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Credit Score - Instant credit reports approvals were usually targeted to people with good credit storing or records. But don’t despair. Even with a bad credit history, there were companies approving credit reports applications mainly due to the competition between credit reports companies. In some cases, banks had to defer the approval or decline of an application until enough back-work had been done, especially to applications with a not so good credit history.

Isn’t it interesting that the score most important in our financial lives, our consumer credit score does not even contain full disclosure? As stated above the Federal Trade Commission has ruled that it is ok for Fair Isaac & Co not to disclose the algorithms used in this process, but what about consumer rights. While it is important to understand what a FICO score is, it is not the main issue of this paper, insurance rates are. So where is the connection? All the public knows is that Fair Isaac tells us there is a high correlation between people with bad credit and high risk drivers. This notion is insane and from what I can see from this black box approach, there is no real causation between the two. This type of reasoning is similar to convicting a person of something before they have even committed a crime. For instance, let’s say I do a study and that study shows there is a high correlation between criminals and people with bad credit. Is this to say that just because you have bad credit you are more likely to commit a crime and therefore you should be profiled or perhaps locked up because you are a risk to society?

It is also recommended that the person must consult to credit counselor. Credit counselors listen to the problem, evaluate it and suggest the measure according to the problem. Usually these credit counselors provide free advice but sometimes they charge nominal fee for their services.

It is true that having bad credit will eliminate they from some of the best deals, but it does not eliminate they altogether. The first thing they need to do to ensure that they could get the best deal available to they is to look at their current credit report or check it over to incorrectly reported problems. These could easily happen or they were probably much more common than most people think. After they correct any inaccuracies, they could continue the process.

It will be made available to companies who wish to see it for a fee and it is surprising how many different types of companies now routinely make use of such reports. There was a time when only banks and other lenders used credit reports when deciding whether or not to give you a loan. However, these days, if you are for example thinking of renting a property, it is likely that the property agency will require a credit check in order to satisfy itself that you will pay your rent on time. Insurance companies also make heavy use of credit reports when assessing insurance premiums. Even large employers are now using credit reports to screen job applicants when they assess candidates.

It's easy to be able to get a loan today - even if your credit is not in the best of shape. The competition is there, enabling you to be able to get a rather good rate. But knowing which one to choose can be rather difficult, so here are a few tips to help you to choose a good one and avoid the bad.

Just one note, don’t try to dispute any of the positive intimation listed in their credit reports or it is a waste of time to attempt to dispute these records. Disputing positive intimation may actually harm their credit scores.

Knowing what is in your credit reports is the responsibility of every consumer, said Suzanne Boas, president of Consumer Credit Counseling Service of Greater Atlanta. "Now it is easier for consumers to request and review their credit histories and ensure that the information is accurate."

Lenders do not have to drop PMI upon a buyer’s request, but most of them will. They won’t just do it when asked, however, they will want proof of value of the property. This means that the homeowner will have to pay for a professional appraisal in order to verify that the property is worth enough for the lender to justify dropping the mortgage insurance. Appraisals usually cost $300-500, depending on the market. Unless you are likely to move within a year and sell the house, the cost of the appraisal is more than justified by ultimately dropping the monthly PMI charges.

Loan Consolidation - The combining of a number of loans into a single new loan. Usually done to gain more favorable terms e.g. lower cost repayments or longer time to pay.

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