All About Credit Score

Credit Tip! Tell the CRA what information you believe is inaccurate on your credit report. Include copies, never originals of documents that support your position.

Ready to apply for a mortgage loan? Thinking about getting a new credit card? Before you do, you may want to review a copy of your credit report to ensure that all your information is accurate. And, fortunately, there are quite a few ways to obtain a free copy of your credit report. Here’s how:

Make a phone call

There are three major credit reporting bureaus: Equifax, Experian and TransUnion. They are legally required to provide you with a copy of your credit report–for free!–once a year. And obtaining your report can be as simple as making a phone call! Just

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Tags: Credit Report, Report

If you dispute a credit tradeline and it’s noted on your credit report, Fannie Mae and Freddie Mac will make it more difficult for your mortgage to get approved, according to a report in the LA Times.

The pair, which own or guarantee a large chunk of mortgages these days, recently changed their automated underwriting guidelines to kick back any files that show signs of credit disputes.

While a credit dispute isn’t inherently a bad thing (it shouldn’t hurt your credit score), the mortgage financiers wants to make sure the dispute(s) is legit, as there are certainly companies and consumers out there gaming the system.

You know, those credit repair companies that claim to remove negative items from your credit report even if they are legitimate and accurate.

While it may seem like an unnecessary, untimely bureaucratic move, it’s a measure to reduce fraud, because mortgage delinquencies continue to rise at the pair of government sponsored entities.

They won’t decline your mortgage application outright, but they will force it into manual underwriting, which will slow the process and lead to a lot more scrutiny.

That means there’s a greater chance your home loan application will get pushed to the bottom of the pile, or possibly never get processed if business is flowing relatively smoothly otherwise for loan originators.

All that said, if you believe a creditor is reporting something in error, you should attempt to fix it; learn more about how to dispute an item on your credit report.

Tags: Mortgage

Credit Tip! The credit report plays a significant role in the functioning of consumer credit markets. Since loans are advanced based on the credit reports the chances of loans going bad are minimal.

If you’re thinking about getting a loan or credit card, it’s a good idea to check your credit report. In fact, experts recommend that we check our credit report every year. It’s a good way to see if your credit score is accurate and to look for possible identity theft. Fortunately, you can access your credit report online for free. And when you get it, you should check for:

Basic mistakes and errors.

Carefully review your basic information–name, address, previous addresses and social security number. It’s im

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Tags: Credit Report, Report

Tip! Determine what you can cut back on. means work and you will likely need to give up on some stuff so that you can improve your situation.

There are several credit repair forums on the internet. Information posted at credit repair forums can be interesting, helpful and sometimes humorous. If you are interested in discussing credit repair issues with other people who are, of course, interested in the same thing, visit a credit repair forum. You may learn something at these credit repair forums.

The Best Selling Credit Repair Package. Great Seller Quick Turn Around. High Payout.

Most people who post comments at credit repair forums or chat rooms or discussion sites or whatever you wish to call them are in the same position that you are; they need or want to improve their credit scores.

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Tags: Credit Repair, Credit Repair Forums, Forums, Repair Forums

On May 22, 2009, President Barack Obama signed a new law that would protect consumers against predatory practices from credit card companies. The Credit Card Accountability Responsibility and Disclosure Act of 2009, better known as the CARD Act, addresses the following:

Advance notice of significant credit card term changes

Lenders can’t raise rates on existing balances

No more universal default

Payments apply to highest interest rate balances first

No finance charges on previous billing cycles

Payments must be credited on their due date

Limits on over-limit fees

No fees based on payment method

Limits on fees for subprime credit cards

Billing statements must be mailed in a timely manner

Rules on gift cards

Credit cards for young adults

Disclosure of marketing agreements with colleges

Free credit report ads

Billing statement disclosures

Online agreements

Settle estates in a timely manner

Consider cardholder’s ability to repay

Credit card issuer penalty for violating the law

Credit CARD studies

Guns allowed in national parks and refuges

Most of the credit card rules go into effect on February 22, 2010, but some rules become effective on August 20, 2009. We’

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Tags: Accountability Responsibility, Act, Card Accountability, Card Accountability Responsibility