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Avoiding Bad Credit and Repair
Staying in contact with your payments each month can help you
avoid bad credit. If you research the marketplace before coming
to a purchasing decision, you are well on your way to avoiding
bad credit and repair credit hassles. You want to...
Credit card basics
"Which bank's credit card do you have?", "what is its credit limit", "what type of card is it"...such questions are on everybody's lips today. The world seems to have been squeezed and wrapped into a credit card. Nowadays everybody speaks and grasps...
Get A Credit Card With A Low Interest Rate
Before you choose a credit card it would be wise to first find
out the interest rates offered by all the credit card companies
and banks. While you compare credit card companies and banks,
take note of the ones with low interest rates and offer...
How to Establish Business Credit Despite Your Personal Credit
Business credit is more of a science than an art. The first rule for this science is that it is not the same as personal credit. Many would-be and aspiring business owners are not aware that establishing credit for a business is just as important...
How To Repair Your Credit Report
A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or a house. The credit report can come from one of three agencies – Equifax, Experian, and Trans Union. Each of these...
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Credit Repair Made Easy - Erase Bad Credit And Establish AAA-1 Credit Fast
Credit is used every day by millions of people yet most do not
have a clear understanding of how the credit reporting system
operates. Most people only know that they can flip out a credit
card and purchase what they want and pay for it some time in the
future.
The practice of "buy now, pay later" has assumed a large and
significant role in our society. Credit indicates faith in the
ability and willingness of the customer to pay for what he buys
within a specified time.
When you make a purchase, and charge it with a credit card, you
are using consumer credit. This means, obtaining the goods or
services first, and paying for them sometime in the future.
Credit makes it possible for one to enjoy needed items
immediately. For most people, buying those big-ticket items,
such as, cars and houses would be virtually impossible without
good credit. Maintaining a good credit history is essential even
though you may have cash that would make buying on credit
unnecessary.
Due to increased use, it became necessary to issue reports on
credit histories of consumers. Credit reporting agencies, also
known as credit bureaus, were formed to supply these reports.
Credit bureaus compile and sell information about consumers, and
are a principal source of information about your credit history.
They are financed by members, which include banks, department
stores, credit card companies, finance and mortgage companies
and other credit grantors. They sell this information to lenders
or any credit-issuing firm from which you have requested credit.
The information is sold in the form of credit reports.
Before creditors give you credit, they check your credit report.
Your credit report shows how you have paid your bills in the
past. It provides credit grantors with information they need to
evaluate your creditworthiness.
Your credit report contains the following information: Your
name, date of birth, residence records, Social Security Number,
occupation, employer, marital history, repayment pattern on
credit cards, installment loans, and other credit accounts you
have with different creditors. Your credit report may also note
other matters of public record, such as judgments or
bankruptcies.
If your credit report shows that you have been reliable in the
past, then in most cases credit will be granted. Past credit
experience which shows delinquent payments, repossessions,
lawsuits, charge-offs or bankruptcy may lead creditors to deny
you credit.
Many people mistakenly believe that once you have bad credit
that there is no way to change it. Don't believe it. You can
change your credit report for the better. If you have problems
with your credit history, there are steps you can take to help
solve your credit problems.
The first step is to obtain a copy of your credit report. The
law says that you have the right to know what is in your credit
file. You should want to learn what information is being
distributed about you by credit bureaus.
If you have been denied credit within the past 60 days and one
of the reasons for the denial was "unfavorable" credit report,
you have the right to get your report at no cost. If not, the
credit bureau may charge you a fee for giving you information.
After you have received your credit report, examine it to see
whether all information is accurate and complete. Make a list of
all the errors and negative items. If there is a negative item
in the report, you have the right to dispute that item. You
should write to the credit bureau and explain why you think
the
information is not correct.
Each item on your credit report must be proven or it cannot
remain in the report. Send your letters by certified mail with a
return receipt requested.
When the credit bureau receives your letter of dispute, they are
required to investigate and advice you of the results of their
investigation. If a disputed item cannot be verified, the credit
bureau must delete it.
If you disagree with the results of the reinvestigation, you
have the right to add a statement to your credit bureau file in
100 words or less, explaining your version of the dispute.
After making any corrections on your report, you have the right
to demand that the credit bureau send corrected copies of your
report to all creditors who have checked your file within the
past six months. Job applicants can have a corrected copy of
their credit report sent to anyone who received a copy during
the past two years for employment purposes.
Once you have cleaned up your credit report, you are ready to
start adding positive credit items. There are several ways you
can begin to build good credit.
A secured credit card is one of the easiest ways to build good
credit. There are financial institutions that will issue a Visa
or MasterCard to you if you open a savings account at their bank
regardless if you have bad credit or no credit. A secured credit
card is guaranteed by a deposit that you make with the financial
institution.
Each financial institution has its own requirements. So read the
fine print before applying for a card. Make sure the credit card
issuer reports your payment to all three major credit bureaus.
Another way to add positive credit information to your report is
to take out a loan from a bank and pay it back promptly. To
carry out this plan, go to your bank and open a savings account
and use it as a collateral for a loan. Usually the bank will be
glad to give you the loan since there's no risk to the bank if
you default.
Repeat the above steps at two or three banks. Make payments on
these loans for about four to six months and then pay off the
balance in lump sum. Return to each bank and ask to have the
hold placed on your savings released.
Remember the whole reason you borrowed against your savings
deposit is to rebuild your credit. It is important these banks
report your payment histories to the credit bureaus. So before
you carry out this plan, make sure they'll report your payments
to the credit bureaus.
Department stores will often make you a loan, by means of a
charge card. You can obtain department store credit cards. Once
you have established good credit references using secured credit
card or bank loan technique, you will find it extremely easy to
get department store credit cards.
You can ask someone with a good credit record to cosign on your
application for credit. This is an effective way to speed up the
process of rebuilding good credit.
You can clean up your bad credit, add positive credit
information, and get yourself back on the right track. A good
credit rating will enable you to receive and enjoy some of the
better things in life.
About the author:
Conleth C Onu is the author of "How To Clean Up Bad Credit And
Establish AAA-1 Credit Rating." This ebook shows you the exact
steps you need to remove negative items from your credit report,
add positive credit information, and establish excellent credit.
For more information, visit his websites:
http://www.howtocleanbadcredit.com and
http://www.conlethonupublishing.com
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
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| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
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| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
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| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
| www.myfico.com |
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| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
| www.credit-suisse.com |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
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| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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