|
Author: Gary Gresham Article source: http://www.msjsoftware.com/. Used with author's permission.
Understanding credit report scores is important when you see your credit report because you need to be able to make some sense of it.
Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. They all use your credit score to determine your credit risk. The interest the lender charges you is based on your credit risk. So you can see how understanding credit report scores is information that can save or cost you money.
You need to find out what your credit score is before you talk to any lender in case there is something on your report that you may question. You don't want the lender to find a mistake that you aren't aware of. If you find a mistake, it takes at least 30-60 days before you see corrections in your credit reports and scores.
You have probably heard that checking your credit will bring down your score. But checking your own credit report and score is counted as a "soft inquiry" and doesn't harm your credit score at all. Only "hard inquiries" from a lender or creditor, made when you apply for credit, will bring your credit score down a few points.
Your credit report should have the three main credit services Experian, Trans Union and Equifax and each service will give you a different credit score.
The credit scores will range between 300 and 870 with each credit service giving a different score. The higher your score is the better, because as your credit score increases, your credit risk decreases.
The average high approval score where the best interest rates are offered is 680 or above. The credit score the lender uses comes from the middle score or an average of all three scores is sometimes used.
Don't be surprised if you find an error once you get your credit report. Statistics show that 70 percent of credit reports contain serious errors. Those errors are what you want to clear up because they will affect your credit score.
If you find a mistake, you have the right to dispute the information free of charge. Contact the credit bureau that provided the information and dispute the inaccurate information.
Below are the names, addresses, phone numbers and web sites of the three credit bureaus TransUnion, Experian and Equifax.
Equifax Credit
P.O. Box 740241
Atlanta, GA 30374
Equifax 800-685-1111
http://www.equifax.com
TransUnion
P.O. Box 1000
Chester, PA 19022
Trans Union 800-888-4213
http://www.transunion.com
Experian
P.O. Box 2002
Allen, TX 75013
Experian 800-682-7654
http://www.experian.com
You can also contact the creditor direct and ask that the corrected information be provided to the credit bureaus.
If you suspect any fraud, contact all three credit bureaus immediately and place a fraud alert on your report. Then, contact your credit card companies and bank to protect your accounts.
Understanding credit report scores and checking your credit report at least once a year will keep fraud in check and keep your credit score safer.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved. This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: http://www.credit-repair-facts.com/articles_1.html
How To Get Your Customers To Trust Your Website
In the face of a declining trust in the Internet, there's definitely value in creating a website which can be trusted by your visitors. But how do you do it?
Acceptance is the Answer to All Our Problems
Many people today have lost jobs after decades of service; many others suffer within jobs they can see no way out of. How does one survive the humiliation, sham...
Do I have What It takes?
Learn the secrets of winning, strength of character and biofeedback. Learn how to push yourself, build confidence and succeed. Lance Winslow entrepreneur gives...
Prepare Your House for a Successful Sale
Whether you list with an agent or sell on your own, you can ensure a quick sale by proactively preparing your house to be a highly marketable and attractive com...
All Extremists Go To Heaven... Dont They
Heaven, Hell or some sort of Purgatory. I cannot seem to make it to either of the extreme political sides and being a moderate definitely leaves me at least in...
Southern California Water Crisis
There is a big concern amongst water experts in California, that the 16.5 Million people have over extended the available water supplies. The issue seems to get...
Online Weight Loss - Fact or Farce?
Have you ever considered using a weight loss web site to lose weight? Do they work - or is it more weight loss quackery?
Relationship Arguments - 7 Ways to Heal Past Hurts
Bringing up the past in a relationship can be damaging, especially during an argument. At the same time, there are occasions when it is necessary for the healt...
How to Use Memory Foam Mattress Pads
Memory foam, the gel-like polyurethane material that holds impressions on its surface, is mostly associated with mattress pads. The memory foam mattress pad was...
Weight Loss Methods: Its Advantage - Natural Therapy!
Natural therapies uphold the importance of minerals, vitamins and herbs in your day-to-day life. It's advantage natural therapies for you lose weight and you ac...
Spring! Time for Love and New Beginnings
The horizon screams of spring and the budding trees, tulips poking their head above the soil and thoughts of romance and love fill our hearts and minds. Are you...
Accelerated Learning and Webucation
Webucation is a relatively new word, coined from the combination of the words web and education. Many people have previously referred to any form of education v...
Caribbean Pearl Secret, Margarita Island is Not So Much a Secret Anymore
Isla Margarita, largely unknown, but brimming with activity. Exploration and adventure, relaxation and shopping, Margarita has something for everyone. The ones ...
Free Tips to Generate Traffic for Webmasters
Starting a new website and developing a traffic base if often the hardest and most frustrating part of being a webmaster. It's really an ego hit when you put a ...
Potty Training Battle of the Wills
Some children practically potty train themselves, while others struggle and resist against the potty. Potty training should never turn into the battle of the wi...
Personal Loans for Unemployed – Liberating You from the Tangles of Unemployment
One of the most dreaded outcomes of unemployment is on the finances. Because of the closure of a source of income, it becomes difficult for a borrower to make e...
The Forgotten Advertising Tip
I'm sure while you have seen many tips on advertising, many that talk about testing and tracking your ads, I'm sure that this one important tip is rarely mentio...
Where Will YOUR Kids Get A Job?
Let's face it. The job market is getting tougher every day. Computerization is making many jobs redundant. The Internet and modern telecommunications have al...
Link Exhanges - Gaining Link Popularity
Webmasters will participate in this form of cross promotion for the benefits of gaining link popularity with search engines and getting a significant increase i...
Increase Your Tourism Web Traffic & Sales – Guaranteed
Web sites are a major part of the tourism marketing strategy used by
successful international tourism promoters. This how-to article will share the top secrets...
Auto Loan Options for People with Bad Credit
Auto Loan Options for People with Bad Credit
Close Kept Secrets to Weight Loss Lesson #12
Live in higher vibrational energy and everything flows to you. You attract abundance in all aspects.
7 Money Saving Tips for Your Wedding
7 tips to save you money when planning your wedding ceremony and reception.
Do You Really Need the Power of Money Management Software?
There are powerful money management programs available and they aren't very expensive. But banks now offer online banking that comes with a lot more features th...
|
Print this page