TransUnions free credit score lawsuit drawback

TransUnion one of the three major credit bureaus just announced they will be offering free credit score and credit monitoring for 9 months due to a class action law suit. The law suit claims TransUnion was selling consumer information to third parties for targeted marketing efforts. Here are the benefits and drawbacks of this lawsuit.

Here are you two options as a result of the law suit.
In order to benefit from this lawsuit, you will need to register at: settlement site.

• Six months of Transunion credit monitoring, which includes unlimited daily access to the consumer's credit report and TransUnion-calculated credit score, plus e-mail notification of major changes to information in the report. The service retails for $59.75.
• Nine months of credit monitoring, one's insurance score (used by some insurers to set their rates), plus a tool that shows how a consumer's credit score affects mortgage rates. This option is valued at $115.50, and selecting it means releasing TransUnion from any future claims.


Benefits
You get a free credit report and credit score. You also get free credit monitoring depending on which service you go with.

Drawbacks
You don’t get your credit scores from the other credit bureaus. So you get part of what you really need.



This lawsuit has its advantages, you get a credit report, but it is missing some key ingredients. For instance your credit scores from Equifax, and Experian. If you are getting ready to make a purchase, or you just have concerns about your credit, you need to know all 3 credit scores. With the offer TransUnion is giving, you get one credit score from TransUnion. One credit score is like playing Russion Roulette, you spin the wheel and hope your other two scores are ok. Each credit bureau reports different credit scores and sometimes different information all together.

When creditors pull your personal credit report, do you think they just look at one credit score? Absolutely not, they pull all 3 credit scores to determine a credit decision. So my point is you will still need to pull your credit report with all 3 credit scores for a fee.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Get Credit Report information and credit questions on-line.

Your credit report is accessible 24/7 on the internet in a few clicks. Equifax just released how the internet is a great resource fore accessing anything about your credit. The internet is amazing in regards to how you can get the information you need to fix just about anything. You can get recipes, commons household items, cars, credit cards, insurance, mortgages, or any common question answered. The internet is so powerful that you could actually stay home and never leave using the internet to buy what you need.


The internet being the best channel for credit reports, credit scores and getting free credit repair help, you can rest assure you will have access to what you need securely in a few clicks. If you want to access your credit report, and did it the old fashion way, you would have to wait for your report to come in the mail. I don’t know about you, but I know the mail is not safe anymore. You definitely don’t want anything with your social in the snail mail if you can avoid it. With the security that has been implement on the internet to get your credit report and credit scores safe and securely.




Most people don’t know how convenient the internet is. The internet has revolutionized the way we all do business and function in society currently. Let’s assume you have credit issues, and you don’t know what to do. Most people will search for credit repair sites. You will find that most credit repair sites charge horrendous fees for something you can do yourself for free. If you were to take the time to do some research, you will find that with a little credit education and implementation of what you learn your credit will improve on its own. The internet is just like your local library, it has all the information you could imagine.

How easy is it to get credit report on-line?
Let’s assume you are getting ready to buy something, or just would like to know what your credit scores are. Getting your credit report is so easy that a caveman could do it. Typically when get your credit report you will need to know your credit scores. Your credit scores will typically cost you around $30.00 to have that piece of mind. But it’s worth having believe me. In a matter of a few seconds with validating who you are, you will receive your full 3-1 credit report. Pulling your consumer credit report does not affect your credit scores by the way.

Credit Repair on the web
Let’s assume you have credit issues, and you would like to start repairing them right away. You can find all kinds of articles about what the first step would be in the credit repair process. With your credit being the single most important part of your financial health, you can rest assure the answer is on the web. In a few keystrokes you can be reading an article that will pertain to your situation. This is the power and resourcefulness of the web today. Got questions about credit? Just Google it.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Report affected by un-paid utility bills

Your credit score report can be affect by more than your available credit history. We talk about how credit cards, mortgages, car loans, and any type of loan that reports to all 3 credit bureaus will affect your credit score. We don’t always talk about utility companies and how they can have a negative impact on your credit report. Here are utility companies I like to consider non-creditors. In other words these companies don’t give you a line of credit, they just provide a service.



Utility companies
• Phone companies
• Electric companies
• Security companies
• Cell phone companies
• Water companies
• Gas companies
• Cable companies
• Internet Companies

Let’s assume you are having a tough time currently, and you stop paying your cable bill. The cable company will give you a little time to pay off the debt for service rendered, but will eventually turn that debt over to a collection company. The collection company in return will report that obligation to the 3 credit bureaus wanting their money. This is how it works with any of the companies mention. Once this collection reports to the credit bureaus your credit rating just dropped about 100 points. Utility companies on the other hand don’t help your credit when you are in good standing, but will also hurt your credit score if you don’t pay. Once the collection hits your credit report, and you finally decide to pay off the collection, the collection will be on your credit report for 7 years. 7 years of negative information will be on your credit report. If you don’t pay the collection, the collection company can sell the collection repeatedly to different collection companies which will ultimately drive down your credit score even more.





Pay your bills on-time
If you get behind, call your creditors immediately and work out a payment arrangement with them. They will typically work with you, especially during tough economic times. A creditor or utility company would rather get some form of payment versus nothing. If you don’t pay your bills including utility bills it will affect your credit score report. With lending getting extremely tough currently, your credit scores are more important than ever. If you have credit issues, the banks may look at your credit history as too big of a risk for there portfolio.

Don’t assume if you don’t pay utility it will not affect your credit. Because it will affect your credit, and will not go away until you pay it off. If you are unsure what is on your credit report, get a copy of your free credit score report today.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Reduce debt with Debt Consolidation Q & A

Debt consolidation is becoming the wave of the future currently. We are starting to get more and more questions about how to get out of debt. We have partnered with a company that provides a unique approach called debt elimination. This company is based here in Texas with us. CreditSolutions is the name and they have received a very powerful award by JD Power & Associates for customer service.






Q:
Hi Mike,
I am self employed and have accumulated $75,000 in consumer debt, mainly because of this downturn in the economy. I own a company where I was providing handy man work for realtors in the California area. With the current market in California, my cash flow has almost come to a stop. What would you suggest I do? I have run through my savings, and cannot pay this debt currently.
Johnny Carbelo


A:
Hi Johnny,
We have definitely seen the issues in California, and how it’s affecting people in that state. If you don’t have income coming in to pay the debt, you definitely need to look at your options. I work with a company that provides debt consolidation of a different kind. In other words they provide a service they like to call debt elimination. This would be my first step in trying to resolve your debt issues. These guys can get you out of debt within 36 months. Go to our link on the front of our website and select the get out of debt link.

CreditScoreQuick.com


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Advantages of pulling your Credit Report with Credit Scores

Your credit report with credit scores is like the secret recipe grandmother had. If you only get part of the recipe, it’s a disaster. Your credit report needs to be pulled with credit scores. If you pull your credit report without credit scores, in our professional opinion it’s missing the key ingredient. It’s like making a chocolate cake without the chocolate. Here is why you need to pull credit reports with credit scores.





The following look at all 3 credit scores to make a credit decision
• Banks
• Mortgage Companies
• Credit Card Companies
• Car dealerships
• Employers




The web is full of getting your credit reports FREE at annualcreditreport but no one mentions the fact that you don’t get your credit scores with that report. Maybe you are getting ready to make a purchase, or you think that you might need to work on your credit scores. What ever you situation is, you need to know your credit scores from each credit bureau. There are three credit bureaus, Equifax, TransUnion and Experian. These guys collect information that the creditors report to them. There could be a very high chance that one of the creditors reported something in error. Recent studies shows 1 out of every 4 credit reports have errors on that report that could cause a credit denial.

Advantages of knowing your scores
• Better Rates on loans
• Better Terms on loans
• Less Down payment on Mortgages
• Better rats on credit cards
• Could get that dream job
• Save more money, because your interest rates on loans are low
• Lower premiums on car insurance


These are examples of why you need to know that three digit number. I don’t believe the lending market will every be the same after this foreclosure crisis we are going through. Lending has had its ups and downs before, but not to the extent we are having currently. It will take a while for the banks to recover from all the losses. You can expect lending to be extremely tough on credit. So if you are un-sure of your credit, or want to improve it, make sure you get your credit report with all 3 credit scores. I personally believe good management of your credit is to stay on top of your credit score report. With identity theft and creditor errors like the recent one with Sallie Mae, you cannot to assume your credit report is error free. Get your free credit score report today !!!

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Foreclosure Crisis – Learn what Lenders don’t want you to know

Did you know most of the foreclosures taking place now could have been avoided? With all the foreclosures taking place because of adjustable rate mortgages (ARM’s), this could have been avoided if the lender had put the borrowers in a 30yr fixed mortgage. During the real estate boom, individuals that had less than perfect credit were put into sub-prime loans. There were millions of families put into sub-prime loans that had the qualifications to go FHA, which is a 30 yr fixed mortgage. The reason why was because there were many mortgage companies that did not have the necessary funds to get their license to originate FHA loans. So the mortgage company had no choice but to stick their client into a sub-prime ARM loan. Was this unethical, I would have to say yes. Also the mortgage companies that were sticking people in 2 year Sub prime loans sold everyone on 2 yr ARMs when they could have put them in a 30yr fixed sub-prime loan. Here is what took place.

2 year ARM sales pitch.
Here is what mortgage companies sold to potential borrowers. Sir or Mam you don’t have the credit to go with a prime conventional loan but we can put you into a 2 yr ARM. With good credit history we can refinance you in 2 years into a 30 year fixed mortgage. This is what was being told all over the United States. Guess what? These people could have been put into a 30 year fixed sub prime mortgage as well. But the rate was lower on a 2 year ARM, and the lender made more money selling the ARM loan. Also the lender would get there business again two years down the road. So it was like machine during the real estate boom. This is the secret that lenders did not want you to know, and most of them never gave the option to the potential borrower.

The builder problem
During this boom the builders were doing more than selling 2 year ARMs, they were selling low payments. They would sell all these bogus incentives to use their mortgage company and along with the bad loan they were put into they sold them on low payments because of the un-improved taxes on the property. Yes there was this sneaky disclosure used to explain un-improved property taxes at closing, but they blew through it so quick the borrower never really understood it. Also the loan officer providing the loan never explained the repercussions of not collecting escrows for the mortgage. Most of the 2 year sub-prime borrowers with builders did not escrow their taxes and insurances. That is the other way they were sold on this whole process. During the excitement of this whole process, the borrower did not see the danger down the road. To talk a little about un-improved property taxes, here is how that nightmare works. When you buy a property, the taxes on the property if it’s a new build is usually based on the land only. That is why the taxes and along with you payment is so low. But guess what, you will have an escrow shortage in about a year. Which means your payment will go up around $300 to $400 dollars. This is part of the reason for the foreclosures as well. Builders pretty much do what ever they want due to a lack of good legislation.

2 year ARM is up
Your 2 year ARM is up, and you now have two problems. First you cannot refinance because you don’t have the credit. Second your property value has declined and you don’t have the equity to roll in closing costs which is required to do a refinance, unless you have the money to pay all your closing costs. Since you cannot refinance your payment jumps up around $400 dollars and now you cannot afford your home. This is what is going on all over the country.

This is a example of how greed is going to destroy our country. It’s unfortunate that our lending industry took advantage of people. This is going to affect us for a while. If you found yourself in this situation, the best thing you can do is work on your credit, and make sure you pay everything on time.

Check your free credit score report often so you know where you stand credit wise.


CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Get the lowest rate on Car Insurance?

Auto insurance is the law, you have to have it. So what auto insurance company has the best coverage and lowest monthly payments? With the internet being the revolution for price comparison, and rate shopping, you can get an insurance quote from different auto insurance companies in a split second. At one point in time, you had to open your local yellow pages, or call the operator for assistance to find an auto insurance company in your neck of the woods. Now with the internet you can save time and money with a few clicks. At CreditScoreQuick.com we provide the best auto insurance source the web has to offer. Whether you are shopping to get better rates, or just bought a new car, CreditScoreQuick.com has what you are looking for.
Here is what customers are saying about savings with our partnership with the web leading provider of rate shopping for auto insurance.

• Average savings of $451.00
• It was easy and fast.

Start saving today, why waste money if you don’t have too. Take the savings and go on a family vacation.

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How a recession can affect you.

I thought this was a good story about how identity theft , credit scores, and a recession can affect anyone. Its does not matter whether you are poor or rich, your life can change in a instant.

It's an economic downturn when others suffer financial reversals, but it's a recession when it hits your home. In my case, it was a full-blown depression.

Although I knew what it was to experience lean times, it never seemed possible that I could become destitute. My first challenge was to recognize that was exactly what was happening. My next challenge, other than to cope, was to find a way to re-emerge.

Think it could never happen to you? So did I.

My hardships started in the mid-1990s, when I became an early victim of ID theft. Sorting out the charges took years, but I eventually negotiated with creditors to accept payment for only the charges that were legitimately mine. And then I closed the accounts.

With that behind me, I left a comfortable executive's life to become an independent consultant. Corporate chiefs paid me handsomely – so much so that I paid off my mortgage. I was debt free, and times were good.

But the Prime Time of Life celebration was short-lived. In rapid succession, my top two accounts stopped operating in the U.S., leaving me with unreimbursed expenses and collapsed receivables. I cannibalized my savings and made ends meet – until 9/11.

Still, I managed – by selling personal items on eBay and working toward a business rebound. I started building a warehouse to hold supplies – and then the unthinkable happened. My hand was caught in a table saw, and I went from bleeding in an ambulance to hemorrhaging financially.

I, who had never taken unemployment checks, was unable to access any so-called safety nets such as Medicaid.

Then, in gilded-lily lunacy, the IRS seized my income for "unpaid back taxes," citing credit card charge-offs that were in fact the result of identity theft.

Using what capital possible to pay the immediate – utilities, insurance, food – I began defaulting on bills, including property taxes. My once golden credit was ruined.

Welcome to the Under World, where Washington-approved institutions legally hang anyone who's on the ropes.

• I was rejected for work because of "low credit scores," a nonstarter under many companies' HR rules.
• My car insurance increased $100 a month, although I had filed no claims.
• Home insurance rates shot through the roof with high-risk underwriter policies.
• My credit card limits fell from $5,000 to $300. Securing even that privilege cost me a $100 deposit – on a card averaging 20 percent interest rates.
• Utilities began demanding deposits, despite my model customer history.
• In a final irony, despite outright owning my house I was denied any form of home equity loan – even with willing co-signers. Banks cited my poor credit ratings.

Broke but still unbroken, I got by. So recently flush and proud, I found myself pulling weeds on an East Texas estate for $10 an hour and working part time in a flea market. I drove for two years without valid auto registration; I was unable to get a current inspection sticker without maintenance on my car that I simply couldn't afford. I relearned how to save, shopping at Sam's, Fiesta and Big Lots. I bought and cooked in bulk and froze my food.

But the paramount key to my rebuilding was a reaffirming personal commitment, believing as I do that condescending arrogance when you're on top is a far greater failure than being broke.

It took me four years to piece my financial life back together. I won my case with IRS. My business flourished. I outlived the negatives on my credit report. Finally, I attacked those delinquent property taxes – now tripled with accrued interest, court costs and attorney fees – just before the city poised to seize my home.

By 2006, I was experiencing periodic flashbacks of what I later recognized as happiness.

I learned so much throughout this ordeal, foremost that when the chips are stacked against you, our system encourages the piranha-like free-market capitalists to pile on those who are down for the financial count.

Yes, my retirement funds are gone. But there is always abundant reason to celebrate life with caution and reverence. And share with stunned skeptics how my case is institutionally endemic rather than an anecdotal anomaly.

If this could happen to a well-connected, solvent homeowner, what does that say about those renting, leveraged, alone? Or about a Fair Credit law passed in this decade making it harder to file for bankruptcy than a divorce?

Still feel immune? All it takes is the perfect storm. And you know Texas weather.

Dallas Morning, News.

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Report after a Bankruptcy

Your credit report after a bankruptcy will look like a bomb was dropped on it. Your credit score report will be littered with all kinds of derogatory information. Depending on what type of bankruptcy you filed will determine how long it will take to re-establish your credit. The two most common bankruptcies are Chapter 7 and Chapter 13. With the new bankruptcy law, more people will be forced to file Chapter 13. Here are the differences.

Chapter 7 bankruptcy- is considered liquidation of your non-exempt assets. This bankruptcy is considered the quickest and simplest of all bankruptcies. A court appointed trustee sells off all your assets in an attempt to pay back some of your creditors. During most Chapter 7 bankruptcies the client will not have any assets to liquidate.

Chapter 13 – This bankruptcy is considered a wage earner plan. This plan allows individuals whom have income to develop a plan to pay back there creditors over a 3 to 5 year period. Under this bankruptcy you are assigned a court appointed trustee that you make the agreed upon payments to, which they in return pay your creditors.

Bankruptcy is all too common these days with the economy the way it is. The mortgage crisis and the price of gas have caused many people financial troubles all over the United States. Luckily there is hope after a bankruptcy. It’s kind of like polishing up your shoes after you have got some scuff marks on them. Your credit is the same way, you can re-establish credit after a bankruptcy, and that is the first step once you are done with your bankruptcy.

How to establish credit afterwards
The first step is to get two secured credit cards. No bank is going to allow you to get an un-secured credit card after a bankruptcy. All of your past credit will be on your credit report for 7 years. If you filed chapter 7, it will be on your credit report for 10yrs from file date. But most of your past negative credit will be on your report for 7 yrs. The main objective is to get new credit on your report as soon as possible. The only way to do that is with secured credit cards, and Orchard bank is a great one. FICO likes to see a mix of credit, so make sure you get a couple of secured credit cards. This process will take you at least 12 to 24 months to get your credit scores where they are somewhat decent. After a little time with no slow pays, your creditors will start extending credit to you again.

Don’t be a repeat offender
FICO will forgive you for past bad credit mistakes, but if you are a repeat offender it will be tough to recover. The new FICO scoring process does not want to see you continually having problems. So learn from past mistakes, save your money for hard times and emergencies. Also remember to always stay ontop of your free credit score report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How to get your free credit report

Under the new 2003 Fair and Accurate Credit Transaction Act, all Americans have the right to a free credit report every year from all three major credit bureaus, Equifax, TransUnion, and Experian.

How to get credit report
You must request your credit report on of these three ways. The reports are not automatically sent to you.


• Go to http://www.annualcreditreport.com/, which is the only source for consumers on-line to get their free credit report every 12 months.
• Call the toll free number 1-877-322-8228
• Complete the form on the back of the “Annual Credit Report Request” brochure, available at the FTC, and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Alanta, GA 30348-5281

You will have the ability to order all three credit reports at one time, or you may order at different times throughout the year. It is up to you. Be sure to order from the centralized agency. If you go directly to the credit bureaus you will be charged unless you fit other criteria for the credit report. Also beware of ordering your free credit reports from fraudulent, deceptive and misspelled domains that will charge for the same service you can get fro free.

This new ruling does not stop other ways to receive a free credit report. You are still entitled a free credit report if you have been: denied for a loan, insurance policy or job based on your free credit report; you are applying for unemployment or receive public assistance; or you currently reside in a state that already offers one or more annual free credit reports.

A credit report contains personal information such as your history of loan payments, including mortgages, credit cards, and auto loans. A credit report is used by lenders to determine whether they will grant you credit, and at what rate. A credit report is not the same as a credit score, which takes all the credit history and spits our a three digit number for each of the major credit bureaus. Credit Scores are not included in your free credit report with annual credit report, they must be purchased. If you are interested in buying your credit scores, you can go to http://www.creditscorequick.com/, and get your real free fico scores and credit score reports today.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

I did not get Credit Scores with my Credit Report

Getting your credit report is a must these days. When you get your credit report make sure you get your credit scores. Annualcreditreport.com does not give you your credit scores for free; you have to pay for them. Also make sure you get all 3 of your credit scores. One credit score from each Bureau.

Q: Hello I found your site and saw that you had lots of different credit reports to offer.My husand and I went to annualcreidtreport.com and pulled a copy of each of our credit reports. To our surprise, we did not get our scores. I noticed that most sites charge for this. On your site you get a free trial, do you have to pay for scores, or am I missing something?

Gertie Fuger
Las Vegas, Arkansas

A: Hi Gertie, this is the $100 question. Under the Fair Credit Reporting Act(FCRA) in 2003 they required the three credit bureaus TransUnion, Experian, and Equifax to give you a copy of your credit report free once every 12 months. Unfortunately you don’t get your credit score for free. This is like grandmothers homemade chocolate cake missing part of its recipe. Since every creditor and there dog looks at your credit scores, you need to know where your credit scores stand. At our site you get a FREE trial for 7 days, and you can cancel during that free trial and not be charged anything. With this free trial you do get a credit score from each bureau.

CreditScoreQuick.com




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Data Recovery

Avoid Credit Card Nightmares during Divorce

Here are some steps to divide credit card debt during a divorce so your credit report is not affected.

Step 1: If you don’t have any credit cards go ahead and apply for one now. You will need to transfer some of the balances on the accounts you may have jointly.


Step 2: Get all your credit cards in you purse or wallet, pull a recent copy of your credit score report to see what accounts are jointly held.

Step 3: Call the credit card companies to verify the current credit card balances, and write all of them down.



Step 4: Set up a meeting with your spouse if possible, and discuss how to handle credit card debt. If yiou have the cash it might be easier to pay off the credit card debt, and remove any joint names.

Step 5: Go ahead and set up a credit report monitoring service or make plans to pull your credit report about every two months with Experian, Equifax, and TransUnion to ensure that everything is being reported correctly. Also to ensure that you’re soon to be ex-spouse is not charging up credit cards, and opening up new accounts. Divorce can be ugly and identity theft can happened with ex family members.

Step 6: If you and your ex-spouse cannot come to terms on credit card debt, yiou might consider a financial planner. If all else fails get the attorney involved.

Step 7: If you are the one moving out of the house, notify the credit card companies immediately of your change of address, so you get your credit card statements.

Step 8: However you get matters negotiated, make sure you stay on top of matters, its very common for credit to go south during a divorce. You want to avoid that if at all possible.

Step 9: After you divorce make sure you continue credit monitoring and pulling your credit report about every two months. That way you are not blind sided with issues that could be the result of a ex-spouse.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Cards – How many should you have?

Credit cards are a must for good credit scores these days. But how many should you have? Also how many is too much? Some experts claim it is not how many you have, but how are you spending habits. Some experts say all you need is a couple of credit cards to keep your credit report and credit scores healthy.

Credit utilization is another key point about credit cards. If you have a bunch of credit cards, and you are using up your credit limit, it could hurt your credit score. The FICO score model looks at you utilization of your existing credit. Some experts say to keep your credit card balances below 50%. I believe most experts will tell you to keep your balances below 30%. I personally believe you should not keep a balance on your credit cards. I know that good credit management is only charging on your credit cards what you can pay off that month. If you are charging credit on stuff you cannot pay off that month, you are living beyond your financial means.

Department store credit cards are a credit card I would stay away from. These cards usually have higher interest rate than bank cards. The old sales pitch they give, if you get a credit card today, it will save you 10% on your purchase. If you rack up debt on those cards you did not save anything. The interest rates on department credit cards are usually around 20%. That is outrageous.





Remember you only need a couple of low interest rate credit cards. You should only use your credit card occasionally to keep it active, especially if you get reward miles for spending. As long as you pay off that card each month, before you know it, you are flying first class with your miles to Hawaii for free.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Divorced Credit Report Q & A

Your Credit Report can be affected in a negative way during divorce. I see this all the time, credit report littered with slow pays, collections, and charge offs due to a separation. Don’t let your credit report suffer because of a divorce; it will take a while to clear it up if you do.





Q:
Hello I am going through a divorce currently, and we have accumulated debt together while we were married. I have excellent credit I believe, and I want to make sure it stays that way. My concern is some of the accounts we are joint users on is being awarded to my husband. He is not that responsible, I have always taken care of the bills. The attorney is working on the divorce decree that states certain obligations are his responsibility including the house. My question is will this debt still show up on my credit report even though the decree states those debts are now his responsibility?

Carly Simon
San Francisco, California

A:
Carly this is a great question and a “BIG” problem out there today. Divorce is one of the biggest ways to discover credit report problem after the fact. Most think that the divorce decree will erase debts with creditors. This is simply not true. If the account is joint, even though the decree says the other party is responsible for that debt, if the other party has a slow pay your credit score report is affected. This is simply because your social security number is still attached to the obligation. So yes, if your husband is late on any of the obligations that you are on as well, your good credit report with suffer greatly as a result. My advice would be to have the attorney draw up the divorce decree correctly by stating your husband has so many days to refinance the house out of you name, and get any obligations like credit cards, car notes, etc….. out of your name. This way your credit is not affected down the road.





About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Top Credit Score - FICO score Myths

Your credit score or FICO score is the most important element in your financial life these days. Landlords, employers, banks, utility companies and insurance companies all scrutinize your credit score. This credit score is what sums up everything within your credit report. Your credit scores range between 300 to 850.





Yet according to a survey recently revealed, nearly half of Americans have no idea what is on there credit report until it’s too late. According to recent studies people are mis-lead into thinking certain situations determine how high or low a credit score is. Despite all the news media and internet information the fact is the lower your credit score the more you pay. Also in some instances you get that ugly word you were told when you were young, NO. No one likes to be told no, it makes you feel like a child again, even though you are a grown up. If you are applying for mortgage and your credit score is a 610, you could get denied or pay $400.00 dollars a month more because of the risk based pricing now in the banking industry.

While all of this is sinking in, make sure you are not falling for these credit score myths:

Myth 1: Credit Card offers are hurting your credit score. Credit Card offers do not affect your credit score. Now if you respond to the offer the inquiry could lower your credit score. Fair Isaac says that too much credit does not affect your score either, but high credit card balances will lower it.

Myth 2: The higher your salary the higher your credit scores. Paying down credit card debt will lower your credit score. However the amount of money you make, or how much you have in the bank has nothing to do with your FICO score. So in other words your net worth or the amount of money you have coming in is not factored in the credit scoring process according to Fair Isaac the creator of the FICO score.

Myth 3: When you get married your credit scores get merged. When you get married this is simply not true. The only thing that gets merged are accounts you acquire jointly. If you both apply for the same card, then that card and its history shows up on both credit reports.

Myth 4: Shopping around for a loan hurts your score. When you apply for a mortgage, they will pull a recent copy of your credit report which will give a inquiry on your credit report. FICO allows you to shop for a mortgage with multiple lenders with out it hurting your fico score during a 30 window. So during this 30 day window multiple inquiries for a mortgage will only count as one inquiry according to Fair Isaac, MyFICO.

Myth 5: You only have one Credit Score. You have a credit score with each credit bureau. Your credit score could vary as much as 50 points, which is why you need to check your credit score with all 3 credit bureaus.

Myth 6: Checking your own credit report will lower your credit score. This is a question I get all the time. When you are pulling your own credit report it is considered a soft inquiry, which is not factored in the credit scoring process according to MyFICO.

Myth 7: Your age, sex, income are factored in your credit score. According to MyFICO none of this has a factor in your credit scoring process. What the FICO score model is looking for is your credit history with creditors which you owe a debt.

Myth 8: Disputing a item on your credit report will get it removed. This is a common misconception that if you dispute a item it will get it removed. If you dispute a item and you actually owe it, and its reporting within the 7 years required by law, it will not be removed. Now getting inaccuracies removed from you credit report will increases your credit score. Remember collections and chare offs report on your credit report for 7 years from collection date. If you dispute that item during that period, you are wasting your time.




About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Build your credit with a student credit card

If you are in college, and like most college students you need credit to build a credit score. Since you can no longer piggy back mom and dad’s good credit, you have to find alternatives. Student credit cards are a great way to start establishing credit, and also a great way to pay for those items you don’t have the cash for, like books, emergencies, etc…. If you are a student in college, there are banks willing to extend credit to you.

Student Credit Cards
If you need get credit go ahead and get two student credit cards. It helps to have more than one line of credit on your credit report. Lenders like to see at least 3 lines of credit reporting on your credit report for 12 months. Also FICO score like to see a mix of credit. So after six months of good credit history with your new student credit cards, go ahead and apply for a car loan. Car loans are actually easier to get than some credit cards. Now getting a car loan is only if you need a car of course. But the whole point here is to have 3 trade lines with a mix of credit.

Secured Credit Cards
If for some reason you cannot get a student credit card, you can apply for a secured credit card. This is a card typically for people with bad credit or no credit. The card requires a deposit in a account of the banks choice. This deposit is usually between $200 and $300 dollars to secure a card. This is a alternative if not approved for a student card.

Sub-Prime Credit Cards
Sub-Prime credit cards are cards for people with low credit scores. The rates and terms are ugly, but is a way to establish good credit without the deposit. This type of credit is un-secured. So usually they will extend $200 to $300 line of credit to you. Once with a good history, they will increase your credit limit.

Being responsible with your new credit is very important, the last thing you want to do is establish credit and then ruin it because you were not responsible with your spending. Student credit cards are cards for emergencies, or items that are needed. They are not for the local bar, are partying. If you are responsible with your cards, getting loans will be a lot easier down the road. Remember your credit is your life.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Score-Beacon Score-Fico Score-Explained

Sometimes when you are getting ready to make a purchase you will find everyone calling credit scores different names. You will hear FICO Score, credit scores, and Beacon score are the typical terms for credit scores. One of the problems is when you don’t have a good standardization in a industry, you get different versions of a product or service. That is currently the problem with our credit scoring models being used. You have more than a couple issues. In this article I wanted to discuss this because it can be confusing out there for the average consumer. If you are getting ready to make a purchase, this is a must read.

Credit Score
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person, which is the perceived likelihood that the person will pay debts in a timely manner. This is the most standardized term for what a credit score is. Most people relate to the term credit score. This is the most widely used term out of the 3 terms used in this article.

FICO Score
FICO is an acronym for Fair Isaac Corporation the creator of the FICO Score. This terminology is becoming widely used in the mainstream public. The reason for this is FICO scores are what 80% of the banks use to determine your risk. FICO scores range between 300 and 850. The higher your FICO score the more favorable your rates and terms are on a loan. FICO scores are somewhat the standard that the 3 credit bureaus use to determine your scores as well. Even though Equifax is the only bureaus that using the FICO scoring system, the other two credit bureaus TransUnion and Experian have their own version designed based on the FICO score model which was created by Fair Isaac.

Beacon Score
Beacon is a version of FICO created by Equifax. Typically when you hear someone ask you about your beacon, that would be your credit score with Equifax. This software was called “Beacon.” Now currently the FICO score model created by Fair Isaac has became more of a standard than the scoring models created by the other credit bureaus.

When buying your credit scores with all three credit bureaus, each bureau will have their own version of your credit score. The scoring model standard is suppose to be based on Fair Isaac’ scoring model FICO. So who knows, it’s a little confusing, but that’s what banks, car dealerships, and credit card companies pull to determine your risk.

If you are getting ready to make a purchase, make sure you get all 3 credit scores, because that is what the lenders are looking at.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

TransUnion Credit Report Guide

When you are looking at your credit report there are weird codes on your credit report only a credit report expert could understand. We found this transunion credit report guide for codes on your credit report and what they represent. This guide was created in 2003 for mortgage brokers. I believe a credit geeks would appreciate trying to decipher credit report code.

Type of Account
O Automated
R Revolving or Option
I Installment
M Mortgage
C Check Credit (line of credit)


Date Indicators
A Automated
C Closed
D Declined
F Repossessed / Written / Off / Collection
I Indirect
M Manually Frozen
N No Record
P Paid Out
R Reported
S Slow Answering
T Temporarily Frozen
V Verified
X No Reply

(KOB) Kind of Business Classifications
A Automotive
B Banks and S&L
C Clothing
D Department, Variety and other Retail
E Employment
F Finance, Personal
G Groceries
H Home Furnishings
I Insurance
J Jewelry, Cameras and Computers
K Contractors
L Lumber, Building Material, Hardware
M Medical and related Health
N Credit Card and Travel/Entertainment Companies
O Oil Companies
P Personal Services Other Than Medical
Q Finance Companies, Other than Personal Finance Companies
R Real Estate and Public Accommodations
S Sporting Goods
T Farm and Garden Supplies
U Utilities and Fuel
V Goverment
W Wholesale
X Advertising
Y Collection
Z Miscellaneous

Here is a link to this document that list special codes and triggers that may be on a TransUnion credit report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Foreclosure Q & A

Foreclosures are pretty active currently across the country. As more and more adjustable rate mortgages (ARM’s) are set to expire, and the values of the homes continue to fall, the home owner has no choice but to foreclose on thier home. The reason is the value is not in the home to roll in the closing costs associated with a refinance. With all of this going on there is hope to buy a home in the near future, as long as you take the necessary steps to get your credit report and credit scores revived.


Q:
Hi Mike,
I recently had a foreclosure due to my ARM expiring, we did not have the credit nor the value to refinance our house. So we had no choice but to let it go. I feel like we really got taken advantage of with the bad loan we were put in. My question to you is how long will it be before we can buy again, and what necessary steps do we need to take so we can buy.
Thanks for your help
Teresa Blonde
Colorado Springs, Colorado

A:
Foreclosures are definitely one of those situations that is not pleasant. All of these subprime loans that were giving were like a double edged sword, if you did not go with the subprime loan you did not get a house, if you went along with the subprime loan you got a house with ugly terms. Anyways, in order to buy a home, you will have to wait a minimum of 3 years.FHA loans will be the type of financing you will be able to get. They require 3 years from foreclosures date. In regards to your credit, depending on what type of credit you have if any, you will need at least 3 lines of credit reporting on your credit report. For example; a couple of credit cards, and maybe a car loan. If you don’t have any credit, you will need to get a couple of secured credit cards. You can get these cards at our site, www.creditscorequick.com/secured_cards.
Mike Clover
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.