Credit Reports - Congress passed the Fair Credit Reporting Act (FCRA) in 1972 to curb the abuses of the credit reporting bureaus. The FCRA is the governing federal law on the issue of credit reporting. The Fair Credit Reporting Act helps consumers promote and use their right to make changes to credit reports. It is a requirement, under section 1681e, that:
Credit Reports, Contact CIFAS, the UKs fraud protection agency, and register with their protection service to help prevent future fraud.
Credit bureau-based scores cannot use demographics prohibited under the Equal Credit Opportunity Act, such as race, color, religion, national origin, gender, age, marital status, receipt of public assistance, or exercise of rights under the Consumer Credit Protection Act. Scores used by individual lenders may use such elements as income, occupation and type of residence in determining their own custom credit score.
Credit Reports, Credit cards have ballooned in popularity in the UK. A recent study has shown that very soon, over a third of all adults in the UK will have credit cards, and the numbers are still increasing rapidly. It is important to remember however, that credit cards can have important consequences on your credit report however, so some caution is advisable when using them.
Credit is like a good friend. It always knows your deepest secrets and turns up when you need it most. In the same way, creditors are people who help in your moments of distress, when you are facing a cash-crunch.
Credit Repair Tip #4 One of the credit bureaus has an on-line dispute system, but it is not very user friendly. The window is tiny and in order to read a sentence, you have to scroll from left to right. The best way to notify the credit bureaus of your disputes is to send them a letter. Letter writing suggestions are included in many books with credit repair tips, but you can view a perfectly usable example of a dispute letter at the Federal Trade Commission's credit website.
Credit Reports - Credit reports are records that keep track of a consumer's financial background including loans, major purchases, and other accounts. Financial institutions base their lending decisions for a consumer based on the information found in these documents. Information is compiled, updated and stored through Equifax, Trans-Union and Experian. There are other agencies that offer financial records, but do so as an affiliate or associate of one of these three, major agencies. Whether the individual receives a credit report locally or through an online source, the information is ultimately from one of these three agencies.
Credit score isnt just any random number. Credit score is calculated by a mathematical equation based on a statistical system which awards points based on the information on the credit report.
Credit scoring is a scientific method that uses statistical models to assess an individual's credit worthiness based on their credit history and current credit accounts. Credit scoring was first developed in the 1950s, but has come into increasing use in the last two decades. In the early 80s the major credit bureaus, Experian.com, Equifax.com and TransUnion.com all worked to develop generic scoring models that allow each one to offer a score based on the contents of the credit bureau's data about each individual. Creditors in the mortgage industry will frequently use these credit scores when they decide who will receive what loans. These companies can order your credit score, commonly called a FICO score, from one of the bureaus, but it only draws upon information from your individual credit report. Creditors also will take into consideration other data, such as salary, years of employment, outstanding debt and more before making a decision.
Credit Reports, Cross check that financial institutions were safeguarding their important data. Insist on the removal of account numbers from ATM slips; also ask them to shred the paper reports be toe throwing them away.