Self Improvement
It probably comes as no surprise to most people that "somewhere" there is a credit report on them that knows everything they ever did, good and bad, financially. Unfortunately, this is where their knowledge stops though, and not knowing the real scoop about how this really works is actually hurting them.
Equifax, Experian, and TransUnion are the three major credit reporting companies and they think they know everything about you. But keep in mind they compete with each other, with the result being that they do not share information. Some lenders report to one of them, while others report to another one, and some larger lenders such as your mortgage holder might report to two or even all three of them.
Now compound this scenario with even more complexity. Since they are in the business to make a profit, they are always trying to get more companies to report to them, and so lender "A" who used to report to Equifax switches next year to report to Experian, and Visa who used to report to TransUnion now reports to only Equifax. This changes all the time, every year and even every month.
Are you starting to see where a problem could (and does) occur? What happens is that not one of these credit reporting agencies really has a complete and accurate credit picture about you. Further, when a creditor of yours who reported to one agency that you were past due and then switches to another credit reporting agency, the first credit reporting agency continues to report you as being past due on that account because they never get corrected information.
Research and studies have found that a majority, a large majority of the US population have errors in their credit reports with one or more of these three agencies. The overall impact of these errors is that when the credit bureau calculates your credit score, it is almost certainly lower than it should really be. This in turn means that you are not getting the best interest rate on your credit cards, car loans, and mortgage, and this can also have similar negative effects in other parts of your financial life.
The credit reporting system does not include an auto-correction routine, which means that all of these errors will never be corrected until someone disputes them, and the only person who can dispute them is you. There is a right way and a wrong way to dispute the inaccurate information, and you need to do it the right way to avoid having your dispute thrown out as being frivolous. You see, there are many people disputing negative information in their credit reports but that information is actually accurate, and they are simply hoping that the information will be removed via their dispute. Unfortunately, this ties up the system for people who are disputing genuine errors.
Having inaccurate information in your credit report is senseless and makes your credit score less than it should be. Getting these errors corrected is something you can do yourself and you do not need to pay a "credit fixer" company to do it for you, where they could even make it worse. The longer you wait to get this done, the worse off you are going to be, so make a point to get this done starting today.
Article Source: Articlelogy.com - Credit Cards A big selection of Cards in all flavors: Bad Credit Cards, Secured Cards, Prepaid Cards, Canada Cards, Low Interest Cards -
Word Count: 566
Fixing Your Credit Report Score Yourself, Easily And Legally
It probably comes as no surprise to most people that "somewhere" there is a credit report on them that knows everything they ever did, good and bad, financially. Unfortunately, this is where their knowledge stops though, and not knowing the real scoop about how this really works is actually hurting them.
Equifax, Experian, and TransUnion are the three major credit reporting companies and they think they know everything about you. But keep in mind they compete with each other, with the result being that they do not share information. Some lenders report to one of them, while others report to another one, and some larger lenders such as your mortgage holder might report to two or even all three of them.
Now compound this scenario with even more complexity. Since they are in the business to make a profit, they are always trying to get more companies to report to them, and so lender "A" who used to report to Equifax switches next year to report to Experian, and Visa who used to report to TransUnion now reports to only Equifax. This changes all the time, every year and even every month.
Are you starting to see where a problem could (and does) occur? What happens is that not one of these credit reporting agencies really has a complete and accurate credit picture about you. Further, when a creditor of yours who reported to one agency that you were past due and then switches to another credit reporting agency, the first credit reporting agency continues to report you as being past due on that account because they never get corrected information.
Research and studies have found that a majority, a large majority of the US population have errors in their credit reports with one or more of these three agencies. The overall impact of these errors is that when the credit bureau calculates your credit score, it is almost certainly lower than it should really be. This in turn means that you are not getting the best interest rate on your credit cards, car loans, and mortgage, and this can also have similar negative effects in other parts of your financial life.
The credit reporting system does not include an auto-correction routine, which means that all of these errors will never be corrected until someone disputes them, and the only person who can dispute them is you. There is a right way and a wrong way to dispute the inaccurate information, and you need to do it the right way to avoid having your dispute thrown out as being frivolous. You see, there are many people disputing negative information in their credit reports but that information is actually accurate, and they are simply hoping that the information will be removed via their dispute. Unfortunately, this ties up the system for people who are disputing genuine errors.
Having inaccurate information in your credit report is senseless and makes your credit score less than it should be. Getting these errors corrected is something you can do yourself and you do not need to pay a "credit fixer" company to do it for you, where they could even make it worse. The longer you wait to get this done, the worse off you are going to be, so make a point to get this done starting today.
Article Source: Articlelogy.com - Credit Cards A big selection of Cards in all flavors: Bad Credit Cards, Secured Cards, Prepaid Cards, Canada Cards, Low Interest Cards -
Word Count: 566
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