Posts Tagged ‘Credit Information’
July 23rd, 2010 | 
Author: 
Posted in Charge Offs | 
Tags: Credit Information, credit report, loan credit, Loan Information, Mortgage Information, mortgage loan | 
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Tim Gorman asked:
Credit reports provide great details about a person including name, birth date, Social security number, home address, how payments are made, income, employment history, home ownership, previous address, court cases, judgments, and bankruptcy and foreclosure records.
Above all it gives details about a person’s credit history. These include all the creditors with balances and accounts that are closed or in collections. It will also indicate if there are any late payments, and any other irregularity. In addition it will also list the requests for that credit report by creditors during the past year and requests for credit reports including those by employers for the past two years.
These reports are maintained by three nationwide credit bureaus which use slightly different sources to compile the information. Based on the information they have credit bureaus calculate a figure called the credit score. The three credit bureaus Equifax, Transunion, Experian use different formulas to arrive at their score. The credit score can be considered a mathematical way of determining the likelihood of the borrower paying back a loan.
This information can be accessed by creditors, insurers, employers, and others who have been legitimately allowed access subject to conditions through The Fair Credit Reporting Act (FCRA). It is clear that accurate information in the credit report is important to everyone concerned not only for the person about whom it is concerned but to anyone else who may want to rely on it for decision making. As such it is important to understand how the credit report is compiled and the accuracy of the information and sources on which that compilation is made.
It is important to know how and at what frequency credit information reaches the credit bureau. On examination of their procedure, it is clear that frequency of reporting varies depending on the creditor. While some creditors will report any changes in the customers’ balances every day, others will report once a month or at longer periods. This is mainly due to efficacy reasons, since with most people there will not be much of a change in credit balances. Because of that creditors will only report if there are any changes in the credit balances. This therefore means that for some people their credit report will get updated about once a month while others may not see any change in their credit reports for 3 or 6 months. On the other hand creditors will report late payments and other negative activities quite promptly.
Frank
Credit reports provide great details about a person including name, birth date, Social security number, home address, how payments are made, income, employment history, home ownership, previous address, court cases, judgments, and bankruptcy and foreclosure records.
Above all it gives details about a person’s credit history. These include all the creditors with balances and accounts that are closed or in collections. It will also indicate if there are any late payments, and any other irregularity. In addition it will also list the requests for that credit report by creditors during the past year and requests for credit reports including those by employers for the past two years.
These reports are maintained by three nationwide credit bureaus which use slightly different sources to compile the information. Based on the information they have credit bureaus calculate a figure called the credit score. The three credit bureaus Equifax, Transunion, Experian use different formulas to arrive at their score. The credit score can be considered a mathematical way of determining the likelihood of the borrower paying back a loan.
This information can be accessed by creditors, insurers, employers, and others who have been legitimately allowed access subject to conditions through The Fair Credit Reporting Act (FCRA). It is clear that accurate information in the credit report is important to everyone concerned not only for the person about whom it is concerned but to anyone else who may want to rely on it for decision making. As such it is important to understand how the credit report is compiled and the accuracy of the information and sources on which that compilation is made.
It is important to know how and at what frequency credit information reaches the credit bureau. On examination of their procedure, it is clear that frequency of reporting varies depending on the creditor. While some creditors will report any changes in the customers’ balances every day, others will report once a month or at longer periods. This is mainly due to efficacy reasons, since with most people there will not be much of a change in credit balances. Because of that creditors will only report if there are any changes in the credit balances. This therefore means that for some people their credit report will get updated about once a month while others may not see any change in their credit reports for 3 or 6 months. On the other hand creditors will report late payments and other negative activities quite promptly.
Frank
Beth Pardue asked:
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
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Delores
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
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Delores
Posted in Finance |
Tags: Accuracy, Banks, Credit Information, Creditors, Equifax, Experian, Many People, Mortgage, Personal, Trans Union |
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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.
Dennis
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.
Dennis
Michael V asked:
I am a college student of age 18. I recently applied for a Citi credit card but it was rejected saying (in email)
I am a college student of age 18. I recently applied for a Citi credit card but it was rejected saying (in email)
o A garnishment, attachment, foreclosure, collection
action or judgment was recorded on your credit bureau
report.
o A delinquent credit obligation(s), either paid
or unpaid, was recorded on your credit bureau report.
They got the report from Equifax credit information service.
This confuses me for I have never once owned a credit card nor have I had to pay bills or anything of the sort that I would/could be late for.
Stolen Identity?
So I went to annualcreditreport and tried geting my report from all 3 credit bureaus
Experian says We’re sorry. We experienced a system problem and we are unable to provide your personal credit report for online viewing at this time. You may want to try again later.
Transunion has me on a page that says your order is being processed come back in 30 min (its been 6 hours).
With Equifax I get to a page that says this.
We’re sorry, for your protection we are unable to deliver your FACT Act Equifax Free Annual Credit Report on the internet. There are a number of reasons that we may be unable to fulfill your request online. You may have a Security Freeze on your credit file, an Active Duty Military or Fraud Alert, or the identification information submitted online may not match the information on file.The following link will lead you to a form that is not screen-readable at this time.
What do you think? What should I do?
One last thing, On the bottom of the Equifax report it says NOTE: If you have a Security Freeze on your file, you must include your 10 digit PIN along with the information requested above. Where can I find my 10 digit pin and what exactly is it?
Amy
mercuriasmi1 asked:
I was checking my credit history and have subscribed to truecredit.com, which gives you the information of all 3 credit bureaus. I checked my credit score and was delighted to find my credit score was in “good” standing for Experian. Has I was checking other credit report bureaus information website I noticed that the credit score that the score that truecredit.com gave me was sooooo different from the Experian website, not by 10 or 20 but by 40, I think that is a big difference. Which one of these companies should I think has the more accurate credit score??? And if so, is this also true for the 2 other agencies. Does anyone have any experience in this matter, if so please help!!!!
Tamara
I was checking my credit history and have subscribed to truecredit.com, which gives you the information of all 3 credit bureaus. I checked my credit score and was delighted to find my credit score was in “good” standing for Experian. Has I was checking other credit report bureaus information website I noticed that the credit score that the score that truecredit.com gave me was sooooo different from the Experian website, not by 10 or 20 but by 40, I think that is a big difference. Which one of these companies should I think has the more accurate credit score??? And if so, is this also true for the 2 other agencies. Does anyone have any experience in this matter, if so please help!!!!
Tamara
Posted in Credit |
Tags: Accurate Credit, Credit Bureaus, Credit History, Credit Information, Credit Report Bureaus, Credit Score, Experian, Information Website |
4 Comments »