Financial Information

Credit bureaus are watching your payment punctuality, and other personal financial information that directly impacts your ability to qualify for a loan, and the interest rate you will be offered. A credit score of 720 or better can provide the lowest interest rates, while a score of 620 or less can result in high interest rates.

Common Issues that Drop Credit Scores

1. Late Payments - Not considered late until 30 days past the due date. 60 or 90 day late payments are more negative than a 30 day late. The age of late payments can influence credit scores. Recent late payments are considered worse than older ones. More serious issues include: consumer credit counseling, collections, bankruptcy, and foreclosure.

2. Outstanding Debt - Having a large number of open accounts with balances may reduce your credit scores. Another issue is the ratio of your credit limit compared to the current balance. Using 75% of your credit limit is a greater risk than using 25%.

3. Account History - Older credit accounts can have a positive effect on credit scores, as long they are not delinquent. Having recently opened accounts could reduce your scores. Also, multiple credit inquiries are a flag indicating a possible new account.

How To Fix Credit Report Errors

Incorrect information can sometimes appear on a credit report. If you believe there is a potential error on your credit report, you are entitled to dispute the accuracy of the information. The federal Fair Credit Reporting Act gives you the right to challenge inaccurate information by contacting the reporting agencies, and the company who reported the information. Under the FCRA, they are responsible to correct any errors on your credit report free of charge, and within a specific time limit.

The credit bureaus, Experian, Equifax, and Transunion, are required to investigate your dispute within 30 days of reporting the potential error. They will contact the source of the derogatory information and try to confirm the record. Providing documentation to support your claim, if you have any, can also expedite the process. If the credit bureaus are unable to confirm the derogatory information from the source, the item must be removed from your credit report, which can improve your score.

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In life, you must remain cautious about everything. The reason is that people don’t maintain caution and get into many kids of financial problems. Do you know something about identity theft?. We live in the times when everyone has become the victim of lust. Hackers are always there to get your money in the wrong way. Identity theft is much heard of these days. What exactly it is? Identity theft can give you huge losses.

The best thing or the way of caution is to check your credit report at regular intervals. Studying your credit report will give you prefect idea about the financial transactions you are getting into. And if you find any kind of doubtful thing you must take apt action. Remember, you must always maintain caution about personal information. Certain confidential things must always remain personal. Be cautious of your social security number, credit card number, bank account passwords etc. The word is Beware!. Remember, you can view credit report online and this is free of cost. This is really a simple thing.

There are many websites which host this facility either free of cost or at a very nominal rate. Search the internet and find out websites giving you all the details about your credit report. Just be careful. Only basic information is to be given to the free credit report website. But if you are told to reveal your personal information then you must be cautious. There are chances that you will be fraudulently hacked. Credit report is a very important document. If you have good credit report, it is good for you.

In case, if you have a distorted credit report then you must start clearing all negatives and must score well or benefits in future. Don’t get into defaults. Make regular payments. Credit report is available from credit agency. Find out a reputed website which deals in giving you credit report. You must take advantage of this online facility. And the best thing is that it is free of cost. Credit score plays a vital role in deciding whether you will be given loans or other financial facilities at higher or lower interest rates. Negative credit score is going to be hard on you. Whereas positive credit score works on your side.

Whether they’re snatching your purse, diving into your dumpster, stealing your mail, or hacking into your computer, they’re out to get you.  Who are they? Identity thieves.

Identity thieves can empty your bank account, max out your credit cards, open new accounts in your name, and purchase furniture, cars, and even homes on the basis of your credit history.  If they give your personal information to the police during an arrest and then don’t show up for a court date, you may be subsequently arrested and jailed.

And what will you get for their efforts?  You’ll get the headache and expense of cleaning up the mess they leave behind. You may never be able to completely prevent your identity from being stolen, but here are some steps you can take to help protect yourself from becoming a victim.

Check yourself out

It’s important to review your credit report periodically.  Check to make sure that all the information contained in it is correct, and be on the lookout for any fraudulent activity.

You may get your credit report for free once a year.  To do so, contact the Annual Credit Report Request Service online at www.annualcreditreport.com  or call (877) 322-8228.  If you need to correct any information or dispute any entries, contact the three national credit reporting agencies:

1. Equifax: www.equifax.com
   (800) 685-1111
2. Experian: www.experian.com
   (888) 397-3742
3. TransUnion: www.transunion.com
   (800) 916-8800

Secure your number

Your most important personal identifier is your Social Security number (SSN).  Guard it carefully.  Never carry your Social Security card with you unless you’ll need it.  The same goes for other forms of identification (for example, health insurance cards) that display your SSN. If your state uses your SSN as your driver’s license number, request an alternate number.

Don’t have your SSN preprinted on your checks, and don’t let merchants write it on your checks. Don’t give it out over the phone unless you initiate the call to an organization you trust.  Ask the three major credit reporting agencies to truncate it on your credit reports.  Try to avoid listing it on employment applications; offer instead to provide it during a job interview.

Don’t leave home with it

Most of us carry our checkbooks and all of our credit cards, debit cards, and telephone cards with us all the time. That’s a bad idea; if your wallet or purse is stolen, the thief will have a treasure chest of new toys to play with.

Carry only the cards and/or checks you’ll need for any one trip.  And keep a written record of all your account numbers, credit card expiration dates, and the telephone numbers of the customer service and fraud departments in a secure place–at home.

Keep your receipts

When you make a purchase with a credit or debit card, you’re given a receipt.  Don’t throw it away or leave it behind; it may contain your credit or debit card number.  And don’t leave it in the shopping bag inside your car while you continue shopping; if your car is broken into and the item you bought is stolen, your identity may be as well.

Save your receipts until you can check them against your monthly credit card and bank statements, and watch your statements for purchases you didn’t make.

When you toss it, shred it

Before you throw out any financial records such as credit or debit card receipts and statements, cancelled checks, or even offers for credit you receive in the mail, shred the documents, preferably with a cross-cut shredder.  If you don’t, you may find the panhandler going through your dumpster was looking for more than discarded leftovers.

Keep a low profile

The more your personal information is available to others, the more likely you are to be victimized by identity theft. While you don’t need to become a hermit in a cave, there are steps you can take to help minimize your exposure

• To stop telephone calls from national telemarketers, list your telephone number with the Federal Trade Commission’s National Do Not Call Registry by calling (888) 382-1222 or registering online at www.donotcall.gov
• To remove your name from most national mailing and e-mailing lists, as well as most telemarketing lists, write the Direct Marketing Association at 1120 Avenue of the Americas, New York, NY 10036-6700, or register online at www.dmachoice.org
• To remove your name from marketing lists prepared by the three national consumer reporting agencies, call (888) 567-8688 or register online at www.optoutprescreen.com
• When given the opportunity to do so by your bank, investment firm, insurance company, and credit card companies, opt out of allowing them to share your financial information with other organizations
• You may even want to consider having your name and address removed from the telephone book and reverse directories

Be diligent

As the grizzled duty sergeant used to say on a televised police drama, “Be careful out there.” The identity you save may be your own.

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