February « 2011 « credit report comparison

February 28, 2011

Understanding Credit Rating

Filed under: Incentives — Tags: Coffee, Contact Details, Credit Report, Damaged Credit, Difficult Situations, Financial Credit, Financial Information, Interest Rate, Poor Credit, Repairing Credit, Repairing Your Credit, Second Person, Surprise, Time Reading, Worry — admin @ 12:01 pm

Gary Bunn asked:

Your credit report is the one piece of financial information on which you will be judged on forever! This is the one piece of personal information that will determine if you are accepted or turned down for every credit application you make in your entire life. Its not surprise then that having a poor or damaged credit report can be a real worry.

Its not only used in the decision to grant you credit, but it also effects the terms of your agreements. For example do you have to pay a deposit? What interest rate will you be offered? Will you qualify for a better deal? Do you need a second person to be a guarantor? Almost every decision regarding financial credit facilities is decided using the information on your credit report.

Even though most of us understand just how important our credit rating is, sometimes we still end up in difficult situations which reflect badly on our credit files. That’s just life and sometimes it’s simply unavoidable. Perhaps you’ve noticed errors on your credit report or maybe there’s incorrect information recorded against your name? Damaged credit can happens due to a huge variety of reasons, so it’s not something you ought to be ashamed of. What’s important now is getting your report back on track..

The first step you must take to begin repairing your credit file is to get hold of a current copy of your credit report. You can get a free copy of your credit report from all 3 major companies here. You’ll then need to spend some time reading through your file and highlighting any errors or information you think might be incorrect or misleading. This may take an hour or so, so grab a coffee, sit down and get to work!

Next you’ll need to make the credit referencing agencies aware that you are disputing some of the information on your report. You’ll find contact details for each agency on the credit report itself. It’s really simple to contact them and you can normally do this online. They will then be obliged to investigate the issues you’ve highlighted. Normally these agencies are quite helpful. After all it’s in their best interests to have the most accurate information possible.

Now it’s time to contact the companies on your file that claim you owe them money. This may be a debt from years ago or it could be a more recent debt, for this purpose it doesn’t matter, anything that shows as a debt needs to be addressed. Write a short letter to the companies shown on your file asking them to validate your debt with them. They are legally obligated to send you proof of this within 30 days. Make sure you keep copies of the letters you write for future reference. If they cannot or do not comply within the allotted 30 days, they are legally required to delete you from their systems and the credit referencing agencies will remove the entries from your file. You’d be surprised how many companies can not provide you with this proof because of poor record keeping!

Now you will be in a position to see exactly how much you owe and to whom. Contact the outstanding creditors and make offers on repayments, you do not need to clear the debt in full in one go if you do not have the cash available. Companies are very helpful when it comes to arranging repayments you can afford. Your payments will then begin to show on your credit report within a month or so, instantly beginning to strengthen your report. Keep making repayments you can afford and stay in touch with the companies you owe, this way your report will reflect on time payments, your debt will decrease and most importantly your credit rating will improve with every passing month!

You can get hold of your Free Instant Credit Report here today if you’d like to know what’s on your file.

Lucille

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February 24, 2011

Credit Card Charge-Off – What Does It Mean and What Should You Do About It?

Filed under: Insurance Companies — Tags: Account Balance, Accounting, Attempts, Banks, Cancellation, Consequences, Credit Card Charge Off, Credit Cards, Credit Report, Debt Collectors, Debts, Ledgers, Mysterious Event, Ruination, Six Months — admin @ 3:04 pm

Charles Phelan asked:

Have you been told by a creditor that your debt is about to “charge-off”? Did the bill collector make it sound like you will be ruined financially if you allow this catastrophe to happen? If you’re behind on your bills, unable to keep up with payments on your credit cards and other debts, sooner or later you will hear a creditor representative threaten you with the dreaded “charge-off.” So what is a charge-off anyway? Should you be worried? What are the consequences of this mysterious event?

I’ll start by explaining what a charge-off is NOT. Because the term includes the word “charge,” many people mistakenly think it has to do with cancellation of the account by the creditor. In other words, you can’t “charge” anything on your credit card anymore. But it’s not the same thing at all, and most banks will revoke charging privileges around 2-3 months before the deadline we’re talking about here.

What banks and bill collectors call a “charge-off” is the point at which the creditor writes off the account balance as a “bad debt.” It usually happens after six months of non-payment. After that, they no longer count it on their books as an asset. You still owe the money, of course. And they will certainly make continued attempts to collect it from you. But the creditor has been forced by the rules of accounting to zero out the debt on their financial ledgers. For causing this loss, they will punish you by placing a derogatory mark on your credit report. A “charge-off” is a serious negative mark, to be sure, but it is not the financial ruination that debt collectors would like to have you believe it is.

Should charge-offs be avoided if possible? Certainly. Does the prospect of a charge-off mean you should panic if you have no way to pay the bill? No! Is it the end of the world if the account has already charged off? No! Too often, bill collectors make a charge-off sound so bad, and they apply so much pressure, that people cave in and make payment commitments they cannot keep. Collectors usually demand payment via post-dated checks, and this frequently leads to bounced checks and even worse financial problems. Most of us are brainwashed by the banks and media on the subject of credit. Sure, good credit is important. But committing to payments you really can’t afford just to preserve your credit is like watering the lawn while your house is burning down.

Here are a few simple rules to follow when trying to avoid a charge-off that hasn’t happened yet:

* Don’t be intimidated or threatened by pre-charge-off collection tactics. Keep a cool head and don’t take it personally when collectors try to get under your skin.

* Call your creditor to find out the minimum payment necessary to avoid the charge-off, and subsequent payments to keep the account current going forward. Don’t commit to this payment (or series of payments) unless you’re sure you can follow through.

* Negotiate a lump-sum settlement at 50% or less if you have the resources, or a workout plan for monthly payments that you can live with.

* Do not allow bill collectors to talk you into using post-dated checks, or providing your checking account details over the telephone. Instead, make payments via cashier’s check or money order.

* Do not make payments based on a verbal arrangement. Get the deal in writing and signed by a creditor representative who has authority to approve the workout plan.

What should you do if you simply don’t have the money to rescue the account from charge-off, or if the account has already been charged off by the creditor?

* Take a deep breath and relax; the sky won’t fall on your head just because you had a charge-off.

* Realize that you still have an opportunity to resolve the matter by dealing with the original creditor or the collection agency assigned to the account.

* Negotiate a lump-sum settlement with the creditor or collection agency. Again, aim for 50% or less, and ask for the charge-off to be deleted from your credit report as a condition of the settlement. (Most creditors will not agree to this, but it’s worth asking anyway. Do be sure that they will update your credit report to show that the matter has been resolved and the account has been satisfied.)

* If you can’t work out a deal with the collection agency assigned to your account, then wait until it goes to another agency! Eventually, it will either be assigned or sold to an outfit that you can deal with to get the matter cleared up.

To sum up, a charge-off is not the end of the world. It should certainly be avoided if possible, but not at the risk of making things worse by committing to payments you’re not sure you can keep up with. Just remember that the creditor doesn’t want to see a charge-off any more than you do, so use that knowledge to your advantage in working out a mutually acceptable arrangement. Get everything in writing, don’t disclose your checking account details, and follow up to make sure the creditor reports the matter correctly on your credit report. You’ll find that it’s easier than you think to resolve a charge-off situation before it happens, or clean it up if it’s already taken place.

Anita

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February 23, 2011

Removing Nco Financial From Your Credit Report

Filed under: Financial Loans — Tags: Credit Report, Nco Financial — admin @ 10:34 pm

asked:

Amy

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February 20, 2011

Credit Card Eligibility

Filed under: Loan Proposal — Tags: Bankruptcy, Credit Card Company, Credit Cards, Credit History, Credit Rating, Credit Reporting Agency, Credit Reports, Credit Scores, Credit Worthiness, Defaulting On A Loan, Judgment Against, Loans, Short Time, Snapshot, Unpaid Debts — admin @ 12:21 am

Joseph Kenny asked:

Have you wondered how credit card eligibility is determined?

Curious whether you’re eligible for a credit card?

It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.

Credit Reports and Credit Scores

When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history – how good you are at paying your bills on time.

Among the things that go into your credit history are:

1. How many credit cards you have

2. How much you owe on each one

3. How many loans you’ve taken out

4. How much you still owe on them

5. Any payments that you’ve made late

6. Any payments that you’ve missed

7. If you’ve ever defaulted on a loan

8. If you’ve ever filed for bankruptcy

9. If you own a house

10. If there has ever been a judgment against you for unpaid debts

Credit reporting agencies assign a ‘weight’ to each of those facts, and assign points to you based on each of those points. The total of those points is called your ‘credit score’. The higher your credit score is, the better your credit is.

Some of the things that you lose points on your credit score for are:

1. Having too many credit cards

2. Carrying too much debt on your credit cards

3. Carrying too many loans

4. Making late payments or missing payments

5. Defaulting on a loan

6. Applying for a lot of credit cards in a short time

The credit card and credit score give a ‘snapshot’ of your credit history.

Getting a Credit Card

When you apply for a credit card, the company that issues the card checks with a credit reporting agency to get your credit report and find out your credit score. Since they’re basically lending you money whenever you use your credit card, they want to make sure that you’re the kind of person who pays your debts on time. They have an ideal ‘snapshot’ that they compare your credit report and score with. The closer your credit score is to their ideal, the better your chances of getting a credit card with a great interest rate and good terms.

The lower your credit score is, the more a risk you are for the credit card company. Because they take a bigger risk when they lend you money, they charge you more by giving you a higher interest rate. If your credit score is too low, they won’t give you a credit card at all. If you have no credit history at all, they also may decide not to give you a credit card, depending on other factors in your credit history.

If you’re turned down for a credit card.

The credit card company has to tell you the reasons that you were turned down. They also have to tell you which credit reporting agency they got your credit history from. There are three major credit reporting agencies in the country – Equifax, Experian and Transunion. The report that the credit card company used to make their decision will be one of those.

You have the right to request a copy of the credit report that they used to make your decision. The company that provided the report to the credit agency has to give you a copy free. The credit reporting agency also has to give you a copy of your credit report once every 12 months if you request it. Get your credit report to find out what it says about you – and to see how you can improve your credit score so that you won’t be turned down next time.

You may freely reprint this article provided the author bio and live links are left intact.

Jacob

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February 18, 2011

The Benefits of Making Credit Card Comparisons

Filed under: Moderate Risk — Tags: Advantage, Airline Tickets, Bad Information, Best Credit Cards, Charge Cards, Choices, Comparison Tool, Credit Card Comparisons, Desire, Frequent Travelers, Great Organization, Important Information, Key Card, Money Back, Rewards — admin @ 4:17 am

Joshua Martindale asked:

Having credit card comparisons available to you is important when you are choosing the best card for your needs. Some people would like a card that will give them money back for the items that they purchase. Other people would like to have an instant discount on the first item that they purchase.

There are some people who use charge cards to purchase airline tickets. If you are one of these frequent travelers, a card that will give you reward miles would be an ideal alternative to getting cash for your purchases.

Regardless of what you want from a good card, you need to compare all of the choices that are available. There are several choices available with different types of rewards. These can also differ in terms of the annual fee that they charge. If you are interested in a credit card that will offer you different benefits, it is likely that you will be required to pay an annual fee.

In order to determine the card that offers the lowest fees, you will need to take advantage of a tool to compare them. The key to credit card comparisons is great organization. You can use a comparison tool to look at the best credit cards. This will help you to keep all the important information organized in one place.

You will be able to look at all the benefits provided by each card and select the one that best fits your needs. Having bad information can result in signing up for a card that is too expensive. However, you can avoid this by simply comparing all of the cards and what they have to offer. Once you know what you are looking for, this will help you to select from the cards that will provide the rewards you desire.

The ability to do credit card comparisons is very important. It can help you to save money on the annual fees of the card you choose. Additionally, you will be able to select the card that provides you with the largest reward in exchange for your business.

If you are looking for a card that gives you cash back, you will be able to compare these cards and determine which choices would give you the largest amount. Miles are important for many people as they can help you to fly without the need to pay. However, you should compare the cards offering miles and this will help you get the most miles for the lowest fees and secure a free trip in no time. Take the time to compare the most popular cards and select the one that is best for you.

Edwin

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February 17, 2011

Don’t Fall Victim to Credit Card Scams

Filed under: Rundown — Tags: Credit Card Scams, Fall Victim — admin @ 1:00 am

asked:

Jacob

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February 13, 2011

Business Credit Card Comparison the Right Way

Filed under: Insurance Company — Tags: Amex, Apples To Apples, Business Card, Business Credit Card, Business Credit Cards, Car Rentals, Credit Card Comparison, Economic Climate, Head Spin, Mastercard Logo, Money, Office Supplies, Rewards, Visa Logo, Visa Mastercard — admin @ 2:57 am

Tom Tessin asked:

When you’re ready to make a comparison between the business credit cards on the market today, there are a lot of things that you’re going to want to keep in mind when you’re making your decision. Due to the economic climate today, you’re going to find that there really isn’t that big of a selection.

As history shows, everything works in cycles, and before you know it, there will be 80 cards back on the market, making your head spin. In the meantime, there are still cards on the market, and if you know how to pick them, you can get a great one for your small business.

How you can compare business credit cards…

Rewards — I do a lot of spending with my business credit card and I think it’s absolutely essential that you pick up a card that gives you rewards. If you’re going to spend that money, why not get a card that’s going to give you things in return? For example, I can get anywhere from 1 to 6 points for every dollar that I spend. It sounds like a good idea to me, right?

Discounts — Most credit cards just don’t work like a card anymore. What you’re going to find is that not only can you get discounts, you can get rewards, and everything else. When I’m talking about rewards, find cards that give you extra discounts on things such as office supplies, car rentals, and more.

Fees — Unless you’re going to spend thousands and thousands each month, I would look for a card that has next to no fees. These cards are out there, but you’re going to want to make sure that you compare apples to apples. Can you afford the fees? If you can, and it makes sense, then this is going to open your horizons for even more cards.

The brand — Yes, there are some stupid cards out there and to this day, I don’t know why some apply for them. What you’re going to want to make sure is that you can get a card with the Visa, MasterCard, or the AMEX logo. Anything else, you’re going to have a hard time getting approved.

By following these tips, you’re going to find that you can get a great business card. Check out brands such as Chase, Discover, and more. They all tend to have some of the best cards around.

Jessie

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February 12, 2011

Credit Card Rate Comparison

Filed under: Consumer Protection — Tags: Card Holder, Comparison Tool, Comparison Tools, Credit Card Comparison, Credit Card Offer, Credit Card Users, Credit Rating, Daunting Task, Different Companies, Introductory Rate, Overwhelming Numbers, Person Sort, Rate Comparison, Sifting Through, Strict Requirements — admin @ 8:57 pm

Hayi Mansoor asked:

The most frequently searched for and examined portion of any credit card offer is the APR, the credit card annual interest rate. This is a critical factor for many card users because many carry a balance and the credit-card rate influences just how much they have to pay.

While getting the best credit card rate possible is important to the card holder, not all get the best rates because they did not research or compare the various offers from different companies. This can be a daunting task however because of the overwhelming numbers of cards and offers.

Using a credit-card comparison tool or a card finder can greatly ease the chore of sifting through hundreds of companies and offers. However when doing rate comparisons there are also other things to consider. Though a company may well offer extremely low rates, they may also have significantly higher fees. The comparison tools can help a person sort this out more easily.

The most attractive credit card rates are those that offer no interest. However, there is always a catch, and with these cards, the offer is for a limited period and then the regular rate applies. Some cards may only offer this introductory rate for balance transfers while others may also offer it for new purchases. In addition, of course, the regular rate should be considered. A no interest period may be helpful but not if the interest rate changes to 25% in 6 months. In that case, a cardholder may find himself or herself with a very nasty surprise on their card bill.

The cards with the very best rates may have very strict requirements as far as salary and credit rating. The shopper with less than perfect credit may be offered a higher rate due to their credit rating. However, by comparing different credit cards and their offers most credit-card users can find one that offers the best rate for them.

When choosing a credit card it is important not only to compare different companies but also to read the terms carefully and thoroughly. Credit card companies are required to inform the consumer before they sign up of all charges and fees that can apply to the card. Many people only read some of the conditions, but the unread portions may well contain information vital to them.

Credit cards frequently have two rates, one for purchases and one for cash advances. If the user often draws cash advances comparing the interest rates of cash advances may be important. Some companies charge a significantly higher interest rate on cash advances as opposed to purchases.

When considering a credit card with rewards or cash back it is usually an excellent idea to consider the annual fee. Annual fees are usually higher on rewards cards and it generally requires a significantly higher level of spending per year on the card to justify the higher fee.

Before choosing any credit-card it is vital to compare the rates and the other features as well then match them to the spending habits of the card applicant.

Terry

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February 11, 2011

Free Credit Report – No Credit Card

Filed under: Unpleasant Surprises — Tags: Background Research, Business Interests, Commercial Business, Credit Card, Explosion, Fashion, Free Credit Report, Possession, Safe Side, Wrong Impression — admin @ 10:17 am

Tom Allen asked:

Making sure that you have your credit report in order is absolutely vital in terms of being able to get the best deal on any type of financial product. The first step om the road is inevitably getting a copy of your report to see where you currently stand.

There are any number of places that will offer you a free credit report but you have to be careful with some of them. There has been an explosion in the last few years on the Internet of sites that will offer you a free credit report but you have to be careful as not all of them are 100% reputable.

Doing a little background research is the way to go. Fortunately the Internet is also a great place to do this research.

Once the time has arrived to look into what’s available in this specific part of the financial industry, it’s extremely important to bear in mind that quite a lot of the information that you will come across will almost certainly have originally emanated from a commercial business interests and with this as part of the process, it’s fairly obvious why it is centrally important to cross-reference your information across more than one site.

By cross-checking in this fashion with more than one source you give yourself a great opportunity of being in possession of reliable data that can help you when it is necessary to decide on what the next step should be. I do not wish to give the wrong impression as most of the companies that operate online are completely reputable but that said, it’s no harm to be on the safe side.

Alvin

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February 9, 2011

Consumer Credit Law – Your Credit Report May Be Wrong!

Filed under: Mail Delivery — Tags: Consumer Credit Law, Consumer Report, Credit Report — admin @ 5:50 pm

asked:

Beatrice

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