How to Find Out If I Am a Victim of Fraud

A fraudster can use a number of techniques to misrepresent the truth, earn your trust and extract money from you. New types of fraud are seen all the time but if you know a few tricks to spot these attempts, you can become your first line of defense against fraud. Asking yourself two important questions can help you identify attempts of fraud against you, but your ultimate protection against fraud is diligence in reviewing your expenses and account...

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Credit Score Myths Debunked

Myths about credit scores arise from not understanding what factors are taken into account when the scores are calculated. Credit scores generally range from 300 to 850, and creditors and lenders view higher scores more favorably. Yet maintaining a high score involves more than just paying bills on time. Balances People who pay off their credit-card balances each month may assume that's enough to maintain a good credit score. Yet credit scores can be adversely affected by how much available credit a person uses. For example, someone who...

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Why Do Banks Run a Credit Check for Checking Accounts?

Bank accounts do not necessarily involve debt, so the credit reporting bureaus usually leave them off of a report. However, banks sometimes pull credit on a customer. Credit inquiries related to a bank account usually happen because a customer requests services that require a small loan. Alternatively, banks might run a credit check on all applicants because they want to avoid misuse of the account, such as check fraud. Identification Handing out a bank account poses risk to a financial institution, even if it is a savings account. A customer...

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Laws Regulating Credit Reports

Your credit report contains a detailed record of all of your credit accounts, including the amounts you owe, the dates and amounts of your payments and how long you have been managing the accounts. The federal government has several laws that regulate how companies can compile and use your credit reports. Fair Credit Reporting Act The major law regulating your credit report is the Fair Credit Reporting Act. This law requires that consumer reporting agencies --- which collect information and compile your credit reports --- allow you to access...

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Can a Credit Union Help Improve Credit?

Bankrate reports that as of 2010, there were almost 7,700 credit unions operating in the United States. Credit unions operate as nonprofits, meaning they can offer better terms and rates to their customers. As a customer, you can apply for different credit products, such as credit cards and auto loans, which will help you build a positive credit history and score. Basics A credit union works like a traditional bank, except a credit union requires membership. Qualifying for membership depends on the type of credit union. For example, many...

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How to Negotiate With a Creditor to Update a Credit Report

If you've just paid off a delinquent credit account or removed your name as a joint account holder from a credit account, it can be frustrating having to wait until a creditor decides to report the information to the three national consumer reporting bureaus: TransUnion, Equifax and Experian. Using a few strategies, you can negotiate with your creditor to update your credit reports as promptly as possible. The process is moderately easy, but does require legwork. Instructions 1 Obtain a copy of your credit report from one of the three national...

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What to Write to a Credit Card Company to Remove My Ex-Spouse's Charges From My Report?

You may be disappointed to learn that divorcing a spouse does not necessarily cut all ties with him. In fact, you may find some of your spouse's debts on your credit report. Unfortunately, this probably means you legally owe them. You could write the creditor to fight your liability to pay the debt, but your plea may fall on deaf ears. Identification There probably is little you can say in a letter to remove an ex-spouse's charges from your report. If you had a joint account with a spouse, you are liable for payment on the account even...

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Can My Bad Credit Affect My Spouse?

Although your bad credit does not directly affect your spouse's credit score, it can have several indirect effects as you move forward in managing your finances together. Before getting married, you should discuss your credit scores so you don't run into any surprises when you apply for credit together after the wedding. Separate Scores Credit scoring is done on an individual basis, so even after getting married, you and your spouse will maintain separate credit scores. You will each have the credit history from before you got married,...

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Does Refinancing Change a Credit Score?

A lender will often report credit accounts to the credit bureaus. The bureaus compile this data and keep it within their database. This information is used to create a consumer credit report on you. Refinancing occurs when you take out a larger loan over an extended period of time to pay off a smaller loan, and this may have an impact on your credit score. Credit Scores Your FICO credit score represents how you handle credit and ranges from 300 to 850, according to FICO. It has five areas. The largest portion of the score measures how well...

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Steps to Build Credit

Building credit is a gradual process that requires understanding how credit works and making wise financial decisions. Wrong choices and bad habits lead to a poor credit rating, which can reduce your chances of getting a home or car loan when you need one and make it harder to get a good interest rate. Personal Loans Start establishing a credit history by taking out a personal loan using your property as collateral. Visit your bank and talk to a loan officer about applying for a small personal loan using jewelry or other personal property...

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How to Determine What is a Good Credit Score

What is a good credit score? When it comes time to borrow money for a house, car, or personal loan, people begin thinking about their FICO numbers. In fact, people should think about their credit each and every day. If you don't know where you stand in the eyes of your potential lenders, now is the time to find out. Here you will find out how to determine what is a good credit score. Instructions 1 Pull your 3 credit reports and FICO scores....

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Free Fast Credit Repair Tips

Bad credit records haunt you when you try to get loans or credit cards. You may be tempted by ads online, on television or the radio offering to repair your credit, but the Federal Trade Commission warns that most companies do not follow through with their claims and explains that you can fix your records yourself for free. Clean Your Credit Report You may be able to clean up many negative entries on your Experian, Equifax and TransUnion credit reports if you can find any errors in them. There are mistakes in up to 25 percent of reports....

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Who to Call for Updating My Credit Report?

The credit bureaus can be notoriously hard to contact -- Experian is famous for constantly changing its mailing address and phone number, according to the BCS Alliance. You usually do not have to call anyone to update your credit report. In some cases, you might have to contact a creditor or credit bureau. The Creditor Normally, creditors update their accounts every month, so you do not need to call them as a reminder. The only time you might...

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How to Get a Credit Report From Equifax

Equifax is one of the three major credit reporting agencies in the United States. This agency creates a credit report based on information furnished by your creditors. You'll find credit card, loan, mortgage and other type of credit accounts on your report. Any recent delinquencies, collection accounts or negative reports will also be included. Request a credit report from Equifax to confirm that your report has accurate information. You are legally allowed to request a free credit report from Equifax and two other credit reporting agencies once...

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How to Improve My Credit Score

In today's economic environment, you may be pondering "how to improve my credit scores". What most people do not realize is that increasing your credit score by 80 points can reduce the interest rate that you pay by 1.5%. This could potentially save you hundreds of thousands of dollars over the course of a 30-year mortgage. Instructions 1 Pay Your Bills On Time - Everyone knows that you should pay you bills on time each month. What you may not realize is that every late payment shows up as a negative factor on you credit report. As soon...

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Does My Credit Score Affect My Spouse's When We Marry?

Your credit score plays a significant role in your ability to be approved for loans and other lines of credit. Each individual has a credit history based on how their have handled your debt obligations in the past, which is used to calculate your credit score, a number between 300 and 850. The higher your score, the more creditworthy you appear so banks will be more likely to offer you a lower interest rate. Your credit score is based on your credit...

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How to Understand Your Bad Credit Report

Many things can contribute to a bad credit report. Bad credit can remain on your credit report for seven years. Each item of bad credit has a certain designation for identification purposes. Items of bad credit can include bankruptcy, repossession, foreclosure, 30, 60 and 90 days past due, judgments and tax liens. After seven years, most bad credit items will automatically fall from your credit report. You can dispute any inaccurate or incomplete information. Instructions 1 Determine which items on your credit report are charge offs. An...

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Will a House Boost Your Credit Score?

Credit scores are calculated using criteria such as the types of credit accounts you have, the balances on the credit accounts, the overall and average length of your credit history, and other factors. When you add a house mortgage to your credit report, several new factors are added to the report that can make your credit go up or down, depending on your situation. Credit Score Basics Your credit score is a three-digit number produced based on information found in your credit report. The credit report information comes from your creditors,...

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How to Dispute Identity Theft Items

It's a bit disconcerting to realize that there is something on your credit report that isn't right, but it's a sinking feeling to realize the inaccuracies are the result of identity theft. The financial mess left in the wake of identity theft can take months or even years to completely straighten out. One of the first things you can do to start down the path to reclaiming your identity is to dispute anything on your credit report that isn't yours. Instructions Disputing Fraudulent Items 1 Report the identity theft to a law enforcement agency...

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How to List a Past Due Account on a Patient's Credit Report

A successful medical practice is not just about treating patients. You must also manage your practice's accounting processes if you expect to make a living. One such task that a medical practice must complete is collecting money that is past due. Accounts that are more than 90 days old should be reported to credit bureaus. If your patient sees the account on his credit report, he may be more likely to pay it. Instructions 1 Call your patient about his past due account and explain that you plan to report it to the credit bureaus. In some...

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How Do Deposits for Cell Phone Companies Work?

Basics Cell phone companies tend to require deposits to start service when there is the presence of bad credit or no credit history at all. This is a source of protection for the company, in case the bills are not paid as agreed. It is important to understand how cell phone deposits work when one is asked of you to complete a purchase. No Credit When a consumer has no credit, she is still a credit risk. A cell phone company will usually ask for a modest deposit, such as $150 to $300, to secure the line. This is not used toward future...

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What Effect Does a Frozen Credit Card Have on My Credit Score?

Credit cards may raise or lower a person's credit score depending on a variety of factors. A frozen credit card account may be one of those factors, but usually it will only affect a person's credit score in a minor way. Credit Card Freeze A credit card freeze is different than a credit freeze. You can freeze your credit cards if you contact the card company and tell them to freeze the card. You won't be able to use the card after that. ...

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Issues Related to Internet Credit Card Identity

Credit card identity theft can occur over the Internet and have lasting consequences. Regrettably, some people don't realize their personal information is compromised until they apply for a loan. Thieves have several tricks for stealing your personal information. Learn the ways they acquire your information and tips to protect your card numbers. Consequences Having someone take your credit card number and it to buy items can negatively affect your personal finances. And if someone applies for a credit card in your name, this move can hurt...

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Being 30 Days Late & Your Credit Report

When you fail to make a loan or credit card payment within 30 days of the due date your lender can notify the credit reporting agencies. The national credit bureaus, Equifax, Experian and TransUnion, all list 30 day late payments on your credit report, and your credit score suffers every time a creditor reports a late payment. Late Payments Technically, you are making a late payment if you miss your payment due date by just one day, but most lenders provide you with a grace period that lasts for up to 10 days before your payments are regarded...

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How to Get Negativity Off of a Credit Report Instead of Disputing It

It is always a good idea to periodically inspect your credit report to make sure there aren't any mistakes bringing down your score. If there are no mistakes, you may still find a few negative influences that are harming your report, in which case you need to remove them. According to "DestroyDebt.com," you can challenge the accuracy of anything on your credit report at any time to have it removed. Removing the small harmful portions of your credit report can greatly increase your overall credit score. Instructions 1 Look at your credit...

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How to Run Your Credit Score

If you aren't getting the best interest rates, it might be time to run your credit score. Credit scores are numbers that credit bureaus assign to assess borrower risk. Financial institutions use this number to determine which interest rates to offer consumers (or even if they qualify for a loan). In some cases, a low credit score can prevent you from accessing credit, securing insurance or landing employment. Instructions 1 Gather personal information. Before requesting your credit score, make sure you have personal information handy. Credit...

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How to Sue a Company for Information on Credit Report

Debtors can sue their creditors for reporting false information to a credit bureau. This is usually only an effective strategy if the debtor can produce documentary evidence demonstrating the inaccuracy of a claim on a credit report and their attempts to resolve it with the offending party. If a creditor or collection agency violates the Fair Credit Reporting Act, they may be vulnerable to a lawsuit for damages. Instructions 1 Maintain records of all bills and communications with creditors. Only mail out copies. Keep the originals for yourself...

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