Post by ybrown on Nov 14, 2007 11:38:15 GMT -5
Hi Saints. 
I’ve gained some knowledge over the past few years and wanted to share.
I thought I remembered a Finance Forum before and I was going to post there, but since I’m either nuts and there never was such a forum, or there was but it’s fate is now the same as the Jerry Curl, I’m posting it here because of the important links at the bottom.
Mods feel free to move it if I still didn’t get it right. LOL ;D
First, let me say that there are a lot of unscrupulous people out there – from people committing identity theft and obtaining credit in your name without you knowing, as well as collections agencies that don’t give a second thought about putting something on your credit report that does not belong to you.
If you don’t know what’s on your credit report, get it and find out. Don’t be afraid to deal with this. If you’ve had a rough past, deal with it, move on and walk with your head held high. You know Whose son or daughter you really are no matter what your credit looks like.
Now on to business. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months.
The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
In addition, the FTC says under federal law "you're entitled to a free report if a company takes adverse action against you such as denying your application for credit, insurance, or employment and you ask for your report within 60 days of receiving notice of the action.
The notice will give you the name, address, and phone number of the consumer reporting company. You're also entitled to one free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft."
So where do you get a free copy of your credit report?
ONLY ONE website is authorized to fill orders for the free annual credit report that you are entitled to under law – annualcreditreport.com. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program and in some cases, the “free” product usually comes with strings attached.
- DON'T GET TAKEN BY IMPOSTER SITES -
Additionally most people don’t know what their credit scores are and they should. It’s your credit score(s) that determine the interest rate that lenders charge you.
If you are in the market for a mortgage or car loan anytime within the next 12 months you will want to know what your credit scores are. To find out your TRUE credit score(s), again be very careful because every Tom thingy and Jane Company out there offers so-called credit scores. Most consumers and I’ll say as much as 95% don’t know that these scores are shams and are completely meaningless.
There is only one type of credit score that mortgage companies, banks, auto financiers, credit card companies and even employers use when they want to know your score and the only scores that matter are your FICO scores. Anything else is bogus and a total waste of money.
If you don’t purchase your score(s) directly from the 3 bureaus individually then the best and most widely used site from which to purchase your FICO is myfico.com. Notice I said purchase. The credit report may be free but the scores are not.
If the score isn’t a FICO and it doesn’t say FICO it is worthless because that score can be off of your FICO by as much as 100 points, up or down, or more in some cases. FICO is what creditors use to determine IF they will extend credit to you for mortgages, credit cards and auto loans, and FICO is what those same creditors use to determine that rate that you will pay.
Now a small rant.
If you have a rough patch, things are tight due to job loss, illness, etc. fine, take what you can get if you have to, but don’t live there. Use that terrible loan to help you re-establish a good paying history and as soon as you can, refinance to a normal manageable rate.
Rant over.
If you don’t have the cash to buy a car or to buy a home outright, make sure you at least get the lowest possible interest rate available to you. The only way to do that is to know what’s on your credit report. Protect your good (or soon to be good) credit rating like you would the cash in your pocket because it’s just as valuable.
LINKS:
• Annual Free Credit Report - www.annualcreditreport.com/cra/index.jsp
• FTC Facts for Consumers - www.ftc.gov/bcp/conline/pubs/credit/freereports.shtm
• To get your true FICO scores – www.myfico.com/
Saints, two pieces of advice:
1) Use credit responsibly and don’t use credit to go into debt. Let credit work for you and don’t let credit companies get rich off of you. Borrow as little as possible and when you do borrow try to never be late. That good habit will pay off in the end.
2) Credit Unions are your friend. They have some of the best terms, rates and offers to people with all types of credit. They’re more willing to work with you and usually their customer service is far superior and much more personable than the big banks and institutions.
It’s good to “see” you guys again.
Stay blessed (for those that know they are)
Be blessed (for those that don’t know it yet)
Ybrown
I’ve gained some knowledge over the past few years and wanted to share.
I thought I remembered a Finance Forum before and I was going to post there, but since I’m either nuts and there never was such a forum, or there was but it’s fate is now the same as the Jerry Curl, I’m posting it here because of the important links at the bottom.
Mods feel free to move it if I still didn’t get it right. LOL ;D
First, let me say that there are a lot of unscrupulous people out there – from people committing identity theft and obtaining credit in your name without you knowing, as well as collections agencies that don’t give a second thought about putting something on your credit report that does not belong to you.
If you don’t know what’s on your credit report, get it and find out. Don’t be afraid to deal with this. If you’ve had a rough past, deal with it, move on and walk with your head held high. You know Whose son or daughter you really are no matter what your credit looks like.
Now on to business. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months.
The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
In addition, the FTC says under federal law "you're entitled to a free report if a company takes adverse action against you such as denying your application for credit, insurance, or employment and you ask for your report within 60 days of receiving notice of the action.
The notice will give you the name, address, and phone number of the consumer reporting company. You're also entitled to one free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft."
So where do you get a free copy of your credit report?
ONLY ONE website is authorized to fill orders for the free annual credit report that you are entitled to under law – annualcreditreport.com. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program and in some cases, the “free” product usually comes with strings attached.
- DON'T GET TAKEN BY IMPOSTER SITES -
Additionally most people don’t know what their credit scores are and they should. It’s your credit score(s) that determine the interest rate that lenders charge you.
If you are in the market for a mortgage or car loan anytime within the next 12 months you will want to know what your credit scores are. To find out your TRUE credit score(s), again be very careful because every Tom thingy and Jane Company out there offers so-called credit scores. Most consumers and I’ll say as much as 95% don’t know that these scores are shams and are completely meaningless.
There is only one type of credit score that mortgage companies, banks, auto financiers, credit card companies and even employers use when they want to know your score and the only scores that matter are your FICO scores. Anything else is bogus and a total waste of money.
If you don’t purchase your score(s) directly from the 3 bureaus individually then the best and most widely used site from which to purchase your FICO is myfico.com. Notice I said purchase. The credit report may be free but the scores are not.
If the score isn’t a FICO and it doesn’t say FICO it is worthless because that score can be off of your FICO by as much as 100 points, up or down, or more in some cases. FICO is what creditors use to determine IF they will extend credit to you for mortgages, credit cards and auto loans, and FICO is what those same creditors use to determine that rate that you will pay.
Now a small rant.
I hate those car commercials with Black folks shucking and jiving, advertising to people with “Slow credit, bad credit, you’re approved”. Yeah, sure you’re approved but they’re going to charge you 29% interest! Ugh!!!!!!
If you have a rough patch, things are tight due to job loss, illness, etc. fine, take what you can get if you have to, but don’t live there. Use that terrible loan to help you re-establish a good paying history and as soon as you can, refinance to a normal manageable rate.
Rant over.
If you don’t have the cash to buy a car or to buy a home outright, make sure you at least get the lowest possible interest rate available to you. The only way to do that is to know what’s on your credit report. Protect your good (or soon to be good) credit rating like you would the cash in your pocket because it’s just as valuable.
LINKS:
• Annual Free Credit Report - www.annualcreditreport.com/cra/index.jsp
• FTC Facts for Consumers - www.ftc.gov/bcp/conline/pubs/credit/freereports.shtm
• To get your true FICO scores – www.myfico.com/
Saints, two pieces of advice:
1) Use credit responsibly and don’t use credit to go into debt. Let credit work for you and don’t let credit companies get rich off of you. Borrow as little as possible and when you do borrow try to never be late. That good habit will pay off in the end.
2) Credit Unions are your friend. They have some of the best terms, rates and offers to people with all types of credit. They’re more willing to work with you and usually their customer service is far superior and much more personable than the big banks and institutions.
It’s good to “see” you guys again.
Stay blessed (for those that know they are)
Be blessed (for those that don’t know it yet)
Ybrown
