Archive for the ‘free credit report’ Category

A Free Credit Report Could be Worth Thousands

Thursday, July 31st, 2008

How can a free credit report be worth thousands to you? By giving you a heads-up about how the world views your financial reputation, and giving you time to make needed changes before you need credit.

Your credit scores dictate the kind of terms you’ll get when purchasing a home – or even when purchasing a car, appliances, or furniture. So taking steps to ensure that score is high well before you need to apply for credit will save you thousands of dollars in interest over the years.

You may be thinking that you pay your bills on time and don’t owe an excessive amount, so of course your score will be just fine. And you might be right – but not necessarily.

Your credit report could contain errors – and if it does, it takes a few weeks to a few months to correct them. Remember that old saying about computers: “garbage in, garbage out?” Well, when it comes to data entry, it’s very easy to put “garbage in.” Most data entry personnel are minimum wage workers who don’t really care about accuracy. They just care about putting in their time and getting a paycheck.

If they enter one digit wrong on a social security number or a credit card account, so what? So plenty if you’re the person whose credit report now shows an unpaid account that doesn’t even belong to you! And that’s just one example of the errors that can occur.

The second, even more terrifying reason why your credit report could be inaccurate is identity theft. “You” could be thousands of miles away, opening new accounts and running up balances with businesses you’ve never even heard of.

Reading your free credit report will either give you peace of mind or spur you to action:
• If there are accidental mistakes, you’ll have to prove that they really are mistakes.
• If some other person is using your identity you’ll have to get started on all the red tape of stopping them, and then getting their transactions removed from your credit report.

Both of those situations require time, so get started watching your credit scores long before you need them.

Even if you don’t need new credit today, or even this year, keeping an eye on your credit scores right now will save you from frustration, delays, and disappointment when you do need it.

Request your free credit report today – you won’t be sorry!

Establishing Credit Q & A

Wednesday, July 9th, 2008

Hello Mike,
I have a son that is 18, and I would like to help him get some credit established. I have read that authorized user accounts don’t help your credit score anymore. Is this true, if so what do you suggest I do to help my son get some credit established? He will be attending college this fall as well, so I know he might be in need of some credit cards for emergencies.

Lina Carter

Hi Linda,
This is a good question. Because of the changes due to fraud in the credit repair industry, the authorized user account credit score process affects those that are really trying to help out a family member. I personally don’t agree with the change, but because someone else was breaking the law, it messed it for those that were not. The quickest way for your son to establish good credit score report is to apply for some secured credit cards. If he is going to be a student he can apply for student credit cards as well. I would recommend getting a couple of these cards, in the works as soon as possible. The secured credit cards depending on his credit will require between $200 and $300 in a bank with the credit card company. Once you son has showed around 6 months activity with the credit bureaus, he should get some credit scores at that time.

Mike Clover

Make your credit report look low risk to creditors

Wednesday, July 9th, 2008

In this current market and probably for future lending markets lenders will be looking at your credit report very closely . I figured I would provide some quick tips to make no only your credit report and credit scores look better, but you’re over all risk to a lender. In this current market even if you have good credit you could get denied for a loan.

Keeping your debt low
In the past you could have really high income to debt ratio’s and still get approved for loans. All of us in the lending market thought this was crazy, but it was getting done. In a nutshell this amounted to families getting homes that they could not really afford. In this market you better have low credit card debt or debt period. Because the underwritten engines and requirements for general debt is quite a bit lower than it was in years past. So the bottom line is to keep your debt ratios 41% or less. Here is how you calculate this.
Take your gross income and divide it by your total monthly obligations. The total monthly obligations would be only debt that reports to the credit bureaus. For example:
• Credit cards
• Auto loans
• Mortgage loans
• Installment loans
• Student loans

Lenders don’t look at your utility payments or any other obligations that does not report to the 3 credit bureaus typically. So make sure you only count your obligations of credit only.

Save your money
When getting a loan in this current market, lenders like to see that you have the ability to save. When you have savings it makes your risk lower to the bank. A good goal would be to save a minimum of 6 months mortgage payment in the bank. Lenders also like to see stocks and 401k. This is also considered saving as well. The great thing about having savings is if an emergency comes up you have the money to pay your bills so it does not affect your credit report.

Have a mix of credit on credit report
When a creditor looks at your credit report they like to see some type of activity along with a mix of credit. Examples of a mix of credit would be a couple credit cards, installment loans, auto loans, etc…….. The Fair Isaac Score model takes into account the mix of credit yiou have to determine your credit score. So if you are a cash only buyer, charge a little on your credit and pay it off at the end of the month. Creditors have to see what you are doing, and that is why they pull your credit report. So don’t be afraid of credit, at the same time be responsible with it.

Identity Theft Q & A

Tuesday, July 8th, 2008

Hi Mike,
I have some questions and concerns about identity theft. This problem seems to be the biggest crime in America. I was curious what you might recommend in hopefully preventing this from happening to me and my family. Thanks for any advice.

Susie Landry

Hello Susie,
Thanks for the question. Identity Theft is getting out of control in our country. It’s affecting 50 million Americans a year. That’s amazing when there is only 302 million in the United States currently. This problem is on epidemic proportions. There are some great preventative measures. The first step is to check your free credit report as often as you can. You should also set up credit monitoring to get alerted of any critical changes. At our site we provide two of the best two services for identity theft protection, under out identity theft tab.

Mike Clover

Paying off Collections Q & A

Friday, July 4th, 2008

Hello Mike,
I have some questions about collections. I have not pulled my free credit report yet, but I know that I have collections on there. I have had some financial problems in the past due to medical issues. I have read that you should not pay off your collections; it will drop your credit score. The collections I have are about 2 years old. Do you recommend I pay them off, or leave them be? I plan on buying a home within the next year or so.

Leslie Lerner
Denver, Colorado

Hi Leslie,
This is a great question. Collections can be tricky; usually credit repair companies will tell you not to pay off collections. The reason for this is they are obviously in sales, would be my opinion. I have helped people get there credit scores up for years so I could finance them, by having them pay off the most recent collections. When you pay off collections on a credit report it could go two ways. Your credit scores could temporally drop, but most of the time your credit scores will increase. For long term credit repair I recommend always to pay off collections. It is important to ask the collection agency to give you a letter to delete from all 3 credit bureaus. This will remove the collection from your credit record as if it were never there. Some collection agencies will only give you a letter showing paid or settled. It does not hurt to ask though, because sometimes they will give you a letter to delete the history from the credit bureaus.

Mike Clover

About the Author: Mike Clover is the owner of 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

Increase credit score Q & A

Friday, June 13th, 2008

I need some advice on increasing my credit score. I currently have a 640 credit score. My goal is to get my score around a 720 or above. I currently have a credit card with Bank of America, and a credit card with American Express. I also have a car note around 350 a month.
Credit Card Balances and limits

  • Bank of America limit is $10,000
  • Bank of America balance is $7,500
  • American Express limit is $15,000
  • American Express balance is $9,852

I just recently bought my car 6 months ago. I paid $17,000 for the car. What do you recommend I do to get my scores around 720 or above. I dont have any collections or slow pays.

Robyn Leather

Hi Robyn,
Credit card debt is one of the quickest ways to lower your credit scores. Amounts owed on credit is 30% of your credit score. The rule of thumb is to keep your credit card balances well below 30% of your allowed credit limit. It looks like your Bank of America credit card is well above 30% of the allowed credit limit. I would pay this card down as quick as possible. You should not have more than $3000 on this card at any given time. This is one reason why your credit score is low. Your American Express card has the same issue going on. You should not charge more than $4500 on this card as well. Both your credit card balances are bringing down your credit score. If you were to get both these cards below 30% of the allowed credit limit your credit scores should increase to around 720 or so. 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 Q & A

Thursday, June 12th, 2008

Hello Mike,
I have searched all over the web for credit reports with credit scores for free. One thing I have noticed is some sites sell credit reports with one score, and some with no scores at all. Where can I get a credit report with credit scores for free. I would prefer to get a score from each credit bureau. I am getting ready to buy a house and would like to know where I stand. Will this affect my credit score by pulling my report ?

Margarita Jiminez

Hi Margarita,
Great questions you are asking. There is only one site where you get your credit report for FREE, which is At this site you don’t get your credit scores. If you want your credit scores you have to pay for a score with each bureau. If you are getting ready to make a purchase you need to get all three of your credit scores to see where you stand. You can get your credit scores at our site with all 3 credit bureaus on a trial period. Most of our offers will give you all three credit scores. Pulling your consumer credit report does not affect your score at all. This type of credit pull is considered a soft pull according to my fico. If you have any questions don’t hesitate to e-mail us.

Get Credit Report information and credit questions on-line.

Friday, May 30th, 2008

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.

Home Buying Process and Mortgage Loans done correctly.

Sunday, May 11th, 2008

The home buying process can become the biggest nightmare if not done correctly. I am sure you have heard of all the stories out there about somebody’s loan not going smooth and what a humiliating experience that can be. Since buying a home is the single biggest purchase you will ever make, you need to make sure the process you are giving is the correct one. Since most of us are emotional buyers, and would like to go look at homes before getting a loan in place, this might seem like to best process to follow. I will be the first to tell you, that if you go look at homes before you get a mortgage loan in place, you very well could be part of the nightmare mentioned. Take our advice and remember this.

Get approved for a mortgage loan
Most people like to lead the cart before the horse, only because it seems easier. Unfortunately that is not the process when buying a home. The first step is to get a mortgage loan secured. The reason for this is anything can go wrong when buying a house if you don’t dot your I’s and cross your T’s. It probably sounds like more fun to run out and look at a bunch of homes, before getting you’re financing in place. With all the current tightening up in the mortgage industry, and your credit score needing to be higher these days, you cannot afford to assume you will be able to get financing. The lending requirements are a lot stricter these days. Let’s assume you go out and find the home of your dreams, but you have not idea what you qualify for. Nor do you have any idea what your payment would be on the homes you are looking at. Here is a list of situations that could happen if you don’t get pre-approved before looking at homes. Also if you know you have good credit, you still may get denied, so don’t assume anything.

1. Find a home only to get let down because you don’t qualify for it.
2. Thought the payment would be lower.
3. Need money for down payment you don’t have.
4. Got something on your credit report you knew nothing about.
5. Your credit scores are too low for your type of loan scenario.
6. Someone has stolen your identity and you just found out.

7. You don’t have enough credit to get a mortgage loan

This is just some key problems that could take place if you don’t get your pre-approval first. If you go out and write a contract up on a home, and find out later you cannot secure financing you have wasted your time and everyone involved. Plus it could cost you your earnest money which could be between $500 and $1000 dollars.

Get a seasoned realtor to help with your search
After you are pre-approved for a mortgage loan, you need a highly qualified realtor. You don’t want to work with a realtor that runs you out to look at homes before you meet with a lender. If a realtor does this, you are going to have problems. I promise. Most seasoned realtors will not allow you in their car until you are approved with a reputable mortgage lender. This may not sound like the process you want to follow, but it the only way to get matters rolling and it’s the correct way.

Whether you have thought about buying, or maybe you were just denied for a mortgage, what every your situation is, most people are pulling a copy of their-credit report to get an idea where they stand with their credit. Don’t take the easy way out, because it will make matters hard for you.

Does paying off Collection accounts help my Credit Score?

Thursday, May 8th, 2008

We all know credit scores are pretty much the ticket to a lot of things these days. This is a question that has two sides to it. Over the years most credit repair companies will tell you not to pay off collection accounts because it gives an updated collection to the credit bureaus. I will be the first to tell you, that if it’s a new collection you are better off settling on the collection and asking for a letter to delete from all 3 credit bureaus. There is also a trick of the lender community, where we ask you to pay off a collection and get a a letter from the creditor reporting the collection, Once you provide the letter we go to our credit reporting company and do what is called a rapid rescore. What this entails is we get the credit bureaus to update the status of a collection from balance being owed to “paid in full” or “settled” depending on what was negotiated.

Once a collection is updated here is what typically happens.
1. Your score will increase depending on how many accounts you paid off
2. The status of the account will change
3. Balance being owed will be $0

So the answer is yes typically when you pay off collection accounts your credit score will increase. We have been doing this for years, and it works. The reason is you are changing the status of the account from balanced owed to either settled or paid in full. This is the secret that most don’t know. Why do credit repair companies tell you not to pay off collections, I personally believe it’s because they don’t have access to do rapid rescore process like mortgage companies do.

In some cases when you pay off collections your credit score could drop, but will eventually go up. There is no miracle when it comes to repairing your credit report, it is always better to pay off your debts you owe though. Typically when you pay off a collection your credit scores will increase. Just remember as you are working on paying off old bad debt make sure you are not late on anything. If you are late on a obligation that reports to your credit report, you are defeating the entire purpose of increasing your credit scores. Late payments will drop your credit score between 100 to 150 points.

If you are uncertain what is on your credit report go ahead and get a copy of your credit report Today.

Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.