Abhishek Agarwal asked:


All of us have a credit report. It is compiled from all the credit transactions we have ever made. Every credit card payment, every store card, every loan, every mortage is included in it. Your credit report tells potential lenders whether you are a good or a bad risk. It affects your ability to get credit.

It is important to keep a check on your credit report because errors can creep in over the years. If there are mistakes on your credit report then you may be refused credit for no reason that you can understand.

Checking your credit report online is comparatively simple.You can find it on three websites. They are www.experian.com, www.transunion.com and www.equifax.com.

Each of these sites belongs to a different company: Experian, Transunion and Equifax. These companies each keep credit records. They use slightly different methods and none is provides complete record of all transactions. But they provide a general picture of your credit record.

Most companies report credit transactions to at least one of these companies. They are not obliged to do so but it is in their interest to do so.

Since 1997 everyone is able to apply for one free credit report every year.The Fact Act made it obligatory for the credit ratings agencies to provide this information to you. You can only get one for free but it is worth paying for the other two.

You obtain the report from www.annualcreditreport.com or www.freecreditreport.com. They will deliver it direct to your computer.

If you find any inaccuracies you should notify the credit reporting company and provide them with evidence of the transaction. They will be eager to correct the mistake because they want their records to be as accurate as possible. That is what their business depends on. They are no use to the finance companies if they have poor data.

Checking your credit on an annual basis will allow you to make sure that it is correct. It will also give you a picture of how your credit rating is going and whether you need to take some remedial action.

You need as high a credit score as possible. You achieve that by paying loans promptly and in full. You need to be proactive about managing your credit score. You can avoid problems by taking action before it gets so bad that you are seen as a bad risk. Pay off any outstanding loans especially credit card debt. You may have to curb your spending for a month or two but it will be worth it. When you really need a loan for something important it will be easier to get it if you have taken action on bad debt.Original word



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CARINA G asked:


I have some credit cards opened and I don’t want the banks start freezing them. I use them but I pay them in time. The only problem was with my mortage that, in order for my lender to help me, I must be late, but I am not yet.

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Mare asked:


Also,

Are mortgage closings only done at the end of the month??

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lotrav asked:


I was in a bad accident a few years ago and couldnt afford any of my bills. I have charge offs, late payments etc. My husband has excellent credit with an established employment history. I am wondering if we could use our combined income on the mortgage application and just use his credit for the interest rate, or if anyone has any other suggestions?

Thanks!

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Coral asked:


How many points does your credit score go down for every late mortgage payment made 30-35 days after the due date?

Is this hard to repair?

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