Did_Your_Credit_Score_Today_

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Did Your Credit Score Today?


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701


Summary:
It can make a difference of up to 18% in loan repayment costs. For example, on a 30-year, $150,000 fixed
rate mortgage, a borrower with the best credit score, 760-850, will pay 5.59%, or $860 per month, while
someone in the worst score range will pay 7.18%, or $1,016 per month. This can make a big different to the
household budget, so it's to your advantage to keep your credit score as low as possible.


The 3 major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score",
which is derived from credit report information submitted to them about you.



Keywords:
credit score, loans, interest,credit rating



Article Body:
Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit Report


It can make a difference of up to 18% in loan repayment costs. For example, on a 30-year, $150,000 fixed
rate mortgage, a borrower with the best credit score, 760-850, will pay 5.59%, or $860 per month, while
someone in the worst score range will pay 7.18%, or $1,016 per month. This can make a big different to the
household budget, so it's to your advantage to keep your credit score as low as possible.


The 3 major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score",
which is derived from credit report information submitted to them about you.


Under the Equal Credit Opportunity Act, a credit scoring system may not use characteristics such as race,
sex, marital status, national origin or religion as factors, though they are allowed to use age.


Credit scores are determined by your bill-paying history, the number and type type of accounts you have,
late payments, collection actions, and outstanding debt. The total number of points reflects how likely you
are, statistically-speaking, to pay back a loan.


If you are denied credit, the Equal Credit Opportunity Act forces the creditor to tell you the specific reasons
your loan application was denied if you ask within 60 days. Acceptable reasons include high balances on
charge cards, or bad employment history. Unacceptable reasons include vague excuses such as "You didn't
meet our minimum standards". Sometimes you can be denied credit because of information on a credit
report. The Fair Credit Reporting Act requires the creditor to give you the contact information of the credit
report agency supplying the information. The credit reporting agency can give you the information on your
report, but only the lender can tell you why this led to your application being refused.


However your credit report may include inaccurate or incomplete information (credit records). Identity theft
is a growing problem, and can take up to a year to resolve. Nearly 10 million people fall victim to identity
theft each year, costing consumers $5 billion and businesses $48 billion, according to the Federal Trade
Commission.


In this situation you have to send letters to every one of the credit bureaus. Also learn your credit rights by
familiarizing yourself with the Fair Credit Reporting Act (FRCA).


The FCRA gives you the right to dispute inaccuracies and omissions, and it requires credit bureaus to
investigate your complaint (generally in thirty days), send you a prompt response and correct any errors. The
law as well requires the source of inaccurate information (such as a bank) to correct the record at the credit
bureaus to which it initially provided the erroneous information.


Consumers working on their credit reports say many times their letters are ignored by credit bureaus.
Consumers say even with proof a credit record isn't theirs, its removal from their credit report can take 3 or
even 4 challenge letters, because the credit bureaus will have only corrected the facts in their own files and
not updated the credit report.


Send your dispute letter by REGISTED MAIL. Credit companies will respond faster if they know you can
prove you filed a complaint on a certain date. Keep a record of when you sent the dispute letters and what
date you should expect a response. If you have received no defense to your claim after thirty to thirty seven
days, send another registered letter requesting an updated credit report and demanding the disputed credit
record be deleted.


If the bureaus don't reply in the thirty days, it must be that the information they had on file was either
inaccurate or unverifiable. In either case, based on data from the Fair Credit Reporting Act, the credit record
must be immediately deleted from your credit report.


A few consumers have eliminated negative marks on credit reports just by going through this process of
disputing credit records many times. Since some creditors will not take the time to respond, you can
sometimes win by default. Usually a bit of progress will be made with each challenge.Remember, the credit
bureau would like you to quit bothering them because if you are not disputing the credit report, they can
legally carry on selling it as profitable information.
credit disputes letters

				
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