|
What's in a Number ? Your
good Name !
Q: Where Can I get a Free Credit Report
?
A: With the passing of the Fair and Accurate
Credit Transactions Act ( FACT Act ), each U.S. citizen is entitled
to one free copy of their credit report from each credit reporting
agency ( TransUnion, Experian , Equifax Experian )once every 12
months .
This information is available at the only
government-sanctioned credit reporting agency-operated website,
annualcreditreport.com, by calling 1-877-322-8228, or by mailing
the Annual Credit Report Request Form.
the free report does not contain a credit
score, though a credit score may be purchased at the time of access.
Requesting a credit report will subject you to "pre-screened"
offers of credit cards. To prevent all three credit bureaus from
making your address available to credit card companies for this
purpose, you may opt out by calling 1-888-5-OPT-OUT (1-888-567-8688).
video
on credit reporting changes
What Credit Score Number is considered good
?
720-760 will usually get the best rates,
offers and cards.
Your Credit Score and Looking for a job
:
Many employers require job applicants to
give permission for them to run a credit check as part of the application
process. This credit information can be used as a signal of a person's
level of responsibility.
credit
card secrets
What are the Range of Scores on a Credit
Report ?
A FICO score is between 300 and 850, with
60% of scores between 650 and 799.According to Fair Isaac the median
score is 723 while according to Experian (using the Fair Isaac
risk model) the average credit score is 678 .
There are three major credit bureaus - Equifax,
Experian, and TransUnion - and they don't share information. So
even if you correct an error on one credit report, you will have
to do the same on the other two.
What if there is a mistake on my credit
report ?
You have the right under federal law to
challenge items on your credit report. The credit bureau then has
30 days to decide whether that item should be removed.
If a credit bureau refuses to correct
a mistake, you can sue.
Get copies of all three credit reports six
months before you apply for a home loan. An error on your credit
report can take months to straighten out .
One in three people find mistakes in their
reports
What is the Vantage Score ?
The three major credit-reporting agencies
introduced VantageScore. VantageScore uses a number range (501 to
990), which is different from FICO's, and assigns letter grades
(A to F) to specific score ranges.
A: 901
- 990
B: 801
- 900
C: 701
- 800
D: 601
- 700
F: 501
- 600
What
to do if you are a victim of identity theft
1.
Contact the Credit Bureaus and have them place a fraud alert on
your credit file and place a victims statement report.
2.
Contact the new creditors the scamster has used and close
the accounts .For credit cards, you are only responsible for the
first $50 if you report the fraudulent charges immediately.
3.
File a police report.In the report be sure to have: the fraudulent
account numbers, any proof you have that the accounts are the result
of fraud,any information on the thief and/or crime, fill out an
ID
Theft Affidavit from the FTC
4.
Extend Fraud alerts with the tree Credit Bureaus
5.
If the thief used the mail to steal your identity or victim of fraudulent
change of address contact the Postal
Inspector
6.
Contact Social
Security
7.Make
sure another driver's license has not been issued in your name.
Contacts
for Reporting Identity Theft
The
Three National Consumer Reporting Agencies
equifax.com
experian.com
transunion.com
Privacy
Rights Clearing House privacyrights.org
Identity
Theft Resource Center idtheftcenter.org
Federal
Trade Commission
Helps
victims of identity theft with information and referrals to the
right government agency 1-877-IDTHEFT
ID
Theft Data Clearinghouse consumer.gov/idtheft
Office
of the Inspector General
Social
Security Administration
Fraud
Hotline 800-269-0271
ssa.gov
The
Foundation for Taxpayer and Consumer Rights consumerwatchdog.org
The
toll free number for opting out of pre-approved credit card
ofers is 888-5-OUPOUT ( 888-567-8688.
Top
Ten Tips to Improve Your Credit Score
1.
Don't close unused credit card accounts, as your ratio to credit
used to credit availible will increase, negativly impacting
your credit score. Use your credit card 2 to three times a year
to keep it active.
2.
Pay your bills on time, late payments are the most common piece
of negative info on credit reports.
3.
Keep your account balances low
4.
Separate credit cards after a divorce and close all joint accounts
5.
Only apply for credit as needed and shop around.
6.Correct
errors in your credit report and check that it is removed. Check
your own credit score is a soft inquiry and does not affect
your credit score. It will usually take 30 days for corrections
and improvements to show up on your credit report. Looking into
rapid re-scoring, which can update a sore as quickly as 72 hours
if you need to lock in a lower mortgage rate.
7.
If your shopping around for a car loan or mortgage, shop around
within a 30-45 day period, as they will be counted as one inquiry.
8.
Avoid excess inquires
9.
Avoid consolidating balances or transferring balances unless
the rate makes it worthwhile.Try to spread debt over a few low
interest credit cards. Maxing out a credit card will lower your
score.
10.
Unpaid medical bills will show up in your credit report
Some
more advice
Consider
doing a credit freeze to prevent id theft. With this, your score
and info are protected with a pin. The cost with the big 3 reporting
agencies ranges from $3-10; The cost to thaw your report when
applying for credit is $10.
Having
no credit history can almost be as bad as having bad info on
your credit report. If you are a parent, try to get your high
school and college aged children credit cards and stress the
need to use them wisely.
Don't
let car dealers pull your credit if you are only window shopping
for a car.
|
