Credit Report Myths You Should be Aware Of

There are several myths that people have about credit reports. Here are some of the most common ones:

Real time updates of credit score

One of the common myths is regarding real-time updates in credit reports. Unlike what is wrongly believed by most people, updates in the credit report are not done in real-time as you charge items or make payments. Your account with the agency will be updated by your lender once a month.
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Use Your Credit Card Wisely

As credit card delinquency rates continue to fall from the 26% level last year, it is inevitable that credit card companies will soon put their marketing skills into overdrive. New credit card offers are beginning to flow in from various companies to customers who have maintained a good credit record post-recession. In fact, the 0% card offer is also making a comeback now.

None of these signs mean that you can afford to relax your firm control over spending using this piece of plastic. In this climate of over enthusiastic advertising and tall claims from credit card companies, it is important to be doubly careful of how you are managing your credit card.
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The Truth About Free Credit Reports Offered Online

You would have come across many tempting advertisements of websites that claim to offer free credit reports. Be cautious before you sign up for any such service as it may not be the credit report that you are looking for.

Only the Federal Trade Commission gives three free credit reports every year. You can get one credit report each from the three main credit reporting companies, Transunion, Experian and Equifax without any charges once in a year. These free credit reports are available on annualcreditreport.com. [Read more…]

How Long Does Negative Information Remain on Your Credit Report?

This question haunts the mind of every person who had to go through a rough credit phase and is now stuck with a blemish on his or her credit report. Negative information or history of your bad credit, affects your credit score adversely. This could mean more expensive insurance premiums, higher interest rates on credit cards, loans and mortgages and in extreme cases even decline of credit line. [Read more…]

Bad Credit Report Repair

You were so contented with everything, so rest assured that you no longer check your credit report. You have been doing this for years until one day, you find yourself with eyes bulging with shock because you happen to behold your credit scores which are so impossibly low that you just cannot believe it. You discover that there numerous overdue payments and charge offs which are making your credit report file seem to be overcrowded that you feel you can no longer breathe. [Read more…]

Credit History Definition

Credit bureau or credit information center is an agency that collects information on the credit history of individual consumers in a country. It is usually a centralized agency with plenty of information stored in a computer database that reflects the credibility of consumers. This information is highly useful for lending institutions in rendering loans to individual customers. [Read more…]