Your Credit Score?
It’s a story you hear all too
often: a happy couple, after hoarding every penny they’ve earned for years,
finally decides to pull out their savings and buy their dream home. They spend
weeks looking at available homes, touring with their real estate agent every
day.
And then they find it – the one house that perfectly meets all of their needs –
only to have their loan application rejected. Their real estate deal falls apart
and they cannot purchase the home. They are embarrassed in front of their family
and friends, and angry at the bank. Why did this happen? It turns out they have
a couple of negative items on their credit report they did not know about.
Because of those negative items, the bank felt they were a bad credit risk and
the bottom line was no home loan.
You may be skeptical, but this happens all too often. People think just because
they pay their bills on time that their current report is accurate, and find out
after the fact that several errors exist on their credit report. On the flip
side, however, every once in a while something happens where people have to pay
a bill a day or two after its due, nevertheless, that’s all it takes because
creditors input monthly to the credit bureau.
Typically, a negative item such as a late or missed payment will remain on your
credit report for seven years! Even when you make up the payments and the late
fees on top of that, anyone who accesses your credit report in the next seven
years will see the negative items.
Equifax, Transunion, and Experian have become the three major bureaus of the
consumer credit report market. In addition, there are approximately 700
information brokers reporting, disseminating, and collecting data about public
debt and payment history. Basically, credit reporting is a huge, billion-dollar
business. In fact, over one billion credit reports are issued each year!
The sources used to obtain your credit history are mainly creditors (lending
institutions), you, and public records (bankruptcies, etc.).
Any time you answer a pre-approved credit card offer, or apply for a car or
house loan, the lending institution buys a copy of your credit report, and that
information is added to your history. A creditor inquiry is added to your credit
report for two years, but by itself isn’t negative or positive. But if you apply
for a car loan with a number of different lenders, your credit score will drop
because creditors see you as too much of a repayment risk.
There are so many ways bad credit can affect you, and you may never know that it
is the basis of your problems. The couple at the start of this article lost
their dream home because of bad credit; it can happen to anyone. You may still
obtain a home loan, if your credit report has a negative item or two, but you
will pay a higher interest rate for it. Your home loan’s monthly payment can be
raised dramatically by just a 1% increase in your interest rate.
Although they must obtain your permission first, current or potential employers
can request your credit report. Yes, an employer can hire, promote, and even
fire you depending upon your credit history. If you are told an employer based
his decision to not hire or promote you because of your credit report, by law,
the employer must give you with a copy of your credit report. Plus, they have to
give you the phone number of the credit bureau and let you know how the bureau
can remove inaccurate information.
The public’s habit of spending money – credit and debit repayment – is the basis
of today’s economy. Unfortunately, you may not even know how adversely your
negative credit history is affecting you. Do you want to learn how to get rid of
these negative items? Do you want to know how to have a clean slate? Well keep
reading on ...
You are going to learn:
- How you can buy the home of your dreams with a low, low down payment... with or without good credit.
- How to buy the car you've been needing... stop driving that dangerous piece of junk.
- How to start getting Visa and MasterCard's sent to you nearly every week in the mail that say, "Pre-Approved!"
- You'll even learn how
you can MAKE money using your excellent credit rating after you get it.
The Table of Contents:
Section 1: Explains your rights under the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act.
Section 2: How to Improve your Credit Report/Score
Section 3: Offers tips on dealing with debt.
Section 4: Cautions about credit-related scams and how to avoid them.
Section 5: Offers information about identity theft.
Section 6:
Lists resources for additional information.
That is enough about everything, I mean the eBook is for free, so why not just give it a shot.
All you have to do is sign up where it says, "Enter Email Address Here, and it will take you to a page where you sign up, and just enter your E-Mail address and answer a quick question about your debt! The site also helps users get back on track for FREE!
Users can choose
to:
-Get
out of debt
-Get a short term loan up to $1,500
-Get an auto loan
-Get a free copy of their credit report
-Eliminate their credit card debt
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