Have you seen this up and coming credit/banking industry product - Visa debit combo cards?…
May 14, 2013
A consumer credit report is based on factual information regarding a person’ credit payment history. Its primary purpose is to help credit grantors determine whether or not to approve an individual for credit.
A consumer report typically consists of
• Negative credit ratings, which are credit items (late payments) or public record (bankruptcy) that are in bad standing
• Positive credit ratings, which are credit items that are in good standing
• Personal information consists of a person’s full name, addresses, employers, Social Insurance number, birth date and other personal information.
• Previous credit history requests come from people who have requested your credit information in the past such as credit grantors or past employers.
• Personal statements or notations are information you added to your report to expand on a particular credit item, such as a bad debt you know is not your fault.
Frequently Asked Questions
Everyone starts life with a good credit rating. When you are late with a payment, your credit rating is negatively affected. Since a poor a credit rating will affect you for several years, review your report before all major purchases. Here are some more frequently asked questions regarding credit reports.
How can I get a copy of my credit report? Contact either Equifax or TransUnion.
What should I do if I find an error? First, re-examine the report you may want to seek additional help for a better understanding of the report. Once an error has been confirmed, write to the credit bureau to dispute the information. You might also want to request reports from the other credit bureaus to make sure the same mistake has not been replicated. If the problem persists request that a personal statement be added to the report, stating that you dispute the reported information.
Are You Stuck in a Web of Debt?
Many times, consumers don’t realize they have a financial problem until it is too late – are you one of them?
Do you pay only the monthly minimum, pay one credit card off with another, consolidate debt by borrowing from a high-interest lender, and find it hard to save? Do you panic when faced with financial emergencies, make important payments late or borrow money from family or friends to pay for everyday expenses?
If you answered “yes” to any of these questions, you may be tangled in the web of debt, but don’t worry. Quick thinking and timely actions can have you untangled in no time.