So you’ve decided that it’s time to get your life in order and repair your credit. The problem is you don’t know where to start. You probably feel overwhelmed by your debt. If you have bad credit, chances are your finances are disorganized. You may be asking yourself, “How can I fix my credit score? Where can I find a free credit report? How much debt do I actually owe?” (more…)
Archive for the ‘Credit Bureaus’ Category
What Not to Do When Trying to Repair Your Credit
Sunday, August 15th, 2010What do the Credit Bureaus do Anyway?
Sunday, August 15th, 2010These days, the lives of many are ruled by the opinion of the credit bureaus. Unfortunately, you need better and better credit right now to get loans or even land your dream job. Interestingly enough, many Americans don’t really even know what the credit bureaus do. If you find yourself in this situation wondering what is going on with that whole credit score thing, anyway, then here’s a quick primer for you. (more…)
Don’t Settle for Credit Quick Fixes When You Can Get True Repair
Sunday, August 15th, 2010When you are looking to fix your credit report, it can be tempting to give into companies that promise to raise your credit score overnight. These companies make all sorts of promises before charging outrageous fees for their services. What they forget to mention, of course, is that they have no real power when it comes to repairing your credit score. Instead, they use credit quick fixes, such as repeatedly disputing an item to keep it from impacting your score for a temporary length of time. (more…)
Can I open a checking account if I have bad credit?
Saturday, June 12th, 2010Usually, checking accounts are refused based on what is called ChexSystems, not your credit report (although banks vary). According to reports about 80% of banks use ChexSystems. When you owe a bank money, like when you have insufficient funds and you have a negative balance and it is not paid back, they can send a report into ChexSystems. Since ChexSystems is not regulated as much as credit-reporting agencies, the banks are not required to report you or to turn down an account applicant because of a bad report. However, once you have anything on your ChexSystems report, most banks will turn you down for a checking account anyway
If you have been refused for a checking account based on a ChexSystems report, you are entitled to view your report for free. Go towww.chexhelp.com and request a copy of your report. The site also has information on refuting entries on your report, etc. If there are entries that are in error, you can write to the bank that made the report and request that it be changed. You can also make additions to your report. For example, if you had extenuating circumstances, you can write a letter to that effect and request that it be placed on your report. But banks are not required to be swayed by it, so you may still be refused for an account.
Why Is One Credit Score Different From the Others?
Saturday, June 12th, 2010If you’ve recently ordered copies of your credit reports, you may have noticed some funny things. You have three different credit scores, for one thing. There is one score for each of the three major credit reporting companies, Equifax, Experian, and TransUnion. These three companies should, ideally, give you similar credit scores, as their calculation procedures are basically the same. Sometimes, though, there can be a dramatic difference between the scores from these companies. Many consumers are confused and curious as to why this happens. There are a couple of reasons for it.
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Why Check All Three Credit Scores Before Applying for Credit?
Saturday, June 12th, 2010If you know anything about your credit, you probably know that you have three credit cards. This is mainly because credit reporting is an independent, money-making business, and there are three credit bureaus out there that will report your credit for you. These companies are in competition, even though they provide very similar information. Equifax, TransUnion, and Experian will all three have slightly different scores for you. Sometimes this is because of mistakes, and sometimes it’s based on slightly different information and calculation. (more…)
Where Credit Bureaus Get Information About You
Saturday, June 12th, 2010Credit bureaus are companies that can run a surprisingly large part of your life. They make up your credit score, which can affect your ability to get a job, a mortgage, or a car loan. These companies have all sorts of information on you. They know where you’ve lived since you’ve opened your first piece of credit, and they know your social security number. They have information on all the credit you’ve ever had as well as things like bankruptcies and missed payments to your cell phone company. (more…)
Three Reasons to Check Your Credit Report
Saturday, June 12th, 2010You might only think about checking your credit report before you apply for credit. Many people are in this situation. They check their reports before they apply for a mortgage or a car loan. This, though, can be a real problem. To get the most benefit from your credit report, you really should be checking it on a regular basis. This means at least once a year, although checking your report once a quarter is an even better option. Here are three reasons that you want to stay on top of your credit report. (more…)
How Your Credit History Affects Your Life
Saturday, June 12th, 2010Your credit history is one of those things about you that is important even though it isn’t right on the surface. It’s not like your blue eyes or dark hair that affect your looks, and it’s not even like your laugh or conversation skills that are obvious after a few meetings with you. Your credit history is a little bit more like your childhood hometown. It has an effect on everything you do, whether positive or negative, and it makes up a big part of who you are. (more…)
How Credit Bureaus Calculate Your Credit Score
Saturday, June 12th, 2010The three major credit reporting bureaus all use a similar formula based on the Fair Isaacs formula, a proprietary mathematical algorithm that spits out your credit score number based on a bunch of information about you. The math part isn’t really what you need to know, though. What you need to know is what information goes into making your score and what type of information is the most important for your score. (more…)
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