Any accurate negative information that has been filed in your credit report can generally stay on your report for seven years. As always, there are certain exceptions. Any information about a bankruptcy you have filed may be included in your credit report for up to ten years.

Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There are even a few pieces of information with no time limit. Information that is included about any criminal convictions you have had may be reported without any time limitation. That means that that information may remain on your report indefinitely.

Credit information reported in response to any application for a job with a salary of more than $75,000 also has no time limit, as does any credit information reported because of an application for more than $150,000 worth of credit or life insurance.
Your credit report is a critical document that can obviously affect many aspects of your life. It is absolutely essential that this document be correct because of the information it contains about where you work and live, how you pay your bills including credit cards, and your personal and legal history.

 You should always get a free copy of your credit report each year and check it for any errors.  If you do find any information that is inaccurate, you want to notify the credit reporting agency immediately.
That agency is then required by law to investigate the item(s) in question.  This should always occur within 30 days. They must forward all related information that you provide about the dispute to the information provider. After the information provider receives notice of the dispute from the CRA, it must review the information provided and then report back to the CRA. If the information provider finds the disputed information is inaccurate, it is required to inform all nationwide CRAs and they must correct this information as well.

Any disputed information that cannot be verified must be deleted from your credit report.

If your credit report shows an account that belongs only to another person, the CRA must delete it. When the investigation is complete, the CRA must give you written results and a new free copy of your report showing any corrections. If an item is changed or removed, the CRA can’t put the information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.
After correcting any inaccurate information, the CRA must send notices of corrections to anyone who received your report in the last six months. Job applicants can have the corrected copy of their report sent to anyone who received a copy during the past two years.
Because your credit report is so important to your life, you need to make sure that it is always accurate and as up to date as possible.  Be aware of what information it contains and how long it will remain.

http://www.creditme.com/credit-articles/detail/how-long-does-information-take-to-clear-your-credit-report/

The way mortgage brokers are feeling these days they’ve lost the HVCC war and banks have won it and it’s probably just a matter of time before the entire brokerage sector evaporates into thin air. That’s the worst case scenario. The final chapter has yet to be written for brokers, who have bounced back before from what looked like certain destruction (remember 1994?). But the new ‘Home Valuation Code of Conduct’ rule that went into effect earlier this month is certainly a win-win for the nation’s mega-lenders — especially those with appraisal management firms .

Which mega-banks have AMCs? It’s the big four of residential finance: Wells Fargo, Bank of America, Chase, and Citigroup, all of which (of course) are beneficiaries of TARP money.

And what exactly is an appraisal management firm and what do AMCs have to do with the new HVCC? First let’s talk about the HVCC. The way loan brokers see it it’s a regulation jammed down the throat of the GSEs by New York attorney general Andrew Cuomo who (sort of) sees brokers at the crux of the nation’s mortgage meltdown.

HVCC prohibits any and all loan brokers from ordering appraisals on a home whose funding they are facilitating. Just to be fair, HVCC also prohibits retail loan officers at mortgage banking firms (including banks and thrifts) from ordering appraisals. The fear is that there could be a “conflict of interest” because a broker or LO might be able to influence the home valuation by choosing an appraisal firm that’s friendly to them — one that can “bring in” the appraisal so it doesn’t screw up the house sale because said appraisal is less than the home’s sale price. Read More

The overwhelming bipartisan vote of 90-5 was lawmakers’ way of telling Americans that they haven’t been forgotten amid a recession that has left hundreds of thousands jobless or facing foreclosure.

With the House on track to endorse the measure by week’s end, President Barack Obama could see a bill on his desk by the end of the week. Read More

If you need a home loan now and can’t fix your credit report first., then use E-Loan for a fast and painless loan approval with bad credit.

http://www.home-loans-help.com/credit-history-mortgage.htm

What is credit scoring?
Credit scoring is a system creditors use to help determine whether to give you credit.

Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score — helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.

Because your credit report is an important part of many credit scoring systems, it is very important to make sure it’s accurate before you submit a credit application. To get copies of your report, contact the three major credit reporting agencies:

·Equifax: (800) 685-1111
·Experian (formerly TRW): (888) EXPERIAN (397-3742)
·Trans Union: (800) 916-8800

These agencies may charge you up to $9.00 for your credit report.

Why is credit scoring used?
Credit scoring is based on real data and statistics, so it usually is more reliable than subjective or judgmental methods. It treats all applicants objectively. Judgmental methods typically rely on criteria that are not systematically tested and can vary when applied by different individuals.

How is a credit scoring model developed?
To develop a model, a creditor selects a random sample of its customers, or a sample of similar customers if their sample is not large enough, and analyzes it statistically to identify characteristics that relate to creditworthiness. Then, each of these factors is assigned a weight based on how strong a predictor it is of who would be a good credit risk. Each creditor may use its own credit scoring model, different scoring models for different types of credit, or a generic model developed by a credit scoring company.

Under the Equal Credit Opportunity Act, a credit scoring system may not use certain characteristics like — race, sex, marital status, national origin, or religion — as factors. However, creditors are allowed to use age in properly designed scoring systems. But any scoring system that includes age must give equal treatment to elderly applicants.

What can I do to improve my score?
Credit scoring models are complex and often vary among creditors and for different types of credit. If one factor changes, your score may change — but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application.

Nevertheless, scoring models generally evaluate the following types of information in your credit report:

·Have you paid your bills on time? Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report.
·What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.
·How long is your credit history? Generally, models consider the length of your credit track record. An insufficient credit history may have an effect on your score, but that can be offset by other factors, such as timely payments and low balances.
·Have you applied for new credit recently? Many scoring models consider whether you have applied for credit recently by looking at “inquiries” on your credit report when you apply for credit. If you have applied for too many new accounts recently, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not counted.
·How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score.

Scoring models may be based on more than just information in your credit report. For example, the model may consider information from your credit application as well: your job or occupation, length of employment, or whether you own a home.

To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It’s likely to take some time to improve your score significantly.

How reliable is the credit scoring system?
Credit scoring systems enable creditors to evaluate millions of applicants consistently and impartially on many different characteristics. But to be statistically valid, credit scoring systems must be based on a big enough sample. Remember that these systems generally vary from creditor to creditor.

Although you may think such a system is arbitrary or impersonal, it can help make decisions faster, more accurately, and more impartially than individuals when it is properly designed. And many creditors design their systems so that in marginal cases, applicants whose scores are not high enough to pass easily or are low enough to fail absolutely are referred to a credit manager who decides whether the company or lender will extend credit. This may allow for discussion and negotiation between the credit manager and the consumer.

What happens if you are denied credit or don’t get the terms you want?
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days. Indefinite and vague reasons for denial are illegal, so ask the creditor to be specific. Acceptable reasons include: “Your income was low” or “You haven’t been employed long enough.” Unacceptable reasons include: “You didn’t meet our minimum standards” or “You didn’t receive enough points on our credit scoring system.”

If a creditor says you were denied credit because you are too near your credit limits on your charge cards or you have too many credit card accounts, you may want to reapply after paying down your balances or closing some accounts. Credit scoring systems consider updated information and change over time.

Sometimes you can be denied credit because of information from a credit report. If so, the Fair Credit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. You should contact that agency to find out what your report said. This information is free if you request it within 60 days of being turned down for credit. The credit reporting agency can tell you what’s in your report, but only the creditor can tell you why your application was denied.

If you’ve been denied credit, or didn’t get the rate or credit terms you want, ask the creditor if a credit scoring system was used. If so, ask what characteristics or factors were used in that system, and the best ways to improve your application. If you get credit, ask the creditor whether you are getting the best rate and terms available and, if not, why. If you are not offered the best rate available because of inaccuracies in your credit report, be sure to dispute the inaccurate information in your credit report.

http://www.home-loans-help.com/credit-report/article-49.htm

Hartley Pinn
“What can you do to increase that set of three numbers on your credit report that can be so important with your financing? “

I came across this question as I was surfing discussion groups the other day. Check out my answer:

Dear Friend,

Here are 3 steps I used to take my credit score from 592 (horrible credit) to 762 (perfect credit) almost overnight. If you’re interested in improving your credit rating quickly, you’ll find this story helpful:

In 1995 I made a decision that would ruin my perfect credit history. I quit my salary job to become an insurance salesman. The job paid commission only. Within a few months I lost everything – house, car, credit rating and my self respect.

By the end of 1996 I was living with my mom, all my credit accounts were severely past due, and I was paying 22% interest on a broke-down green Geo Storm…I was a real loser.

Then, in 1997, I became a banker. I didn’t know it at the time, but this would turn out to be the break I needed to eliminate my credit problems forever.

During my seven years as a banker, I came across several legal and highly effective ways to improve my credit rating. As a result, I was able to increase my credit scores by an average of 170 points.

Here’s what I did:

Step #1:
After spending hundreds of dollars on credit repair services that didn’t work, I found out how to get negative accounts removed on my own.

Basically, I wrote letters to the collection agencies requesting proof that the accounts were mine. 89% of the time they had no proof that the bad accounts belonged to me. So I was able to get them deleted from my credit file.

Step #2:
I opened new accounts with high credit limits and kept the balances low.

I discovered that if you keep your available credit limits high and only use 10% to 30% of the credit you have available, your credit score will improve dramatically.

Step #3:
Next, I added accounts with years of perfect payment history to my credit file. This step took my credit score from 647 to 762.

While you can certainly add seasoned accounts to your credit file for free, there are companies that claim they can do it for a fee.

The problem is, they charge between $2,000 and $2,500 per account. If you want a 700+ credit score you’ll need 3 to 4 of these accounts. That equates to a cost of $6,000 to $10,000.

(You can conduct a search on your favorite search engine for companies that offer this service.)

While there are several highly effective steps you can take to increase your credit scores by as much as 200 points, these are the main ones…And here’s the good news: Each step can be completed in less than 30 days.

http://www.home-loans-help.com/credit-report/article-4.htm

MICHAEL (CONTRIBUTOR)

Choosing a credit card at Finance Globe is designed to be fast, simple and efficient.  However, choosing the wrong card can lead to unnecessary costs or fees, a feeling of resentment and unpleasant surprises.  With your credit and wallet at stake, you really need to know how to choose the right card.
Most credit card offers -from your mailbox, the bank, or on the web can be confusing.  The headlines are bolded, bright and big, and all of the important factors are in “teeny, tiny fine print”.  You have to read that print: it is a contract.  You can find a link to an article below relating to terms and conditions, and what it means in plain English.

Using our card database:
Low APR, 0% introductory APR, balance transfers, grace period, annual fees, rewards, platinum cards, gold cards?  ”Where should I start?”.  This can be a stumbling question when thinking about the possibilities.  The basic question is “how does your credit rating stand?”.  In general, the lower your score, the less options you normally have.  As credit ratings and scores are built, so are the options for most credit cards, such as a better APR and fee and great rewards.
Our credit card database gives you numerous and useful options to search for the right credit card.  We have cards categorized in dozens of ways, even recommendations by your FICO score (visit Score Match).  Furthermore, all cards are sortable in the database, allowing you to narrow down the offers even further.
To begin, start at the credit card database.  From there you will see two sections, “credit cards by issuer” and “credit cards by category”.  If you know which card issuer you want to apply with, then the choice is simple – just choose the issuer and the card offers will be displayed on the next page.  Otherwise, credit cards by category might be the easiest way to choose.
Next, you should be on the results page.  From here, you will can compare cards by clicking on the heading that appeals to your needs the most, such as APR, Intro APR, Fees, etc.  Click on the card name that you want to view to get the details of the offer (i.e. The Chase Platinum Card).
Now that you are looking at the card profile, you can apply on-line or over the phone (either a phone number or on-line link to the application will exist), directly with the credit card issuer.
We hope that you find the right credit card for your goals and lifestyle through Finance Globe.  If you have any questions or suggestions, please contact us on-line.

http://www.financeglobe.com/Finance/Articles/articles/2/1/Choosing-the-Right-Credit-Card/Page1.html

And though the name of the company implies a free credit report, it doesn’t come without a catch – this is exactly one of those companies the FTC is warning about.  The credit report itself may be free, but upon ordering it you’ll automatically be enrolled in a membership that will cost you $14.95 a month if you don’t cancel within seven days.

The Fair Credit Reporting Act guarantees consumers truly free access to their credit report from each of the three major credit reporting agencies – Equifax, Experian, and TransUnion every twelve months.  Consumers may become confused when they know they are entitled to a free report by federal law, and they see an ad for a company that offers a free credit report.  But there is only one authorized source for your free credit report under federal law, and that is AnnualCreditReport.com.

And to fight back at companies that mislead consumers by offering a “free credit report,” the FTC released their own commercials with a catchy jingle – complete with the guitars.  The two videos promote AnnualCreditReport.com and warns consumers not to be fooled by companies that claim to give free credit reports.   The FTC short videos can be seen at http://ftc.gov/freereports.

You can order all three at once, or you can order one at a time.  You can check your credit report more often than once a year – an important step to fight identity theft – by ordering a report from one agency at a time every four months or so.  Your report is free, with no strings attached.  Your credit score is not included in your free report, but you can order it at the same time you order your free report.

Once you receive your credit report, check for errors and be sure the information is up-to-date.  Dispute any mis-information to the reporting credit bureau by following the agency’s dispute process.  The reporting credit bureau is required to research whether the information is accurate.  If they can’t verify the information, they must remove it from your credit file.

In the case of identity theft, the credit bureau may just call the reporting creditor, verify that you have an account with the creditor, and then decide the information is correct.  Because of this, you may find it more effective to also dispute directly with the reporting creditor.

Through a conversation with you, the reporting creditor may realize that the account was opened fraudulently and agree to remove the item from your credit report.  If it can’t be proven over the phone, be prepared to supply other documentation to prove that it wasn’t you who opened the fraudulent account in your own name.

In addition to reporting the inaccuracy to the creditor and credit reporting agency, also file a police report and a complaint to the FTC if you suspect identity theft.

The FTC wants to hear from you if you paid for what you thought was your free annual credit report.  They would also like you to forward any unsolicited emails that offer you a free credit report to spam@uce.gov.  AnnualCreditReport.com will never send email solicitations for your free annual credit report or use pop up ads.

The FTC is the nation’s consumer protection agency against fraudulent, deceptive, or abusive business practices.  You can file a complaint against unfair business at www.FTC.gov.

Call our friendly staff, toll free at 1-888-282-0447 to order.

Benefits:
Make effective business decisions
A Business Profile report provides actual trade payment experiences, public record information, company background, and comparative data, placing a company’s payment performance in context with its industry.
Objective view of credit performance
The information is reliable, accurate and unbiased, allowing for an objective view of a company’s overall financial health.
Know the risk
Minimize risk by knowing all the credit attributes of a business.

Business Profile Features:
Executive Summary
Evaluate risk at a glance. A quick overview of a business’ credit behavior.
Historical payment guide
Analyze recent trends in payment behavior.
Significant derogatory data
Identify any legal balances from liens, judgments, collections or bankruptcy.

Days Beyond Terms (DBT)
Know the DBT
Shows on average how many days beyond terms it takes a given company to pay their bills.
Industry DBT
Compare the company’s DBT with those in the same industry.
Predicted DBT
Experian’s estimate of the firm’s DBT 60 days from the day of the report.

Actual Payment Experiences
Payment history by business category
Each trade line represents a unique business relationship.
6-month payment trend
Month-by-month analysis of recent payment trends.
15-month payment trend
A quarterly view of payment trends.
Payment terms
Know the terms set by other vendors.

OTHER BUSINESS CREDIT REPORTS AVAILABLE
Commercial Intelliscore – Provides a credit score for quick credit evaluation
Business Summary – Provides a summary of the data about the business
Business Owner Profile – Provides information regarding the credit of the business owner (a signed release for the personal credit information is required)
Small Business Intelliscore – A report specifically designed to evaluate credit of small businesses

Welcome to Creditstart.com

CreditStart.com has maintained a consistent internet presence since 1998. We started out offering Secured Credit Cards, Computer leasing and Merchant Accounts to our clients.

Since 1998, we specialize in assisting people who are trying to establish credit, had credit problems in the past or trying to restore their credit.  Our record speaks for itself.
We offer all our clients a FR.EE analysis of your personal situation, your chances of getting a loan, up to date information, website links and other useful resources to help you improve your credit?