If you are a borrower with a history of unsatisfactory credit transactions, the lenders will describe your credit history as �adverse�. The expressions �poor credit�, �bad credit� and �sub-prime� all describe exactly the same situation. This leads to a number of questions what credit information is collected about you, where does it come from and how bad must your credit history be for it to be labelled as �adverse�?

It’s the credit agencies like Equifax and Experian which collate information about you and then process it. They are then legally entitled to sell the information to anyone with an authorised purpose as defined by Law. This includes banks, building societies, credit card companies, other lenders, landlords, employers, any government agency and anyone you have (more…)

Copyright 2006 Richard Keir

Millions of Americans have sought and received a free credit report under the FACT Act amendments to the Fair Credit Reporting Act.

While there are a ton of online sites offering ‘free’ credit reports, there are really only three major credit reporting companies: Equifax, Experian (which used to be TRW) and TransUnion.

If you go to one of their sites ( www.experian.com, www.equifax.com, www.transunion.com ). You’ll quickly discover that the “free” report they offer directly requires you to sign up, using a credit card, for a monthly service.

These monthly services offer you thirty days free – but you absolutely must remember to cancel your membership before the 30 days end or you will be charged.

Each (more…)

You sit down to look at your credit report for the first time. If you�re scores are above 720, congratulations! You have excellent credit; stop worrying. If you�re scores are not above 700, no problem�let�s get to work. Take solace in the fact that the national average score is around 676 according to the Gallup Organization. If you�re scores are below 400, 500, or 600, there�s definitely room for improvement and only one way to go�up!

If the numbers I�ve mentioned don�t make any sense to you or you have no idea what they mean, don�t fret�I�ll explain. Credit scores range from 350 to 850. All three of the credit bureaus�Equifax, Experian, and Transunion�offer FICO credit scores using a complex mathematical formula developed by Fair (more…)

Your credit score is an integral part of your financial life. It is important that you understand what it’s all about. Lenders, landlords, insurers, utility companies and even employers look at your credit score. It is derived from what’s in your credit reports, and it ranges between 300 and 850.

Yet, according to a survey that was recently conducted, nearly half of all Americans don’t know how these scores are derived or even what factors are used to come up with them.

For example, if your credit score is 580 you are probably going to pay nearly three percentage points more in mortgage interest than someone who had a score of 720.

Or another way of looking at it, if you had a $150 (more…)

If you were to tell someone that they can have a certain item for free, more than likely their response would be, �what�s the catch?� In the case of credit reports there is no catch, you can now get a free copy of this report through the three credit reporting agencies: Equifax, TransUnions, and Experian. Let�s take a look at the law and how you can benefit from it.

An amendment to the federal Fair Credit Reporting Act (FCRA) requires the three national credit reporting agencies to provide one free copy of your credit report to you annually. Beginning on December 1, 2004 and culminating on September 1, 2005, the Federal Trade Commission is requiring that these agencies offer reports on a rolling, phase (more…)

You’ve researched the perfect car to buy and the perfect time to buy it. But have you checked your credit report and credit score? A quick review of your credit report online before you visit dealerships can save you both time and money when you are ready to make your deal.

1. Give that credit report a tune-up.

Check your credit report early in the process to avoid embarrassing or costly episodes at the loan desk.

Get the facts first. Having your 3-in-1 credit report from TransUnion’s TrueCredit.com before you shop for a vehicle allows you to compare and review your financial information from each of the three credit bureaus: TransUnion, Equifax and Experian.

* Check the accuracy of your 3-in-1 report. If (more…)