Right now there are more people stressed with credit than ever before. The existing economic downturn has affected many people with salary reductions due to job losses or changes, health care woes and the incapability to borrow needed cash for small businesses and more. It has been complex for many people. Many folks who have never had economic problems in the past are having them now.
Getting credit and having credit is changing. Credit scores are going down yet many individuals do not really have any clue just what is considered in a credit score. For instance, many people do not realize that if they shop for credit and they have inquiries on their credit it in fact lowers their odds of getting that credit because their credit score goes down with every inquiry.
Another aspect that many individuals are not aware of is the debt to credit ratios. A debt to credit ratio is the quantity of credit available compared to the amount of debt used. In order to have the maximum scores it is important to have very little debt compared to how much credit you are approved of and have available to you. A intelligent consumer will keep their debt level at 20% or below the existing line of credit.
If there are doubtful listings showing on your credit report you have the right to dispute them and maybe get them removed. It is expected that as many as 70% of all credit reports contain errors and omissions and therefore, Congress passed the Fair Credit Reporting Act back in 1970. This law regulates the collection, assemblage and dissemination of individual credit information. This law also allows the consumer the right to dispute incorrect information.
The Federal Credit Reporting Act also presents consumers the right to get a free copy of their own credit report from each of the three main credit-reporting bureaus one time each year. You do not need to sign up for any type of credit-monitoring service in order to get this report, you do not even have to listen to a credit-monitoring services sales pitch if you do not wish to as you can make contact with the credit bureaus directly and they will send you your credit report.
Well-informed consumers will take advantage of this free report to check things out at least once per year to make sure that everything is truthful. Credit reports are very unstable and errors show up often. It is predicted that as many as 75% of all reports have repairable mistakes.
Once you have identified discrepancies and errors you have the right to dispute them. You must send in a certified letter that states your case and why you believe the information should be removed. If you have any type of paperwork that is confirmation, include copies of it also. Once the credit bureaus have received the letter they then have 30 days in which to either bear out the listing or erase it from the credit report.
There are also other things that you can do to fix and improve your credit. In order to change your debt to credit ratio, you can always pay down your debt but you could also get your credit line raised. Make sure and avoid all inquiries on your credit and of course, it is constantly crucial to pay all of your bills on time and make sure that you keep your existing credit in good order. - 29969
Getting credit and having credit is changing. Credit scores are going down yet many individuals do not really have any clue just what is considered in a credit score. For instance, many people do not realize that if they shop for credit and they have inquiries on their credit it in fact lowers their odds of getting that credit because their credit score goes down with every inquiry.
Another aspect that many individuals are not aware of is the debt to credit ratios. A debt to credit ratio is the quantity of credit available compared to the amount of debt used. In order to have the maximum scores it is important to have very little debt compared to how much credit you are approved of and have available to you. A intelligent consumer will keep their debt level at 20% or below the existing line of credit.
If there are doubtful listings showing on your credit report you have the right to dispute them and maybe get them removed. It is expected that as many as 70% of all credit reports contain errors and omissions and therefore, Congress passed the Fair Credit Reporting Act back in 1970. This law regulates the collection, assemblage and dissemination of individual credit information. This law also allows the consumer the right to dispute incorrect information.
The Federal Credit Reporting Act also presents consumers the right to get a free copy of their own credit report from each of the three main credit-reporting bureaus one time each year. You do not need to sign up for any type of credit-monitoring service in order to get this report, you do not even have to listen to a credit-monitoring services sales pitch if you do not wish to as you can make contact with the credit bureaus directly and they will send you your credit report.
Well-informed consumers will take advantage of this free report to check things out at least once per year to make sure that everything is truthful. Credit reports are very unstable and errors show up often. It is predicted that as many as 75% of all reports have repairable mistakes.
Once you have identified discrepancies and errors you have the right to dispute them. You must send in a certified letter that states your case and why you believe the information should be removed. If you have any type of paperwork that is confirmation, include copies of it also. Once the credit bureaus have received the letter they then have 30 days in which to either bear out the listing or erase it from the credit report.
There are also other things that you can do to fix and improve your credit. In order to change your debt to credit ratio, you can always pay down your debt but you could also get your credit line raised. Make sure and avoid all inquiries on your credit and of course, it is constantly crucial to pay all of your bills on time and make sure that you keep your existing credit in good order. - 29969
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