Important Information To Check In your Credit File

Most people focus exclusively on the negative trade lines reporting on their credit file.

The following is some other important data that should be considered as well, courtesy of MSN:

Are your employer and your job title listed? If you've had the job less than two years, your previous employer and job title should be listed as well.

Is your address listed and correct? If you've been there less than two years, is your previous address listed as well?

Is your Social Security number listed and correct?

This is the way most lenders will identify you.

Is your telephone number listed and correct? Many lenders may not extend credit if they can't call you to verify information.

Does your report include all the accounts you've paid on time? Some lenders don't report regularly to credit agencies, and some report to only one or two, rather than all three.

You can ask the creditor to report the account to an agency that doesn't list it. If the creditor refuses or doesn't respond, you can send a letter to the agency with a copy of your latest statement and canceled checks to prove you've been paying on time.

Financial Empowerment Network Team and Prime Financial Credit Services

New Rules Issued by the Federal Reserve and Federal Trade Commission about Consumer Credit

Consumers taking out auto, home mortgages, credit cards and other types of loans will be notified when they are offtered an interest rate that is higher than is customary due to their poor credit histories. This is under new rules issued on 12/23/09 than become effective on Jan., 1 2011.

Lenders traditionally offer borrowers rate and terms based on their credit reports, which reflects the borrowers' ability to repay the loans. This is called "risk-based pricing."

The new rules set forth by the Federal Reserve and the Federal Trade Commission entitle borrowers who receive pricing notifications to also be entitled to a free credit report to check the accuracy of their credit report.

Borrowers will be notified about the higher interest rates "after the terms of credit have been set, but before the consumer becomes contractually obligated on the credit transaction," according to the rules.

This notification is required when the lender - based on the borrowers' credit report - offers credit terms "that are materially less favorable" than the terms offered or provided to other consumers, the regulators said.

Lenders will not have to provide this notification if they offer borrowers a free credit score, Federal Reserve attorneys explained. A consumer must normally pay a fee - between $8-$11 - to obtain their credit scores, the attorney said. Credit reports don't contain credit scores, they said.

This provision, announced yesterday, is aimed at helping borrowers better understand the rates they are being offered on particular loans and to get more information about their credit reports.

Keith Dienstl is a member of the Financial Empowerment Network Team and Prime Financial Credit Services you can also visit Credit Repair Services for more information on Keith Dienstl.

10 Reason to Repair Bad Credit

Bad credit not only keeps you from getting a credit card or loan; it can leave you homeless, carless, and even worse, jobless. This is due to the fact that more and more businesses are using your credit to make decisions about you. If this isn't reason enough to get your credit in order here are 10 reasons why you should repair your credit.

1. Save money on interest Low credit scores mean you have higher interest rates and pay more on loan balances.

2. Lower insurance rates Your credit history affects what you pay on insurance premiums. This includes home, auto, and life insurance.

3. Stop paying high security deposits Phone companies and utility service providers check your credit before establishing service. They charge a deposit to offset the risk of default. Bad credit can often mean a hefty deposit amount.

4. Get a higher credit limit The more you pay bills on time; creditors will increase your credit limit. Before an increase though, they will check your credit.

5. Buy a new house Owning a home has always been the American Dream. Bad credit means a high interest rate that can often make a home unaffordable.

6. Rent an apartment Bad credit can not only keep you from buying a home, it can also keep you from renting an apartment. Landlords check credit to determine the probability that you'll be late on your rent.

7. Buy a new car Auto lenders are among the many businesses that often check your credit before lending to you.

8. Get a job Employers will check your credit before deciding to hire you. A bad credit history can cost you a job or a promotion.

9. Stop relying on co-signers When your credit is bad, you'll often need others to co-sign for credit cards and loans. This puts financial pressure on them and they don't receive any benefit.

10. Start your own business Starting a new business takes money, so to get your business off the ground many entrepreneurs often rely on small business loans. Bad credit can keep you from getting financing.

Country Moutain Coastal is a member of the Financial Empowerment Network Team and Prime Financial Credit Services
you can also visit creditfor more information on Country Moutain Coastal.

Understanding Your Credit Report

A credit report contains all your information that is reported to the three credit bureaus. The three credit bureaus are Experian located in Chester, PA; Equifax located in Atlanta, GA; and Equifax located in Allen, TX. The information reported to the credit bureaus is your payment history that contains the following information:

Personal Information - the personal information on the credit report lists the basic information about the individual. None of the information listed in the personal information effects the credit score calculation. The personal information on the credit report contains any name used, birth name, AKA or any name the creditor has used when applying for credit. The date of birth, current and previous address, employment history, and the dates the information was reported are also listed, credit report.

Summary - the summary section of the credit report contains a categorized list of all the accounts on the credit report. This synopsis allows the viewer a quick review of the credit report and compares the data that is reported to the three credit bureaus.

Account History - The account history on the credit report contains all the account a person has open or closed. This section has credit history of your payments. Each of the account will contain: Account Number, Account Type, Creditor Name, Monthly Payment, Highest Balance Owed, Credit Limit or Loan Amount, Date Open or Closed, Payment History, and if it is a joint or individual account.

Inquires - the credit report contains two types of inquires. The first type of inquire on the credit report is inquires where a business pulled the credit and the second type is when an individual applies for credit. When you apply for credit it remains on your credit report for two years. When you show a history of declined credit applications it makes you look desperate. More than likely a lender will not loan money to a desperate person. Multiple approved applications send a different message. When you're approved for a loan or a line of credit, the lender has made a commitment to loan you the funds. Your ability to repay these lines of credit and loans depends on your income. Your capacity to take on additional debt is diminished by the amount of debt or potential debt outstanding.

Public record information - Public records on a credit report may include information such as judgments, foreclosures, lawsuits, wage attachments, bankruptcies, state and federal tax liens, and past-due child support. This information is reported by county, state, and federal courts to a variety of credit reporting agencies. The agencies retain the information in a credit report and use the information along with other pertinent credit data to determine your credit score. Since public records reflect poorly on your credit rating, you'll want to make sure that this section of your report stays spotless. This information will remain on your credit report for seven years. However, if the record relates to bankruptcy, it will remain on your report for 10 years.

I am a member of the Financial Empowerment Network Team and Prime Financial Credit Services

Your Credit Score Is Yours to Control

Are you confused by credit, and how to create a better credit score? Don't feel bad, many consumers and business people find it hard to understand why their credit score is low. They pay their bills. And when they are a little late on a payment, they pay extra fees to the Lenders to make up for that. The Lenders enjoy great profits, and yet, the Borrower gets penalized more. Is it fair? I say NO! Enough! It's time for us to take control of our credit scores, and get them to reflect accurately, what kind of people we really are. In fact, the United States government agrees. Toady, there are laws to protect us, and allow us to take back control of our credit histories and credit scores.

Use these laws to make sure you aren't forced to pay more for auto loans, credit cards, mortgages, insurance and utilities. Besides costing you more money in monthly bills, we've been hearing more about people who get job offers that are later taken back, because of a "bad" credit score, a result of having been out of work for a year or longer. They didn't use credit to support a luxurious lifestyle. Ironically, they are penalized by taking away the very thing that they need to get back on their feet and to get back to paying their bills. Is it just me, or does it seem ridiculous to you as well? Credit reporting agencies, and Lenders, seem to believe that it's their right to penalize consumers to any level that they choose. The US government says it isn't their right. It is their right to report late payments and defaults on payment agreements, to the extent that they report it accurately. Is the information on your credit report accurate?

Frits Tessers is a member of the Financial Empowerment Network Team and Prime Financial Credit Services
you can also visit Personal Coaching for more information on Frits Tessers.