Your Credit Report – What You Should Be Aware Of

The mounting commonness of identity theft and amplified anxiety regarding good financial strength has led numerous consumers to seek copies of their credit reports online. Doing this is certainly admirable; the more you know about how potential creditors and lenders perceive you, the more ready you can be when it comes time to submit an application for a loan or credit. An added benefit is that customers can get a hold of one copy of their cheap credit report from each one of the three main credit bureaus once a year through a Web site intended for such purposes at CreditReportComparisons.com.

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Regrettably, there are still many Web pages that are created for the only reason of deceiving consumers who are seeking copies of their cheap credit reports. A quick Google search for the phrase “free credit report” today turned up no less than twenty five million sites in the search results. There definitely are not twenty five Web sites that are going to offer copies of credit reports for free, so what is the deal?

It is all about money. Minus the “official” page, the others are there to profit, and they can profit in one of two different fashions:

Sell you something –

A few of these sites really are owned by the credit agencies; they have designed them to offer you the credit report while selling something else to you in the meantime. These web sites will present the “free” report in big font, while telling you in tinier ones that by agreeing to the free report you are agreeing to buy a credit observing service, which can cost you $10-15 each month. The credit bureau-owned web sites will also advise you that you can get your hands on your report for free at the “certified” page. That is usually declared in fairly tiny print around the end of the site.

Take something from you –

Unfortunately, there are still countless unscrupulous crooks out there on the Internet who see the curiosity in credit reports as the ideal method to take personal information from individuals. Their pages will offer a “free” report, and maybe some extra services for which you can pay. But after you fill out the form and give your name, Social Security number and credit card, you get nothing in return. Instead, the owners of these pages exploit the private information to take money and borrow credit in your name, leaving it up to you to cover the bills.

If all you need is a free credit report, the perfect method to steer clear of this trouble is to acquire it contrasting from official ones at CreditReportComparisons.com. Alternatively, you can call the numbers given on the page to receive your report by mail. This way, you can avoid being victimized by the thousands of sites that might lead to you paying extremely for your “free” credit report.

Improve Credit Scores How To Repair Credit

Once you know your credit score, have targeted the card that is the closest to the limit and begun to pay off the debt to below 30% of your credit limit, you’re ready for the next phase in the get-out-of-debt plan—how to repair credit. In learning how to repair your credit, we’re going to employ a few tricks that you probably haven’t heard of, but that all consumers have at their disposal to improve their credit scores. If you’re already in debt trouble it’s going to require a little bit of patience, and a whole lot of discipline, which is exactly what you need in order to stick with your program of repairing your credit and possibly even getting completely out of debt.

How To Repair Credit

Always remember that maxing out your balance leads to lower scores, so the first step to repair credit is to pay off all of your credit cards, and maybe even close one or two accounts to reduce the amount of debt that you can borrow. You’ll want to close your newest credit accounts as opposed to the older credit accounts as we will see in just a little bit. But once you have your cards paid down to reasonable levels be sure that you use your cards very gently each month. Again, it’s best if you pay your cards off every month when the bill arrives as well as never charging more than 30% of your maximum credit limit at any time in every 30 day cycle.

It is this 30 day cycle that will decide whether you are going to turn to the International Debt Collection management for financial help or not but there is no problem if you can pay your bills on time, which again can be done in the best way through cards as it will be easy to manage the transactions without any hassle.

Next, be sure that the credit bureau is aware of what your actual credit limit is. Even though your credit limit may be $5000, that doesn’t mean that your lender has actually reported the information to the credit bureaus. In these cases the credit reporting agencies will take the maximum amount you’ve ever charged on the card and report that as your credit limit. So if you have a $5000 credit limit that the bank has never reported and you’ve only ever charged $2000 on the card, the credit reporting agency will send the $2000 as your credit limit. You may very well be using less than half of your credit limit at any one time, it’s just that the credit agencies don’t know that.

While there are a few card issuing agencies and banks that never report credit limits, such as American Express, most credit card lenders will report your credit limit to the credit reporting agencies when requested to do so. By using your cards very gently and making sure that your credit limits have been accurately reported to the credit bureaus you should be able to begin repairing your credit scores fairly quickly and easily.