compare credit report – transunion experian equifax

January 22, 2011

Credit Repair In 48 Hours Can Be Done If Your Know What You Are Doing – Fast Credit Repair Tips

Tim Gorman asked:




If you’re interested in repairing your credit then you need to start by examining your personal credit file held by each of the major credit reporting bureaus (TransUnion, Equifax and Experian). Then, identify any accounts that contain information that could be considered adverse.

The only real way to credit repair in 48 hours is to find adverse marks at the reporting agencies that are false and demand that they be fixed. You will need to write to each agency and state your case as well as including all pertinent proof of payment, etc.

Another method of clearing up credit fast, or at least getting a desired loan, is to meet with your lender and make a plan that will provide you with enough credit “score” to obtain the desired loan amount. Usually you start by checking the credit agencies and making sure the data is correct. Then you plan how you will approach the task of credit improvement.

Start making improvements today and decide that from this day forward you will have better credit. Credit that will allow you to purchase a new home or product, whatever your goal may be.

Be sure to check with credit repair companies but do your due diligence. Check them out. Ask for references. Check around for pricing and ask them point blank, just how they will do credit repair in 48 hours.

Credit Repair involves you getting detailed information and step by step solutions that will include the three separate databases: TransUnion, Experian and Equifax. Be sure to find out what the laws are concerning credit repair agencies. You need to know just what they are required to disclose to you, etc.

The credit repair services should be willing to provide you with services such as access to your credit report, monitoring of your credit status and/or working with the credit bureaus on your behalf. The credit repair company usually, cannot perform any services for you until you’ve signed a written contract and completed a waiting period (check with your state laws). The credit repair process is quite simple, just about anyone can do it provided they know the protocol to follow. Getting results can be the challenging part. This is because many credit-repair agencies promise more than they deliver.

Long term credit repair is a process, not usually a one shot fix of getting credit repair in 48 hours. So, trying to repair your credit yourself can be frustrating. Credit repair is simply something best left to a credit expert. You can do SOME of it yourself, if you have the time and knowledge but unless you know exactly what you are doing you will not have the results professionals can provide.

Credit repair is all about proving to potential creditors that you are worthy of being offered credit. If you aren’t worthy of credit you probably won’t get it. Credit repair isn’t about removing true information from your credit report. Instead, it is usually, a method used by people who have false and damaging data on their credit report. Credit repair is the fastest growing industry in the country right now. What better way of making a living than by helping others?

Colleen

January 16, 2011

3 Credit Reports and 3 Scores – Consumers Online Credit Reports and Rating

Hector Milla asked:




It is important for consumers to be aware of their credit score as reported by the 3 major bureaus: TransUnion, Experian and Equifax. The reason for this is that financial institutions, employers and landlords will likely use these 3 reporting agencies to get a clear picture of the risk level you represent to them. If you know what your financial report says, you can work to repair any damage and return yourself to a healthy fiscal standing. In addition, since different creditors report to different agencies it is possible that all three of the reports you peruse will contain slightly different information. Some of this information may contain mistakes that paint you in a negative light. If you know that these mistakes are on your report you can contact the agencies directly and request that they correct their information. However, if you never check the information that is on file, you may be barred from opportunities that require credit checks, without rightful cause.

Repair Damages

If you have a history of making late payments to creditors or if you have gone through a rough financial patch in which you ignored your financial obligations entirely, your credit reports are likely to reflect it. TransUnion, Experian and Equifax are the 3 major reporting bureaus to which your prospective lenders and employers with go for information on your fiscal responsibility levels. Checking all 3 of these reports in a single location is a good idea because all of the reports may differ slightly. When you can view them all in one sitting, you can compare your scores and information against one another in order to get a clear picture of how you might look in the eyes of interested parties. If there are some serious blights on your credit reports, you can begin the work of repairing the damages done, whether that be through debt consolidation or other debt-repair solutions.

Correct Mistakes

While TransUnion, Experian and Equifax are all highly respected bureaus that are known for providing accurate fiscal information, they do make mistakes from time to time. Perhaps one of your lenders forgot to report that you closed an account in good standing. This may show up as a negative mark on one of your credit reports, affecting your score in a negative manner. If you check your reports and discover errors such as this, you can contact the bureau that possesses erroneous information and ask them to correct their report.

Elmer

FICO Score Aka Credit Score

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asked:




Earl

January 15, 2011

How Do I Check My Credit Score For Free?

Zach Ford asked:




Over 10 millions Americans check their credit online each year, and for good reason. Being familiar with your credit score is one of the most important things you can do to maintain a healthy financial life. There are tons of different factors that go into calculating your score, sometimes there can even be errors that were not your fault. By keeping a close eye on your credit rating, you can detect any unusual activity and quickly figure out what is going on. So join the millions who have already discovered where they stand, and request a free credit report today!

Your credit score is a three digit number, between 300 and 850, based on your past and current financial activities which are stored in your credit report. A score higher than 700 is considered to be good credit, and should be your goal if you are not already be above 700. Your credit report keeps track of all your bill payments, credit card balances, amount of debt, and many other factors which are used when calculating your credit rating. The most important of these factors is whether or not you make your payments on time, so be sure to keep on top of your bills.

Many people do not know, but you actually have three different credit scores, maintained by three different credit reporting companies. TransUnion, Experian, and Equifax are the three largest credit agencies in the United States, and they each calculate your score a little bit differently. TransUnion uses the FICO score, Experian uses their PLUS score system, and Equifax provides the ScorePower score. It is important to use a service that provides you with all three major credit scores, as this will give you a more complete view you your credit’s standing.

By knowing where your score stands, you can better understand what kind of loans you can receive and what interest rates you should receive. You can also see which areas of your finances need work, which is the first step toward improving your credit. Having a high score will reduce you interest rates which can save you thousands of dollars every year.

Make it as a top priority to get a copy of your credit score and credit report, it can be very helpful to you.

Veronica

January 3, 2011

Difference Between FICO and VantageScore

Josh D Paul asked:




Credit scores are important indicators of creditworthiness. Lenders use these numerical values to assess risk before extending credit or financing terms with applicants. These scores will often determine the interest rates available and whether or not they’re favorable.

The most widely used type of credit score is one that is calculated using the FICO scoring model along with data from two of the main credit reporting agencies in the U.S. Consumers can get FICOs from Equifax and TransUnion. Experian terminated their relationship with FICO in 2009 and it no longer offers FICO based scores.

Equifax and TransUnion FICO scores may differ from each other. Each one is calculated from each agency’s consumer credit files. Because creditors and lenders do not always report their data to all three agencies, credit files will sometimes be very different from each other.

FICO scores range from 300 to 850. The higher the score the more creditworthy it is and the less risk is associated with the applicant. The average FICO score is 687 and the median FICO score is 723. A general breakdown by financial advisor Suze Orman goes as follows:

760-850: Excellent

700-759: Very Good

723: Median

660-699: Good

687: Average Score

620-659: Not Good

580-619: Poor

500-579: Very Poor

FICO scores are calculated from the data on consumer credit files stored at each of the credit reporting agencies. To diagnose one’s credit score, a person should analyze the areas that contribute the most to the calculation of one’s FICO score. The components used to calculate the score is as follows:

Payment history 35%

Amounts owed 30%

Length of credit history 15%

New credit 10%

Types of credit used 10%

One alternative to the FICO scoring model is the VantageScore model. This algorithm was developed by Equifax, Experian and TransUnion in 2006. Some say it’s a more flexible scoring model, because it takes in more factors and it helps those with lower FICO scores look more favorably. Because it is still relatively new, it has not gained popular acceptance among creditors and lenders yet.

The VantageScore is computed differently than the FICO score. It also has a different scoring range and different assessment scales. It starts from 501 and goes all the way to 990. The national VantageScore average is 736. It is generally broken down into these categories or grades:

A: 901-990: Super Prime, top 11% in population

B: 801-900: Prime Plus, top 40% in population

C: 701-800: Prime, top 60% in population

D: 601-700: Non-Prime, lowest 38% in population

F: 501-600: High Risk, lowest 19% in population

Vantage scores will seem to be higher than FICO scores. That’s because they use a different scoring system and range. Like FICO, the higher the VantageScore is, the better the score is. The VantageScore uses these components to calculate its score.

Payment History – 32%

Credit Utilization – 23%

Credit Balances – 15%

Depth of Credit – 13%

Recent Credit – 10%

Available Credit – 7%

Christina

December 21, 2010

How to Read an Equifax Credit Report

Delia Galley asked:




The Fair Credit Reporting Act (FCRA) requires each of the Nationwide Consumer Reporting organizations (Equifax, TransUnion and Experian) to provide you with one free credit report every 12 months per your request. This means that you are entitled to three free credit reports per year, if you deem it necessary. You can stagger the requests or order all of them at the same time.

Each of the National Consumer Credit Reporting bureaus have a unique credit report format, but in essence they provide you with the same information. When you receive your free Equifax credit report use the following guidelines to read your report:

Personal Information

This section will detail your personal information: Name, Social Security Number (SSN), date of birth, any former names, death notice information, current address, previous addresses, any other identification numbers that you may have, current employer and previous employers.

You will also find information about any fraud alerts that you may have against your credit report.

Account Information Summary

You’ll find a list of all your accounts here. Additional information will include account type, account number, date account was opened, account balance, any past due amount, account status and credit limit.

Inquiries

Any inquiries against your credit file will be listed in this section. This section is divided into two subcategories: (a) Inquiries that display to companies and may impact your credit score. (b) Inquiries that do not display to companies and do not impact your credit score.

“Inquiries that display to companies and may impact your credit score”
These are inquiries by potential creditors who are assessing whether to extend you a line of credit or not. Your credit score will be minimally affected and therefore these inquiries should not be of major concern, unless there are some red flags. The name of the company that requested the information and the date they requested it will be listed.

“Inquiries that do not display to companies and do not impact your credit score”
Unlike the previous inquiries – these do not “hurt” your credit score. They include inquiries for pre-approved credit lines, insurance, or account reviews by existing creditors. The name of the company that requested the information, the date they requested it and the type of inquiry will be listed.

Collections

Any accounts that have gone to collections will be listed here along with the name of the creditor, date reported, creditor type, your account number, original amount, dates of delinquency, outstanding balance and status information.

Public Records

Bankruptcies, liens or judgments information from federal, state or county court records will be listed here. Each public record will indicate the type of record, case number, amount in default and any relevant information associated with that particular case.

You may also find the following credit report terms helpful:
CURR ACCT – Account is current in payments and in good standing.

CUR WAS 30-2 – Account is current was 30 days late twice.

PAID – Account has been paid off and has a $0 balance and is inactive.

CHARGEOFF – Unpaid balance on account was reported as a loss by creditor and the creditor is no longer seeking reimbursement.

COLLECT – Account is severely delinquent and assigned to collections.

FORECLOS – Property was foreclosed.

BKLIQREQ – Debt was forgiven due to Chapter 7, 11 or 13.

DELINQ 60 – Account is 60 days delinquent.

INACTIVE – Account is inactive.

Sample Equifax credit report


Laurie

December 14, 2010

Which Credit Score Do Lenders Use to Qualify Me For a Loan?

Tony Banks asked:




You have a credit score with the three main bureaus, Equifax, Transunion and Experian. Each bureau has come up with their own version of the credit scoring formula which is unknown to the public.

This creates a situation where your three scores are highly unlikely to be the same. The credit score that a lender looks at when qualifying you for a loan really depends on the type of lender. Most consumer credit, car and personal loan lenders use only one score to determine if you will get approved and to determine your interest rate and terms. The geographical location of the lender sometimes determines which bureau they will turn to for that score due to business relationships.

The relationship between a lender and a credit bureau is just like any business relationship. The lender will pay to have access to each credit report and score from the chosen credit bureaus.

On the other hand when you are dealing with mortgage loans, the lender will look at each of your three credit scores. (Equifax, Transunion & Experian) They will base their approval on your middle score. For example your Equifax score was 654, your Transunion 669 and your Experian was 704.

Your mortgage interest rate and loan terms would be based on your Transunion score of 669 because it’s the middle one in terms of the value of the number. It is a good idea to check your credit reports with each of the credit bureaus before you apply for a loan. This way you can make sure there are no errors that will negatively impact your credit scores.

Cynthia
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