Bad Credit Info
Bad credit info articles, links, posts, apps how to obtain a credit report, understand credit reports, identify and dispute inaccuracies, improve credit, apply for loans, credit cards, car loans. Improve your credit, improve your lifestyle.
Bad Credit Info – Understand Credit Reports
If you are experiencing or have experienced any of the following you may be considered to have bad credit: * Auto Repossession* Delinquent Credit Cards* Law Suits – Judgments* Collection Accounts* Foreclosure* Unpaid medical bills* Liens* Late Payments on Mortgage
What is Bad Credit?
Bad credit is one or more negative listings on your credit report. Having a low credit score may also be referred to as bad credit. Bad credit may result from late payments, high balances, insufficient credit history on your personal credit profile. Credit score can be adversely affected by poor performance on your credit obligations, incorrect information, credit fraud or identity theft.
Bad credit can cause you to be denied for credit or qualifying only if you pay higher interest on financing automobiles, credit cards, personal and home loans. Bad credit can even cause you to be denied the ability to get a job open a checking account. Get informed about your credit report and find out how to fix bad credit.
Raising your credit score before a major purchase or refinance can save you money!
Five Reasons to Check Your Credit Report Regularly
In much the same way that a resume displays your work experience to a prospective employer, a credit report provides prospective creditors (and in some cases employers and insurers too) with a detailed picture of your credit history. And like a resume, your credit report can influence whether you will receive what you are applying for.
Ideally, your credit report is an accurate, up-to-date reflection of your credit history. However, since we don’t live in an ideal world, there are many reasons that your credit report could contain inaccuracies that might prevent you from receiving the credit you deserve. The good news is you can take action to keep your report accurate. Here are the top five reasons why you should make a practice of regularly reviewing your credit report:
Inaccuracies & Mixed Credit Files
Many inaccuracies on a credit report can be the result of simple human error, and are therefore are not difficult to dispute. Of course, if you don’t order your credit report, you might never know about it. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will want to contact the credit bureau to dispute inaccurate information promptly.
One of the most important elements of credit is a demonstrated history of on time payments. Once you send the check though, anything can happen–a delay in the payment being received can kick you over to a 30-day delinquency. If you call your creditor and explain the situation, they might adjust the information. Of course, if you don’t read your credit report, you won’t necessarily know which payments are being received and reported properly.
This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven’t opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account.
If you’re shopping around for a loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted as a negative by creditors. For this reason, too many inquiries can
actually make getting credit more difficult. Moreover, if you didn’t authorize
someone to look at your credit report and they did, they may have broken the
Credit Fraud–Unauthorized Charges
Credit fraud involves the theft of your credit card or
account number to make unauthorized charges to your account. Though consumers
are protected financially from this abuse, other creditors may take note of
all this activity and decide to raise your interest rates or refuse to grant
you a loan. Ordering your credit report will help you catch new activity on
accounts that you haven’t been using, or may have closed.
When it comes to managing your credit worthiness, your
credit report is your best resource. Ordering your credit report gives you the
opportunity to manage your credit wisely today, while planning your credit
strategy for achieving future goals–a credit-savvy move every consumer should
Find out more about credit and credit reports
Getting a credit card can help you build credit.
Find out more about secured and unsecured credit cards, debit cards.