“What kind of information is on my credit report -and how can I see it?” is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity including recent requests for credit that you have applied for and the payment activity on any open or closed credit or loans you may have. This history is vitally important because lenders use your credit report to determine if they are willing to extend loans or credit to you.
There are four main areas of content on your credit report [http://www.credit-report-credit-score.com]: Identifying information, credit history, public records, and credit inquiries. Additionally, a credit report also shows any current credit that you have, including loans, debts and credit limits. It
Just know this up front. Every creditor is going to tell you they can’t change your credit history. Just let them know that you know better. Occasionally, this situation will require that you demonstrate some knowledge of how this is done by suggesting possible methods to execute the change, In other words, don’t allow them to play dumb. Don’t allow anyone to con you into thinking that “we can’t do that.” They may tell you that they can’t change credit history. And occasionally, even the person with whom you’re talking won’t even know every method at their disposal.
Although the FTC distributes a great deal of good consumer information, they have slipped (or been misled) in this one area by buying into the credit bureaus false PR statements that “true and accurate” information cannot be removed. This is just not so.
Consumer credit question: “Are credit cards bad?”
Well, an article in the Baltimore Sun pointed out that consumers who use credit cards instead of cash spend more.
Specifically, the paper highlighted a recent study of fast-food restaurants, which revealed that customers using credit cards spent 50-100% more than those paying with cash.
While the general idea isn’t a huge surprise, it did make me think about the far-reaching implications of credit card use.
I’ll admit I never thought I’d eat more when paying by credit card, but if the study says it’s true, it must be…so yes, credit cards can contribute to your weight problem.
When you pay with cash, you scrutinize the price of whatever it is you’re interested in buying.
There’s also the off chance you won’t have enough money to make the aforementioned purchase, so that could be a limiting factor as well (in a good way).
When you use a credit card, often times you just ballpark the amount and make the purchase with much less thought; you also don’t have much of a spending limit, assuming you’re not out there charging up thousands of dollars in one sitting.
Conversely, when you actually see the cash leaving your person, it can be a little more profound, to the point where you might hold back.
Along the whole fast-food line, I also got to thinking about nights out, where the drinks seem to pile up.
If you use a credit card instead of cash, there’s probably a good chance you’ll consume a few more beverages, which would not only cost more money, but could come with unintended consequences.
So I will concede that spending (and bad decisions) may go up with credit card use, which could lead to weight gain or worse, financial ruin, but I would hesitate to refer to them as inherently “bad,” assuming you’re a responsible consumer.
Personally, I still appreciate credit cards for their convenience, safety, cash rewards, credit-building capability, flexibility, and nowadays, necessity.
Credit Tip! Even accurate data in your credit report must be deleted if it’s not verified.
Free Credit Reports are Your Right!
You’ve seen the ads: Get your free credit report here! The hard sell seems excessive since the report is free, right? Read the fine print. The Free Credit Report companies require a credit card that will not be billed as long as you cancel this service within 30 days of registering. If you forget to cancel in time, you may be required to pay over $20 a month for a listing of all your credit obligations, past and present.
This does not mean that you shouldn’t take advantage of the opportunity to review your credit report. Regis
Creditors typically write off or charge off a debt if there has been no payment on the account for more than 180 days (6 months). This does not, however, mean that the person no longer owes the debt. A charge-off is an accounting procedure for tax purposes used by the creditor where an uncollectible debt or charge-off is reported as a loss for the creditor.
If you have any charge-offs on your credit reports, your ability to obtain credit will be seriously impaired and you must actively work to restore your credit. Charge-offs stay on your credit report for 7 years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charged-off account.
Paying an old charge-off will not remove it from your credit reports.
Q:
Hello John,
I recently received my free credit report and noticed several errors on it. What suggestions do you have for me to fix these mistakes and improve my credit scores?
Angie
Dallas, TX
A:
Hi Angie,
First of all I want to say that you were very wise to get your credit report and uncover these mistakes. Over 25% of all credit reports contain errors. Errors that can cost you a lot of money when it comes to finance.
Depending on the type of errors involved you can probably find resolution by conducting on line disputes on your own.