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What can I do if I find incorrect information on my credit report?

By admin On January 28, 2013 · Add Comment
If you find an inaccuracy on your credit report, you should definitely correct it. It is up to you to begin the process of correcting your report. Luckily, the Consumer Reporting Agency (CRA) and the information provider have responsibilities under the Fair Credit Reporting Act (FCRA). You must contact the information provider and all three [...]
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How does credit scoring affect me?

By admin On January 28, 2013 · Add Comment
One of the main consumer benefits of credit scoring is the reduction in time it takes to obtain a lending decision. If your credit score fits into a lender’s requirements, your loan decision will take less time because of computerized underwriting systems. Another benefit involves the anonymity of the credit score. The credit score DOES [...]
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How are credit scores used in making lending decisions?

By admin On January 28, 2013 · Add Comment
Your credit score is a quick, reliable indication of your future credit performance. In mortgage lending, the higher the score, the lower the credit risk. However, when you are applying for a mortgage, many other factors will be used in making a loan decision. Also, a bad credit score with one lender might be a [...]
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How can I find out what my credit score is?

By admin On January 28, 2013 · Add Comment
Lenders/brokers are not required to tell you your credit score, although many will. If you have been turned down for a mortgage because of your credit score, the lender/broker is required to tell you the reasons that your score is too low. If you do find out what your credit score is, keep in mind [...]
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How are credit scores calculated?

By admin On January 28, 2013 · Add Comment
Credit scores are calculated using mathematical tables with points assigned to each piece of information. These “scoring models” include factors that have been proven to predict future credit performance. The following are some examples of factors that will be used to calculate a credit score: Number of open credit accounts Amount of credit balances Length [...]
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What is a credit score?

By admin On January 28, 2013 · Add Comment
A credit score is a number based on a calculation by a mathematical model using pre-determined parameters to evaluate your credit worthiness. Credit scoring is based on your current and past credit history. Your credit score is a summary of your credit history, your current credit, and even a prediction of your future credit performance. [...]
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Who else can obtain a copy of my credit report?

By admin On January 28, 2013 · Add Comment
Only individuals and companies with business needs as recognized by the FCRA may obtain a copy of your credit report. The most common business reasons a company will obtain your credit report is when you apply for credit, employment, or insurance. No employer can obtain a copy of your credit report without your prior written [...]
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How can I obtain a copy of my credit report?

By admin On January 28, 2013 · Add Comment
There are three main credit bureaus that provide credit information to CRAs. You may write or call any of these bureaus to obtain a copy of your credit report. Keep in mind that the bureaus do not share information with each other, so you should contact all three to get a full picture of your [...]
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Who gathers and provides the information that appears on my credit report?

By admin On January 28, 2013 · Add Comment
Consumer Reporting Agencies (CRAs) gather and sell the information that appears on your credit report. A credit bureau is the most common type of CRA. These CRAs have responsibilities under the Fair Credit Reporting Act (FCRA). The FCRA was also designed to expand your rights and to promote accuracy and privacy of the information on [...]
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What is a credit report?

By admin On January 28, 2013 · Add Comment
A credit report is a file that contains information about how you pay your bills, where you work and live, and any information that is of public record, i.e., bankruptcies, judgments, etc. Lenders can order a credit report using your name, address, and social security number to verify that your credit history is satisfactory for [...]
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