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Checking your accounts thoroughly every year will ensure that your credit report and consumer information is as up to date and as accurate as possible to avoid any future complications when it comes time for you to get credit for a purchase. This includes an auto loan, personal loan, or finding the best mortgage rates. Plus, under federal law you get a free report each year and it will not affect your credit, so why not take advantage?
New credit scores have been developed in the last decade by companies such as Scorelogix, PRBC, L2C, Innovis etc. which do not use bureau data to predict creditworthiness. Scorelogix's JSS Credit Score uses a different set of risk factors, such as the borrower's job stability, income, income sufficiency, and impact of economy, in predicting credit risk, and the use of such alternative credit scores is on the rise. These new types of credit scores are often combined with FICO or bureau scores to improve the accuracy of predictions. Most lenders today use some combination of bureau scores and alternative credit scores to develop better understanding of a borrower's ability to pay. It is widely recognized that FICO is a measure of past ability to pay. New credit scores that focus more on future ability to pay are being deployed to enhance credit risk models. L2C offers an alternative credit score that uses utility payment histories to determine creditworthiness, and many lenders use this score in addition to bureau scores to make lending decisions. Many lenders use Scorelogix's JSS score in addition to bureau scores, given that the JSS score incorporates job and income stability to determine whether the borrower will have the ability to repay debt in the future. It is thought that the FICO score will remain the dominant score, but it will likely be used in conjunction with other alternative credit scores that offer other pictures of risk.
There is only one place to get your free, federally mandated credit reports, also called an "educational credit report," which this is AnnualCreditReport.com. You are allowed a free credit report from the three major consumer reporting agencies in the U.S." Experian, Equifax and TransUnion. These sites also offer credit reports, but you have to pay for them. When you go to AnnualCreditReport.com, you are given the option to get all three reports at once or one at a time. Choose to get all three reports at once. Gerri Detweiler, author of the book Stop Debt Collectors, explains that when you apply for a loan you probably won't know which report a lender will use. So if there is a mistake on one, you'll want to know.
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Most credit counselors offer services through local offices, online, or on the phone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.
Furthermore, unsecured revolving credit will be very difficult to come by. Insurance companies will tend to price insurance policies up for people in your credit category due to the potential for nonpayment of premiums or the higher-than-average risk for committing insurance fraud. Also, some jobs may not be available to applicants with fair credit, such as jobs in the financial sector.
The Savings Secured Visa Platinum Card from State Department Federal is open to anyone, regardless of residence. If you aren’t eligible through select methods including employees of the U.S. Department of State or members of select organizations, you can join the American Consumer Council during the application process. There is no fee associated with joining since State Department FCU pays the $5 on your behalf. There is a rewards program with this card where you earn Flexpoints, which can be redeemed for a variety of options like gift cards and travel. The APR can be as low as 13.99% Variable, which is reasonable considering many secured cards from major issuers are above 23%.
The Discover it® Secured is a standout secured card that provides cardholders the opportunity to earn cash back while building credit. A cashback program is hard to find with secured cards, and the Discover it® Secured offers 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, 1% cash back on all your other purchases. In addition, there is a new cardmember offer where Discover will match ALL the cash back earned at the end of your first year, automatically. This is a great way to get a lot of rewards without needing to do any extra work.In addition to a cashback program, this card provides valuable credit resources such as free access to your FICO® Score and a Credit Resource Center — just note these services are available whether you’re a cardholder or not. Discover also takes the guesswork out of wondering when you’re ready for an unsecured card (aka a regular credit card) by performing automatic monthly account reviews, starting at eight months of card membership.
When you are doing a credit check yourself pulling your annual free credit report you are performing a soft credit inquiry. This type of action does not impact your credit at all. On the other hand if you are applying for a loan, a credit card, or a mortgage, that will be counted as a hard credit inquiry and will slightly decrease your credit score.
What is a credit score, and what is the difference among the three credit reporting agency (CRA) credit scores? A credit score is a three digit number, typically between 300 and 850, which is designed to represent your credit risk, or the likelihood you will pay your bills on time. A credit score is calculated based on a method using the content of your consumer file.
Editorial Note: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however all credit card information is presented without warranty. After you click on an offer you will be directed to the credit card issuer’s web site where you can review the terms and conditions for your offer.
Having fair credit means that you have some work to do in order to get yourself back into good financial shape. It is imperative to take steps now to prevent any additional damage to your credit report, and get back on the road to good financial health. By reducing credit card debt, ensuring that you get your bills paid on time every month, and paying off any open collections, your credit score will move enough during the next three to six months to get you back into the realm of a good credit rating.
Credit Reports Can Reveal Fraud: Financial fraud can take many forms, most of which will manifest on your credit report before anywhere else. The warning sign could be something as overt as an unknown account being opened in your name, a bankruptcy filing showing up in your public records or a collections account appearing unexpectedly. Or it could be something as simple as a change to your listed name and address. Regardless, you might not notice if you’re not plugged in to your credit report.“Many people think, ‘Well, I’m not about to apply for credit; I’m not about to get a loan; I don’t need to get my credit report,’” said Gail Cunningham, vice president of membership and public relations with the National Foundation for Credit Counseling. “Yes, you do because you could be a victim of identity theft.”That’s why you should review your reports at least once a year, and make sure that your free-credit-report provider offers free 24/7 credit monitoring, too (like WalletHub!). This will give you day-to-day peace of mind. And that figures to be worthwhile regardless of your current financial situation or plans for the future.

Your credit score and credit report are separate from one another. Your report is your entire credit history of all your installment (loan) and revolving (credit card) accounts. Your credit score on the other hand, is a number calculated from your credit history that shows where you stand in terms of credit health. Even though the two are related, you do have to request them separately.
When the investigation is complete, the credit reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report.) If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
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