Free Annual Credit Report

There seems to have been a recent rash of credit score spammings, or I was just recently added to their spam list. I have been getting a lot of emails with subject lines that say “Your Credit Score May Have Changed“. The email tricks recipients into thinking their credit scores have changed and try to have you sign up with the spammer to see your new score, when in actuality your score probably hasn’t changed. Be on the lookout for these emails and don’t fall for them.

It frustrates me sometimes how people market toward the low credit score/subprime market. People that usually fall into this category are easily deceived and often duped into buying services they do not need or want. I really wish companies/people did not market to this weakness, it only makes things worse.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Good evening. It has been awhile since my last post due to an unforeseen business trip. I was in Orange County, CA for 7 days and have returned to Colorado (it’s 25 degrees and snowing –an undesirable contrast).

As promised, I will dedicate the efforts of this article completely to explaining why you should stay away from debt settlement companies. Thankfully, using a debt settlement company was one mistake I didn’t make. I am guessing that the points I am about to present within this article will be enough to persuade you from going to a debt settlement company, but nonetheless, it’s important to keep this one point in the front of your mind: debt settlement companies are selling you a product regardless of if they claim to be nonprofit.

How Debt Settlement Companies Do Business

Usually you will find that debt settlement companies offer to negotiate your debt with creditors by promising to pay the debt in one lump sum (which obviously creditors love). However, the debt settlement company won’t make this offer until you have secured most of the amount agreed upon between the debt settlement company and the creditor. The agreed upon amount is secured by requiring you to setup a savings account and make deposits until the amount is met. While this can work in some cases, let it be known that in most cases, this will hurt your credit score and cost you more money.

(more…)

Original article from: The Better Credit Blog - Credit help, Dispute forms, and Fix bad credit

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

There are a lot of companies that claim to be able to fix or repair your credit. What do they actually do? Can you do it yourself? What they do is actually pretty simple and it pays to be informed.

Credit repair/fix companies can only legally dispute inaccurate information on a credit report, which is exactly what individuals can do, and for free. Any Company that promises to “fix” credit, remove negative information which is true, or start over with a new Social Security number are scams. The only information that can be removed/purged from a person’s credit report/history is inaccurate information. Which, as stated above, can be disputed by the individual for free.

The moral of this story is, don’t be tricked into thinking someone can repair your credit for you. Anything a company can do, you can do for yourself. Which means, use your free annual credit report or pay for a credit report, and dispute any inaccurate information with the credit bureaus. Also, keep reading this blog on easy ways to increase your credit score. It can be done and isn’t that difficult when provided accurate information.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Buying a home is a big deal and everyone deserves to get the best interest rate possible. One of a few factors in determining what your interest rate will be, is your credit score. The best thing anyone can do for themselves is to have their credit score as high as possible, the higher over 700 the better. One easy trick that will spike your credit score during your mortgage application process is to stop using your credit cards. One of the factors in determining your credit score is how much of your credit line you have used. A general rule of thumb is not to exceed 25-30% of the credit line, and preferably to stay lower than that. About 45-60 days prior the beginning of your mortgage application process, if you stop using your credit card, you will spike your credit score just in time for your mortgage credit check. This is assuming that your credit cards are paid down to begin with. By increasing your credit score and getting a better interest rate on a mortgage you can potentially save thousands and thousands of dollars over the life of the mortgage. Why not take advantage of an easy trick? To recap:

1) Pay down credit cards at least 60 days prior to mortgage application process
2) Stop using your credit cards 45-60 days prior to mortgage application process

And remember, when applying for any loan, it is fine to shop around, but keep it within a 30 day window so your credit score doesn’t getting “dinged” multiple times.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

A common question for many people is if a spouse’s accounts or credit score is factored into yours. Credit bureaus don’t maintain joint files or credit scores for spouses. However, accounts in which a person and their spouse are listed as an authorized individuals will be listed on credit reports. Also, credit bureaus only maintain credit files U.S. residents. This is something to remember depending on your or your spouse’s nationality/country of residence.

What this all means is that an individual’s credit report is completely separate and different from their spouse’s. A spouse’s credit score or history will not positively or negatively affect an individual’s credit score/history. But, a spouse will have an affect on their significant other’s credit score/history in regards to accounts they are listed as an authorized individual. This means that it is wise to monitor and regularly check the history, balance, and details of joint accounts. The last thing anyone wants is for their credit score to be lowered by their spouse, intentionally or unintentionally, through their joint accounts.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

It’s ok to admit it. Most of us have been tricked by ads on the internet, radio, and tv about being able to check our credit scores/reports for free. There is an old adage that says nothing in life is free, while that is true for the most part, there are actually ways to get your credit report/score for free.

The Fair Credit and Reporting Act (FCRA) requires each of the 3 credit reporting agencies to provide everyone ONE free credit report every 12 months. As stated by the Federal Trade Commission, the only website you can go to access this free credit report is at annualcreditreport.com. This is absolutely the only site that is part of this program. But there is one drawback, this site only provides you a credit report/history, and not your credit score. You have to pay extra for the score.

Don’t fret, there are some other ways to get to get a free credit report and score. Many of the websites that offer credit reports have 30 day free trials. For instance, about a year ago I used freecreditreport.com, part of Experian. I ordered my credit report and score, checked it online, took notes, then called in a canceled within 4 hours of ordering the service. I was never charged a thing. Also, at one point, and I believe they still are now, American Express was offering a 30 day free trial to its card holders to receive credit reports and scores. Just login into your americanexpress.com account, and under other services sign up for the credit report/score program. Assuming you cancel the program within 30 days you will not have to pay a dime, and you will get your credit report and score from all 3 bureaus.

Another way you can sometimes get a free credit score is from your bank. Many banks use their own version of your credit score, some call it a soft score, meaning it is their own proprietary formula/score. I do know Bank of America uses this and it is factored into credit card application and mortgages with them. If you are nice to one of the branch employees, they will often share with you your soft score. While this is not your actual credit score, it will give you a very good idea of what your score is.

Also, if you meet one of these requirements you are eligable for a free credit report.

1) Denied credit, insurance, or a job due to information on your credit report. A notice stating which credit bureau supplied the report should be included in your letter of denial. You then have 60 days to request a free copy of your report from them.
2) Unemployed. You are entitled to one free report a year if you are unemployed and anticipate looking for a job within 60 days.
3) On welfare
4) Believe you are a victim of identity theft. Maybe you recently found a suspicious transaction, or lost your wallet. Place a fraud alert on your file and then ask for a free copy of your credit report.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Many people know ways to increase their credit score, but what factors actually lower your credit score?

1) Accounts that have been open less than three years. Having long term credit accounts that you consistently pay on time is an important indicator of stability. As your credit history ages, your score should increase.

2) Anytime your credit report is pulled. This is if you apply for a loan and the lender requests a copy of your report, or you order a copy of your credit report yourself directly from the credit bureau. This is when an inquiry is added to your report. Hard inquires are bad, soft inquiries are ok. Hard inquired are from creditors and lenders with whom you have applied for credit or a loan. A Soft Inquiry is when you request your own copy of your report or when an employer checks your credit history. Lenders and creditors do not see these inquiries. Inquiries remain on your report for up to 2 years.

3) An account that goes unpaid or becomes delinquent.

4) Bankruptcy.

5) Closing old accounts. Having old accounts open, even if they are not used regularly, is good for your credit score.

6) Constantly using too high of a percentage of your credit line. For example, it is good to stay under the 30% mark for the amount of credit your have used in your credit line.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

In a digital age, identity theft is a practical worry for most people. Identity theft, if left unnoticed, can have major financial ramifications on your life. In regards to your credit report/score, identity theft has a direct impact on it. If an identity is stolen and accounts are opened, it is a safe assumption the thief is most likely not going to pay the accounts (and if for some reason they did, it most likely wouldn’t be on time) and these open accounts will turn delinquent. These delinquent accounts will hurt your credit score until your credit report has been fixed.

Ways to Prevent It

There are some simple precautions people can take to help prevent identity theft. Often times, banking institutions use social security numbers as the default login. Change this immediately. Never use your social security as a login when you have the option to change it. Your social security number has the potential to be lifted from the cookie when you use it to login. Also, do NOT log into financial, or sensitive accounts from open WiFi spots (coffee shops, sandwich shops, etc…). It is possible for someone on the same open/unencrypted WiFi connection, to use specific software to see what you are typing/viewing on the internet. Only log into sensitive accounts (bank, email, work, etc…) from trusted and encrypted locations.

Credit agencies are now offering monitoring services that can help reduce or even prevent identity theft. These monitoring services will notify you anytime a credit line or account has been opened in your name. This way, if it is not an authorized account by you, you can deny it. This can greatly help cut down on identity theft. Also, view your credit report regularly. By doing so, you can see what accounts have been opened and if there is any suspicious activity in your name.

If you believe you have been a victim of identity theft, be sure to contact your bank, credit card company, and the credit reporting agencies to have any information removed from your report that is a result of identity theft. This will allow your credit score to remain intact and unpenalized.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

Ever wonder how companies find out so much information about you? How you end up on email lists or in databases? One of the ways this happens is that Credit agencies sell your personal information. For instance, companies who have a name and address, or an email address for a potential customer, but lack other information will purchase the rest from credit agencies. Large corporations buy data which include the number of cars you own, your mortgage information, square footage of your house, your employer etc. So for example, Home Depot is wanting to conduct an email campaign and track its customers who receive the email both for online purchases and offline purchases. In order to populate their lists, they will use information from their customer databases. However, if they have customer name’s and address, but no email, they will contact credit agencies and purchase the email information that is associated with the name and address Home Depot provides. After they purchase your email address and correlate it with your address, they send you the email.

Kind of scary how companies can purchase personal information. And how do the credit agencies get this information? Your mortgage application.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!

A lot of people know their credit score, but have no idea as to what their credit score should be. Or even what is considered good. To review, credit scores can range from 300 to 850. A credit score of 850 would be considered perfect, and a score of 300 would be considered the worst possible score a person could have. Credit scores are a measure of risk, how likely someone is going to be able to repay debt. So a person with a score of 300, for all intents and purposes, would not repay that debt. That is what the score would tell a lender.

When it comes to mortgages, people should aim to have their credit score be over 700. Individuals with scores over 700 will get very good rates. A person with a 700 score is considered not very risky to the lender. Individuals with scores over 760 will most likely get the best rates offered by that particular lender. Keep in mind that the median credit score is going to fluctuate around 725.

Not to mention that all of this applies to credit card interest rates as well. Considering most American’s are in heavy debt, an incredible amount of money can be saved by increasing your credit score 25 or more points.

Closing point, people save a lot of money if they can increase their credit score over 700.

Original article from: Increase-Credit-Score.com

Check out FreeAnnualCreditReports.org for your Free Annual Credit Report!