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Bad Credit Debt Consolidation and Credit Card Debt Consolidation Tips by www.alifeoutofdebt.com
If you have managed to get yourself into a situation whereby you
have many loans, credit card debt, mortgage, utilities, and
other bills to pay, then think about credit card debt
consolidation. It can be extremely difficult to get yourself
debt...
Credit Card Debt after Divorce
It is true that marriages are made in heaven. But everything
falls flat on their butt once a marriage hits the rocks. Every
bit of reconciliation fails and divorce seems to be the only way
out. If everything - both financial and other aspects -...
Finding Te Best Travel Reward Credit Cards
Travel reward credit cards are only a great benefit if you
travel frequently. While that may seem trite it needs to be
said. You may think, "what a great idea - travel reward credit
cards. I might want to take a vacation next year."
You're...
How to Obtain a Bad Credit Home Loan or Refinance with Bad Credit
Many people believe that if they have a bad credit score, then
they cannot get a home loan. However, this is not true, since
bad credit home loans are readily available. If you have bad
credit and you apply for a home loan, then more emphasis...
Questions to Ask a Credit Counseling Service about Debt Relief
Debt relief is a topic on a lot of consumers' minds these days, and with good reason. American credit card debt in 2001 was $692 billion, triple the amount from 1989. In that same time period, the average credit card increase for a middle-class...
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Big Brother knows what's in Your Credit Report. How about You?
Whether you are aware of it or not, credit bureaus have been keeping tabs on you and how you use credit. When it's time for you to apply for a mortgage, credit card, or personal loan, your credit report is what lenders look at to decide to approve you or not.
Information about you is collected and stored in national repositories. Every time you apply for credit, whether it's a retail store charge account or an auto loan, the information you provide gets sent to the credit bureaus. When you are late paying a loan, it shows up on your report. If you have ever been in a dispute with a merchant and you refused to pay them, the merchant can report your non-payment to the credit bureaus for all lenders to see.
Your credit history is an important part of getting a loan. By getting a glimpse of how you handled debt obligations in the past, lenders can estimate the likelihood that you will pay back their loan in the future.
What's in your credit report?
Credit reports are chock full of goodies to keep your lender busy. If you have never seen your report, you may be surprised at how much information is actually gathered.
Personal Information:
This section includes information that identifies you by name, address, and Social Security number. It gives your date of birth and employment history. Information in this section is not used for scoring purposes.
Credit Lines:
This is the meat and potatoes of the credit report. It shows all of your credit accounts and lists the details of each. These details include creditor's name, type of account (credit card, auto loan, school loan...), account number, date the account was opened,
current balance, past due amounts, credit limit, and payment history. It will list whether you usual pay on time or are normally late 30, 60, or 90 days. The report will also show any closed accounts that you have.
Credit Inquiries:
An inquiry is an event where a company asks the bureau for a copy of your credit report. Any company that has accessed your credit report in the last two years will be listed.
Public Record and Collection Items:
Any information about you that is public record from courts or debts reported by collection agencies will be listed here. Court information can include bankruptcies, foreclosures, liens, and other judgements.
Who is Big Brother?
The three major credit bureaus are Equifax, Experian, and Transunion. The information that they have on you may not be identical. One may have accurate records, but another might have an error that can prevent you from getting a loan. Since you do not know which bureau a lender will use to base their approval decision, you should inspect your report from all three bureaus. Equifax offers a 3 in 1 report where you can view your credit report from all three bureaus in a single transaction.
Before you apply for any loan it is wise to review your credit report. This way you can fix any errors before the loan process begins, saving you time and frustration if you get rejected due to a correctable problem caused by big brother and not you.
About the Author
Jon Galanty is a financial writer for eMoneyCentral.com. Visit http://www.emoneycentral.com to find out more about credit, loans, banking, and to get other great money tips.
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