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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Check out your credit report, the file that determines your financial status in the eyes of the world. See a portrait of your payment habits, employment history, legal and even criminal background. Black marks stay for seven years. You’d be wise to make sure the record is accurate.
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• FREE Credit Report and Credit Score.
• Your Access to Free Credit Reports. A credit report contains information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. There are three nationwide consumer reporting companies — Equifax, Experian, and Trans Union.
• New Law Promotes Access to Free Credit Reports. Soon you'll be able to get your credit report for free. A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months, from www.annualcreditreport.com. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights and how to order a free annual credit report.
• 4 Steps to Establishing Good Credit. As a consumer you’ve learned the importance of establishing a good credit rating with your lenders. Whether you are shopping for a new home or auto, or searching for the best deals on insurance, your credit worthiness will be judged by your credit rating or credit score.
• Getting Your Credit Report and Understanding What's On It. If you intend to apply for a loan, you need to obtain your credit score. Understanding what this score means will allow you to make the loan process easier and quicker. Let's face it; most people want the loan process to be as painless as possible. Obtaining and understanding your credit score will help you see potential problems and perhaps eliminate them before you begin the loan process.
• Credit Scoring: What It Is, And How It Affects You. If you have applied for a mortgage in the past five years, you’ve probably heard of credit scoring by now. Perhaps you were told that your credit scoring was wonderful, or needed work. Or maybe your mortgage would have been lowered by several points, if you had better credit scoring.
• Credit and Divorce. Mary and Bill recently divorced. Their divorce decree stated that Bill would pay the balances on their three joint credit card accounts. Months later, after Bill neglected to pay off these accounts, all three creditors contacted Mary for payment. She referred them to the divorce decree, insisting that she was not responsible for the accounts.
• Are you aware that your credit history and other personal information may affect your ability to buy health, disability, and life insurance? Thanks to a recent rule by the Federal Trade Commission, all insurance companies that are members of the Medical Information Bureau have to inform you if a credit report or other data, such as your driving record, criminal activity, and medical condition played any part in your being denied coverage or charged a higher rate.
• Solving Your Credit Problems. Your credit report influences your purchasing power, as well as your chances to get a job, rent or buy an apartment or a house, and buy insurance. A history of timely credit payments helps you get additional credit. Accurate negative information can stay on your report for seven years.
• Improving Your Credit Report Under the law, both the Credit Reportinig Agency (CRA) and the organization that provided the information to the CRA, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report.
• How to Dispute Credit Report Errors. Your credit report--a type of consumer report--contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses.
• Helpful Links on Consumer Credit Reports |
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| ©2005 Lendingtips.com All rights reserved. |
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Lendingtips.com 464 Oak Avenue Naples, FL 34108
Phone (239)877-7835 Fax (239)594-5686
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