You may know that federal law entitles you to receive one free credit report each year from the three major credit bureaus: Equifax, Experian, and TransUnion. But do you know the best way to do so, and how to stay on top of your credit all year long?

To get your credit reports at no charge from the credit bureaus, simply log onto Annualcreditreport.com, the website maintained by the three credit reporting agencies. When you request your credit files, you have the option of getting those reports in one of two ways: all at once, or over a period of several months, perhaps even up to a year.

Some experts recommend that you get a single credit report at a time, staggering them every four months or so, to see your credit files throughout the year. Under this scenario, you might retrieve your Equifax report in January, your Experian report four months later in May, and then your TransUnion report in another four months, in September. The following year you’d repeat the cycle, picking up those respective credit reports again in January, May and September. Advocates of this method suggest that, to execute this strategy, you should set up email notifications, text alerts or other calendar reminders to help you keep tabs on your credit – and when to next request a credit file – throughout the year.

(more…)

It is not uncommon today to find a lot of people becoming victims of identity theft. Cyber crime is on the rise and criminals today use sophisticated and advanced techniques to steal information en masse.

It is therefore necessary to monitor credit reports on a periodical basis for any misuse. Personal credit in America is usually monitored by credit bureaus. Your financial identity is kept track of and monitored closely by these credit bureaus. Credit bureaus keep track of companies that grant you credit, reviewed your credit, past credit companies you have dealt with, the jobs you have been in for the past ten years and your residence details.

If you monitor and keep track of your credit reports, it is easy to spot any identity theft immediately. You can review your credit report to check the companies with which you have opened accounts and details of organizations that have reviewed your credit before offering their services.

Keep in mind a few important aspects as you monitor periodically your credit report.

(more…)

Chances are if you’re reading this your credit score is not what you want it to be. Poor credit is a very common problem. Millions of individuals are affected, especially in the current economic times. If you’re willing to take the time you can make a difference in your scores. They’re constantly changing and ultimately you are the one that determines your score.

Far too often people speak of their credit score as if they have been marked. It’s as if they feel the credit bureaus just assign them a low number to make things difficult. This is anything but true. The credit reporting agencies simply look at the information that has been reported and calculate a score using their methods. They are not biased nor do they hold any kind of vendetta against you personally.

So above all else you need to begin reporting positive information. Add items that can’t help but bring up your score. Promptly paying your bills, paying down credit cards, and paying off debts early as possible will all bring your score up. Your creditors are required to report your information accurately, they must report the good and the bad. Once again you are in control of what gets reported.

(more…)

In the twenty-first century, repairing your credit means that you will have to learn how to deal effectively with a variety of companies and agencies in writing and telephone communications. You should expect to deal with the three reporting bureaus, your original creditors, and any other agency that reports your consumer information to the credit bureaus. You might also have to deal with legal representatives hired by creditors. Since 70 percent of consumer credit reports in the U.S. contain errors, learning how to monitor and dispute your report is essential to protecting your rating. When you get creditors and the bureaus to update your record with the right account information, you improve your credit score. You also get better terms such as lower interest rates in the future.

Disputing your credit report is difficult because consumers don’t know how to monitor their own report and how to get them to fix mistakes. At the same time, people don’t want to deal with the harassment when they go through bad financial situations like getting laid off or becoming disabled. Some key issues in credit repair are: not having the right information, not knowing how to correct problems by communicating effectively with creditors, and hiring the wrong type of company to repair your record. If you cannot afford a lawyer to represent your dispute problems, self-help resources may be your answer to solving your credit repair issues.

(more…)