Free Credit Report Blog

Change of Life: Free Credit Reports, Part II

Free Credit Report Editor — Sat, 19 Jul 2008 03:20:20 +0000

In the last post we discussed how even the best laid financial plans can quickly become vulnerable to life changes large and small. A divorce, a birth, a death, a job loss or career change – among a host of other events – can catapult us into financial distress and without proper preparation we are vulnerable to damage to our credit report and even longstanding financial problems. However, by taking matters into our own hands quickly and proactively we stand a very good shot of getting back on our financial feet quickly without incurring long term damage.

The first step in taking financial control is the procurement of a free credit report. Our credit reports are our financial calling card; potential lenders look to our credit report to decide if we are in fact creditworthy enough to extend credit lines; in fact our credit report is a resource for those looking to hire us, rent us an apartment, and even offer us a mortgage for a home. It is essential, therefore, that every consumer know what is on their credit report and how it ultimately affects their financial standing.

Luckily, free credit reports are offered to consumers once within every twelve month period and can be requested from the three big credit bureaus through a central website called www.annualcreditreport.com. Through this website, consumers are able to request free credit reports from each of the credit bureaus. Because this is offered once every twelve months, it makes the most sense to request one credit report from each credit bureau throughout the course of that year; that way you are always generally aware of what is on your credit report and can quickly respond to any possible issues. The information held on by the credit bureaus – while possibly differing slightly – is generally the same in most cases.

Share This

Change of Life: Free Credit Reports, Part I

Free Credit Report Editor — Sat, 19 Jul 2008 03:16:54 +0000

Change is inherent in life; just when we get comfortable and settle into some sort of a routine, we are faced with some sort of a change and everything is topsy turvy again. The very best that we can do is go along for the ride and try to adjust as best we can. Of course the change that we face in our life is sure to affect different areas of our day to day operations and in many cases we are affected financially. Absolutely anything can have an impact on our current financial status – marriage, divorce, a death, a birth, a change in career, a loss of a job, and so forth. We try to keep pace with the madness by making sure that we are in the best position possible – adjusting our insurance policies, controlling our spending, and making those changes that will enable us to ride through these times in our life with financial dignity.

This is the plan. But of course, as we all well know, the plan and the reality are often too different things. Any change in life leaves us vulnerable to a host of financial difficulties and being even the slightest bit unprepared can launch us into an avalanche of problems that simply snowball if left unchecked. Credit cards are taken out and used when perhaps they had been previously kept at bay, savings and investment accounts are accessed, payments are made late and more and more bills become due; the cycle is enough to put any of us under water. And ultimately what this can mean to our credit report can be disastrous.

Because our credit report is so crucial to our financial health it is imperative that we know what is on that report and how we can make changes to improve our situation. To this end, we need to begin with the gathering of free credit reports.

In the next post, we’ll discuss how free credit reports can be the first step in regaining a solid financial footing after a significant life change.

Share This

Free Credit Reports Help Make Sense of a Bad Situation, Part II

Free Credit Report Editor — Wed, 16 Jul 2008 21:30:22 +0000

In the last post we discussed the importance of taking advantage of our right to get our free credit report from each of the credit bureaus once within every twelve month period. Not enough consumers take advantage of the ability to get their free credit reports and the result is a lack of awareness of what exists on their credit report and a lack of understanding of how this is ultimately affecting their finances.

With a free credit report in hand consumers can begin the process of analyzing their information and taking the steps to improve their credit standing. This process may include the following:

• Check to make sure there is no erroneous information on your credit report. Inaccuracies that go unchecked can eventually have an incredibly damaging effect on our financial health. If you do spot any errors, immediately contact the credit bureau that is reporting this information – in writing – so that they can begin the process of looking into your claim. The credit bureau will contact the lender to validate the information that has been reported. If it is found that there has been an error it is incumbent upon the credit bureau to remove the information; but it is up to you, as the consumer, to follow up and make sure the information is removed.

• Check to make sure that there is no suspect information that could indicate identity theft. Our credit reports are often the first indication for many people that wrongdoing has occurred. If you suspect identity theft contact the authorities immediately

• Ensure that there are no open balances on your credit report that indicate a default on a loan. If so, contact the lender to make arrangements to pay outstanding balances. Follow up so that information is updated on your credit report.

With continued on-time payments and general financial responsibility you should see your credit score begin to rise. By staying on top of what your credit report is reporting about you, you will ensure that you – and only you – stay in control of your financial future.

Share This

Free Credit Reports Help Make Sense of a Bad Situation, Part I

Free Credit Report Editor — Wed, 16 Jul 2008 00:15:34 +0000

Finances are one of those things that tend to snowball. The worse it gets the more we tend to hide our heads; almost as if by not meeting its gaze its power will be somehow less. The reality, of course, is that financial strife does not go away simply because we ignore its existence; in fact, by avoiding it we are ultimately giving it power over us. Only by taking control, sitting up and opening our eyes to the reality of our situation can we even begin to start taking back the power and getting on our feet financially.

How does this process begin? With the use of free credit reports. Our credit report is what ultimately tells of our financial position; it is an accumulation of all of our financial decisions, good and otherwise, that has been collected, analyzed and reduced to a score. Sure, there are the details surrounding any late payments, loan defaults, and high credit card balances, but ultimately there is the credit score – that number that is used by potential lenders when making the decision whether or not to qualify us for a loan.

Lenders have access to our credit report but so do we. In fact, we are allowed free credit reports once within every twelve month period from each of the three credit bureaus that hold this information – Experian, Equifax, and TransUnion. By going to www.annualcreditreport.com we can request a free credit report from any or all of the credit bureaus so that we can familiarize ourselves with the current state of our credit report – and ultimately our financial health.

Armed with this information those in a tenuous financial situation can begin the steps necessary to dig themselves out of debt and improve their credit report. In the next post, we’ll discuss the next steps in improving your credit after receiving your free credit report.

Share This

Compare Credit Cards in a Tough Economy, Part II

Free Credit Report Editor — Fri, 11 Jul 2008 17:06:09 +0000

In the last post we discussed the reasons that consumers today may consider a debt consolidation – especially in this economy. After all, many of us have found ourselves seriously over our heads after racking up significant credit card debt in response to our limited cash flow. Even a trip to the gas station today can leave our wallets hurting; there seems no end in sight to the prices that we have to pay.

When we do find ourselves in over our heads, a debt consolidation loan can make sense. And instead of turning to a bank loan or home equity loan, many people find that it’s just as easy to transfer their credit card balances to a lower interest rate card where they can focus on making bigger payments toward eliminating the entire debt.

In order to make sure we are getting the best deal it pays to compare credit cards. There are several points on which it makes the most sense to compare credit cards in order to give us the best chance for success, including terms and customer service. But above all – in terms of debt consolidation – the most important thing is interest rate.

The interest rate is the most important point on which to compare credit cards. After all, if we are toiling in our effort to pay several cards at once and the interest rates are so high that we are struggling to make minimum payments, a lowered interest rate can literally save us thousands of dollars on our loans combined; as well as lowering our monthly payment enough to make it more comfortable for us and enabling us to increase our cash flow. Some cards even offer introductory rates if you transfer your other balances onto the card - introductory rates that include low and even zero percent interest rates for a certain period of time.

Share This

Compare Credit Cards in a Tough Economy, Part I

Free Credit Report Editor — Fri, 11 Jul 2008 04:26:27 +0000

Let’s face it; the economy is a bit tough right now. If the food prices aren’t getting you then the gas prices certainly are; it seems like everywhere we turn there is something else to pay for and another bill that has come due. For most of us – already struggling to keep our heads above water – the economy is just another obstacle that we have to face as our cash flow becomes tighter and tighter. No one is suggesting that we turn to credit cards to get through this difficult time but the reality is that many consumers are having to do just that. Before long, with balances growing and minimum payments on the rise, many people find themselves now strapped with significant credit card debt – and a suffering credit report - during an already fiscally frightening period of time.

It may be time for debt consolidation. A debt consolidation allows us to gather all of our credit card loans under one loan umbrella – leaving us one payment on which to focus at what is sure to be a lower interest rate than the various credit lines we are leaving behind.

While a debt consolidation can be accomplished with a bank loan or a home equity loan, it can also be accomplished with the use of a lower interest rate card. In order to make this happen, however, it is wise to compare credit cards to ensure that you are getting the best deal in terms of interest rate; after all it makes no sense to consolidate all credit card balances onto one card if you are not able to do so in such a way that saves you money and helps you pay off your debt faster.

In the next post, we’ll further discuss the importance of taking the time to compare credit cards for debt consolidation.

Share This

Don’t Get Scammed with “Free Credit Reports”

Free Credit Report Editor — Wed, 09 Jul 2008 01:53:43 +0000

Free credit reports seem to be all the rage now – more than ever – as people consumers everywhere struggle to get their head above water in a difficult economy. Unfortunately, with prices being what they are – and salaries being what they are – more and more people have been turning to their credit cards. And as minimum payments soar, consumers are suddenly unable to even keep up on that front. In order to get a handle on their finances and make some headway with their credit cards, many people turn to a variety of methods to help them achieve solid financial ground including debt consolidation. But getting a handle on what has already made its way to their credit report is also a crucial step in the process so that any damage can be managed accordingly. The answer? Free credit reports.

Free credit reports are provided once within every twelve months by the three credit bureaus that are essentially in charge of our financial information; these credit bureaus are Experian, TransUnion, and Equifax. And there are particular companies that will provide their clients free credit reports. But looking for free credit reports online can get confusing, especially because there are many companies that will say their service is free only to charge for said service at the end of the transaction.

In order to make sure you are getting free credit reports for, well…free, be sure that you deal with only reputable online services, such as www.annualcreditreport.com - a central website that will give users access to order their free credit reports from each or all of the credit bureaus.

If you are working with any company that offers free credit reports be sure to do a “mock” trial and follow the process all of the way to the end to ensure that this is a legitimate service and not just a scam that will have you digging in your wallet by the end.

Share This

Going Off to College? Get Your Free Credit Report

Free Credit Report Editor — Thu, 03 Jul 2008 19:12:47 +0000

This summer will surely wind down as quickly as it came upon us and before long college students will be heading off to school – perhaps for the first time. This is a huge transition period for students and parents alike and requires enormous adjustment on many fronts. For college students that are just leaving home this experience will often mark the first time that they are without their parents on a daily basis and they will, for the first time, need to consider those things to which they may not have given much thought previously.

Finances, for sure, are something that a new college student must consider; especially if they are not used to budgeting their money or paying bills on their own. While mom and dad will oftentimes subsidize most of the expenses associated with college life, that money only goes so far and it’s up to the student to make ends meet in the most responsible way possible. If you have had lines of credit up until this point, it may be a good time to pull your free credit report to make sure you are in good financial standing prior to starting the school year.

Our credit report is held by three large credit bureaus that are basically a clearing house for all our financial history. All the information together determines our credit score – a score that is lowered for late payments, high debt to income ratio, or loan defaults – and potential lenders use this credit score to decide whether they will provide us with a line of credit.

While it may not seem like a priority to check your free credit report while you’re still in college, it’s actually the perfect time. The college years are when many young people get themselves in financial trouble and impact their credit report before they ever leave school. By getting a copy of your free credit report you can see where you are in terms of creditworthiness and either take the steps to improve your score or make responsible decisions that will maintain your score. All of which will prepare you for life after college.

Share This

Economic Times May Call for a Bad Credit Loan, Part II

Free Credit Report Editor — Mon, 30 Jun 2008 22:10:32 +0000

In the last post we discussed the impact that bad credit can have on our overall financial health; affecting our ability to get loans of any kind including a mortgage loan, car loans, and other lines of credit. When we find ourselves in a situation where our credit is defining us (negatively, that is) it’s time to take action so that we can get control of our finances and pave a road for success in the future.

In order to get the ball rolling in this regard it’s best to first begin in with the procurement of free credit reports. Such reports are available to us through the three credit bureaus that hold our financial information; we need only logon to a central website, www.annualcreditreport.com to get the credit reports we need.

Following the receipt of our free credit reports we will have much more solid information regarding the state of our credit and what we need to address in order to increase our credit score. Bad credit loans may be the best way to begin the work towards improving our credit score believe it or not. Bad credit loans are provided to those consumers with less than perfect credit; those that would not ordinarily be approved for traditional loans or credit lines. Typically, in order to protect the interests of the lender, bad credit loans are given to consumers with higher than average interest rates, lower lines of credit, or even credit lines that must be secured.

Secured credit cards offer consumers a particular line of credit but only if the cardholder first deposits the amount of the credit line into a secured savings account held by the lender. This protects all parties from possible harm; the lender is protected in that they can access the savings account if the consumer defaults on the loan; the consumer is protected from getting too far in over their head.

Bad credit loans allow consumers to take baby steps and start to improve their credit one dollar at a time.

Share This

Economic Times May Call for Bad Credit Loans, Part I

Free Credit Report Editor — Wed, 25 Jun 2008 23:46:14 +0000

If you haven’t been in at least some way affected by the state of the economy then you are certainly lucky indeed. For most of us, the economic climate is hitting us hard; when gas prices, and even a gallon of milk are a daily challenge then we certainly know that mortgage payments and utilities are going to be extraordinarily difficult to face. With most of us financially strapped credit cards have seemed our only way out of the nightmare and a chance to get some breathing room in terms of cash flow.

The reality is, however, that credit cards really only serve to put us deeper into a financial hole if we do not have the cash to begin with; escalating interest rates and minimum payments put us in dire straits and before long we are in way over our heads. While it may be difficult to believe that credit is our way out in the long run, the truth is that the picture is much bigger than that. By making payments late – or worse, defaulting on loans – we are doing significant damage to our credit report, lowering our credit score and making it difficult, if not impossible, to procure credit in the future. This damage to our credit report can thwart our chances of getting a car loan, getting a mortgage, and even getting a job. So steps must surely be taken to change the situation.

To this end, the first thing that must be done is to procure a free credit report from each of the three credit bureaus that are holding our credit report. By getting free credit reports we are able to see exactly what is being reported as far as our finances and what steps we need to take to better our credit score step by step. And in such a case, the next step may be bad credit loans for consolidation purposes and as a means to an end.

In the next post, we’ll discuss exactly how bad credit loans can help consumers begin to repair their credit.

Share This