InstantOnlineCreditScore.org » Peter http://www.instantonlinecreditscore.org Your Credit Is Our Business Thu, 18 Jun 2009 14:14:02 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Your Credit Report And Your Job http://www.instantonlinecreditscore.org/credit/your-credit-report-and-your-job/ http://www.instantonlinecreditscore.org/credit/your-credit-report-and-your-job/#comments Thu, 18 Jun 2009 14:14:02 +0000 Peter http://www.instantonlinecreditscore.org/?p=51 Your Credit Report And Your Job
Did you know that your credit report is about much more than just your ability to raise finance and get loans? It’s true, your credit report may affect your employment prospects just as much as it may impact on your borrowing ability.
As employers have become ever more concerned about the honesty and financial integrity of the staff they recruit there has been an increase in the number of companies requesting credit reports on applicants.
Traditionally it was really only companies who employed people in highly sensitive fields such as the finance industry, or the defence, pharmaceutical and chemical industries that wanted a financial report on potential new hires. But increasingly employers in other sectors are turning to credit reporting agencies too. They are using the reports that they obtain to make a decision on whether job applicants are deemed to be honest and have financial integrity.
Obviously the decisions that companies make are not made simply on the basis of someone’s credit history but when it comes down to a tie breaker between two people it can have an effect. Let’s be honest if you had to choose between person A with a proven track record of honouring his or her financial commitments and person B who had a history of late payments and reneging on their agreements who would you hire?
Of course it is not just something that a potential new employer might want to check up on. An employee who is being considered for promotion can also be expected to agree to the company being allowed to request a credit report on them.
It is worth mentioning that although federal law permits employers or potential employers to ask for your credit report they can only do so once they have secured your written permission to do so. Federal law also requires that the company give you a copy of the report they obtain together with a written description of your rights if it has played any part in a negative decision on your employment application.
Naturally there are restrictions on the information that the credit bureaux will hand over to any potential or current employer. The employment reports that Experian provide, for example, do not include your date of birth or details of your spouse’s references if you have one. They also specifically exclude all account numbers to protect your financial security and to meet equal employment opportunity legislation.
Some people may be concerned that applications by companies considering hiring them may affect their chances of obtaining finance in the future but that is not the case at all. The credit reporting agencies make a clear distinction between employment checks and credit checks and future lending enquiries won’t show that a company checked you out. That also applies to other companies that you may apply for a job with.
You can now see that while having a good credit rating is important financially it may be equally important for your employment prospects as well.

Did you know that your credit report is about much more than just your ability to raise finance and get loans? It’s true, your credit report may affect your employment prospects just as much as it may impact on your borrowing ability.

As employers have become ever more concerned about the honesty and financial integrity of the staff they recruit there has been an increase in the number of companies requesting credit reports on applicants.

Traditionally it was really only companies who employed people in highly sensitive fields such as the finance industry, or the defence, pharmaceutical and chemical industries that wanted a financial report on potential new hires. But increasingly employers in other sectors are turning to credit reporting agencies too. They are using the reports that they obtain to make a decision on whether job applicants are deemed to be honest and have financial integrity.

Obviously the decisions that companies make are not made simply on the basis of someone’s credit history but when it comes down to a tie breaker between two people it can have an effect.

Let’s be honest if you had to choose between person A with a proven track record of honouring his or her financial commitments and person B who had a history of late payments and reneging on their agreements who would you hire?

Of course it is not just something that a potential new employer might want to check up on. An employee who is being considered for promotion can also be expected to agree to the company being allowed to request a credit report on them.

It is worth mentioning that although federal law permits employers or potential employers to ask for your credit report they can only do so once they have secured your written permission to do so.

Federal law also requires that the company give you a copy of the report they obtain together with a written description of your rights if it has played any part in a negative decision on your employment application.

Naturally there are restrictions on the information that the credit bureaux will hand over to any potential or current employer. The employment reports that Experian provide, for example, do not include your date of birth or details of your spouse’s references if you have one.

They also specifically exclude all account numbers to protect your financial security and to meet equal employment opportunity legislation.

Some people may be concerned that applications by companies considering hiring them may affect their chances of obtaining finance in the future but that is not the case at all.

The credit reporting agencies make a clear distinction between employment checks and credit checks and future lending enquiries won’t show that a company checked you out. That also applies to other companies that you may apply for a job with.

You can now see that while having a good credit rating is important financially it may be equally important for your employment prospects as well.

]]> http://www.instantonlinecreditscore.org/credit/your-credit-report-and-your-job/feed/ 0 What To Do When Credit Problems Strike http://www.instantonlinecreditscore.org/credit/what-to-do-when-credit-problems-strike/ http://www.instantonlinecreditscore.org/credit/what-to-do-when-credit-problems-strike/#comments Thu, 18 Jun 2009 14:11:11 +0000 Peter http://www.instantonlinecreditscore.org/?p=49 What To Do When Credit Problems Strike

No matter how much we try to plan ahead there is always the possibility that life will come along and throw a spanner into our lives. And of course when it does it usually causes us problems with our financial affairs and that can have a serious impact on our credit rating.
So what do you do when credit problems strike?
Well the first thing is not to panic and bury your head in the sand. One of the biggest mistakes that most people with credit problems do is to avoid their banks and other lenders. They go for what seems to be the easy option of pretending it isn’t happening and feeling slightly more comfortable in the moment by putting things off. The sad thing is, is that it’s just about the exact opposite of what they need to be doing.
I know it can seem scary and not to mention embarrassing but actually picking up the phone and calling the company really is the best thing you can do every time. You are not the first customer to be in a financial fix and you certainly won’t be the last either. The banks and finance companies are not stupid they know that life happens and they know that when it does people cannot always meet their commitments. They even have specially trained teams of people sat just waiting to help customers in that situation. But here is the problem, if they don’t know the situation they simply can’t help. If you begin to miss payments then just stop paying them and don’t answer their letters they naturally assume you don’t want to pay rather than can’t pay.
Here is what you need to do if you have found yourself in a financial fix for whatever reason.
1. Sit down and write out on paper every last penny that you owe to everyone. Leave nothing and no one out.
2. Write out all the income that you have or expect to have in the next 30 to 60 days.
3. Put down in writing the exact reason you can’t meet your commitments. It doesn’t matter what that reason is just write it down in full.
4. Sit and compose yourself. Please understand they really do want to get this sorted out as quickly, easily and painlessly as you do. They are not in the business of suing people it’s too expensive, time consuming and counter-productive.
5. Pick up the phone and call them. Ask to speak to customer support or if you’re calling a branch, the branch manager.
6. Just tell them what you wrote down in number 3 above and answer their questions.
By preparing yourself you will find it much, much easier to do all this because you will have everything in front of you so you don’t have to remember anything if you feel tense. If you’ve got credit problems go and do number 1 above right now and you will soon be on your way to fixing them.

No matter how much we try to plan ahead there is always the possibility that life will come along and throw a spanner into our lives. And of course when it does it usually causes us problems with our financial affairs and that can have a serious impact on our credit rating.

So what do you do when credit problems strike?

Well the first thing is not to panic and bury your head in the sand. One of the biggest mistakes that most people with credit problems do is to avoid their banks and other lenders.

They go for what seems to be the easy option of pretending it isn’t happening and feeling slightly more comfortable in the moment by putting things off. The sad thing is, is that it’s just about the exact opposite of what they need to be doing.

I know it can seem scary and not to mention embarrassing but actually picking up the phone and calling the company really is the best thing you can do every time.

You are not the first customer to be in a financial fix and you certainly won’t be the last either. The banks and finance companies are not stupid they know that life happens and they know that when it does people cannot always meet their commitments.

They even have specially trained teams of people sat just waiting to help customers in that situation. But here is the problem, if they don’t know the situation they simply can’t help.

If you begin to miss payments then just stop paying them and don’t answer their letters they naturally assume you don’t want to pay rather than can’t pay.

Here is what you need to do if you have found yourself in a financial fix for whatever reason.

1. Sit down and write out on paper every last penny that you owe to everyone. Leave nothing and no one out.

2. Write out all the income that you have or expect to have in the next 30 to 60 days.

3. Put down in writing the exact reason you can’t meet your commitments. It doesn’t matter what that reason is just write it down in full.

4. Sit and compose yourself. Please understand they really do want to get this sorted out as quickly, easily and painlessly as you do. They are not in the business of suing people it’s too expensive, time consuming and counter-productive.

5. Pick up the phone and call them. Ask to speak to customer support or if you’re calling a branch, the branch manager.

6. Just tell them what you wrote down in number 3 above and answer their questions.

By preparing yourself you will find it much, much easier to do all this because you will have everything in front of you so you don’t have to remember anything if you feel tense. If you’ve got credit problems go and do number 1 above right now and you will soon be on your way to fixing them.

]]> http://www.instantonlinecreditscore.org/credit/what-to-do-when-credit-problems-strike/feed/ 0 What Is VantageScore? http://www.instantonlinecreditscore.org/credit/what-is-vantagescore/ http://www.instantonlinecreditscore.org/credit/what-is-vantagescore/#comments Thu, 18 Jun 2009 14:08:13 +0000 Peter http://www.instantonlinecreditscore.org/?p=46 What Is VantageScore?

If you take an interest in looking after your credit rating you may well have heard about how the 3 main credit reference agencies have decided to work together to come up with a method of credit scoring that uses the same exact formula across all three companies.
Up until recently the big 3 credit reporting agencies, Equifax, Experian and Trans Union had each been using their own methods of scoring the credit history of individual borrowers. But in a move designed to make life easier for all concerned they decided to work co-operatively on developing a common system and that system is called VantageScore (sometimes mistakenly called Vantage Score).
The idea behind this new way of credit scoring is that each company will give the same values to the same areas of scoring to produce a common result. This result will then be expressed as a letter which corresponds to a category of borrower based on the academic scale of A, B, C, D, F.
The different categories together with their scoring ranges are as follows:
Super Prime – these are the customers who score between 901 and 990. They make up the very top eleven percent of borrowers. They are regarded as very low risk and will almost always get the very best terms and interest rates.
Plus Prime – customers who score between 801 and 900 make up this second tier of borrowers. They are within the top 40% of the population and will get what are generally classed as “good” rates and may be offered even better terms by individual lenders.
Prime – scoring between 701 and 800 are the primes. They are generally considered trustworthy and will not have problems obtaining credit. However to get better terms some lenders may wish to review their credit history and ask for additional documentation.
Non-Prime – scoring 601 to 700 this group makes up the bottom 38% of the marketplace and are generally considered higher risk clients. They may well get credit but it will be less likely that they are offered favourable rates to try to offset the higher levels of defaulting in this grouping.
High Risk – with a score of 501 to 600 the high risk category are likely to have difficulty obtaining credit from many lenders while others will require deposit accounts to protect the loans. Any loans made will be at a much higher rate to reflect the risks involved in lending to this group of borrowers.
The credit reporting agencies believe that by having just this one method of credit scoring it will encourage more loan approvals while at the same time reducing lending risk. They hope that it will open the door to easier credit for some people, such as immigrants and young people, who in the past were unable to qualify because they little or no credit history for other scoring methods to evaluate.

If you take an interest in looking after your credit rating you may well have heard about how the 3 main credit reference agencies have decided to work together to come up with a method of credit scoring that uses the same exact formula across all three companies.

Up until recently the big 3 credit reporting agencies, Equifax, Experian and Trans Union had each been using their own methods of scoring the credit history of individual borrowers.

But in a move designed to make life easier for all concerned they decided to work co-operatively on developing a common system and that system is called VantageScore (sometimes mistakenly called Vantage Score).

The idea behind this new way of credit scoring is that each company will give the same values to the same areas of scoring to produce a common result. This result will then be expressed as a letter which corresponds to a category of borrower based on the academic scale of A, B, C, D, F.

The different categories together with their scoring ranges are as follows:

Super Prime – these are the customers who score between 901 and 990. They make up the very top eleven percent of borrowers. They are regarded as very low risk and will almost always get the very best terms and interest rates.

Plus Prime – customers who score between 801 and 900 make up this second tier of borrowers. They are within the top 40% of the population and will get what are generally classed as “good” rates and may be offered even better terms by individual lenders.

Prime – scoring between 701 and 800 are the primes. They are generally considered trustworthy and will not have problems obtaining credit. However to get better terms some lenders may wish to review their credit history and ask for additional documentation.

Non-Prime – scoring 601 to 700 this group makes up the bottom 38% of the marketplace and are generally considered higher risk clients. They may well get credit but it will be less likely that they are offered favourable rates to try to offset the higher levels of defaulting in this grouping.

High Risk – with a score of 501 to 600 the high risk category are likely to have difficulty obtaining credit from many lenders while others will require deposit accounts to protect the loans. Any loans made will be at a much higher rate to reflect the risks involved in lending to this group of borrowers.

The credit reporting agencies believe that by having just this one method of credit scoring it will encourage more loan approvals while at the same time reducing lending risk.

They hope that it will open the door to easier credit for some people, such as immigrants and young people, who in the past were unable to qualify because they little or no credit history for other scoring methods to evaluate.

]]> http://www.instantonlinecreditscore.org/credit/what-is-vantagescore/feed/ 0 Understanding Your Credit Report http://www.instantonlinecreditscore.org/credit/understanding-your-credit-report/ http://www.instantonlinecreditscore.org/credit/understanding-your-credit-report/#comments Thu, 18 Jun 2009 14:05:30 +0000 Peter http://www.instantonlinecreditscore.org/?p=44 Understanding Your Credit Report

Understanding your credit report is essential to ensure your credit score is as high as it can possibly be. In the long term this will ensure that you have access to finance at the lowest possible rates so spend a few minutes to discover what you need to know by reading this article.
The first thing you should do is get hold of a copy of your credit report so that you can make sure that everything included in it is correct. It’s very easy when companies are entering information on to computers for them to make mistakes by transposing figures and letters. When you get hold of your report don’t skim read it but go through it line by line. Get all your financial agreements out and cross check between them and the report.
You will find that included in the report are details such as your full name together with your addresses for the past few years. It’s important that you make sure that all the spellings are correct as are the dates for your residency. The report will also include your date of birth, social security number and details of both your past and present employment.
The inquiries section will list everyone who has requested your file in the past two years for whatever reason including employers and potential employers. It’s important that any and all of these employment-related inquiries are ones that you agreed to in writing.
The next section will cover all your financial agreements one by one. These will include information which covers the date you took out the loan or credit card, the amount it’s for, or in the case of a credit card it’s credit limit, the current balance and the monthly repayment. For each account there will also be a record of your payment pattern showing whether you pay on time or whether you are a habitually late payer.
If you find anything that is incorrect you should contest it by opening a dispute with the credit bureau immediately. Companies such as Experian allow you to do this online but you can contact all the agencies in writing and ask them to check into the disputed item. Under the Fair Credit Reporting Act (FCRA) they are legally obliged to follow up on all such disputes and if you are not satisfied with the outcome they are compelled to let you add a statement of dispute explanation to your file.
If you have a spouse you will find their details maybe on the report you get. These details are not included in any reports requested by lenders or potential employers who wish to run a check on you.
It’s quite a common misperception that included on your credit report are details about your race, religion, political views and criminal record amongst other things. None of these things are allowed to be recorded on your file as under the Equal Credit Opportunity Act (ECOA) a company cannot discriminate against you on the basis of any of them.

Understanding your credit report is essential to ensure your credit score is as high as it can possibly be. In the long term this will ensure that you have access to finance at the lowest possible rates so spend a few minutes to discover what you need to know by reading this article.

The first thing you should do is get hold of a copy of your credit report so that you can make sure that everything included in it is correct. It’s very easy when companies are entering information on to computers for them to make mistakes by transposing figures and letters. When you get hold of your report don’t skim read it but go through it line by line. Get all your financial agreements out and cross check between them and the report.

You will find that included in the report are details such as your full name together with your addresses for the past few years. It’s important that you make sure that all the spellings are correct as are the dates for your residency. The report will also include your date of birth, social security number and details of both your past and present employment.

The inquiries section will list everyone who has requested your file in the past two years for whatever reason including employers and potential employers. It’s important that any and all of these employment-related inquiries are ones that you agreed to in writing.

The next section will cover all your financial agreements one by one. These will include information which covers the date you took out the loan or credit card, the amount it’s for, or in the case of a credit card it’s credit limit, the current balance and the monthly repayment. For each account there will also be a record of your payment pattern showing whether you pay on time or whether you are a habitually late payer.

If you find anything that is incorrect you should contest it by opening a dispute with the credit bureau immediately. Companies such as Experian allow you to do this online but you can contact all the agencies in writing and ask them to check into the disputed item. Under the Fair Credit Reporting Act (FCRA) they are legally obliged to follow up on all such disputes and if you are not satisfied with the outcome they are compelled to let you add a statement of dispute explanation to your file.

If you have a spouse you will find their details maybe on the report you get. These details are not included in any reports requested by lenders or potential employers who wish to run a check on you.

It’s quite a common misperception that included on your credit report are details about your race, religion, political views and criminal record amongst other things. None of these things are allowed to be recorded on your file as under the Equal Credit Opportunity Act (ECOA) a company cannot discriminate against you on the basis of any of them.

]]> http://www.instantonlinecreditscore.org/credit/understanding-your-credit-report/feed/ 0 5 Tips For A Better Credit Rating http://www.instantonlinecreditscore.org/credit/5-tips-for-a-better-credit-rating/ http://www.instantonlinecreditscore.org/credit/5-tips-for-a-better-credit-rating/#comments Thu, 18 Jun 2009 14:02:23 +0000 Peter http://www.instantonlinecreditscore.org/?p=42 5 Tips For A Better Credit Rating

If you follow these 5 tips for a better credit rating you will be surprised how your credit score can quickly improve. What does that mean in real terms? It means that you will be able to borrow at lower rates and you will be pretty much guaranteed a warm welcome when you call your bank for a loan.
1. A very simple tip to get us started, but probably the most important one; Pay on time. No really, it’s that simple. Make your payment on or even before the due and you’re showing that you take your credit commitments seriously. If a payment falls due at the week end ensure that your payment is made by the Friday not the Monday. Maybe you don’t think it’s a biggie but I’ll tell you who does – your lender.
2. Keep your credit cards for two things and two things only. Emergencies and the credit protection insurance they offer on purchases. If you need cash in an emergency credit cards can be a godsend but don’t use them to live on. They’re designed for short term borrowing and the interest rates reflect that. Having said that however, most cards offer up to 60 days insurance on goods you buy. So use that to your advantage especially on purchases you make away from home and let the credit card companies carry the risk instead of you. Always keep in your mind that having high balances on your cards indicates to lenders that you are an above average repayment risk and they will charge you accordingly.
3.Avoid borrowing to pay off smaller debts with a consolidation loan more than once. Lenders view borrowers who keep requiring consolidation loans as very high risks. It’s always better to pre-plan your borrowing so that you get a loan at a low rate to start with rather than having to consolidate a number of higher rate debts.
4. Live within your means and don’t max out your lines of credit. You may truly believe that you can afford all the repayments that you’ve managed to amass as you’ve bought yourself yet another little treat. Experience has proven to lenders though that very few of us can actually do that simply because life comes along and throws a spanner in the works. The result of this is that they will see it as a big red flag on your credit report.
5. Remember to check your credit report every year or so. It’s one of the best ways to avoid becoming a victim of identity theft credit fraud. By getting hold of, and checking, your own credit report you can see exactly what is going on with your credit file. You’ll not only be able to spot any fraudulent transaction but also correct any information that you find is wrong with the genuine commitments you have.
So there you have it, 5 quick and easy ways to enable you to improve your credit rating. Start to implement that now and you’ll soon be on your way to a better credit rating.

If you follow these 5 tips for a better credit rating you will be surprised how your credit score can quickly improve. What does that mean in real terms? It means that you will be able to borrow at lower rates and you will be pretty much guaranteed a warm welcome when you call your bank for a loan.

1. A very simple tip to get us started, but probably the most important one; Pay on time. No really, it’s that simple. Make your payment on or even before the due and you’re showing that you take your credit commitments seriously. If a payment falls due at the week end ensure that your payment is made by the Friday not the Monday. Maybe you don’t think it’s a biggie but I’ll tell you who does – your lender.

2. Keep your credit cards for two things and two things only. Emergencies and the credit protection insurance they offer on purchases. If you need cash in an emergency credit cards can be a godsend but don’t use them to live on. They’re designed for short term borrowing and the interest rates reflect that. Having said that however, most cards offer up to 60 days insurance on goods you buy. So use that to your advantage especially on purchases you make away from home and let the credit card companies carry the risk instead of you. Always keep in your mind that having high balances on your cards indicates to lenders that you are an above average repayment risk and they will charge you accordingly.

3.Avoid borrowing to pay off smaller debts with a consolidation loan more than once. Lenders view borrowers who keep requiring consolidation loans as very high risks. It’s always better to pre-plan your borrowing so that you get a loan at a low rate to start with rather than having to consolidate a number of higher rate debts.

4. Live within your means and don’t max out your lines of credit. You may truly believe that you can afford all the repayments that you’ve managed to amass as you’ve bought yourself yet another little treat. Experience has proven to lenders though that very few of us can actually do that simply because life comes along and throws a spanner in the works. The result of this is that they will see it as a big red flag on your credit report.

5. Remember to check your credit report every year or so. It’s one of the best ways to avoid becoming a victim of identity theft credit fraud. By getting hold of, and checking, your own credit report you can see exactly what is going on with your credit file. You’ll not only be able to spot any fraudulent transaction but also correct any information that you find is wrong with the genuine commitments you have.

So there you have it, 5 quick and easy ways to enable you to improve your credit rating. Start to implement that now and you’ll soon be on your way to a better credit rating.

]]> http://www.instantonlinecreditscore.org/credit/5-tips-for-a-better-credit-rating/feed/ 0 Managing Your Credit Through The Recession http://www.instantonlinecreditscore.org/credit/managing-your-credit-through-the-recession/ http://www.instantonlinecreditscore.org/credit/managing-your-credit-through-the-recession/#comments Thu, 18 Jun 2009 13:59:20 +0000 Peter http://www.instantonlinecreditscore.org/?p=40 Managing Your Credit Through The Recession

As the credit crunch starts to bite deeper each day it can be very easy to begin to feel overwhelmed if you have outstanding credit. When the payments seem to fall due faster every month you can often begin to wonder how you will meet them all so here are some tips to help you manage your credit through the recession.
Make a list of every thing you have outstanding. Write down both the balances and the regular payments you have to make. Remember to add on to this list all the things you have to pay such as utilities, phone and insurances etc. Once you have everything written down prioritise them making sure to have your mortgage or rent at the very top of your list.
When you have that list completed make a second list putting down all your expected income for the next 30 days. When you have everything down on this list take the total amount away from the total of the first list. Does it cover all your outgoings?
If not then you will know which bills to pay in which order. It will also allow you to see at a glance exactly how much of a shortfall you are going to have.
If you find that you can’t pay everything take a look at which items are causing the biggest problems. These will usually be things like credit cards where the minimum payments are high but don’t affect the balance very much when you’ve paid them. Total these items up and consider whether you could approach your bank and ask for a consolidation loan.
By adding all your credit and maybe even other small loans you may well be able to reduce your monthly outgoings quite significantly and be able to manage your credit without any further problems. You will also usually be paying a much lower interest rate as well so that your outstanding balances drop a lot faster.
If you are not able to get a consolidation loan for whatever reason you obviously need to consider the other options open to you. Could you for example get a part time job in your local area? Go through your home and find unwanted items that you could sell on Ebay. What you might think of as only old junk could be just what someone else is searching for and you might be amazed at what sells!
If all else fails contact your creditors and do it as soon as you realise that you aren’t going to be able to meet all your outstanding commitments. They know that people are struggling and all the major companies have got teams of specially trained staff waiting to help you. Don’t leave it out of embarrassment or fear as that will only make things worse, get on the phone and get their support. You may be pleasantly surprised at what they can do to help you.

As the credit crunch starts to bite deeper each day it can be very easy to begin to feel overwhelmed if you have outstanding credit. When the payments seem to fall due faster every month you can often begin to wonder how you will meet them all so here are some tips to help you manage your credit through the recession.

Make a list of every thing you have outstanding. Write down both the balances and the regular payments you have to make. Remember to add on to this list all the things you have to pay such as utilities, phone and insurances etc. Once you have everything written down prioritise them making sure to have your mortgage or rent at the very top of your list.

When you have that list completed make a second list putting down all your expected income for the next 30 days. When you have everything down on this list take the total amount away from the total of the first list. Does it cover all your outgoings?

If not then you will know which bills to pay in which order. It will also allow you to see at a glance exactly how much of a shortfall you are going to have.

If you find that you can’t pay everything take a look at which items are causing the biggest problems. These will usually be things like credit cards where the minimum payments are high but don’t affect the balance very much when you’ve paid them. Total these items up and consider whether you could approach your bank and ask for a consolidation loan.

By adding all your credit and maybe even other small loans you may well be able to reduce your monthly outgoings quite significantly and be able to manage your credit without any further problems. You will also usually be paying a much lower interest rate as well so that your outstanding balances drop a lot faster.

If you are not able to get a consolidation loan for whatever reason you obviously need to consider the other options open to you. Could you for example get a part time job in your local area? Go through your home and find unwanted items that you could sell on Ebay. What you might think of as only old junk could be just what someone else is searching for and you might be amazed at what sells!

If all else fails contact your creditors and do it as soon as you realise that you aren’t going to be able to meet all your outstanding commitments. They know that people are struggling and all the major companies have got teams of specially trained staff waiting to help you. Don’t leave it out of embarrassment or fear as that will only make things worse, get on the phone and get their support. You may be pleasantly surprised at what they can do to help you.

]]> http://www.instantonlinecreditscore.org/credit/managing-your-credit-through-the-recession/feed/ 0 How To Read A Credit Report http://www.instantonlinecreditscore.org/credit/how-to-read-a-credit-report/ http://www.instantonlinecreditscore.org/credit/how-to-read-a-credit-report/#comments Thu, 18 Jun 2009 13:56:32 +0000 Peter http://www.instantonlinecreditscore.org/?p=38 How To Read A Credit Report

With credit reports playing an increasingly important role in all our lives it’s becoming almost essential to be able to read and fully understand one. While they may vary between the different credit bureaux they are all essentially the same as they should all contain the same information. In this article we will take a look at how to understand a report using Experian for our example.
Of course the first thing to do is to get a copy of your current credit report and usually the simplest way to do that is to request it online.
Once you have your report you will need to make sure that you have all your mortgage and loan agreements to hand together with all the paperwork for each of your credit cards. Don’t forget to include all your credit cards even those without an outstanding balance.
The reason you need all your paperwork in front of you is to be able to check each and every detail to enable you to see how everything fits into place on the credit file itself.
The report is made very simple for you to read because it is split into sections where all the different types of information are gathered together.
At the top of the report is your name, the date you requested it and very importantly the report number. You will need this number if there is anything that you wish to speak to the credit bureau about as without it they won’t be able to cross check information accurately.
In the first section there is what is known as public information. In essence what this is, is information that the bureau have gathered about you from publicly available sources which may include details of outstanding tax liens and any bankruptcies which relate to you. While ordinarily negative information is only kept on file for 7 years bankruptcy details are left on your record for 10 years and unpaid tax liens for 15.
Section two is devoted to the credit information that Experian hold on you and this is where you will need the financial agreements and paperwork we talked about above.
As you read this section you will find that there are surprisingly full details about your accounts including when you opened the account, whether anyone else is responsible for it, for example your spouse or a co-signer, the amount it was for and the current balance. The thing which surprises most people reading one of these reports for the first time is the fact that any late or missing payments are logged on there even when they are paid up. This of course is essential for potential lenders when they are deciding whether or not to offer you finance in the future.
The next part of the file covers inquiries made about you and is split into different sections which relate to who made the request and why. The first part is for requests made as a result of you applying for funding while the second part covers any requests made for such things as monitoring by existing creditors, pre-approval offers and your own requests.
Finally the last section is all your personal information which you should check just as carefully as the other sections to ensure that all the information is fully complete and correct.

With credit reports playing an increasingly important role in all our lives it’s becoming almost essential to be able to read and fully understand one. While they may vary between the different credit bureaux they are all essentially the same as they should all contain the same information. In this article we will take a look at how to understand a report using Experian for our example.

Of course the first thing to do is to get a copy of your current credit report and usually the simplest way to do that is to request it online.

Once you have your report you will need to make sure that you have all your mortgage and loan agreements to hand together with all the paperwork for each of your credit cards. Don’t forget to include all your credit cards even those without an outstanding balance.

The reason you need all your paperwork in front of you is to be able to check each and every detail to enable you to see how everything fits into place on the credit file itself.

The report is made very simple for you to read because it is split into sections where all the different types of information are gathered together.

At the top of the report is your name, the date you requested it and very importantly the report number. You will need this number if there is anything that you wish to speak to the credit bureau about as without it they won’t be able to cross check information accurately.

In the first section there is what is known as public information. In essence what this is, is information that the bureau have gathered about you from publicly available sources which may include details of outstanding tax liens and any bankruptcies which relate to you. While ordinarily negative information is only kept on file for 7 years bankruptcy details are left on your record for 10 years and unpaid tax liens for 15.

Section two is devoted to the credit information that Experian hold on you and this is where you will need the financial agreements and paperwork we talked about above.

As you read this section you will find that there are surprisingly full details about your accounts including when you opened the account, whether anyone else is responsible for it, for example your spouse or a co-signer, the amount it was for and the current balance.

The thing which surprises most people reading one of these reports for the first time is the fact that any late or missing payments are logged on there even when they are paid up. This of course is essential for potential lenders when they are deciding whether or not to offer you finance in the future.

The next part of the file covers inquiries made about you and is split into different sections which relate to who made the request and why.

The first part is for requests made as a result of you applying for funding while the second part covers any requests made for such things as monitoring by existing creditors, pre-approval offers and your own requests.

Finally the last section is all your personal information which you should check just as carefully as the other sections to ensure that all the information is fully complete and correct.

]]> http://www.instantonlinecreditscore.org/credit/how-to-read-a-credit-report/feed/ 0 How To Fix An Error On Your Credit Report http://www.instantonlinecreditscore.org/credit/how-to-fix-an-error-on-your-credit-report/ http://www.instantonlinecreditscore.org/credit/how-to-fix-an-error-on-your-credit-report/#comments Thu, 18 Jun 2009 13:52:52 +0000 Peter http://www.instantonlinecreditscore.org/?p=36 Most of us already know how important our credit rating is to us. Not only does it affect how, or even if, we get mortgages, loans and credit cards but increasingly employers are asking for credit reports on us when they are recruiting. And of course if there is adverse information on our credit report then that will count against us.

Now of course life events happen and they can have a detrimental effect on our credit rating and it is unfortunate, however these things can’t be helped. And they can be explained away if there is a genuine reason for them. But what if there is one or more entry on your credit file which shows you in a poor light but which is not correct? Do you just have to accept it or can you do something about it?

The good news is that you are entitled by law under the Fair Credit Reporting Act (FCRA) to file a dispute with both the credit bureau and with the company that furnished the incorrect information to the bureau. Once you do that both the credit bureau as well as the furnisher of the information are legally obliged to investigate your dispute.

Obviously if the information that you dispute is factually wrong you should press them to explain why they believe it to be true. You should also insist on receiving an explanation as to how they came to be misinformed as well. Given the seriousness of having incorrect information on your credit file it is imperative that you don’t allow yourself to be fobbed off by either the reporting agency or the company supplying the data.

The most frequent reason for there being incorrect information on file is down to a mistake in the data entry process and it can usually be cleared up in just a matter of days. You should however insist that both the company and the bureau send confirmation of the error and how it occurred in writing so you have proof should you ever need it again.

Once they have completed their investigations if you are still not satisfied with the outcome the credit bureaux are required under the Fair Credit Reporting Act to let you add a statement of dispute explanation to your credit report file. This will then be available to anyone who requests a credit report on you in the future.

It is a good idea to make sure that you review your credit file on a fairly regular basis to check that all is in order. Certainly if you are planning a major purchase such as a buying a car or applying for a real estate loan you should check in advance that everything is in order. By doing your checking in plenty of time it will allow you to get any errors corrected by the bureau and allow your application to proceed smoothly. A good time frame to do this would around 45 to 90 days in advance.

]]> http://www.instantonlinecreditscore.org/credit/how-to-fix-an-error-on-your-credit-report/feed/ 0 How To Establish A Good Student Credit Rating http://www.instantonlinecreditscore.org/credit/how-to-establish-a-good-student-credit-rating/ http://www.instantonlinecreditscore.org/credit/how-to-establish-a-good-student-credit-rating/#comments Wed, 17 Jun 2009 16:09:05 +0000 Peter http://www.instantonlinecreditscore.org/?p=27 How To Establish A Good Student Credit Rating

As someone just starting out on adult life with all the responsibilities that brings, it is important that you get a grip on some of the fundamentals such as establishing a good credit rating. The trouble is that there is rarely anyone around who will or even can in some cases tell you what you need to do. In this article we are going to put that right and help you to establish a good credit rating from the start.
If you are like many young people you will probably not be thinking too much about credit scores and the like and view them as something for when you are old, say when you’re 29 or so!  But you really can make life a heck of a lot easier for yourself by just keeping them in mind even now.
Let me tell you why. Because by establishing a good track record when you are young you will find that you can gain access to mortgages and loans at a far better interest rate than if you get off to a shaky start. Now I can see a lot of female students nodding and accepting that that makes sense but please bear with me while I bring the guys on board as well. Ok, fellas by making sure you make any payments you owe on time you’ll be able to get auto loans much cheaper so you will be able to get a better set of wheels at the same price as you would pay for a clunker. Right I think we’re all at the same point now!
What it comes down to is that you just need to keep any borrowing you do under control. I know it’s tempting to see the latest cell phone, stereo or the latest must have outfit in the store and think you can just charge to a card. Yes, of course you can but keep on doing that and you’re going to be:
A) paying an arm and a leg in high interest rates and
B) you are going to raising a great big red flag to the credit reporting agencies who advise the lenders that you’re likely to be a high risk borrower. And that means they will stick you for the highest rates to cover their risk.
So keep your borrowing under control and if you do want to buy something expensive approach a bank and make an application for a loan. That alone will show your maturity and that you are financially aware. Even if you need a co-signer you will be getting a better deal than you would on a credit card and you will be able to establish your credit rating sooner rather than later.
One really big tip for keeping your credit score up is to always make your payments on time. And by on time I mean on or before the due date. So if your payment falls due on the weekend get it in by Friday at the latest. It might sound unimportant to you but I’ll let you into a secret the bank’s computer will love you for it!

As someone just starting out on adult life with all the responsibilities that brings, it is important that you get a grip on some of the fundamentals such as establishing a good credit rating.

The trouble is that there is rarely anyone around who will or even can in some cases tell you what you need to do. In this article we are going to put that right and help you to establish a good credit rating from the start.

If you are like many young people you will probably not be thinking too much about credit scores and the like and view them as something for when you are old, say when you’re 29 or so!  But you really can make life a heck of a lot easier for yourself by just keeping them in mind even now.

Let me tell you why. Because by establishing a good track record when you are young you will find that you can gain access to mortgages and loans at a far better interest rate than if you get off to a shaky start.

Now I can see a lot of female students nodding and accepting that that makes sense but please bear with me while I bring the guys on board as well.

Ok, fellas by making sure you make any payments you owe on time you’ll be able to get auto loans much cheaper so you will be able to get a better set of wheels at the same price as you would pay for a clunker. Right I think we’re all at the same point now!

What it comes down to is that you just need to keep any borrowing you do under control. I know it’s tempting to see the latest cell phone, stereo or the latest must have outfit in the store and think you can just charge to a card. Yes, of course you can but keep on doing that and you’re going to be:

A) paying an arm and a leg in high interest rates and…

B) you are going to raising a great big red flag to the credit reporting agencies who advise the lenders that you’re likely to be a high risk borrower. And that means they will stick you for the highest rates to cover their risk.

So keep your borrowing under control and if you do want to buy something expensive approach a bank and make an application for a loan.

That alone will show your maturity and that you are financially aware. Even if you need a co-signer you will be getting a better deal than you would on a credit card and you will be able to establish your credit rating sooner rather than later.

One really big tip for keeping your credit score up is to always make your payments on time. And by on time I mean on or before the due date.

So if your payment falls due on the weekend get it in by Friday at the latest. It might sound unimportant to you but I’ll let you into a secret the bank’s computer will love you for it!

]]> http://www.instantonlinecreditscore.org/credit/how-to-establish-a-good-student-credit-rating/feed/ 0 Do You Make These Credit Mistakes? http://www.instantonlinecreditscore.org/credit/do-you-make-these-credit-mistakes/ http://www.instantonlinecreditscore.org/credit/do-you-make-these-credit-mistakes/#comments Wed, 17 Jun 2009 16:04:20 +0000 Peter http://www.instantonlinecreditscore.org/?p=24 Do You Make These Credit Mistakes?

A good credit report is increasingly important to all of us. It’s not just having a credit score that will allow you to get finance if you need it but more and more employers are asking for one when recruiting and also promoting.
Many people don’t understand the importance of their credit history and so they don’t take enough care to protect it. But the good news is that there are some very simple things that anyone can do to help keep it looking impressive.
1. It really should go without saying but always ensure that your payments are made on time. That doesn’t mean a week late or “only a couple of days” late it means on or even before the due date. Sure the lender might not say anything when they take the payment but you can be certain that it will be picked up by the computer and will show you as being a late payer.
2. Only ever agree to be a co-signer for someone who you know is not only trustworthy. The way they pay can affect your reputation as well as their own. A good tip is to stress that if they are not going to pay on time they must let you know in advance. That will allow you to keep your rating intact even if you have to make the payment yourself.
3. If you find yourself in a financial fix speak to your creditors. I know that when you’re in that situation it feels embarrassing but you can help limit the impact by talking to your lenders as soon as you know you’re having difficulties. It shows them that you’re a responsible borrower and that will be recorded on your credit rating. They know that problems happen, that isn’t the issue. It’s how you respond when things go wrong that really counts.
4. Don’t pay just the minimum payment due on your credit card each month. It’s not only a way that finance companies use to keep you in hock to them for years at exorbitant rates it’s also a big red flag that indicates that you’re an above average credit risk.
5. If you find that you’ve got more than 2 credit cards that have high or increasing balances each month then take steps to pay them off. If you can’t manage to do that yourself in a reasonable period of time then consider taking out a bank loan. The interest rate will be far, far lower than your credit card interest rates and what would have been going on interest each month will serve to reduce the balance. It again shows anyone looking at your credit rating that you’re a savvy borrower.
6. Following on from number 5 above, if you take out a loan to pay off your credit cards make sure you cut them up. If you don’t there’s a better than 80% chance that you will build the balance back up with about 18 months. Remove the temptation of thinking it will be okay and you’re on your way to rebuilding your credit status.
Follow these guidelines and you’ll be surprised how quickly you can get your credit score back up to where you want it.

A good credit report is increasingly important to all of us. It’s not just having a credit score that will allow you to get finance if you need it but more and more employers are asking for one when recruiting and also promoting.

Many people don’t understand the importance of their credit history and so they don’t take enough care to protect it. But the good news is that there are some very simple things that anyone can do to help keep it looking impressive.

1. It really should go without saying but always ensure that your payments are made on time. That doesn’t mean a week late or “only a couple of days” late it means on or even before the due date. Sure the lender might not say anything when they take the payment but you can be certain that it will be picked up by the computer and will show you as being a late payer.

2. Only ever agree to be a co-signer for someone who you know is not only trustworthy. The way they pay can affect your reputation as well as their own. A good tip is to stress that if they are not going to pay on time they must let you know in advance. That will allow you to keep your rating intact even if you have to make the payment yourself.

3. If you find yourself in a financial fix speak to your creditors. I know that when you’re in that situation it feels embarrassing but you can help limit the impact by talking to your lenders as soon as you know you’re having difficulties. It shows them that you’re a responsible borrower and that will be recorded on your credit rating. They know that problems happen, that isn’t the issue. It’s how you respond when things go wrong that really counts.

4. Don’t pay just the minimum payment due on your credit card each month. It’s not only a way that finance companies use to keep you in hock to them for years at exorbitant rates it’s also a big red flag that indicates that you’re an above average credit risk.

5. If you find that you’ve got more than 2 credit cards that have high or increasing balances each month then take steps to pay them off. If you can’t manage to do that yourself in a reasonable period of time then consider taking out a bank loan. The interest rate will be far, far lower than your credit card interest rates and what would have been going on interest each month will serve to reduce the balance. It again shows anyone looking at your credit rating that you’re a savvy borrower.

6. Following on from number 5 above, if you take out a loan to pay off your credit cards make sure you cut them up. If you don’t there’s a better than 80% chance that you will build the balance back up with about 18 months. Remove the temptation of thinking it will be okay and you’re on your way to rebuilding your credit status.

Follow these guidelines and you’ll be surprised how quickly you can get your credit score back up to where you want it.

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