Private Loans Won't Help Credit History - Kiplinger.com: "Private Loans Won't Help Credit History
By Kimberly Lankford
June 28, 2007
Can I establish a credit history in my name if I borrow from a private source, such as a family member? My husband and I are young and are buying a house, and we're borrowing the money from my uncle. If we set up the loan with a regular payment schedule, can we get the loan onto our credit record to show that we've been making payments on time?
Unfortunately that loan won't show up on your credit record. The credit bureaus only report information when they have a contractual relationship with the lender. These lenders and other companies typically have to do enough business with the credit bureau (both reporting and accessing credit information on borrowers) to make the cost of working with the bureau worthwhile.
And the credit bureaus also check out the reporting companies before working with them because they're subject to a lot of legal requirements for how the data is reported, updated and verified. 'Experian does an extensive evaluation of the business to ensure that it is a legitimate company, is well-established in the business, has a physical location, is financially sound, and has gone through a data audit to ensure it has the knowledge and technology to accurately report and verify data according to all legal and policy"
Establishing credit takes time and some patience, but in the end it is worthwhile. If you have no credit history, consider a secured credit card to start. Use it a little each month, but never carry more than 30 percent of your credit limit. Pay it on time, each and every month. Soon you will be able to acquire other cards that are not secured; however, do not request more credit than you absolutely need. In this way you can build a solid credit history and a high credit score.
If you have bad credit, and a poor credit score, consider using a credit repair agency such as Lexington Law. They can help you repair your credit, and in many cases even if you have had a bankruptcy.
The Fair Credit Reporting Act (FCRA) allows a consumer to dispute the information on his credit report on the basis of "completeness and accuracy." When a consumer files a written challenge or dispute, the credit bureaus must contact the source of the credit information (the creditor) and confirm that the information is accurate, verifiable, and not obsolete.
In some cases, the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If the credit bureau has not received verification from the creditor , within 30 days, the credit bureau must promptly delete the credit listing. Learn More.
Don't live with no credit, or worse, with bad credit. Do something about it the right way.
Tags: Private Loans Won't Help Credit History
Thursday, June 28, 2007
Monday, June 25, 2007
Personal Loans for Bad Credit
Personal loans for bad credit
There are times when it is just not easy to keep up with financial obligations. Keeping your credit report in good order and clean requires making your payments on time every month. However, sometimes due to illness, lack of work, or other problems the money is not available.
Now there is help. You can get a personal loan even if you have bad credit or no credit. These services make it fast and easy to get the cash you need to bridge the gap. There is no faxing, and the cash is usually delivered to your bank account by the very next day.
Don't get behind on your bills when there is help for you. If you are building credit, one of the most important variables that the credit reporting agencies grade you on is whether or not you pay your bills on time.
Need some extra cash now? You can get $1500 today! Bad credit or No credit is Ok! They can lend to you!
Tags: Personal Loans for Bad Credit
There are times when it is just not easy to keep up with financial obligations. Keeping your credit report in good order and clean requires making your payments on time every month. However, sometimes due to illness, lack of work, or other problems the money is not available.
Now there is help. You can get a personal loan even if you have bad credit or no credit. These services make it fast and easy to get the cash you need to bridge the gap. There is no faxing, and the cash is usually delivered to your bank account by the very next day.
Don't get behind on your bills when there is help for you. If you are building credit, one of the most important variables that the credit reporting agencies grade you on is whether or not you pay your bills on time.
Bills coming in? Get up to $1500 NOW!! 
Need some extra cash now? You can get $1500 today! Bad credit or No credit is Ok! They can lend to you!
Tags: Personal Loans for Bad Credit
Thursday, May 31, 2007
How_Credit_Reports_are_Calculated
How_Credit_Reports_are_Calculated
A credit score, also known as a FICO score, is a three digit number that lenders use to estimate risk. Generally, borrowers with higher credit scores are less likely to default on a loan than those with lower FICO scores.
How are credit reports and scores calculated?
Credit scores are produced by using certain data from your credit report which is weighted to create your personal score. Since the three major credit reporting agencies don't use the same scoring systems, don't be surprised if your credit scores from each one are slightly different. A FICO score is generated using software created by Fair Isaac Corporation -- FICO.
Credit scores range between 340 to 850. The higher your credit score, the lower the risk a lender believes you will be. As your score increases, the interest rate you are offered generally declines.
Borrowers with credit scores more than 700 are typically offered more financing options and better interest rates, which can save thousands of dollars over the life of a loan.
Tags: How_Credit_Reports_are_Calculated
A credit score, also known as a FICO score, is a three digit number that lenders use to estimate risk. Generally, borrowers with higher credit scores are less likely to default on a loan than those with lower FICO scores.
How are credit reports and scores calculated?
Credit scores are produced by using certain data from your credit report which is weighted to create your personal score. Since the three major credit reporting agencies don't use the same scoring systems, don't be surprised if your credit scores from each one are slightly different. A FICO score is generated using software created by Fair Isaac Corporation -- FICO.
While we don't know all of the criteria used to calculate scores, we do know that the following items of a credit history are most important, and are weighted as shown:
- 35% - Your Payment History Number of accounts paid as agreed
- 30% - Amounts You Owe How much you owe on accounts and the types of accounts with balances
- 15% - Length of Your Credit History Total length of time tracked by your credit report
- 10% - Types of Credit Used Total number of accounts and types of accounts (installment, revolving, mortgage, etc.)
- 10% - New Credit Number of accounts you've recently opened and the proportion of new accounts to total accounts
Negative public records or collections
Delinquent accounts:
total number of past due items
how long you've been past due
how long it's been since you had a past due payment
How much of your revolving credit lines you've used--looking for indications you are over-extended
Amounts you owe on installment loan accounts vs. their original balances--to make sure you are you paying them down consistently
Number of zero balance accounts
Length of time since accounts were opened
Time that's passed since the last activity
The longer your (good) history, the better your scores
A mixture of account types usually generates better scores than reports with only numerous revolving accounts (credit cards)
Number of recent credit inquiries
The time that's passed since recent inquiries or newly-opened accounts
If you've re-established a positive credit history after encountering payment problems
Credit scores range between 340 to 850. The higher your credit score, the lower the risk a lender believes you will be. As your score increases, the interest rate you are offered generally declines.
Borrowers with credit scores more than 700 are typically offered more financing options and better interest rates, which can save thousands of dollars over the life of a loan.
Credit scores among the US population in 2003:
- Up to 499: 1%
- 500 - 549: 5%
- 550 - 599: 7%
- 600 - 649: 11%
- 650 - 699: 16%
- 700 - 749: 20%
- 750 - 799: 29%
- Over 800: 11%
Don't despair if your credit score is low - over time you can increase your score. It takes some work, but it is worth it in the long run. For more information about how to increase your credit score go to Three Tips to Increase Your Bad Credit Score.
Tags: How_Credit_Reports_are_Calculated
Thursday, May 24, 2007
Veteran Identity Theft Breach
Veteran Identity Theft Breach
One year ago this week it was reported that the personal information of 26.5 million veterans was stolen from the home of a Department of Veterans Affairs employee.
“This security breach is the largest reported loss of personal information so far this year,” said LifeLock CEO Todd Davis. “The information that was taken can be a gold mine for identity thieves, and a major headache for veterans who become victims."
Veterans, Protect Yourself Immediately! Click here!
LifeLock does the prevention work by maintaining active fraud alerts with the three major credit bureaus as well as ChexSystems. The LifeLock Identity Prevention system makes personal information useless to everyone but the rightful owner. Anytime someone attempts to open credit, change an address or make changes to bank accounts, LifeLock ensures that the right person is making the request.
Also unique to other ID thef protection products on the market, LifeLock removes a member’s name from solicitation lists and junk mail, eliminating a primary target of ID thieves – the pre-approved credit offer. Best of all, LifeLock is backed by a $1 million guarantee to completely fix any problems if a client was ever compromised.
LifeLock Identity Theft Prevention - Save 10%
“We have a lot of veterans who are currently LifeLock customers,” Davis said. “They can rest assured that no matter who has their personal information, they’ll be protected. Now we want other veterans to know they can be safe, too."
Based in Chandler, Arizona, LifeLock is the nation’s first and only preventative answer to identity theft that completely guarantees its service. The company was the first to offer special programs for children under 16 and victims of Hurricane Katrina and Rita.
Tags: Veteran Identity Theft Breach
One year ago this week it was reported that the personal information of 26.5 million veterans was stolen from the home of a Department of Veterans Affairs employee.
“This security breach is the largest reported loss of personal information so far this year,” said LifeLock CEO Todd Davis. “The information that was taken can be a gold mine for identity thieves, and a major headache for veterans who become victims."
Veterans, Protect Yourself Immediately! Click here!
LifeLock does the prevention work by maintaining active fraud alerts with the three major credit bureaus as well as ChexSystems. The LifeLock Identity Prevention system makes personal information useless to everyone but the rightful owner. Anytime someone attempts to open credit, change an address or make changes to bank accounts, LifeLock ensures that the right person is making the request.
Also unique to other ID thef protection products on the market, LifeLock removes a member’s name from solicitation lists and junk mail, eliminating a primary target of ID thieves – the pre-approved credit offer. Best of all, LifeLock is backed by a $1 million guarantee to completely fix any problems if a client was ever compromised.
LifeLock Identity Theft Prevention - Save 10%
“We have a lot of veterans who are currently LifeLock customers,” Davis said. “They can rest assured that no matter who has their personal information, they’ll be protected. Now we want other veterans to know they can be safe, too."
Based in Chandler, Arizona, LifeLock is the nation’s first and only preventative answer to identity theft that completely guarantees its service. The company was the first to offer special programs for children under 16 and victims of Hurricane Katrina and Rita.
Tags: Veteran Identity Theft Breach
Monday, May 14, 2007
Credit_Reports_Without_Credit_Card_Required
Credit_Reports_Without_Credit_Card_Required
You don't have to have a credit card to obtain a copy of your credit report. You may obtain a free credit report from each of the three major credit reporting agencies, Equifax, Transunion, and Experion, one time each year at http://www.annualcreditreport.com.
Did you know that most credit reports contain errors? It has been reported that between 70-90% of all credit reports contain at least one error! It is important to check your credit reports regularly to be certain that they do not list erroneous information about you. If you find errors, dispute them immediately. Just follow the instructions as to how to make a dispute that each of the credit bureaus will give you with your credit report.
If you find that you have bad credit, take the time to do what it takes to fix it. Other posts in this blog spell out in detail what you must do. If you are in a hurry, or if your credit is so bad that you really need legal help, contact a reputable credit repair service such as Lexington Law. They can legally remove negative items from your credit report!
Let a Law Firm Remove your Negative Items from your Credit Report!
Tag: Credit_Reports_Without_Credit_Card_Required
Thursday, May 10, 2007
Bankruptcy? Home Loan Credit Repair, Restoration, Legal Services
Bankruptcy? Home Loan Credit Repair, Restoration, Legal Services
Bad credit can be fixed or deleted - even if you have suffered bankruptcy there are options for you.
If you would like to qualify for a mortgage, car loan, or credit card, but have a bankruptcy on your credit history, you may be turned down or end up paying a much higher rate of interest than other consumers.
Lexington Law is a legal bad credit report repair and restoration service that can help you fix your bad credit, with good success deleting even bankruptcies permanently from credit reports!
How is credit repair possible?
Because of the Fair Credit Reporting Act (FCRA), consumers may challenge the information on their credit reports on the basis of "completeness and accuracy." If an individual files a dispute, the credit bureaus must contact the source of the credit information (the creditor) and confirm that the information is accurate, verifiable, and not obsolete. There are some circumstances when the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If the credit bureau does not receive verification from the creditor within 30 days, then the credit bureau must promptly and permanently delete the credit listing.
Learn more
Bankruptcy no problem. Home loans are possible with credit repair restoration. Legal services such as Lexington Law can help you fix your bad credit, and establish a healthy credit history.
Bad credit can be fixed or deleted - even if you have suffered bankruptcy there are options for you.
If you would like to qualify for a mortgage, car loan, or credit card, but have a bankruptcy on your credit history, you may be turned down or end up paying a much higher rate of interest than other consumers.
Lexington Law is a legal bad credit report repair and restoration service that can help you fix your bad credit, with good success deleting even bankruptcies permanently from credit reports!
How is credit repair possible?
Because of the Fair Credit Reporting Act (FCRA), consumers may challenge the information on their credit reports on the basis of "completeness and accuracy." If an individual files a dispute, the credit bureaus must contact the source of the credit information (the creditor) and confirm that the information is accurate, verifiable, and not obsolete. There are some circumstances when the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If the credit bureau does not receive verification from the creditor within 30 days, then the credit bureau must promptly and permanently delete the credit listing.
Learn more
Bankruptcy no problem. Home loans are possible with credit repair restoration. Legal services such as Lexington Law can help you fix your bad credit, and establish a healthy credit history.
Tuesday, May 8, 2007
Special Offer - Identity Theft and Credit Repair Software from Amazon
Learn how you can take a bite out of the largest growing crime in America today...IDENTITY THEFT! Plus, learn how easy it is to repair your own credit, how to consolidate your credit debt and how to do your own bankruptcy. Includes 200 legally binding forms plus course materials.
Don't miss out on this special offer from Amazon.com. The regular price on this software is $19.95, but you can order it now for $5.83.
Isn't protecting your identity and repairing your credit worth the $5.83? Click here to order now! Personal Identity Theft Protection & Credit Repair
Tags: identity theft prevention credit repair software
Don't miss out on this special offer from Amazon.com. The regular price on this software is $19.95, but you can order it now for $5.83.
Isn't protecting your identity and repairing your credit worth the $5.83? Click here to order now! Personal Identity Theft Protection & Credit Repair
Tags: identity theft prevention credit repair software
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