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Your Credit Report
Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. To get your free credit report go to http://www.FreeCreditGift.Com
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. Under the Fair Credit Reporting Act:
You have the right to receive a copy of your credit report. The copy of your report must contain all the information in your file at the time of your request.
Under federal law, you’re also entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
You have the right to know who asked for your report within the past year – two years for employment related requests.
If a company denies your application, you have the right to the name and address of the consumer reporting company they contacted, provided the denial was based on information given by the consumer reporting company.
If you question the accuracy or completeness of information in your report, you have the right to file a dispute with the consumer reporting company and the information provider (that is, the person, company, or organization that provided information about you to the consumer reporting company). Both the consumer reporting company and the information provider are obligated to investigate your claim, and responsible for correcting inaccurate or incomplete information in your report.
Your Credit Application
When creditors evaluate a credit application, they cannot engage in discriminatory practices.
The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance. Creditors may ask for this information (except religion) in certain situations, but they may not use it to discriminate against you when deciding whether to grant you credit.
The ECOA protects consumers who deal with companies that regularly extend credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Everyone who participates in the decision to grant credit, including real estate brokers who arrange financing, must follow this law. Businesses applying for credit also are protected by this law. Under the Equal Credit Opportunity Act:
You cannot be denied credit based on your race, sex, marital status, religion, age, national origin, or receipt of public assistance.
You have the right to have reliable public assistance considered in the same manner as other income.
If you are denied credit, you have a legal right to know why.
For details, see Equal Credit Opportunity at http://ECOA-Law.blogspot.com/
Your Credit Billing and Electronic Fund Transfer Statements
It is important to check credit billing and electronic fund transfer account statements regularly because these documents may contain mistakes that could damage your credit status or reflect improper charges or transfers. If you find an error or discrepancy, notify the company and dispute the error immediately. The Fair Credit Billing Act (FCBA) and Electronic Fund Transfer Act (EFTA) establish procedures for resolving mistakes on credit billing and electronic fund transfer account statements, including:
charges or electronic fund transfers that you – or anyone you have authorized to use your account – have not made;
charges or electronic fund transfers that are incorrectly identified or show the wrong date or amount;
math errors;
failure to post payments, credits, or electronic fund transfers properly;
failure to send bills to your current address – provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends;
charges or electronic fund transfers for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.
The FCBA generally applies only to “open end” credit accounts – credit cards and revolving charge accounts, like department store accounts. It does not apply to loans or credit sales that are paid according to a fixed schedule until the entire amount is paid back, like an automobile loan. The EFTA applies to electronic fund transfers, like those involving automatic teller machines (ATMs), point-of-sale debit transactions, and other electronic banking transactions.
For details, see Fair Credit Billing at http://FCBA-Law.blogspot.com/
Your Debts and Debt Collectors
You are responsible for your debts. If you fall behind in paying your creditors, or if an error is made on your account, you may be contacted by a “debt collector.” A debt collector is any person, other than the creditor, who regularly collects debts owed to others, including lawyers who collect debts on a regular basis. You have the right to be treated fairly by debt collectors.
The Fair Debt Collection Practices Act (FDCPA) applies to personal, family, and household debts. This includes money you owe for the purchase of a car, for medical care, or for charge accounts. The FDCPA prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts. Even a third party that considers themselves just a billing company can be considered a debt collector. Many states require these debt collectors to be licensed as a debt collector as well as having a business license.
For details, see at http://DebtCollectorLicense.blogspot.com/
Under the Fair Debt Collection Practices Act:
Debt collectors may contact you only between 8 am. and 9 pm.
Debt collectors may not contact you at work if they know your employer disapproves.
Debt collectors may not harass, oppress, or abuse you.
Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime.
Debt collectors must identify themselves to you on the phone.
Debt collectors must stop contacting you if you ask them to do so in writing.
For details, see Fair Debt Collection at http://FDCPA-Law.blogspot.com/
Solving Your Credit Problems
Your credit report can influence your purchasing power, as well as your opportunity to get a job, rent or buy an apartment or a house, and buy insurance. A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
For judgments on each state and how long they are collectible -
There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. There is a standard method for calculating the seven-year reporting period. Generally, the period runs from the date that the event took place.
If you are having problems paying your bills, contact your creditors immediately. Try to work out a modified payment plan with them that reduces your payments to a more manageable level. Don’t wait until your account has been turned over to a debt collector.
Here are some additional tips for solving credit problems:
If you want to dispute a credit report, bill or credit denial, write to the appropriate company and send your letter “return receipt requested.”
When you dispute a billing error, include your name, account number, the dollar amount in question, and the reason you believe the bill is wrong.
Keep all your original documents, especially receipts, sales slips, and billing statements. You will need them if you dispute a credit bill or report. Send copies only. It may take more than one letter to correct a problem.
Be skeptical of businesses that offer instant solutions to credit problems: There aren’t any. It takes a professional time and effort to help raise a credit score.
Be persistent. Resolving credit problems can take time and patience.
When creditors/credit bureaus don't respond the way you think they should, try using a professional that does this type of work every day.
If you’re not disciplined enough to create a workable budget and stick to it, work out a repayment plan with your creditors, or keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are supposedly nonprofit and work with you to solve your financial problems. But not all are reputable. For example, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, or hide their fees by pressuring consumers to make “voluntary” contributions that only cause more debt. For a number of reasons these credit counseling organizations can cause your credit score to plummet instead of getting better credit.
ABOUT THE AUTHOR:
Thomas Rendleman, a licensed real estate broker who can help you pay less interest for your home, car, and even recreational vehicles. Raise your credit score. Get more credit news and other money saving information at his website http://www.OfficesOfThomasRendleman.com - Save this article for future reference.
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Your Credit Score Can Be Destroyed By Simple Credit Inquiries
By Thomas Rendleman
What you don't know about credit inquires can destroy your credit score and effect what you can qualify for. Whether you are shopping for a cell phone, car, home loan, insurance, or just curious about wanting to see what you could qualify for, a credit inquiry can cost you points on your credit score. Even a reduction in credit points may seem trivial. A change in credit points over a 30 year period can cost 1000's if not 10,000's of dollars in higher interest payments. Furthermore to some it can mean the difference of being able to qualify for a home, car, or other financing that is necessary in today's world. Usually a credit inquiry will result in a less than a five point reduction in your credit score. However with multiple inquiries comes the likelihood that the score will plummet and the interest rates for purchases will go up. This will result in the consumer with a lower credit score to make higher payments for home, car, of other credit purchases.
There are several different credit inquiries. An inquiry for a specific purchase will have a freezing point for a 2 week period. In other words if you were shopping for a car you could have your credit pulled, (also called an credit report inquiry) at several car lots during a two week period and it would only count as one inquiry. This type of inquiry usually results in less than five point drop in the credit score. This is because the credit bureau considers all the credit inquiries done in the two week period for the same credit purchase to only affect the credit score once.
The second type of credit inquiry is when a person is attempting to obtain different types of credit that is not related, such as car financing inquiry and purchase of a cell phone. These two items are not related. When an inquiry is placed on the credit report it will cause the score to go down. This results in the score going down twice because of the different types of credit inquiries. Applying for credit to see what you can get and trying for different types of credit can lower your score significantly enough not to qualify for credit purchases at all.
Another common credit inquiry is when a marketing company purchases a list from the credit bureau. Then the company uses that targeted list to send out unsolicited pre-approved credit offers. These offers usually come by mail and this type of inquiry does not affect your score. The credit bureau's theory is it would be unfair to penalize a person who hadn't inquired about a credit purchase and had no control of receiving the unsolicited offer. Even though these offers do not affect your credit score they can be an annoyance. This type of offer can be used by potential thieves as a source for identity theft or credit fraud. For that reason any unsolicited credit cards should not been thrown in the trash prior to shredding them completely.
Reviewing your own credit from credit bureau sources will not affect your credit score. Your credit request (for simply review) does not hurt your score. It is your right to know what is in your complete credit file. The information on these credit reports are identical to what a lender, underwriter or creditor will see. However the credit scores on these credit reports can vary because of the way credit bureaus interpret your score. When considering a purchase of a home or car it is always best to check with a professional in that field of financing. That expert can help you determine the score that is relevant to your purchase and which credit bureaus will be used.
Your credit score can be destroyed by simple credit inquiries. The way to avoid loosing credit points is to have your loan approved for a car, home, or other credit purchase prior to going on a shopping spree. The difference in a credit score going down even 5 points could result in getting a less desirable interest rate, the credit lender requiring more down payment, or even denial of your desired loan.
Credit Inquiries are supposed to remain on your credit report for up to two years. The fact is you may have to ask the credit bureaus/creditors to have them removed after their expiration. The below numbers are directly to the credit bureaus and will allow you to order your credit reports directly. Reviewing credit through these sources are the best as they won't lower your credit score even when viewed often.
Trans Union 1-866-887-2673
Equifax 1-800-685-1111
Experian 1-888-397-3742
Another good reason to review your credit report inquiries is to protect your credit from identity theft or credit fraud. By reviewing your credit you can see recent inquiries for credit purchases. Should you notice names of unfamiliar creditors, it could be an early sign of identity theft or credit fraud. Simply call the all three credit bureaus and have them place a fraud alert on your credit report. This will stop most credit theft. Today credit fraud and identity theft are more prevalent than ever before.
ABOUT THE AUTHOR:
Thomas Rendleman, a licensed real estate broker who can help you pay less interest for your home, car, and even recreational vehicles. Raise your credit score. Get more credit news and other money saving information at his website http://www.GreatCreditSecrets.com. Save this article for future reference.
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Building Your Credit Correctly Without Going Broke
By Thomas Rendleman
When trying to make the most of your credit, it is important to have a low cost credit card. This will aid you in building your credit without going broke. Many credit card companies charge fees for the privilege of owning a credit card. Those fees can be eliminated at the discretion of the credit card company. You can start to remove those fees by asking the card issuer for no yearly fee and for an introductory rate. The yearly fee is sometimes waived to lure the card holder to use the card more often. Better than the yearly fee being waived would be an offer of an introductory rate. For instance an introductory rate may be offered at 6.5% interest for 6 months. The credit card issuer uses that limited time offer and low interest rate to keep you using the card and to keep the balance high. The credit card issuer hopes that the card holder will use more credit because of the lower interest rate. Many times the card holder will also move around balances from other credit cards which also allows the card issuer to make more money from interest.
The best way to eliminate the interest associated with your balance is to continuously ask for an introductory rate. These special rates usually expire every 6 months. So just before it expires you can ask for an extension. When you achieve lower interest rates you can pay off the credit card balance much quicker. I have used this principle numerous times. I have even called 17 times in over a few week period asking for an introductory rate, only to be told “No” until the 18th time. Persistence is the key when dealing with creditors. Remember the worst they can say is “No”.
A powerful strategy to build credit is to get 3 to 4 good accounts. Don't try to get too much credit because that can hurt you. Too little credit won't help you either. The lenders, creditors, and even loan officers want to see that you have a good history at paying at least 3 accounts on time. Don't have less than 3 good accounts because then you may not have enough credit for a bigger credit purchase. It takes time to build your credit so plan on paying on time, keeping a low balance, and not charging over your credit limit for about 18 months. By following that advice you can be assured that your credit score will go up. It will also show in stability in making payments on time which helps in getting those lower interest rates that everybody wants so desperately.
Since you are now on the road to good credit keep 3 to 4 accounts open so you can build a good credit profile. Remember the final lender or the decision makers for your loan may never see you, but they will see your credit. Decision makers for lenders like to see less risk to the creditor. The lender just wants to be paid back with interest and without having collection activities involved to get their money back. What level of risk you are will be determined by your income, bills and credit scores. Credit scores really being the most important because with a high enough credit score the lender will over look problems when lending. When getting credit it is important to remember keeping credit card balances low is one activity that will help raise your credit score. Always remember that the more credit you have the more that creditors and lenders will want to lend you. That is as long as you keep those balances low and payments on time.
If you have less than perfect credit you may need to get secured credit cards. These secured credit cards are easy to get. The reason that these credit cards are easy for everybody to get is that there is no risk for the bank. For instance you would put up $250 for security then you can have a secured credit card with a $250 available credit limit. You make payments just like a normal credit card for 12 to 24 months. At the end of that time period the secured credit card turns into a unsecured credit card. Most credit card companies then return the deposit. Apply for 3 to 4 accounts at the same time, keep the payments current and soon you'll have great credit. This can take you from having no credit or bad credit to having fairly good credit in that 12 to 24 month period.
Jump start your credit by using a method is called piggybacking credit. It is in essence loaning someone your credit without the risk of co-signing. Typically it is used when a parent wants to establish credit for a child. This gives the child an advantage at starting life off in the real world. The parent places the child on an account to help build the child's credit. The great news is it isn't limited to parents piggybacking their credit. It can be a friend, family, next door neighbor, or even a boss. By piggybacking the account will show the original date it was opened on the credit borrower's credit report. Therefore, if a credit card was 10 years old, the borrower's credit report now shows an account to be 10 years old. This gives the borrower an immediate track record of credit. The borrower's credit score immediately goes up. This is an amazing way to really jump start your credit and helps in qualifying for homes, cars, and even recreational vehicles.
ABOUT THE AUTHOR:
Thomas Rendleman, a licensed real estate broker who can help you pay less interest for your home, car, and even recreational vehicles. Raise your credit score now. Get more credit news and other money saving information at his website http://www.GreatCreditSecrets.com. Save this article for future reference.
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Mortgage Comparisons and Shopping Your Loan, Made Easy
By Thomas Rendleman
Trying to compare loans, their fees, and which one really makes sense for you can be a job in itself. Smart shoppers compare different interest rates, but how do you know you are getting the best deal that you can? Interest rates are important but there are terms of the loan that must be considered. Is the loan a fixed rate so that the loan payment will remain the same for the next 30 years? Is it a loan that expires in 2,3,or 7 years or is it a fixed payment for a period of time and then the payment adjusts with the changing interest rate? Some loans actually will allow you to pay smaller amounts per month, however this could cause problems when selling your home. You could owe more that you borrowed. In other words you may have to come out of pocket or you may not be able to sell your home. This is because there isn't enough equity in the house to pay the fees associated in a home sale. Comparing mortgages can save you $1000's. A free resource can be found at the end of this article. It will allow you to compare loans, their terms, and easily determine which loan is saving you more money.
When shopping for a mortgage you must not only consider the loan and it's terms. You must consider the loan officer and their business practices. Does the loan officer give you a direct phone number to reach him/her? Does that loan officer call you back during the process of shopping for a loan? Having direct access will improve your chances to get the loan you are applying for, especially if the loan officer knows you'll be calling. It makes them more accountable. Talk to at least 3 or 4 loan officers during a 14 day period. During this 14 day period you can have as many loan officers pull your credit (only for home buying in this case) and it will only be considered 1 inquiry on your credit report. Remember it is not a good practice to keep pulling your credit outside this 14 day period because it can plummet your credit score. Pick two loan officers and compare what they have to say about the loan that is right for you.
Rates
· Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.
· Ask whether the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment.
· If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down.
· Ask about the loan's annual percentage rate (APR). The APR takes into account not only the interest rate but also points, broker fees, and certain other credit charges that you may have to pay expressed as a yearly rate.
Points
Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate.
· Check your local newspaper for information about rates and points currently being offered.
· Ask for points to be quoted to you as a dollar amount-rather than just as the number of points-so that you will actually know how much you will have to pay.
Fees
A home loan often involves many fees, such as loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates.
· Ask what each fee includes. Several items may be lumped into one fee.
· Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure.
Down Payments and Private Mortgage Insurance
· Ask about the lender's requirements for a down payment, including what you need to do to verify that funds for your down payment are available.
· Ask your lender about special programs it may offer.
If PMI is required for your loan,
· Ask what the total cost of the insurance will be.
· Ask how much your monthly payment will be when including the PMI premium.
· Ask how long you will be required to carry PMI.
Obtain the Best Deal That You Can
Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. The most likely reason for this difference in price is that loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Generally, the difference between the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage. When overages occur, they are built into the prices quoted to consumers. They can occur in both fixed and variable-rate loans and can be in the form of points, fees, or the interest rate. Whether quoted to you by a loan officer or a broker, the price of any loan may contain overages.
Have the lender or broker write down all the costs associated with the loan. Then ask if the lender or broker will waive or reduce one or more of its fees or agree to a lower rate or fewer points. You'll want to make sure that the lender or broker is not agreeing to lower one fee while raising another or to lower the rate while raising points. There's no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere.
Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. Lock-ins can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. Should that happen, try to negotiate a compromise with the lender or broker.
Remember: Shop, Compare, Negotiate
The Easy Loan Compare Guide that offers easy instructions and will help you determine which loan is right for you. Take it with you when you speak to each lender or broker and write down the information you obtain. Don't be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal.
TO RECEIVE A FREE COPY OF
EASY LOAN COMPARE
WITH EASY INSTRUCTIONS, SIMPLY VISIT US AT
http://www.EasyLoanCompare.Com/
ABOUT THE AUTHOR:
Thomas Rendleman, a licensed real estate broker who can help you pay less interest for your home, car, and even recreational vehicles. Raise your credit score. Credit Level 2 Program. Get more credit news and other money saving information at his website http://www.greatcreditsecrets.com/
Save this article for future reference.
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Get Paid To Raise Your Credit Score, Part I
By Thomas Rendleman
How can you get paid to raise your credit score? It is quite simple but very few people think about it. If you knew what you could do yourself to raise your credit score you could get better interest rates on homes, cars, boats, credit cards, insurance, and even recreational vehicles. How much can you save? Raising your credit score can even make the difference in owning your own home or staying a renter forever. It can also stop you from living the life you deserve.
Take for instance you want to purchase a home but your credit score is 580. You may pay an interest rate of 8.5% on a home loan. If your credit score was 720, you might be paying a 5.5% interest rate. The difference doesn't appear to be much, but on a $150,000 home the difference would be $375 on the monthly payment, every month. That higher monthly payment would add up to be $4,500 per year and over a 10 year period it would be $45,000 without the consideration of the unearned interest from loss by overpaying the creditor. The bottom line is the home is the same for the owner but the payment can vary dramatically. In this case if you had the 580 score you would have paid 35% more for the same home, just because of your credit. But wait there is hope. That is what this article series is all about.
If your credit score is too low it can actually make you unqualified for a home purchase. That alone (with the above example) can cost you at least $2,500 per year alone in a tax deduction. You either get that deduction or your landlord does. By now I am sure you are starting to see why credit scores are responsible for people living paycheck to paycheck. How can you get ahead when you are over paying for every purchase that is made on credit?
So what is the first thing you can do to start getting great credit? You'll need to see what is on your credit in order to see what to do. I would recommend going to a web site such as http://www.privacyguard.com/. Some older negative credit items may have fallen off as there are a statutory limits to how long items may remain on your credit. Usually it is 7 years as a rule, however there are other considerations such as bankruptcy. Items can stay on your credit for up to 10 years from the bankruptcy discharge. Viewing your credit report should allow you to see if some items should be removed and are still on the credit report.
Also see if you have been reported with negative items such as late payments. Late payments are reported when you are delinquent on your payment for over 30 days. If you have a dispute with the payment date, it is recommended that you contact the company that reported the late payment and ask if they can remove this from your credit report. This is called a “courtesy late removal”. Some companies will help you in your quest and some won't. Be persistent.
You can always dispute your information with the credit bureaus directly. Here are each of the credit bureau toll free phone numbers. You can always dispute a late payment through them and as a last resort contact a credit restoration company to aid you in achieving good credit again.
Trans Union 1-866-887-2673
Equifax 1-800-685-1111
Experian 1-888-397-3742
If you have judgments, collections, repossessions, or a foreclosure you may want to seek the help of a credit restoration company. Credit restoration should be approached in a cautious way. Look for the following signs that the company is legitimate. The company should have a web site and some trackable information on the Internet. To do this easily simply go to http://www.google.com/ and select your company name or the owner's name. Doing a google search this way should turn up something so you can make a decision whether you can trust this company and it's owner. The owner should have a license from the state they are in. It may be a mortgage, real estate, or even a debt consolidation license. Any license to show that if they are legitimately in business. This is just another way of protecting your best interests.
The next important thing that will effect your credit is making payments on time to the current creditors you do have. The easiest way is to have an automatic payment made by your bank or to have it taken directly from your checking account. By making payments this way you can be assured to maintain your credit payment history. If it feels like you have too many late payments showing on your credit, just simply start now by making them on time. There is no better time than right now.
Each time you do something to make your credit better it pays you in the long run.
For a financial glossary of terms
http://financialglossary.blogspot.com/
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ABOUT THE AUTHOR:Thomas Rendleman, a licensed real estate broker who can help you pay less interest for your home, car, and even recreational vehicles. Raise your credit score.
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