We have been getting a lot of questions lately, so I am going to do my best to answer them in a quick Q&A style. Here we go!
“Does being enrolled in your credit monitoring services get you enrolled in credit cards more easily”
No. The credit monitoring keeps you up to date on changes to your credit history, it is made to protect you, and to inform you of where you sit with with your credit and credit score. What it can do is tell you your credit score, and with that information you will know what credit cards you will be more likely to qualify for, and that should make it easier for you to find the right card for you.
“How long does it take for your credit monitoring service to find new accounts that have been opened?”
Within 24 hours. When shopping for a new account, you will be first notified that a inquiry has been placed on your account. After that if the account is opened you will then receive a notice of a new account being created. You can be assured that you are being protected 24/7.
“I have a charge off on my credit reports, how long will it last for?”
It will usually remain on your credit reports for 7 years from the date of first delinquency. You can learn more from the Fair Credit and Reporting Act.
Thanks for your questions, we will be answer as many as we can, stay tuned!
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An scary trend is taking place in 2011, identity theft is on the rise, and is expect to reach an all time high. I believe that until the economy turns around, that this will be something we have to be very diligent about. Here are a few simple tips to help keep you safe.
Shred anything that has your personal information on it, SSN #, DOB, Address, etc. Anything that can be used to gain your personal knowledge. I know it can be a pain, but it is very important that when you go to throw these items out, that you make sure you shred them.
Change your passwords often, and do not use the same password on multiple sites. I would recommend changing your password at least once per month, again I know this can be a huge hassle, but if it can save you the hassle of having to clean up your credit reports if someone got a hold of your personal information than I believe it will be well worth the effort.
Scan your computer for any signs of viruses and malware. Identity Thieves are getting more and more sophisticated, and you will want to be sure that you personal computer is safe. Fortunately this one is very painless, just set your scanner to scan everything while you are sound asleep. You would be amazed how much malicious items this will catch, I am a normal internet user, and I am very careful the sites I visit, and I find one nasty thing about once per month!
What I still consider your best tool is credit monitoring, it will protect your credit reports 24 hours a day, 365 days a year. If anyone was to try to start setting up fake accounts with your personal information, you would be notified of any change to your credit report within 24 hours. At that time you can log in and check to see what the alert is about, and if it is not you, you will be able to report it as fraudulent and be back on track.
We here at Best Credit Reports will do our best to keep every one up to date on new threats, and help to keep you safe in 2011!
ShareYour credit reports and credit score affects more than just your ability to buy on credit. Sure, every time you apply for a credit card, buy a car or purchase a home, it comes into play; but your credit also impacts your ability to get insurance (and what you’ll pay for it), the types of interest rates you’ll pay for large purchases and your ability to get a new job. In today’s tough economic times, you need to make sure that your financial scorecard looks terrific.
Your credit report is used to calculate your credit score. It serves up the official record of your payment history for basic bills and loans. In addition to payment history, the credit report states the amount of credit you have available, your monthly debts, and other information that tells lenders, retailers and employers whether or not you are responsible and a good risk. At all times, it is you responsibility to take an active role in reviewing and monitoring your credit report. You may find it beneficial to use a credit monitoring service to help you keep up with your credit activity.
Have you looked at your credit reports? You should. It is a window into your personal information and how you conduct yourself financially. It lists your date of birth, social security number address, phone and employment. It will list out all the credit accounts you have, the amount currently owed, when you opened the account, any late payments, when the account was closed (if applicable) and if any collection action has been taken against you.
Did you know that even credit inquiries can affect your credit report negatively? Your credit report will show every lender or potential lender that has accessed the report over the past two years. Too may inquiries may look like you were scrambling to stock up on credit accounts.
There are three credit reporting agencies (or credit bureaus) that can provide your credit report — Equifax, Experian, and TransUnion. You should view your credit report with all three credit bureaus.
If you find an error, you should report it immediately. Your creditor then has 30 days to respond to the discrepancy and remove any error that they admit to. If the credit will not admit fault or refuse to remove or correct a discrepancy, then you have the right to file a statement on your report. You can also try mediation or even legal action over an unresolved credit dispute. The law is on the side of the consumer. If you are right and the creditor refuses to cooperate, you can sue for damages, court costs, and attorney fees.
The best way to keep track of your credit reports and scores with with our credit report monitoring service. It will bring you peace of mind that your financial scorecard is watched 24/7.
ShareA credit report is a retelling of the financial transactions of your life – how you pay your bills, when you’ve been late, if you’ve ever filed for bankruptcy, what you spend your money on, which loans you have or have had and more. A credit report will even reveal if you’ve ever been arrested or sued. On a credit report, a credit score is the rating of what value all of these elements add up to.
A credit score ranges in value. While companies may not have access to the exact details of the transactions that have generated your credit score, they will have access to your credit score. It is important to have a credit score that reflects good standing with the companies you have borrowed money from because your credit score will tell lenders and vendors whether or not you should be considered or approved for a loan. Without a credit score that reflects good standing, there is a very good chance that you will be denied for a number of significant financially-related transactions such as buying a house or a car, even paying for college. A company will consider you to be a risk and will most likely reject your application for credit.
You can and should monitor your credit score, for many reasons. Identify theft is one. Identify theft can severely damage your credit score. Even though you may have spent your entire adult life building up an excellent credit score, an unscrupulous thief can ruin that score with a few unwarranted transactions and then the burden of proof will be on you to uncover the information behind these transactions. In the meantime, your credit score will suffer and that often takes many years to rebuild.
There are some ways to rebuild your credit score after suffering from a financial crisis, identity theft or having to file for bankruptcy, such as debt consolidation. Debt consolation is a solution to rebuild a credit score that is in good standing, by making payments into a low, lump sum. Certain companies will take your numerous high payments from you, consolidate them and have you make one, lower monthly payment. Consistency is the key is making monthly payments. To increase your credit score, companies want to know that you can be relied upon to honor your debts.
If you have any negative information on your credit report, know that it will most likely affect your credit score for up to seven years, although filing for bankruptcy will usually stay on for as long as ten years. Lenders will look at your payment history and sometimes, if you can establish a brief history of consistency after your credit score is damaged, you may be allowed to take out a loan with a sizeable interest. Often times this is the only way to increase your credit score after the damaging effects of a financial issue.
If you simply want to raise your credit score and have not suffered any major, negative issues, significantly paying down any outstanding balances will help increase your credit score by at least a few points and that will help you when looking for a lender.
ShareI am sure everyone has seen the ads for a Free Credit Report, or found hundreds of sites on the internet claiming free credit reports. This is just a quick post offering a word of caution.
In all the years I have been in this business I have never once found a free credit report and score. All of them that I have seen require you to sign up for a monthly monitoring product (which I think is a good idea for everyone, see other posts) and then after your “free” trial ends they will start to bill you.
Please read the fine print, and make sure you know what you are getting into. We will never offer a free credit report on this site, as we feel it is deceiving to the consumer.
Like mom used to always tell me, “If it sounds to good to be true, then it probably is!”
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