By: James Dimmitt
Debt Consolidation And Credit
There's only one way to discover the "health"of your credit. You need to examine your credit report. Your credit report is your "consumer identity" that potential lenders will use to judge your credit worthiness.
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Check Credit Rating Use these tips to give your credit profile the "tune-up" it needs:
A company credit rating is key for any business looking to expand. Credit ratings can determine whether or not a business is able to continue to grow. Credit ratings can also provide a key indicator for companies when deciding who to do business with. Information on credit ratings for firms all over the world are available on the internet.
Improve Credit Rating Tip #1- Check for Errors
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Credit Online Rating Report Your credit report or profile is more than just a collection of who your creditors are and how much you owe them or have paid them.
It is important to understand how credit ratings are calculated because business credit ratings can be improved. For instance, whether you pay your bills on time is a vital part of the calculation of your credit rating. But credit ratings can be affected by other issues such as ratios from the company's filed accounts, the length of time you have had a credit profile, the number of enquiries made on your credit profile, possible bankers' information (if you have given permission for it to be made available), credit card details (if you use credit cards as a purchasing tool, and also information that may be available on company credit cards). Business credit scores range on a scale of 0 to 100, and 75 is considered an excellent rating. Some reports may have written recommendations as well as or instead of credit scoring.
Credit Score Rating Scale The first thing you need to do is carefully check that your credit report is accurate. Nearly 70% of credit reports contain errors.
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Bad Card Credit Credit People These errors may be as simple as an incorrect middle initial or address. Or it could be as serious as a creditor reporting that you were late with a payment when in fact you were not late at all.
Free Credit Rating Report This error might not seem like a big deal to you. However,to a future lender like a mortgage company it makes a big difference!
Credit Rating Scale Carefully examine your credit report and if you find an error contact your creditor and the credit bureaus. Catch and correct these errors now before it hurts your chances of securing credit in the future.
Bad Credit Rating Tip #2 - Correcting Errors
Credit Rating Agency The two most common errors contained in credit reports are:
1) wrong account information
2) incorrect recording of late payments.
Credit Rating Canada If you find an account reported that does not belong you, you need to contact the credit grantor or issuer immediately. Remember, finding accounts that you have not personally opened is a sign of possible identity theft.
Bad Credit Mortgage Rating Hopefully you'll discover that this error is nothing more than an oversight and not an identity theft problem. Most often this occurs when they report an account belonging to a family member or someone with a similar name on your credit report.
Good Credit Rating If your problem is an error in reporting a late payment you will need proof to back up your case before this error can be corrected or removed. The most common error occurs when a payment is reported as "late" when it was actually a current or "on time" payment.
Credit Score Rating Chart In either case, the problem can and should be corrected. You will need to correct the error in writing. Keep a journal or log of all calls and correspondence.
Credit Mortgage Rating Poor The Fair Credit Reporting Act (FCRA) requires the credit bureaus and the agency reporting the information to the credit bureau to correct inaccurate information in your credit report. Therefore, it is important that you contact both the credit bureau and the creditor whose information is in dispute.
Good Credit Rating Score A sample letter is included here to help you in correcting your credit profile. Make sure that you clearly identify the information that you dispute, include copies of receipts or documents that support your position. Then request that the information be corrected or deleted from your file.
Poor Credit Rating Loan Send your letter by certified mail and request a return receipt from the recipient. Keep all correspondence that you mail out. Give the agencies involved 30 days to begin their investigation. You can call them but be aware that phoning them does not protect your consumer rights! You must notify them in writing to protect your rights.
Bank Credit Rating They must notify you of the results of their investigation. Although the process will take time, it's important to do it. This is your credit profile, your "consumer identity" that is at stake. Don't expect an error to correct itself.
Credit Card For Poor Credit At your request, the credit bureaus must send notices of corrections to your credit profile to anyone who has requested your report in the last six months. If you applied for a job and were turned down because of inaccurate information in your credit report, you can have the corrected report mailed to anyone who received a copy in the past two years.
Business Credit Rating ++++++++++++++++++++++++++++++++++++
Sample Dispute Letter
Date
Moodys Credit Rating Your Name
Your Address
Your City, State, Zip Code
Credit Card With Bad Credit Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code
Personal Credit Rating Dear Sir or Madam:
Unsecured Loan For Bad Credit I am writing to dispute the following information in my file. The items I dispute are also encircled on the attached copy of the report I received. (Identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.)
Credit Rating Company This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.
Canadian Credit Rating Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.
Credit Union Rating Sincerely,
Your name
Corporate Credit Rating Enclosures: (List what you are enclosing)
Credit Rating Fix Originally Posted at http://www.ftc.gov/
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Bad Credit Loan Personal Tip #3 - Budget Planning
Credit How Improve Quickly You can also use your credit report to help you plan and implement a personal budget. Your credit report will show you where you are spending your hard earned dollars. While the credit card balances may not be completely current, you'll still see which of your cards has the highest balance outstanding.
Fico Credit Rating If you have more than one major credit card you should compare the annual percentage rate (APR) you are paying on each account. If you are working on a budget to "pay down" your credit cards, start by paying down the one with the highest APR or interest.
Improving Credit Rating Once that credit account is paid off, move toward paying off the account with the second highest APR. Using this method you will be able to concentrate your efforts toward paying down your outstanding credit obligations.
Mortgage Credit Rating You should also check with your credit card company to see what's the best annual percentage rate (APR) they can offer you. If you are a good customer, you can often qualify for a lower rate than what you are currently being offered.
Average Credit Rating Caution: Ask if the new rate you are getting is a "promotional" rate or a "contract" rate. A promotional rate will expire at the end of the promotional term, for example 6 months. A contract rate does not have an "expiration" as long as you continue to meet the terms outlined by your creditor for that rate.
Loan For People With Poor Tip #4 - Making a major purchase
Bureau Credit Rating If you are considering a major purchase such as a car or a home, checking your credit report gives you the chance to see what a potential lender sees and uses to judge your credit worthiness.
Find Credit Rating You want to make sure that your credit report is accurate before you apply for that sports car or new home. Errors or problems can be corrected before your lender can use those against you and deny your credit request. You'll also have a better idea of what type or rate of credit you should expect from a potential lender.
Increase Credit Rating Tip #5 - Check your credit report regularly
Credit Rating Uk Check your credit report regularly. Guard your "consumer identity" as you would anything else you treasure. Use your credit wisely, along with these tips, and you will enjoy the benefits that your good credit and your good name deserve now - and for years to come.
Free Credit Rating Canada
Standard Poors Credit Rating © 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt - James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other free bonuses by visiting http://www.yourfreecreditreportnow.com
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