Loans Tips

2011-10-01T14:06:00.000-05:00

AnnualCreditReport.com

2011-10-01T14:01:00.001-05:00

Free Annual Credit Reports - Tips

The ONLY authorized source for the free annual credit report is AnnualCreditReport.com. The Fair Credit Reporting Act actually guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 calender months.
You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. No matter how you request your report, you have the option to request all three reports at once or to order one report at a time. By requesting the reports separately, you can monitor your credit more frequently throughout the year.
After looking over your free credit report if you see accounts you don’t recognize or information that is inaccurate, contact the credit reporting agency and the information provider.
If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
If you suspect identity theft, you may need to place a fraud alert on your credit report, close compromised accounts, file a complaint with the FTC, or file a police report.
Be wary of impostor websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” because they are not part of the legally mandated free annual credit report program.
It's a good idea to order a report from each of the three nationwide consumer reporting companies so as to have a complete picture of what is contained in those reports. It's possible that the information in the three reports is different though not necessarily inaccurate.
It's also advisable to stagger your requests throughout the year so as to keep an eye on the accuracy and completeness of the information in your reports.

2011-09-29T19:30:00.000-05:00

Loans and Credit Cards Tips

Loans and credit cards are important consumer products that provide great benefits to users. However, if not well managed credit issues can bring about a lot financial suffering. The following are a few tips to help you be more astute when shopping for new credit and when using loans and credit cards.

Pay your bills on time. This act will save you money as you will not incur late-payment fees while at the same time helping you to maintain a good credit record. Paying your bills on time is actually the most important factor in establishing and maintaining a good credit report. Additionally, paying your bills on time may enable you to qualify for low rates on existing and any new loans you may apply for.
Have only a small number of credit cards. Its advisable to have at least two but not more than four credit cards.
Check your credit report regularly for accuracy. Strive to immediately correct any erroneous information that you in your credit report.
Use comparison shopping when looking for new credit. Where possible go with the loan or credit card offer that gives you the least APR.
Read the fine print before signing up for any loan or credit card.
Avoid late payment fees by ensuring you make loan and credit card payments on time.

2011-09-28T18:06:00.000-05:00

Tips to Building a Better Credit Report

A credit report contains historical information on how you have been paying your bills, court cases filed against you or if you have filed for bankruptcy protection. Credit reporting companies can and do sell the information on your credit report to other businesses that may have a legitimate reason for it. These other businesses then use the information to decide whether to extend credit, insurance, lease or employment when you apply for these services.

It's relatively easier to get loans and other lines of credit with low interest rates if you are armed with a good credit report. Low interest rates will help you save on monthly payments especially with a long repayment period and/or a high loan amount. The following 7 tips summarize some of the more common ways of improving your credit report.

Find out what is in your credit report. You have the right to know what is contained in your report. However, you need to ask for this information. Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three nationwide credit reporting companies are using one website, one toll-free telephone number, and one mailing address for consumers to order their free annual report. To order, click on annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print the form from ftc.gov/credit. Do not contact the three nationwide credit reporting companies individually. You may order your free annual reports from each of the credit reporting companies at the same time, or you can order them one at a time. The law allows you to order one free copy from each of the nationwide credit reporting companies every 12 months.
Improve your credit report by reporting any inaccuracies to the credit reporting company and by informing individual creditors or other information providers that you dispute an item.
Pay your bills on time.
If your are having trouble paying your bills you may consider developing a realistic budget, getting credit counseling a from reputable organization, debt consolidation or even as a last resort bankruptcy. You may also consider contacting your creditors directly to set up a manageable repayment plan.
Consider using the services of a credit counseling organization. This is especially recommended when you're not disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills.
Protect yourself from identity theft.
Avoid financial scams by always checking reliability of any company you want to do business with. Be extra cautious by checking your local consumer protection agency or the Better Business Bureau in the company's location.