Free Three Credit Bureau Report – 3 Scores

rmporcelli asked:

Its commonplace today for lenders to require borrowers to address recent inquiries on their credit bureau reports. Recent credit bureau inquiries may indicate acquisition of new debt. Since there is a two to three month lag-time between the acquisition of new debt incurred and its presence on a credit bureau report, lenders are requiring written statements from borrowers affirming that no additional debt has been acquired since the credit bureau report was pulled. Lenders feel that this is a necessary step in order limit default risk due to undisclosed debt service payments. This is an example of a Letter of Explanation regarding Credit Bureau Inquries. We have provided you with the dates and companies of your latest credit bureau inquiries. Please provide us with a letter specific to your inquiries and please let us know if youve incurred any new debt as a result of these inquiries. I can be reached at 561-703-3454 or porcellimortgage@gmail.com

Margaret

David Maillie asked:




Many people have and suffer from bad or marginal credit. This does not mean they are a bad person as bad credit can happen as a result of a sudden unplanned illness or emergency, a job layoff, etc… Many families do not have sufficient savings to ride out a serious and costly emergency or job loss. Actually, according to MSN, many families are living only one paycheck away from bankruptcy and this is not good. To stop this one needs to put reigns on all unnecessary spending, but we will talk more about this further on.

The first step anyone with possibly bad credit needs to take is to find out the exact extent of your credit. You may have only seen 1 credit report or only been told what might be on your record by a bank or loan manager or finance manager, but did you know there are really 3 separate credit reporting agencies and each has a different report and score? Just because one credit report shows as bad doesn’t necessarily mean the others do, and vice versa, if one is good the other two may be quite the opposite. Usually, as a rule, they are similar, but negative items or entries do tend to stay longer on some then others and some tend to have more errors in their entry reporting.

Go online to any of the three major credit bureaus (Just Google the names of Experian, Equifax, and Transunion) and pay to have your all three in one report with credit score pulled. You want all three as they can and probably will be slightly different. The report is necessary so you can actually measure and understand exactly how bad it is and what needs to be done to improve and fix it. A all three in one report is around $40 to $50 and worth it. Free reports which you can receive per recent federal laws will only give one credit bureau and no score (how do you know where you stand without a score unless you are a finance manager or work at a bank loan department?)

If your score is 600 and above your credit is marginal, but not bad. You won’t have too much to repair. If your credit is 500 or below you probably have a lot of negative entries, possible tax liens, judgments, repos (car repossessions), a possible bankruptcy, and/or other serious negative influences and entries in your reports. A low or bad credit score will take more work and effort, but you can still achieve a much higher credit rating and fairly quickly.

Now, that you have your credit report and scores, find out which is the most important credit reporting bureau for your area of the country (each bureau has a particular area of influence). The easiest way to do this is to contact your local new car dealer and ask the finance manager what credit report they most commonly use to establish credit. Usually it is only one and that is the one that will be most influential in your area and the first one you should repair.

Joanne

redhairedmama75 asked:


As I mentioned in my previous question I am helping a co worker with her credit. One of the collection agencies refuses to send her proof that the debt is hers but one of the 3 bureaus is considering it verified. The only thing she has gotten from the collection agency is a bill saying that $177.?? is owed and yet one her credit report it is only $23.00 reported as owing. She intends to pay but would rather pay 23 than 177 dollars. What happens if she pays the smaller amount?

Joanne

Conleth Onu asked:




Disputing negative entries on your credit report is the most effective method to delete unfavorable information and improve your credit rating.

Many people in America have negative information on their credit report. These derogatory items can be detrimental to your ability to obtain loans, credit cards and other financial services.

You have the right to dispute any inaccurate or incomplete information that is contained in your credit report. There is no charge for this.

If an account is not being reported 100% accurately, by law the credit bureau must remove it from your report.

Here’s How The Process Works.

1. You get a copy of your credit report from the credit bureaus.

2. When you get your reports you carefully review them and note any negative accounts and inaccuracies.

3. You then dispute the negative accounts. Submit the dispute in writing, along with any supporting documentation. If the credit bureau cannot verify the accuracy of any item you dispute, they must remove the item within the alloted time.

4. When the investigation is complete, the credit bureau must send you a free copy of your report if the dispute results in a change.

You can continue this process until you are satisfied with the outcome. Remember, if the negative item is not 100% accurate the credit bureau must remove it from your file.

Before you begin the process, it is essential that you have good information on how to go about restoring your credit.

Do you want to learn more about how to do it? I have written the ultimate guide to credit repair, “How To Clean Up Bad Credit And Establish AAA-1 credit Rating.” For free details, click the link below to visit my website.

Leroy

Marc Sumner asked:




There are a number of ways in which you can have a collections agency reporting to your credit report. Most of the time it’s due to past due bills that were either overlooked or just never paid. You should know there are ways that you can try to fight this to attempt to raise your FICO score. This will in turn raise your buying power because you’ll be able to borrow more if you need to.

Every person has the ability to get one free copy of their credit report each and every year. All you have to do is make a request for it and it’s available to you either by mail or within a few seconds online. Most people don’t understand that you can dispute charges on your credit report.

What happens when you dispute these different collections charges on your credit report is that they will have 30 days to respond to the dispute, otherwise it’s marked as invalid. Most companies will respond to these disputes so all you will need to do is to negotiate with these collection companies and let them know you will pay off your debt sooner if they can remove this from your credit report.

What you should understand is that collection agency reps main goal is to get you to pay off the debt. So getting them to remove this shouldn’t be a problem if you can work out something with them to pay off what you owe.

Remember that 1 in 4 credit reports contain some sort of error that could be lowering your credit score without you knowing it!

Gladys

Casey Watkins asked:




Bad credit is a big problem here in the United States. Almost every American has more than ten thousand dollars in credit card debt. We are going to talk about three easy ways to help you credit score. Each of the three tips can help you on all three of the credit bureaus.

1. Dispute Negative Credit on your Report

This is one of most important steps you can do to better your credit. Each negative or incorrect item that is on your account can be disputed. When you dispute an item with the credit Bureau and win they have to remove it from your record thus improving your score.

2. Pay Down your Debit Cards

Go thru all your credit cards and get each ones bill. Once you have there bills pay a little extra on each one until they are at 25% of the available credit line that you have for that card. Doing this will drastically raise your score. You can also use what some people call the snowball effect to pay them off. It works really well.

3. Get a Secure Credit Card with a Bank

Most banks will open a secured credit card with you. This type of card is in the banks favor, but helps your numbers out too. Basically you add a deposit of $500 to a secure bank account and the bank gives you a credit card with that amount as your credit line. Once you buy something then you pay the bank until the account is back up to the initial $500.

Martin

D-Pac asked:


Freecreditreport is from Experian…example

Craig

Jay Peter asked:




Building a good credit score and maintaining it is, in essence, a long-term process. The best ways to raise credit score expect that you stay financially organized and learn to manage your debts wisely. No doubt, that developing good financial habits consequently helps to raise credit score. But if you’re planning to buy a house in the near future and you discover that you need only a few extra points to get better interest rates, you want to raise credit score ASAP.

You should keep in mind that in the world of credit scores, nothing happens overnight. Even when using the quickest methods to raise credit score, it takes some time for the changes to appear on your credit report. But the sooner you take action, the sooner your score will start to grow. So, here’s what you can do raise your credit score quickly.

1. Get your credit report and credit score.

You have the right to obtain a free copy of your credit report once a year from each of the major consumer reporting agencies (i.e. credit bureaus): Equifax, Experian, and TransUnion.

You should get all three reports, because they may differ a bit. Your credit score is a calculation based on the information on your credit report. Different companies have different formulas for calculating the score, but the credit score most commonly used is FICO score. On their website, you can make a request to get your current score.

This is the first step on your journey to raise credit score. Your next step is to…

2. Examine your credit reports carefully and search for inaccurate information.

The first time you see your credit report, you may be amazed how much information about you it actually contains. Unfortunately, not all of this information is correct. Research has actually shown that 25-50% of credit reports contain errors.

One reason why these errors occur is that you may be mistaken for someone with the same name as you, and this other person’s data ends up in your report. Another, and a much more serious cause of erroneous data is identity theft. So, if you spot outdated, incomplete or totally strange information, the next thing to do is to…

3. Determine the cause of inaccuracies on your credit report.

If you think the credit bureau has you mixed up with someone else, first make sure they have your full name spelled correctly. Also check if your social security number on the credit report is correct. Look at the address, too – if your current address differs from the one on your report, it may cause confusion.

If you do find errors like this, contact the credit bureaus to sort it out immediately. In case you notice strange accounts or payments on your report and you suspect you may be a victim of identity fraud, contact the police, as well as your creditors and credit bureaus.

4. Contact credit bureaus to dispute errors on your report.

Besides the errors in your personal data, your credit report may show late payments that actually were paid on time, closed accounts still listed as open, outstanding debts that you have paid off, and so on. If such mistakes occur, the credit bureaus are obliged to investigate and correct them.

First you have to send them a dispute letter, where you point out the errors you believe your credit report contains. Free samples of dispute letters are available on the Internet. Add copies of relevant documents to support your claim.

Credit bureaus have to investigate the inaccurate information in 30 business days and delete the errors. If the credit bureau can’t verify the negative information within this time, it has to be deleted, too. If your report gets corrected, you have the right to get a free copy of it.

You can also ask the credit bureau to send your corrected report to anyone who has inquired your records in past 6 months. Be sure to make copies of the letters you send to credit bureaus and the ones you receive!

5. Start paying your bills on time and pay off outstanding debt without closing old accounts.

In addition to disputing errors in your report, these two methods can raise credit score most quickly. Late payments that were made years ago don’t affect your credit score as much as the recent ones. Automate your bank payments and get organized, and may raise credit score within a few months.

You also may gain this delightful result if you pay off your outstanding debt. If you decide to pay off your loan, don’t close the account. Here’s the reason behind this advice. Using a lower percentage of total credit available to you raises your score, but if you close a credit account, your total available credit decreases. Hence, if you shut down the account, you may still be close to maxing out your credit – which decreases your score.

If just a few missing credit points hinder you from getting better interest rates, following the tips above may solve your problem relatively quickly. If two or three months still is too long for you to wait, there are other legal options to raise credit score quickly.

Kathy

C Cruz asked:




Having a bad credit report is very damaging to your financial future. But you already knew that.

Getting your credit report back to pristine status once it has been damaged can be accomplished, but it will take time. However, you must know how to go about it, because you might only get one crack at it.

Your goal should be to have the “verifiable” negative marks deleted from your credit report.

In order for a creditor to consider deleting a “verified” negative mark on your credit report, there must be something in it for them. Primarily that you pay the account in full.

Several factors will determine if a creditor will consider deletion of a “verified” negative account. Some of these include:

>Your ability to pay

>Your job status

>Your income

>Your assets

>Age of the account

>Dollar amount that is due

>Who the creditor is

Just to name a few.

However, you must beware.

You must know if the person you are negotiating with has the authority to delete the negative mark from your credit report.

If you are talking to the collection agency, they may only have limited authority. Meaning that the collection agency may only be able to delete the collection agency report but not the original creditor’s report.

Anything that you agree to must be in writing. Detailing what you must do and what you will be getting in return.

Have an authorized signature on the letter.

Make certain that the settlement offer and terms are on official company letterhead.

Keep a file and document all communications with the creditor or collection agency.

Everything:

>Date and Time

>Person you talked to

>Operator number

>Phone numbers and extensions

>Address

>Timeline

>Details of what was discussed and by whom

Having as much detail on file will help you in the future if the creditor or the collection agency does not adhere to the terms of the settlement.

Louise