Comments (0)

By Sills, September 21, 2009 5:21 AM

We live in a world where our entire credibility is dependent on our credit score. It is scrutinized whenever we go for a loan, a job, and a home rental. People with a good credit score are seen as a good risk for credit cards, loans and so forth. Landlords may determine your ability to pay your rent by examining your credit score. There are some jobs where a good credit score is seen as important and it also means you are more likely to be able to pay your bills.

Without this good credit score, the opportunity of buying things you want or need is more difficult. Sure, there are lenders who will let you borrow but at an extremely inflated interest rate.

So, as you can see, having a good credit score is very important. However, if you have a bad credit score, there are ways to fix it. This needs to be done as soon as possible and there are a number of ways to go about it.

One of the most important things is to stop your bad credit before it gets any worse than it already is. If you pay your overdue debts, it will cut off the bad credit reports. Although it won’t make your credit score any better, it will put you on track to fix your credit history.

Open a new bank account and apply for a secured credit card. This will be at a higher interest rate but that will control your spending and raise your credit score. Pay your credit card bill on time every month and your credit score will rise significantly.

Following the above advice will eventually lead to an improvement in your credit rating but your past credit history will still remain for around five to seven years before it expires. It all takes time but, if you are patient and diligent, you will see your credit score change.

If you make positive steps, your creditors will pass that information on to credit reporting agencies. If you always pay your loan payments and credit cards on time, you will get a good credit rating. This also applies to utility bills, rent, and so forth. You will eventually have a good credit rating so it’s worth the effort. Future financial opportunities could come your way and you wouldn’t want to miss out because of a poor credit score.

Anne is the owner of two websites http://www.ebooksbargains.com which has a huge range of books on a variety of subjects and http://www.therepairables.com that is a site which can help you in times of financial problems.

Author: A. Wolski
Article Source: EzineArticles.com
Provided by: PC gaming

Comments (0)

By Beth Pardue, September 21, 2009 5:21 AM

Thanks to the Internet, it has never been easier to receive and submit credit card applications. It can be very tempting to fill out all of the online forms available to you. But be careful, it could end up costing you–consider the following issues before hitting that “send application” again.


Be aware of card offers promising “pre-approved” credit. You may be a prospective customer, but you still have to apply for credit. Each time you apply, the card company obtains a copy of your credit report. All these credit card applications count as inquiries that, if concentrated over a short period of time, can negatively affect your credit score


With online credit card applications, you should also consider the security of your personal credit information. Take Security and privacy concerns seriously. Limit your online application to card companies that use industry-standard practices for security and privacy. Look for 128-bit encrypting, which scrambles your application data and requires a de-scrambler to read it.


Additionally, the card company’s Web server should use Secured Sockets Layer (SSL) technology. Look for an online application on a secure screen of the Web site. This is usually identified with a padlock or similar icon, or has a URL that begins with the word “https.” The company should also clearly state its privacy policy for handling your financial data.


————————-

Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published as is (unedited) and all URLs are made active hyperlinks with no syntax changes.

————————-

About The Author
This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about credit reports or to get a free credit report online please visit: http://www.credit-report-credit-score.com

Author: Beth Pardue
Article Source: EzineArticles.com

Comments (0)

By Sills, September 21, 2009 5:21 AM

There will come a time in everyone’s life that they need to borrow money for a major purchase such as a car or three-bedroom/two-bath home in the suburbs. Having a high credit score and excellent credit history will allow you get the best possible interest rate and the most advantageous loan terms on your automobile loan or home mortgage, so you should begin improving your credit score now. One of the most effective ways to raise your creditworthiness is to use a few credit cards wisely to prove your ability to manage your finances.

First, get one or two credit cards if you don’t already have one. Avoid getting a lot of them, though. It may seem like having several cards with little or no balance is better than having one or two, but opening too many accounts (especially over a short period of time) is not wise. Lenders view this in a negative way, and the credit bureaus decrease your overall score.

Next, use your credit cards. Some people mistakenly believe that just having the credit card is enough, but a credit card that sits in the kitchen junk drawer does not help your rating. The idea is to show that you can use credit and pay it off. That shows responsibility.

Finally, check your credit report on a regular basis to make sure the information it contains is accurate. When you work hard to keep your credit history solid, you don’t want errors to ruin your efforts.

Check Out our Blog For More Informative Articles! Credit Repair Facts is a must.

If You Can Read and Write at The 5th Grade Level I Can Show You How to Raise Your Credit Score Up to 249 Points in 90 Days! Raise Your Credit Score Now is the place to visit.

Author: George Knoechel
Article Source: EzineArticles.com
Provided by: Cellphone news

Comments (0)

By Sills, September 21, 2009 5:21 AM

By: jensholz@gmail.com

When it comes to choosing a credit card, you have many options to consider as a means of achieving your goal. Ultimately you want a credit card that is the cheapest, and that gives you the most flexible terms and conditions. However, judging those two factors can be difficult for those of us that are not credit card experts. Before you decide for sure that you wish to get a credit card, why not consider the alternatives that are available?

The Alternatives

Debit Card should you want a credit card as a means of ensuring that you can pay with a card, then why not consider getting a debit card instead? This will mean that you are not borrowing any money and that they money is coming out of your bank account.

Bank overdraft you should consider using a bank overdraft if you are wanting to borrow money over a longer period of time, as you may find that it will work out cheaper than a credit card. A bank overdraft is basically like a loan of money, however all it means is that you are allowed to have a negative balance in your bank account.

Bank Loan a bank loan is often the best solution when you need a loan of money over a longer period of time, or if the amount you need to borrow is a larger amount than what a person would usually borrow using a credit card or a bank overdraft.

Friends and Family if you want to borrow money, then you could consider asking your friends and family rather than asking a financial institution. Although many people are in a position where they are not able to do this; some are, and if they can, then it can often work out to be a good solution.

Factors to Consider when Choosing a Credit Card

APR when choosing a credit card, one factor you need to look at it APR. APR is the amount of money that you will get charged for borrowing money. This amount means the interest rate that you will be charged over the course of a year, and is usually presented in percentage form.

Limit this is the amount of money that you will be allowed to borrow. When you reach the limit on your credit card, then that is you; you are back to having no money. Despite that, limits can often work well for ensuring that you keep any debt under control.

Credit Rating if you always pay your bills on time, then you will most likely have a good credit rating. If you manage to always pay your bills on time with a credit card, then this will also help to make you look like a person who is more than capable of sound financial management. Because it is important to keep a good credit rating, you should always do whatever it takes to keep your credit rating as good as possible.

About the author:
Jens Kleinholz is a president of pollera. He writes about billig Kredit and schufafreier Sofortkredit.

Comments (0)

By Sills, September 21, 2009 5:21 AM

Credit Scores are so important because they are used for everything today. They determine the interest rate on loans; auto, personal and mortgages. They determine the premium you will pay for auto insurance etc.

How do you build an excellent credit score? There are three important factors that build you score.

1. History – your payment history is an important part of building your credit score. The credit bureaus monitor the amount of delinquencies (past due accounts) you have. It is very important to make your payments even if it is the minimum on time. Judgments and collection accounts will have a larger impact on your score; the drop in points will be substantial. Medical collections are seen on credit reports all the time usually for small dollar amounts. FYI: If the collection agency is not updating the file it is recommended to leave it alone. From what I have learned if it hasn’t updated in six months it is no longer impacting your score. If you now pay that debt it will re-active the history and effect you score. I’m not saying don’t pay the debt because it looks better in the long run that it is paid when applying for a mortgage it will need to be paid. I’m saying if it is small amount to pay it in full because if you are making payments the negative history will start reporting again.

2. Length of Credit – this makes up a good portion of your credit score. If you have no credit score and are just starting out it takes at least six months of good payment history to establish a credit score. When starting out do not go out applying everywhere in town since the inquiries also affect your score and you do not want to have excessive inquires on your report. Try not to take out a lot of new credit all at one time since this will affect the history and make it look like you have all new credit.

3. Capacity – this is about 35% of your credit score and often the most misunderstood. Capacity is were they look at your revolving credit limits (credit cards, overdraft, HELOC etc) and compare the balances that are carried. For example if you have 10 credit cards with $10,000 line each and you carry a balance of about $500 a month you will have about 90% capacity available giving you a higher score. If you have one card with a $1000 limit and you carry a balance of $900 every month you will have about 10% capacity giving you a lower score. This is very important: DO NOT CLOSE CREDIT LINES! If you are disciplined and do not use the credit limits given to you do not close them. Closing them can decrease your capacity therefore decreasing your score.

This is a simple explanation on how a credit score is built. Please pay close attention so you too can have an excellent score and get the low interest rates you deserve.

By Lisa Burkhardt is Editor of http://12546bc.NewCreditApplications.com and http://www.work-home-today.com – great resources.

Author: Lisa Burkhardt
Article Source: EzineArticles.com
Provided by: Digital Camera Times

Comments (0)

By Sills, September 21, 2009 5:21 AM

First-person accounts from mortgage professionals

Douglas Muir, CEO, Credit Justice Services

As published in Scotsman Guide’s Residential Edition, September 2009.

As the owner of a national credit-repair company, I have had to surmount much criticism. I feel for the mortgage industry and the bum rap it has received of late — but the credit-repair business often receives an even worse repute and is sometimes painted as illegal and even evil.

Fighting labels such as “scam artist” and “liar” can be tough, but honest and transparent communication can help do just that. I also believe that educating clients — and making sure to educate myself — makes a big difference.

In 2007, when discussion had just begun about the since-passed Credit Cardholders’ Bill of Rights Act, I was invited to visit with staff members of Sen. Carl Levin’s (D-Mich.) office to speak about the three major credit bureaus and credit cards.

After noting a 2004 Massachusetts Public Interest Research Group study that showed 79 percent of credit reports contain inaccurate information, I challenged the group to allow me to pull credit reports on several individuals. One intern volunteered for the sampling.

When we pulled his credit report, he was shocked to discover the report indeed contained inaccurate information. His tri-merge report showed a late credit card payment that he said he made on time. The score also was 60 points lower than that of a free report he had pulled days earlier.

As we discovered these things, I told the group about consumers’ legal rights and how the Fair Credit Reporting Act empowers consumers to control their credit information. The law states that the three major credit bureaus must prove consumers’ credit reports to be true and accurate. If the reporting bureau can’t verify the information, it must be removed.

It was an honor to speak with the senator’s office and to participate in a small way with the passing of the Credit Cardholders’ Bill of Rights Act, which President Obama signed this past May. The act, which is set to take effect in February, is designed to prevent universal default, a practice in which banks raise consumers’ interest rates based on their payment behavior on other, unrelated accounts. It also will prohibit banks from randomly changing the terms of consumers’ existing contracts and will allow card-holders an opportunity to cancel cards or pay off accounts if a legitimate reason justifies an interest-rate hike.

The act also will help consumers avoid sudden hits to their credit scores resulting from lowered limits, which can create a balance greater than 40 percent of available credit and cause a credit score to drop significantly.

In essence, the bill gives U.S. citizens an important voice — their own — when it comes to credit-report fairness. It also will assist mortgage professionals, who share the goal of helping consumers fulfill their dreams of new, ongoing and secure homeownership. By confirming consumers’ rights, the Credit Cardholders’ Bill of Rights Act will provide consumers protection from banks that in the past raised rates at their whim. For mortgage brokers, this should mean fewer surprises during the loan-approval process.

As the economy continues to struggle, first-time homeowners face a tight credit market, and many existing homeowners struggle to avoid defaulting on difficult mortgage payments. Mortgage brokers and credit-repair specialists should team up to provide these consumers advice and guidance.

One way to best serve clients is to educate and inform them about their rights, choices and options. A client empowered with information is more able to make informed decisions and more likely to think of brokers and credit-repair experts with esteem rather than with contempt. As we move forward, I think brokers and credit experts can agree that our mission is to create financially independent consumers who enjoy the comfort and security of homeownership. Together, we can do that better.

Douglas Muir is a credit-industry expert and CEO of Credit Justice Services. He speaks to mortgage professionals internationally about the importance and effects of credit. Since opening in 2004, CJS has helped more than 18,000 consumers improve their credit scores, and the company is the fourth-largest credit-repair company in the U.S. Contact Muir at (904) 757-0880, dmuir@creditjusticeservices.com or www.creditjusticeservices.com.

Comments (0)

By Sills, September 21, 2009 5:21 AM

There’s a lot of confusing information about credit scores out there. There are people out there who believe that they don’t have a credit score and many who think that their credit score doesn’t count for much. Your credit score can spoil your chances of getting some jobs, of good interest rates and even your chances of getting some apartments.

The fact is if you have bills and a bank account then you have a credit score and your credit score matters more than you might realise. Your credit score is may be refered to by a number of other terms, including a credit risk rating, a credit rating, a FICO rating, a FICO score or a credit risk score. All these terms refer to the same thing the three-digit number that allows lenders get an idea of how likely you are to repay your bills.

Each time you apply for credit, apply for a job that requires you to handle money, or even apply for some more exclusive types of apartment living your credit score is checked.

In fact, your credit score can be checked by anyone with a legitimate business and reason to do so. Your credit score is based on your past financial responsibilities and past payment records and credit and it provides potential lenders with an easy snapshot of your current financial state and past repayment habits.

Your credit score lets lenders know fast how much of a credit risk you will be. Based on your credit score lenders decide whether to trust you financially and give you better rates when you apply for a loan. Apartment managers will decide whether you can be trusted to pay your rent on time. Employers will decide whether you can be trusted in a high responsibility job that requires you to handle money.

There’s quite a bit of misinformation circulated about crdit scores especially through some less than scrupulous companies who claim that they can help you with your credit report and credit score, for a fee of course.

Advertisements and suspect claims can mislead you to the point where you may come away with the idea that in order to boost or fix your credit score, you will have to pay a company or leave credit repair in the hands of the so-called ‘experts’. This is not necessarily the case. It is possible to bring down debts and boost your credit by yourself with no expensive help at all.

About the Author
Credit repair, Debt problems, need a Loan, Mortgage help not sure what to invest in thisGeneral Finance Guide may have the advice you’ve been searching for. Hundreds of useful articles on all aspects of Finance are available to help.

Article source:
Credit Score An Introduction

Comments (0)

By Sills, September 21, 2009 5:21 AM

One of the most significant factors in your credit score besides your payment history is how much you owe in relation to how much credit you have. This accounts for 30% of your credit score. However, the amount you owe is not simply the total amount of debt, it’s your debt in relation to how much credit you have. This is referred to as the credit-utilization ratio.
The credit-utilization ratio is a key factor in determining how you manage credit. The lower the ratio, the more you are viewed as a responsible credit user by creditors. Canceling a credit card can significantly raise your credit-utilization ratio and in turn lower your credit score.

For example, let’s say you have $10,000 in credit on 3 credit cards and have a total amount of debt of $2500. Your credit-utilization ratio would be 25%. If you cancel one of your cards that has a zero balance and a credit line of $5000, your credit-utilization ratio would increase to 50%. The higher ratio would lower your credit score.

If you are having problems with debt, then canceling a credit card can help by eliminating the temptation to increase your debt. While canceling the credit card may lower your score in the short term, the benefits of not increasing your debt and paying down your current debt will go a long way to helping increasing your credit score in the future.

Additionally, if you do decided to cancel one of your credit cards to help you better manage your debt, cancel your newest cards first in order to avoid getting doubly dinged on your credit score. Canceling older credit cards can hurt you because the length of your credit history matters in calculating your credit score. If you cancel your older credit cards first, then you decrease your credit history. However, if you are not using the older card, then canceling that card can be beneficial if you are paying an annual fee. You’ll save the annual fee and also not have a credit card around that you’re not using, which might help protect your privacy and the potential for theft.

Remember, your credit score is a reflection of how you manage your credit. By adopting good credit and money management skills, you won’t have to worry about your credit score. Pay your bills on time, don’t be too liberal with the amount you spend on your credit cards, and be aware of just how much debt you owe will go a long way in managing your credit.

For more ways on how to save money and manage your debt, go to Credit Managment 101

The author runs Credit Management 101 – a website dedicated to issues concerning debt and credit management. Learn about responsible credit management, your credit score, debt management plans and credit counseling. Also find ways to save your money by maintaining a livable budget that reflects your means.

Author: Robert Livingston
Article Source: EzineArticles.com
Provided by: Digital Camera Information

Comments (1)

By Sills, September 21, 2009 5:21 AM

If you didn’t know this already, having a good credit score is more important than having a lot of cash. Putting aside the insanely rich, most people just don’t have that much cash laying around. Some of us have only have a few dollars left over after expenses. Some of us manage to save a few thousand dollars. But unless you have several hundred thousand dollars in cash, you’re going to need a good credit score to get around.

I know from personal experience that having a bad credit score prevented me from getting into apartment after my divorce. I argued with the property manager briefly saying “But I can pay you 2 years of rent up front! Why won’t you let me live here?” She explained that by law they are only allowed to accept three months rent plus the first and last months rent. However, my application to live in the apartment cannot be approved because of my bad credit! You can imagine my frustration. But I just wanted to share with you one example why having a good credit score is more important.

Your credit score is calculated using a something called FICO. It was created by Fair, Isaac Company. It basically takes into account how much debt you have and your payment history over time. If you’ve been making regular on time payments for years, then you probably have a great credit score. If you’ve been late recently, and I mean in the last 6 months, then your credit score is going to drop. And if you been making late payments over and over in the last 6 months to 2 years, your credit score is going to be very poor. If you have a lot of relative debt, which means all your credit cards are maxed out, then that will lower your credit score even more.

So what can you do if you have a low credit score? I’m going to give you a couple of strategies that attack the to biggest factors affecting your credit score.

1.If you have old accounts that are already paid off, don’t close them! Remember, you want to keep your available credit as high as possible for as long as possible. Having more credit available versus your debt improves your credit score.

2.If you have current credit cards with a balance, don’t pay them off right away. For example: You have a $3000 credit card. Every month you charge about $2000 to it, but you pay it off before the end of the month. Although this won’t hurt your credit score, it won’t help it either. You need to carry some portion of that balance over to the next month, even if it’s just $100. Remember regular payments over time improves your score.

Some other things to consider. If you can only make one payment, pay your mortgage first! Followed by installment loans like your car payment, then your credit cards. When you have multiple payments of the same kind, (i.e. two car payments, five credit card payments), pay the one with the highest interest rate first. Even though nothing feels better paying off a small balance and seeing $0 due, you will save more money in the long run paying off the higher interest rate balances sooner rather than later. This in turn will leave you more money to pay off the small balances.

All these strategies and tips will greatly improve your credit score over time. But there are ways to improve your score much more quickly. Get a copy of your credit report and look for errors. You’re allowed to see your credit report free once a year from each of the three major credit bureaus: experian.com, Equifax.com, and transunion.com. If there are any errors, there are simple ways to have them removed. Sometimes it’s as simple as calling the creditor that reported the bad information. Sometimes you just need to write a letter challenging the error. Either way, removing errors in your credit report is the fastest way to improving your credit score.

About the Author
Robert Rogers is a writer in the Washington DC area. For more information on how to improve your credit score visitFree Credit Reports

Article source:
How to Improve Your FICO Credit Score

Comments (1)

By Sills, September 21, 2009 5:21 AM

How to Build Credit History — powered by eHow.com

Comments (0)

By Ed Vegliante, September 21, 2009 5:21 AM

Credit repair advertisements claim to guarantee a quick fix on your credit report. They promise for a fee (not always disclosed at first) to clean up your credit history so that you can qualify for a new home, car, insurance, a job, or premium credit cards. Before you sign up with one of these companies, you need to know some facts.

The real facts on fixing your credit score

The real truth is that no one can legally remove information on a credit report. The Fair Credit Reporting Act (FCRA) allows you, the consumer, to request an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge to you. There are other steps that you can do yourself, without paying a credit repair company, such as:

*You are allowed a free credit report if a company denies you credit, insurance, or employment (if this is a part of your employment application) provided you request a report within 60 days of this denial. The notice will give you the name of the consumer reporting agency that provided this report. You can dispute information that this denial is based upon. Under FCRA, both the consumer reporting agency and the information provider are responsible for correcting inaccurate or any incomplete information in that report.

*Put in writing what information you believe to be inaccurate. Include copies of any documentation that supports your claim. Be sure to send this letter to the credit reporting agency, and send it certified mail so that you can prove it was mailed and signed for at their end.

*You will get a response within 30 days. During their investigation, they must forward all your documents to the merchant or vendor that provided the negative credit information and report back to the credit agency. If they find that the information is inaccurate, they must notify all three reporting agencies of their findings: Equifax, Experian and TransUnion.

*When the investigation is concluded, you must receive a copy of the results in writing and a copy of the dispute if it is changed. It the disputed item is changed, the credit reporting agency cannot put the disputed information back into your file unless it is verified as accurate by the merchant or vendor.

*The credit reporting agency must send notices of a correction to anyone who received your credit report in the past six months. You can also have a corrected copy sent to employers that did not hire you based on your credit report.

Removing a bad credit rating

When you have a bad credit rating based on negative information that is accurate, you can only wait for it to be removed over time. By law, a credit reporting agency can only report negative information for seven years and bankruptcy for ten years. For unpaid judgments, the reporting period goes back seven years or until the statute of limitations runs out. Criminal convictions and applications for over $150,000 of life insurance have no time limits. By starting to pay your bills on time and contacting the creditors that you cannot pay, you can start to change your credit profile to the positive side, but that will take time also.

If you do decide to use a credit repair company

Start by getting a free copy of your credit report. Then assemble all your credit card bills and write them down. This will give both you and your credit repair company a starting point. By law, credit repair companies must give you a brochure, Consumer Credit File Rights Under State and Federal Law when you sign a contract for their services. This contract must clearly specify your rights, obligations and fees. The contract must also clearly detail the descriptions of the services they will perform for you, how long it will take to see the results, and any guarantees they offer you. Members of the National Foundation for Credit Counseling are non-profit organizations providing free and low cost services to consumers with a wide range of plans, covering most types of credit used, including home mortgages.

Credit repair companies can help if youre drowning in debt. Before you sign a contract, check out these low cost and free options you can do yourself.

Ed Vegliante is the owner of http://www.credit-card-surplus.com a well organized credit card directory enabling the user to compare and apply for a credit card. View a variety of credit card offers and find links to secure online credit card applications.

Author: Ed Vegliante
Article Source: EzineArticles.com

Comments (0)

By Sills, September 21, 2009 5:21 AM

The Fair and Accurate Credit Transactions Act (FACTA) of 2003 made sweeping changes to the Fair Credit Reporting Act (FCRA). On the surface some of these changes seemed like a win for consumers. Take the ANNUAL FREE CREDIT REPORT clause for example. Wow! The Credit Bureaus are actually giving away free credit reports! What a deal! Big win for us consumers, right? Wrong.

If something looks to good to be true it usually is. Your free credit report is anything but free. The fee in this case is time. In exchange for consumers receiving a free credit report the credit bureaus receive an additional fifteen days (for a total of forty-five days) in which to investigate disputes derived from these reports. In contrast, if you obtain a credit report from your loan agent or for a fee online or even for free through a promotion and you dispute an item the bureaus are bound by the thirty day deadline to verify or delete the item in question.

You must remember what drives the credit reporting agencies…profits. And where are these profits derived from? They are derived from the credit industry. And how does the credit industry make money? By charging you interest. And what leads to them receiving higher rates of interest and therefore bigger profits? I think you may get the picture by now. This new legislation is a trade-off and the bureaus and credit industry are getting the Lion’s share of the benefit.

Think about it for a second. The thirty day deadline to investigate disputes puts a great deal of pressure on the system. The second the consumer dispute hits their desk the clock starts ticking. They must contact the creditor or creditors, inform them of the disputed information and receive a response within the thirty day period or by law the item must be deleted. By increasing the deadline by 33% would it be safe to assume that a comparable percentage of disputed items that would otherwise have been deleted will remain on the consumer credit report? Yes.

When you consider that millions of derogatory items are disputed on a monthly basis it is probably safe to assume that with this new legislation millions of items that would otherwise be removed from the bureaus will now remain. One late payment on your credit report could mean the difference between an A paper loan and a Sub-Prime loan. Depending on the situation this could equate to hundreds and sometimes over a thousand dollars per month in the form of an increased mortgage payment. If you move and happen to overlook a utility bill from your previous residence, cancel Christmas. Your credit score could plummet fifty to one hundred points from this simple mistake. And guess what, according to the bureaus you are stuck with the wreckage for seven years.

I am not some anti-government, anti-credit industry nut out to overhaul the system. So if you are a banking industry executive or FTC official please take note. In the grand scheme the system provides stability and security for our economy. There is no denying this. However, and this is a big however, the system is oppressive to consumers in its current state. Should someone be penalized thousands of dollars in increased interest for seven years because of an inadvertent mistake? I think not. Should the loss of a job, identity theft, an injury or the death of someone dear result in seven to ten years of oppressive discrimination? In my opinion it should not. Life happens and good people should not be made to suffer for a decade because of it. If you see legislation promoting the reduction of the time derogatory credit may be reported, support it.

Your right to dispute derogatory credit is the only edge you have in this big game. If you are serious about your credit rating you must adopt a proactive approach to maintaining it or improving it. Credit monitoring is a step in the right direction and usually comes with a free all bureau credit report and score. Remember, requesting your annual free credit report from the bureaus may put you at a disadvantage when it comes time to clean up your report.

About the Author
Tad MacPherson is a credit specialist with years of experience assisting consumers with repairing, restoring and reestablishing their credit. Get free advice and valuable credit tools at www.yourcreditcures.com .

Article source:
Free Credit Reports May be Hazardous to Your Credit Score

Comments (0)

By Sills, September 21, 2009 5:21 AM

How to Compare Credit Cards — powered by eHow.com