting Act really protects the consumer.

So much so, that it is actually law that each of the consumer reporting companies, Equifax, Experian, and TransUnion, are required to provide you with a genuine, full and free credit report once per year, if you ask for it.

Instead of getting a sample credit report, you can get the real thing!

Of course, the trick then is knowing what to do with it. But that’s not so hard either.

Your genuine credit report simply lists all items collected by the consumer reporting company that affect your credit rating.

Once you get your credit report, you simply have to pick out the items on it that are either wrong or not totally right. Each of these items offers an opportunity to improve your overall credit score.

Write a letter to the relevant consumer reporting company listing each of the items from your report that you think are either inaccurate or misleading. If you have any, then it is a good idea to attack documentary proof of why you think each item needs to be revised.

After that, the company will look into your claims and if the report is changed they will send you a new one with the changes.

So why bother going with a sample credit report when you can get the real thing and make some real changes?

Of course if you are not really sure what to do with your report, which items to dispute or how to go about disputing those items, then you might like to consider the services of a credit reporting company to do it on your behalf. Often they will have a better rate of success as they know exactly what can be disputed and they will know the best process to ensure a positive outcome. Many of them work with a results guarantee too.

Such companies will monitor your credit report on your behalf and provide you with itemized lists of the improvements that they attain on your credit report.

The investment in a reputable and respected credit reporting company is often well worth getting cheaper and more credit based services in the long run.

Tanya

No Cost Credit Report – How To Get It

admin — Mon, 22 Nov 2010 01:27:09 +0000

Peter Lisdorf asked:

Is it possible to get a no cost credit report? Yes, definitely. This is a good news to people who have serious credit score issues. Perhaps, you’re wondering what your credit score is. Perhaps, you’re considering taking out a loan for a new business or a new car, but you don’t know if you would qualify. You really don’t want to go through the hassle of applying for a loan just so you’d get rejected. You could avoid it by knowing your credit score before you even enter the doors of the credit agencies.

Getting it for free can be overwhelming when you don’t know where to go and how to get it.

It is very important for consumers to check on their credit every year. They do not remain constant. You cannot expect to have the same credit score five years after you last checked. This could cost you your job or your house. Knowing your credit score is crucial. Luckily, it is now available to you at no cost at all. Indeed, you can get your totally free credit report online.

Every citizen is entitled to their no cost credit report every year. You can get them from the country’s three major credit agencies. Before you can get it for $9.50, but these days, Equifax, Experian and TransUnion are required to provide Americans their free reports once a year.

No, you will not get them automatically. You still have to file a request in order to get your copy. You can do this in three ways:

1. You can go directly to annualcreditreport.com, the only authorized consumer source online in order to access your no cost credit report.

2. You can get your free report via phone by calling (877) 322-8228

3. You can request via mail by sending in your request and mailing it to Annual Report Request Service.

Your report is the basis of your credit score. Once you have sent in your request, you can expect to receive it within a reasonable time. You’d get a summary of your payment history, balances, payment behavior and accounts listing. What you get is not automatically your credit score. However, credit agencies would base your credit score from your it. The better it is, the higher is your credit score. If it reflects bad accounts or worse, bankruptcy, you’d likely have bad credit score as well.

When you receive your free report, it is very important that you check for disputable accounts and items. Make sure that it is accurate. Otherwise, you would be saddled by these accounts. You will not be able to easily secure a loan. You could lose your home over an inaccurate reporting.

Nowadays, no cost credit report is available to everyone. It is your right to avail of them so you’d know how you stand financially. Your report could mean a huge difference between having a difficult or easy financial life.

Tamara

The Best Credit Report Company?

admin — Wed, 10 Nov 2010 12:51:17 +0000

Justin Fox asked:

Finding the best credit report company can get you on the fast track to improving your credit standing and getting cheaper loans, credit cards and even the ability to apply for rental properties and telephones without the hassle of being rejected or charged too much. So what should you look out for when choosing a company to help you improve your credit?

Getting Your Credit Reports – any good credit report company will apply on your behalf to the main three consumer reporting bureaus (Equifax, Experian, and TransUnion), so that you can see your annual credit report and have the items on your report listed. The company you choose should be able to present your reports in an easy-to-read manner with explanation of what your credit report means for you and how it can be improved.

Analysing Your Credit Report – the best credit report companies will always offer to assist you in determining the problems of your credit report – this can sometimes cause problems as many people don’t know how to properly read their credit report. By analysing your credit report a good credit report company will be able to identify areas for potential improvement on your credit score. Knowing where to focus your efforts in your attempt to improve your credit will obviously be a great help and a real time saver for you.

Fixing Your Credit – here is where having the best credit report company is really important. A good credit report company will be able to quickly and easily challenge each of the incorrect or inaccurate claims on your credit report with the relevant authority and ensure the best possible chance of having those items removed or altered on your credit report. A good credit report company will do this on your behalf by writing the appropriate correspondence and making sure it is seen by the right people.

There are several companies that you can employ to help you with all of this and most are reputable and efficient at their job. When deciding which one to go with, select the level of service you need and take it from there.

Charles

Your Credit Report, Obtain a Copy Without Lowering Your Score

admin — Wed, 10 Nov 2010 06:25:41 +0000

Lindsey Sheer asked:

You may obtain a free copy of your credit report directly from the credit bureaus if you have been denied credit, insurance or employment within the last 60 days, are unemployed and plan on seeking employment within the next 60 days, suspect that your credit report is inaccurate because you may be a victim of fraud or are on public welfare assistance. Requesting your credit report under these circumstances will not cost you any points on your credit score.

The Fair and Accurate Credit Transactions Act (FACT Act) of 2003 was passed by the United States Congress. Because of this you are able to get one free copy of your credit report from each of the major credit bureaus per year. This also will not cost you any points to your credit score. You can request your credit report this way by logging on to the annual credit report website or by calling 877-730-4104.

Beware of the companies that advertise free credit reports. Most of them are giving you a free report based on you purchasing something from them. They may give you a free 7 or 10 day trial of a certain product and if you don’t contact them to cancel within the allotted time frame, you are charged a monthly fee.

Keep in mind that you can request your own credit report from the credit bureaus as many times as you want to without being penalized score wise. This is called a “soft inquiry”. When a lender accesses your credit through their software, it posts what is called a “hard inquiry” which will affect the credit score.

You can contact the credit bureaus directly to request your credit report. Charges will apply if you don’t qualify for a free report.

Equifax

P.O. Box 740256

Atlanta, Georgia 30374

Experian

P.O. Box 9532

Allen, Texas 75013

TransUnion

P.O. Box 6790

Fullerton, CA 92834

Phyllis

How To Write Letters To Remove Information Off Your Credit Report

admin — Mon, 08 Nov 2010 18:56:37 +0000

Tim Gorman asked:

Many people who look into their reports find that their credit information has errors and those errors usually affect your credit negatively.

Maintaining an accurate score sometimes requires us to be pro-active, and we must write letters to remove information off our credit report. These are sent to the big 3 credit bureaus. Although in many cases the first thing most people want to do is to call the Credit Bureau and tell them off, this would be counterproductive. Instead the best method would be to sit down and write a credit report dispute letter.

You should read your credit report, take notes as to what you consider the problem areas are and think whether what’s on the report could actually be true. If, in finding that what’s on the report is false, you need to think through how you’re going to word your letters to remove info off credit report. You’re going to have to send a copy of this letter to each of the three main credit bureaus: TransUnion, Experian, and Equifax. Be polite and state facts as you see them. See example letter below.

Dear (credit bureau name here),

After looking at a copy of my credit file, I found that it contained erroneous information. I would like to dispute this information and request a correction. I am concerned about the information that you have put in my credit report as it could seriously impair the credit rating I enjoy with lending institutions.

You have not (state the problem here).

Be sure to include the month, and the date, and the name of the business.

I am enclosing a photocopy of my cancelled check as proof of my payment. Hopefully, this will correct the accuracy of my credit file. As you are certainly aware of, the credit bureaus are only allowed to use accurate information in a consumer’s credit file.

Thank you for correcting the above errors to insure that it doesn’t impair my personal credit. Please contact me as soon as the correction has been made and my credit report is again accurate. Please send a copy of my credit report to: (place mailing address here).

Yours,

(Your name)

Be sure to include your full name as listed in your credit report, address, Social Security number, copy of your driver’s license, copy of the credit report, and copy of your proof, i.e. cancelled check.

Be sure to retain a copy of whatever you send to each credit bureau. Make a note of the date that you mail your letters to remove info off credit report. Using certified or registered mail is a good idea, as this will give you proof of the mailing date.

Chris

Find Credit Report

admin — Sat, 06 Nov 2010 06:38:23 +0000

Paul Abbey asked:

Today there are a large number of websites online where you can find credit report information. Certainly being able to understand what your credit report is and how it can effect whether you get a good rate of interest on a loan, mortgage or credit card is important to many people today.

Below in this article we are going to explain a little bit more about credit reports and what you can do in order to improve the rating that you have on yours currently.

All lenders today prior to agreeing to lend someone some money or give him or her a credit card will check your credit report. The information contained within these reports is collected by three main credit reporting agencies, which are Experian, TransUnion and Equifax. Who by law today are required to provide you with a copy of your report each year or as and when you request it.

Each year you are therefore entitled to obtain a free copy of your report from them and you can either contact them directly to do this or by going through one of the hundreds of online companies now offering you the chance to do it. But which ever way you choose to obtain your free copy with them all you will need to provide certain information in order to ensure that you get the correct copy of your report.

Whether you get your copy through one of the three main credit reporting agencies or through using a credit reporting site such as say “annualcreditreport.com” you will need to provide them with the following information.

1. Your Name (for married women you may want to think about getting one in your married and single names)

2. Your Address (the one at which you are currently living)

3. Your Social Security Number

Once you have provided them with this information they will then be able to provide you with a copy of your credit report. You have two choices as to how the report is presented to you. You can either request a copy online, which you are then able to review and print off or you arrange for a copy to be mailed to you. But if you are looking to get a loan in the very near future then doing it online is much simpler and quicker to do and will ensure that any problems with your credit report can be rectified much more quickly as well.

When you do find your credit report and you find some mistakes or errors on it that should not be there it is important that you immediately contact the credit reporting agency who has provided it. Initially make a call to them concerning your query and then immediately follow this up with a letter with any documentation (copies) which shows why you feel this error or mistake should be removed from your report.

So if you are someone who wants to keep up with his or her finances and to ensure that nothing untoward occurs in the future it is a good idea to find credit report information and regularly view it.

Maurice