About Credit Cards & Loans

4 Responses to “Credit Score – Why Is It Important To Repair It Now Adays?”

1. mrdankes on January 28th, 2010 at 5:10 am

   Credit Score
   Why is it important?
   Your credit score is used by all sorts of people/companies to determine how likely you are to pay back money you have borrowed from them. The more likely they are to get paid the less interest they may charge to lend it to you.
   While the credit report only records your payment history, it can affect the cost or your eligibility for employment, housing and insurance rates.
   Why is it important to repair?
   Not everyone’s credit needs repair, but 80% of credit reports contain errors. Most of the errors are minor. Mistyped or wrong address.
   If there are major errors here are some tips to get them fixed:
   1. You must request a copy of your report directly from the credit agency.
   -You can do this by getting your Free Credit Report from the Federal Trade Commission at http://www.ftc.gov
   – If you have applied for credit in the last 30 days you are entitled to a free copy of the report.
   – You can pay for a copy of your report directly on the credit bureau sites.
   2. You must complete a dispute. You can try to dispute the information online with EACH of the 3 agencies. If you need to send them documentation then you will need to write a letter explaining the information to be corrected/removed along with a copy of your documents.
   3. The credit agency will process your request and send you a revised copy of your report reflecting the changes with in 45 days of the dispute. (The creditor has 30 days to verify the information is correct as reported or the info is removed. Then a couple of extra days for mailing stuff)
   Here is the contact info for the 3 agencies:
   Equifax Information Services, LLC
   P.O. Box 740241
   Atlanta, GA 30374-0241
   800-685-1111
   http://www.equifax.com
   Experian
   701 Experian Parkway
   P.O. Box 2002
   Allen, TX 75013
   888-397-3742
   http://www.experian.com
   TransUnion
   P.O. Box 4000
   Chester, PA 19022
   866-887-2673
   http://www.transunion.com
   For more information on credit visit Fair Isaac’s(They created the credit score) site http://www.myFICO.com
   ~Danke Schoen
   MrDankeSchoen@yahoo.com

2. churchon on January 28th, 2010 at 9:22 am

   your credit will follow you every where you go, regardless of age or good and bad credit, clear it up asap, and then you can repair your credit.
   credit companies like it much better if you make some mistakes and show that you want to do better, more companites will give you a chance again when you have paid off what you owe..
   the old days one had to wait seven years but now the bad credit hurts you alot.. clean it up for your future. that is a good thing to do

3. pentalit on January 28th, 2010 at 11:46 am

   Becuase companies are now checking your credit score like, everywhere you go..And now that credit cards are soo important and buying on credit is essential, its important to have a good credit score..

4. Dan on January 28th, 2010 at 6:17 pm

   If you have a good credit rating you are eligible to get better interest rates on loans which saves you money. Sometimes you can have a bad enough credit rating that you will be denied a loan for something as important as a house.