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Free Credit report, Credit score affects your loan prospects - 4



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Credit Report and Score<br>Related Legal Information  

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Credit score affects your loan prospects - 4.

What to look for in Credit Report.
For starters, make sure the information in your Credit Report is up-to-date. Many companies don't report to the three Credit bureaus as frequently as they should. So if you've recently straightened out a beef with a creditor, it may not have been reported yet. Also, some companies only report when you're late and don't bother reporting that you pay on time. You want to make sure your credit record reflects the good as well as the not-so-good.
Next, scour your Credit Report for information that is old and out-of-date and no longer reflects how you use credit. By law, for example, bankruptcies are supposed to be expunged from your credit records after 10 years. More important, though, the more recent the problem, the more significant it is to the lender. Thus, a 30-day payment that was late three years ago isn't as important as one that was late three months ago. Lenders are more concerned with how you are dealing with credit now as opposed to how you handled it in the past.
Now hunt for mistakes. You may be surprised by how many factual errors you find. For instance, your adult child's credit problems may be reported as yours, especially if he is a "Jr." Or the difficulties of someone who's totally unrelated to you but has a similar name may be in your file as well.
Also look for misdated account closings, particularly when you have had to ask repeatedly to terminate your account. Often, when companies are notified that they have failed to close accounts as previously requested, they close the account on the date of the most recent request instead of the original one. And that can lead to problems because recent account closures are often taken as a sign of financial difficulties.
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Credit report correction techniques  

Credit report correction techniques

Many times the credit bureau is busy and does not handle your dispute properly ...
Basic rights under The Fair Credit Reporting Act  

Basic rights under The Fair Credit Reporting Act

All Federal Laws are in consumer's favor and you will have the advantage ...
Credit scoring and the lending industry  

Credit Scoring and the Lending Industry

Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...

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