chumley asked:


I’ve recently paid off old chargeoffs (by the way, it DOES help your credit score — it raised mine by 50 points); and now I want to raise it by at least another 50 points. Will getting a car loan (that, obviously, I can afford the monthly payments on) help? Is there anything else I can do (besides the obvious – pay bills on time, etc.)? What about credit monitoring companies? Are there any that charge only a monthly fee and don’t charge another large fee every single time I want to look at my newest reports?

Phyllis

Shahid Khan asked:




American Express Credit cards made their presence known in the financial jungle in the early 50’s. Visa and Master Card also came into the scene around the same time and served the same market segment – Credit. There soon developed their own model for serving the market and established themselves as leaders in the credit card providers the world over.

While American Express or AMEX as it is popularly known in the European countries has grown to be the most widely recognizable of credit cards and is a name that describes exclusivity in a way. However, not many credit card holders throughout the world know the difference in the three major players in the credit card industry. Actually there is no difference between Visa and Master Card, the main difference is between these two players and American Express credit cards – The major difference is in their style of operation.

Visa Card and Master Card are primarily methods of making payments. These are tow financial companies that have grown into institutions by themselves. They negotiate and setup payment systems at different merchant locations across the globe but never issue any credit cards themselves. Visa and Master Card set up business partnerships with merchant establishments where customers can use the credit cards and banks or financial institutions that actually issue credit cards to their customers. Visa and Master Card make the payment to the merchant establishments where the cards are used and charge the company that actually issued the card to the customer a fee for making the up front payment on their behalf. The card issuing company on its part charges a fee for issuing the card, an annual rental for the card and an interest on the amount of payment paid out to the merchant establishment.

These credit card companies are billed by Visa or Master Card and they in turn bill the card holder. The holder never pays any cash directly to Visa or Master Card.

American Express is different in that they have an entirely private setup. They issue their credit cards under their own name and logo. They also directly make payments to merchant establishments where the card is used. American Express do their own marketing of services to merchant establishments and card customers. The other difference is that American Express has a limited usage through the world while Visa and Master Card are accepted at over 20 million merchant establishments in over a hundred and fifty countries.

Tom

Vijeta Bhatia asked:




Many people go for a large portion of their young adult lives causing havoc to their credit history. Others do not make an adequate credit history for themselves at all and are unable to purchase a car or home or other important things without the help of a cosigner. The best method to understand why this all happens can be done through simple credit history and score monitoring. The process is simple and does not require much more than a few pieces of information from the person who is running the check for information about credit history and scoring.

Why credit monitoring is necessary depends on what you need your credit for. Those who have generally good credit may wish to increase their credit score to be able to get a loan for a home in the near future. Those who may be paranoid about their credit score and the possibility of identity theft can use these options to help reduce the instances or take action against any instances whenever they appear on the history report. The process is simple and is important to many people who need to keep tabs on their credit history. Results are often provided within minutes from the time a monitoring query is sent.

Information on why credit monitoring can help restore credit is available. The simple monitoring can show you a list of the items which are negatively affecting an account. These can be contested if they are false or fraudulent to be removed from the credit history with due time. Other people can ensure that their credit history remains in good standing by paying off forgotten debts and restoring the image of their good name in the business world where credit is the epitome of character. The use of these services helps individuals to stay on track and deal with legitimate marks as well as fraudulent ones on their accounts. The process is no longer difficult to carry out and manage, especially if the credit check is for personal use.

Accessing a credit report & monitoring the results is not very difficult to perform. The main pieces of information which will be used are the social security number and the name of the person being checked. This information used in combination can access a large amount of information regarding the status of the credit of the individual. This helps to answer why credit monitoring provides relief and peace of mind. Those who want to know that they are in good standing are always pleased to find out that they are not influenced by negative marks on their score and history report. This also allows individuals to stop credit fraud and the damaging of the personal reputation by halting the negative activities of others on their accounts.

Bernice

Sally Fontaine asked:




Checking Credit

Most people understand the importance of checking their credit, but some may not completely understand why. It is important for individuals to keep an eye on their credit score so they will not be hit with any surprises once it is time to purchase something that requires a good credit report. One of the most reliable ways to check a credit score is by using the Annual Credit Report Request. There are also other options when it comes to checking credit in the form of credit monitoring. This will allow an individual to catch potential acts of identity theft and other errors that may arise quickly, so they can have them corrected before they need to use their credit. If an error is found, then an individual will need to contact the three major credit bureaus about the inconsistency. This can be done by writing a letter and mailing it by certified mail along with any supporting documents. If the claim changes a person’s credit score he or she, may receive an additional free credit report with their accurate credit rating.

It is important to remember that the United States federal law not only allows but encourages everyone to check their credit with a free credit report once per year. This type of request can either be conducted over the phone or electronically. If an individual is attempting to get their credit rating electronically, it is important to avoid scams. Unfortunately, offers that are in the form of emails or pop-up ads are usually scams, along with any websites that require a credit card number for a free credit report.

Bond Credit

Individuals are not the only entities that have credit reports. Corporations have bond credit ratings as well, which is essentially their credit rating. Reviewing a bond credit report is one of the ways that investors, considering debt securities from both domestic and foreign companies, assess the risks involved. This type of rating, which are more widely known as corporate credit ratings, can be assigned to both long and short-term obligations as well as loans, insurance companies, securities, and preferred stock. Usually, long-term credit ratings will indicate whether a company will pay its debt.

There are three major entities that will provide rating systems for companies; Standard and Poor’s, Fitch IBCA, and Moody’s. This rating will aide investors in determining the level of risk involved with their investments choices. The ratings will range from a high quality credit score to a default or junk rating. If an investor would like to translate the rating themselves, the triple A rating is the best quality credit score possible, while a C or D score is considered junk. Fitch ICBA uses a slightly different scale that the AA rating would be a high credit rating, triple B is equal to good credit, and triple A is still the best possible credit score. With Fitch ICBA, anything lower than a triple B is considered junk. If an investor is using Standard and Poor’s rating system, then D is considered the worst possible score.

A sovereign credit rating is the type of credit score that is issued to countries and their capability to provide a stable investment environment for investors. There are numerous factors reflected in a sovereign credit rating including, private investment, foreign currency reserves, economic status, and political stability. These aspects are usually the first thing institution investors research when considering investing abroad. Investors are not the only ones who look at credit scores in this arena, entities searching for investors will also use this to find additional funding. Investment grade reports will generate interest for a country or company, which will make it desirable for foreign investors. A high credit rating will also aide emerging market economies, which shows how safe their foreign investors’ funds really are. Today, credit ratings will facilitate investments as both companies and nations attempt to improve their credit ratings.

Fernando

The Truth asked:


freecreditreport.com , experian, transunion, equifax are all in together to make money off me. Where can I get a “real” free credit report without having to give up my credit card information and sign up for some monthly membership or a dumb “identity theft monitoring alert” service ?

thanks for any help!

Peggy

Sean Dean asked:




In today’s economy and volatile financial world, knowing and monitoring your credit score is no longer a luxury. It is vital. Today, not only do you need to have an accurate picture of your finances, you also need to keep an eye on them regularly. (Daily is optimal.) Just using a free service to obtain your credit score once in a great while may not be enough today. Today, future employers, landlords, and any one with whom you may do business or borrow money can take a peak at this report. Here’s a list of some scenarios in which daily monitoring can greatly help:

Qualifying For And Obtaining The Best Housing, Mortgage, Refinancing, Credit Card, Or Loan Rates: Your Fico credit score is the determining factor in any credit, loan, or mortgage terms, acceptances, and rates. Obtaining decent, reasonably priced credit is increasingly difficult in our volatile economy. Knowing your accurate Fico score can instantly give you a view of what you may qualify for and the rates that you’ll likely receive. Doing this homework prior to the application process can be vital. Arm yourself with all of the facts before you enter into the application process or negotiations with any financial institution. Doing so can both ensure your acceptance, favorable rates, and can save you money.

Changing Inaccuracies And Mistakes / Monitoring And Improving Your Score: If your credit report shows that your score is less than desirable or is inaccurate (believe it or not, up to 70% are), your best bet may be to take advantage of the reporting / monitoring company’s resources so that you can monitor, fix, and then improve problem issues. Such agencies often offer tips and tools that will help you: interpret your situation accurately; fix any inaccuracies; set a score goal; and then make any adjustments necessary to ensure you achieve it. By monitoring this information regularly, you can see any errors as they arise, determine where you are making headway and get a clear picture of where you need to concentrate your efforts. This will likely help you achieve your goals faster. You’ll also know the moment you reach your target score so can obtain your credit, loan, or mortgage at the time optimal for the most favorable rates. This sounds simplistic, but it can theoretically save thousands of dollars over the life of any loan or line of credit.

Immediate Notification Of Identity Theft: Credit score monitoring companies typically update your information daily. This means you’ll know immediately if a transaction is made without your knowledge or permission. Immediately reporting suspicious or unauthorized activity is vital to stopping very costly identify theft as soon as it happens and before the thieves go on a spending spree at your expense. Yes, over time, you can theoretically wade through the red tape of unauthorized transactions and straighten it all out, but it takes a lot of time, money, and frustration to get there. In the meantime, your name and your financial information, is tarnished. It’s so much easier to stop and report the problem immediately. Many monitoring companies also offer protection and insurance also.

How Much Does Credit Reporting / Monitoring Cost? It’s probably a lot less expensive than you might think. Although some will offer “free” services, what you’ll likely get for “nothing” is just a monthly notification of changing activity you’ll have to pay to retrieve. In other words, when there is activity, the information is held hostage until you pay. There are services available that give you detailed, daily reporting for less than $10.

Sara

Stacy Evans asked:




Did you know that there are three main credit bureaus that handle and monitor your credit? Consequently, you have three separate credit scores and credit reports. Annually, you are entitled to one free credit report, per bureau. It is important to check all three credit reports because each report is different. The same account that will appear on an Experian report may not show up on a TransUnion report.

Equifax was founded in 1899; it is the oldest U.S. consumer credit report agency. Equifax was originally known as “Retail Credit” until 1975 when the company was accused of issuing personal information such as marital troubles, sex life and political views to creditors. As a result, creditors would base credit worthiness on the premise that if you participate in deviant sexual practices or abuse your spouse, it is likely that you could not be trusted to back a loan. That same year, Retail Credit announced that it would computerize its files. As a result, they were brought to court by a Columbia University Professor Alan Westin. The professor argued that computerizing information presented a threat to a civil liberties and privacy. He also argued that the company would give information to almost anyone who wanted it. Accordingly, the Fair Credit Reporting Act was created later that year.

Decades after rebuilding its reputation, Equifax now has offices in approximately 14 countries. The company also works very closely with the government to make certain that they do not violate any privacy laws. Though they do adhere to these laws, they reserve the right to report suspicious activity. Experian’s reports and scores are different because they use a different method of collecting information for credit reports and scores. Some credit bureaus use the FICO scoring method while others have adopted methods including, VantageScore and the PLUS Score.

Equifax offers various services and products, including Equifax ID Patrol, Debtwise and Score Watch. ID Patrol monitors your credit file and sends out alerts when important changes are made. For instance, if your private information is found in a suspicious underground internet trading site, Equifax will notify you via e-mail. Debt Wise provides you with a step-by-step plan to quickly pay down your debts. Score watch monitors your FICO score so that you can achieve your ideal score. ID Patrol will give you a thorough explanation on what changed your credit score. Equifax provides several other services, all for a small fee.

All of the credit bureaus offer various services that will help you repair your credit. To find out the best credit monitoring and repair methods without the hassle of everyday research, seek advice from a credit consulting company.

Willie

Jennifer S asked:


I understand they can place leins on money owed. But here’s the deal — all my taxes have been filed and refunds received. My husband’s business is another question; it still has outstanding taxes that he and the accountant are working on. Last week the department of revenue for our state garnished he business account , emptying what was in there. Makes it sort of hard to live and pay bills. I received notice thru credit monitoring that the IRS has now “inquired” into my credit. Where in any document or agreement or law do they get that power? They are not offering me credit, a job nor have they contacated me stating i owe anything. Is this their preemptive way of getting ready to garnish me for his debt?

In any case, i’m emptying my account in the morning so that i can pay bills like the morgtage and child care and groceries.

Javier

Ken S asked:




Hello everyone!

Credit report monitoring is defined as the constant watch over your credit report and history in order to detect any suspicious activity or change in your credit file. It detects identity theft and other credit related fraud. Credit monitoring services are a great option if you want to keep a close eye on your credit report. Having been a victim of both identity fraud and credit card theft, I use another option called identity monitoring. I wish I had this service before the crimes. According to the U.S. Federal Trade Commission, it takes an average of 12 months for a victim of identity theft to notice. It took me eight. An identity monitoring service will alert you of inquiries for credit as well as changes in your credit report to aid you in stopping the theft before actual damage occurs.

You can monitor your own credit, making sure your record represents you fairly and accurately, by regularly ordering and reviewing your consumer credit reports from the three major reporting agencies. You can request a report from each of the three reporting bureaus (Equifax, Experian, and Transunion) at the same time or at different times. The advantage of reviewing the three reports at once is that you can get a complete picture of your consumer credit report history. The disadvantage is that it is a one-shot deal and you do not have the advantage of an ongoing review. There is a better way to monitor your credit yourself.

Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. (To request your free report under that law, go to http://www.annualcreditreport.com.) This is a great option if you want to monitor the accuracy of your consumer credit reports throughout the year for free. Just request your report from one bureau initially, then follow up with another bureau’s report four months later, and the third four months after that. Each time, if you find errors, no matter how small, be sure you get them fixed right away. Even if you find the suspicious activity on just one report, make sure that you contact all three credit bureaus to ensure they make any necessary changes. You should receive amended reports within a week after the changes take effect.

A third option is to use an identity monitoring service. This service monitors the information related to your identity, and notifies you right away of any suspicious or seemingly fraudulent activity. It allows you to correct any errors associated with your identity without having to suffer the consequences of finding out months after the theft has occurred. Though you may not be able to prevent a theft from occurring, a timely notification system can help you can avoid any losses by helping you get quick resolution. The average identity theft costs the victim over $5,000 and takes over 400 hours to resolve if it is not detected quickly.

Whether you decide to use a credit monitoring service, self-monitor your credit report, or use an identity monitoring service, a pro-active stance is the best defense against identity theft.

- Ken S.

LowRateSearch.com

blog.lowratesearch.com

Jesus

Chane Steiner asked:




Alliance One is one of the biggest collection agencies in the world. Alliance One was formed in 1999 through the merger of five predecessor companies. As of August 1, 2007, Alliance One, Inc. is a subsidiary of Teleperformance USA, Inc. They specialize in health care debt collection and have more than a dozen offices and call centers in the United States.

If you do a search for Alliance One on the internet, you will no doubt see many complaints about them and their harassing phone calls and incompetent, untrained employees. Avoid talking to debt collectors on the phone. All communication with a debt collector should be written. Learn your rights under the Fair Debt Collection Practices Act before dealing with collection agencies.

When Alliance One is assigned a collection account from one of your creditors, they report the account on your credit report. Collection accounts on your credit report can severely damage your credit.

The good news is collection accounts are removed from credit reports by the thousands everyday. If you have collection accounts on your credit report there are a few ways you can have them removed. The most effective method is to dispute the account with the credit bureaus. You are permitted by law to dispute any item on your credit report that is “questionable”. If you’re not sure that the details of an account are being reported correctly or if you are completely unfamiliar with the account at all, then you can dispute it with the credit bureaus.

Debt validation and pay for delete methods are other techniques used by credit repair services and consumers trying to repair their credit. It’s important to explore these methods when dealing with collection agencies like Alliance One. By getting collection accounts taken care of and removed from your credit reports, you can raise your credit scores and have a better chance of getting a loan with a good interest rate.

Heather