Free Credit Report

If you need to buy a house or car or take a loan to start a business you need a credit report. It is a document that establishes your financial stability and reliability.

Generally a credit report is best prepared by credit bureaus that are qualified to do the needful. The professionals at the bureaus will compile:

a. Your personal information including social security numbers, phone numbers, and addresses. The information will also include details of your employment.

b. Information on any tax liens, foreclosures, divorce settlements, child support or bankruptcy.

c. Details regarding existing loans, credit card payments, late payments, defaults, car loans and so on. The information will include information on who gave the loan, the term of the loan as well as sources of income.

Today one can obtain a credit report online by contacting major players like Equifax, Experian, and Transunion among others.

From your PC itself you can make use of the many facilities offered by them. While there are genuine sites one must be aware that there are scams too. Surf the net to find out if there are any negative comments posted about any site that offers online credit reports. Always protect yourself from scams.

The main advantage of creating an accurate credit report is that it will enable you to get better rates on mortgages and loans and you will be able to use the report to quickly process applications. Since your credit worthiness is established financial institutions and others will be able to give you faster service.

Most credit reports will have a credit score. This indicates the “risk” element to lenders. The thumb rule is that borrowers with higher credit scores are less likely to default on payments. Borrowers with credit scores of above 700 get better interest rates and easier finance.

You can help yourself obtain a higher credit score by paying bills on time, paying at least the minimum amount payable on credit card bills, never defaulting on payments, reporting correctly all credit cards, accounts, and loans availed by you, and avoiding huge debts. Be prudent and own only a minimal number of credit cards.

Always check your credit report thoroughly for mistakes, inaccurate information, erroneous entries, and clerical errors. Be a knowledgeable person and learn as much as you can about managing finances, and your rights. In depth information can be had at: http://www.fdic.gov/consumers/consumer/news/cnwin0203/ch101.html#how and many other banking sites that host articles on credit reports.

There are laws in place that protect you and your credit information. Be aware of them and if you even suspect fraud or misuse of your information be sure to report it to the authorities. Agencies like FDIC and Federal Trade Commission are dedicated to protecting the consumers.

A credit report must always be kept up-to-date it can ease your life in many ways.

Andrew Bermam is a freelance writer for http://www.1888Creditreport.com, the premier website for free credit report and credit score online information, credit history, credit score, credit reporting industry, advantage credit monitoring, credit report scores and many more. He also freelances for Payday loan Site http://www.1888Paydayloan.com

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It is the scourge of our age: identity theft. Thieves learn an important part about your personal information, such as your credit card number, and they open accounts in your name and spend, spend, spend! Unfortunately, by the time you discover that you are a victim the damage is already done. Here are seven steps you can take to prevent identity theft.

1. Guard your social security number. Clerks, telephone sales people, etc. will sometimes ask for your social security number. Do not give this information out. Of course, certain government agencies require your social security number for identification purposes, but other than that no one has a “need” for your number.

2. Get a shredder. Yes, ripping papers up into little pieces can help but these pieces can also be put back together by someone determined to get information from you. Thieves resort to “dumpster diving” or “trash can trolling” to find out important information about you. Once they have it you can count on your problems beginning.

3. Protect your mail. Thieves will make off with your mail if they think there is something of interest there. Purchase a locking mailbox if you live in an area prone to mail theft. Notify the post office if you suspect any problems. The United States Post Office has their own team of investigators who really, really hate mail fraud.

4. Get your free credit report. As of September 2005 all three major credit reporting agencies — TransUnion, Experian, and Equifax - must permit consumers to access a copy of their credit report for free on a yearly basis. To maximize the benefit of this law order a copy every four months from a different agency. Check your report carefully and take the proper steps necessary to correct any errors.

5. Review your monthly statements. Chances are you skim your credit card statements since it has gotten quite lengthy with all your gas, food, retail, and internet purchases. Thieves count on you doing just that! Pay closer attention to each item and question anything remotely suspicious. Follow the instructions of your credit card provider for contesting anything that is incorrect.

6. Do not call. Give telemarketers and all other phone solicitors the boot by getting yourself listed on “do not call” registries. Screen calls with caller i.d. to filter out everyone else.

7. Protect your computer. Make sure that you are running the latest internet security programs, change your password regularly, and only purchase items through a secure site [those with an “s” in their web address: https]

Should you suspect a problem, notify the three credit reporting agencies and request that a “fraud alert” be placed in your file. Contact the fraud departments of the effected credit providing companies and follow up all that you do with statements in writing. In some cases your rights are only guaranteed if you send a letter, so be diligent to learn all that is required of you when you have been victimized.

Matthew Keegan writes on business related, human interest, education, aviation, and general issues. For samples of some of his work please visit http://www.thearticlewriter.com

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The Problem

I was driving home from the store the other night when I noticed a license plate that made me laugh to myself and then I proceeded to feel sorry for the poor sap driving. The plate read “0 DOWN”. It was a white, shiny, new Ford Explorer (probably an 06′). Here’s what really got me about the caption: Not only did this consumer purchase a brand new vehicle with no money down, but he was proud of it. DUMB! Commercial advertisements and society as a whole embeds the “Buy Now, Pay Later” method into our heads and it works so well that around 90% of all consumers who purchase new cars do not put $5 down on the vehicle before signing the papers. The sad fact is, is that the average new automobile loses $3,000 as soon as it leaves the lot. Technically, you have gone into debt for something that loses value before you even use it. As if this wasn’t depressing enough, the less money you put down on a car and the worse off your credit is, the more you pay for the car. If this isn’t one big sand trap I don’t know what is!

The Role of Your Credit Report

Your online credit report is affected 2 ways when you buy a new car with no money down. First let’s look at the role it plays after you decide you NEED that shiny new sports car. The mass majority of consumers are thinking of one thing when they sit in the ’sales chair’ to go through the paperwork: driving the car home (man this is bringing back some bad, bad memories). In order to do this you will need to finance the vehicle which requires pulling up your credit history and your credit report. This can easily be done online right in the sales office while you look around to make sure no one else tries to sneak off with your new toy. The worse off your credit report is, the higher interest rate you will pay. (This is fine though as long as you can still afford to buy food every other week and pay a few bills here and there.)
The other role that your credit report plays in this game is the after-effect. The average new car buyer’s car payment is 25-30% of their total income. This creates a nice, big road block on your credit report in itself for when you are ready to make another large purchase. Not to mention when you fall behind on even one payment and your credit file takes a hard blow. Try to keep these factors in mind next time the kid in you tries to make a financial decision.

The Solution

Well you’re not going to like the best solution but here it is anyway: PAY FOR THE CAR IN FULL! If you saved the car payment every month in a good money market account; not only would you save time and money, but when you walked into the sales office with piles of hundred dollar bills you would get quite a deal! Okay, so you’re more likely to win the super lotto than do that right?
Well here are a few ideas. As long as you practice a few you might get ahead of this nasty game a little bit or at least protect your online credit report. First, consider getting a 2 or 3 year old car. You can still get a shiny one and the previous owner will have taken the major depreciation of the vehicle passing the savings directly to you. Second, if you can, try waiting and searching to find the best deal possible. Trust me, there is more than 1 of those cars in the market. Third, put something down. Anything! For starters you could put down 10 to 15%. This will lower your monthly payment, lower your interest rate and maybe even cut your payoff time down. Lastly, get a bargain. Don’t settle for the asking price by any means. Be patient and keep control of your focus. One definition of maturity is learning to delay pleasure.

To read more about how you can get your online credit report free with no obligations, see what is on your file and find out how to fix your credit report go to http://www.cleancreditonline.com

Tom Justice is the webmaster for Clean Credit Online and does all the designing, marketing, SEO and maintenance the site. He has a passion for personal finance and how the economy and consumers are affected by money. To see how you can use Clean Credit Online to help you with your personal finances please visit http://www.cleancreditonline.com
“Cars and Credit Reports” - © (2005) Reprinting is allowed assuming all content is left the same.

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