There are 3 major private, for profit Credit Reporting Agencies (CRA’s) also known as Credit Bureaus who gather information about consumer credit and their usage. The three major credit reporting agencies/Credit Bureaus are Equifax, Experian, and TransUnion. Get your FICO® Score Free

They accumulate all consumer financial transactions and credit inquires from all possible sources.  The Credit Bureaus then package all of the financial transactions and inquires into a structured format which produces a report and score. For a fee, this information is then available to any legally recognized individual or organization which you have provided permission to usually in the form of an application. This score also known as your credit score is called VantageScore when ordered from Experian or TransUnion and FICO score when ordered from Equifax.  Get your FICO® Score Free All 3 credit reports will provide you with a complete look at your credit score, credit history, loan balances, and creditor inquires. Some times a legally recognized individual or organization which you have given authorization to pull your credit score, only contacts one of the 3 credit bureaus to inquire on your credit history. However, in order to obtain a complete picture of your current credit position, a report from all 3 credit bureaus must be ordered. This report has several names such as triple credit score, three credit scores, 3 bureau credit report, or all in one credit report.  Below is the appropriate contact information in order to dispute an error you found on your credit report.

Credit Bureau Contacts -
Main addresses and telephone numbers

Equifax Credit Information Services, Inc.
P.O. Box 740256
Atlanta, GA 30374
Customer Service 1-866-640-2273
Report fraud 1-888-766-0008
Get Your Equifax Credit Report Now!

Experian National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013
Main line 1-800-397-3742
Alternative line 1-800-493-1058
www.experian.com

TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022
Main line Customer Service 1-800-888-4213
Human operator 1-800-916-8800
www.transunion.com

Tip: It is important to pull all 3 credit reports in order to view your entire financial position as creditors do not all report to each of the 3 Credit Reporting Agencies(CRAs)!

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Of course not! By definition, gambling is when you wager something of value on an event of uncertain outcome. The outcome is uncontrollable. These are not the attributes you are looking for in the most vital – leveraging financial tool available.

Do not gamble with your credit!

Draw a perfect 21 on every hand by pulling your credit score from the top 3 credit bureaus Equifax, Experian, and TransUnion. Along with the right education from eCredit College, the first step of ordering your 3 scores will ensure a bright future of good credit and safety. The 3 Merge Credit Report will provide you with a complete view of your Credit position which will include your: Personal Profile, Credit Summary, Public Records, Credit Inquires, Account History, Credit Score, and a Creditor Directory with contact information. Contact information can also be found on eCredit College under resources.

This 3 credit score report is actually very cheap and can be obtained instantly. The benefits of obtaining the 3 credit score report also known as 3 Merge Credit Report, Tri-Merge credit report, or the 3 in 1 credit report are priceless. Hear are the 5 reason why you can not afford to gamble your credit and need to order your 3 in 1 credit report RIGHT NOW!

1. VIEW THE WHOLE PICTURE

Do you go around making the most important decisions in life with limited information? Buy a car without a mechanic look under the hood? Purchase the first child seat without researching the options and features?

You get the point, look under the hood! To make necessary decisions and improvement in life, you need to look at the entire picture. The 3 credit score report provides all your financial and credit history information into one picture for your viewing pleasure. Enjoy the picture.

2. NOT ALL CREDIT BUREAUS WERE CREATED EQUAL

First, it is important to understand that all credit bureaus also known as credit reporting agencies are independent of each other and are for profit corporations. Most creditors (credit card companies, banks, utility companies, etc) do not necessarily report to all 3 Credit reporting Agencies (CRAs). For example, there may be one transaction in Equifax that will not show on your Experian or TransUnion report and vice versa. Inconsistent data between the 3 Credit Bureaus can cause the score to vary 50 or more points between each agencies score.  The difference in the score can also be contributed to the fact that each have there unique methods to derive a score. Therefore, by ordering your tri-merge credit report you will have the first tool necessary to analyze your entire credit position and take necessary actions. Creditors are pulling the 3 merge report so it is in your best interest to correct all account information (trade lines) and insure all data is correct so your one step ahead of your competition, the General Public. With it, your credit repair and credit score improvement will be a safe bet with a guaranteed outcome as you follow our advice and tips.

Get your FICO® Score Free

Mortgage Industry lingo: Has a lender ever asked, do you know your credit score? When applying for a mortgage, the lender can not afford to only see one score either so they pull a 3 Merge Credit Report and will usually use your middle score for there underwriting purposes. So the question should be answered, “My middle score is a 750 so I should be receiving the best terms in the market”. Just to clarify, they use the score that is in the middle, not an average of all three. Ex. 772, 750, 720 Middle score is 750.

3. VERIFY INFORMATION IS ACCURATE AND UP TO DATE

The most critical reason for ordering all 3 reports is to verify that all the data provided is accurate. Incorrect data is all too common and can negatively affect your credit score. Every time you apply for credit and provide your name, address, date of birth, and other personal information, the creditor reports it to credit bureaus. It could have been a typo on your application or even an error in your creditor’s database. What ever the reason, this in itself can improve your credit scores and save you money.

4. DISCOVER, PREVENT, AND SAFEGUARD IDENTITY THEFT

Ordering all 3 reports will enable you to first discover and secondly prevent identity theft. There are wicked thieves out there that can steal your identity to either purchase goods, services, obtain loans, and many other of crimes. Your identity is important, keep it. These malicious people are out there lurking 25 hours a day. (Not a typo) That is right 25 hours a day, they do not sleep. By pulling all 3 reports you can see if there is a date of birth, an address, or even a telephone number on the report that is not yours. This might be a good indication that someone attempted to apply for credit and you are fortunate enough to stop it before it actually occurred. Make sure to report your finding immediately. The second scenario would be that they already breached your credit and have opened new accounts or used funds from existing accounts. By pulling all three reports, you are able to identify this activity before it grows any further and therefore safeguarding your score. At this point it is common to place an alert or temporary freeze to prevent any further activity.

Key note: make sure your personal identification information is always up to date so you may be contacted in case of an alert issue and to deter any unwanted activities. (Make sure you protect your credit with monitoring services) Your personal profile/information section contains all identifying data that has been reported by your creditors, including your name, date of birth, current and previous addresses, and last and previous reported employer.

5. REPAIR AND IMPROVE YOUR CREDIT SCORE

Finally the last and most exciting aspect of pulling your 3 Merge Score Report, repairing and improving your score. We all want a better credit score. Better score, Better life. Whether you have 540 or 820, we are all thriving to improve our score whether it is to purchase your textbooks for college, buy the home you always wanted near the beach, or simply fund that exciting life changing trip to Asia. We all have our needs and wants. Let your imagination run wild with the power of credit. By viewing all the reports you are able to compare accounts, status, outstanding balances, available balances, and comments to effectively use this information to benefit your score. You can read more details in our “improve your credit” section at eCredit College website along with a list of companies that can assist in repairing and improving your credit. Here are a few easy tips to follow from our website:  look for discrepancies amongst your accounts and contact the bureau or bureaus that are reporting the incorrect information, dispute any negative comments or late payments that are not yours, keep your outstanding balances as close to zero as possible but definitely under 75% of your total credit line, and use the unique information in each report towards your advantage. Get creative, I know you can.

Most notably, do not spend more than you can afford. Stop Moving Debt Around. Pay it off with DebtGoal.

Credit can be hazardous if not used wisely.

Important Tip: Please review your open, closed, and delinquent trade lines to make sure the outstanding balances, comments, and credit limits are accurate.

eCredit College is dedicated to provide up-to-date information and new articles each and every week Please read our other articles on every aspect of your credit to learn what items to pay particular attention to in order to improve your credit score. Knowing what to look for can save your wallet and credit, so we are here to help.

To a healthy credit future,

Professor eCredit

Credit cards with no credit

In today’s day in age having a credit card is beyond a privilege, it is a necessity.

Credit cards are the most convenient method we currently have point of sale purchases and online payments. You do not have to worry about carrying your money around, let alone loosing it. It has proven to save us time and most importantly money. There are cards at eCredit College for every spending budget, reward benefits, and special features tailored for each consumer. Credit cards can really come in handy during emergencies too. You will never know when you will need it until the day you need it.

Whether you are a student or have never been accepted for a card, we can help you obtain your first card because we know it can be a challenge.  There are many credit cards out there that promise the world but end up have strict requirements and require credit in order to apply for them. Well there is good news; we have many credit cards that are providing high school students, college students, or just anyone with limited or no credit a the chance to start building there credit. Click below to apply for one of our affiliate credit cards for individuals just starting off with no credit. They do not even check your credit. All applications are accepted! These credit cards also known as student credit cards typically have a low starting credit balance and/or require a minimum deposit. They might also have additional restrictions but are installed to keep you in line and give you a helping hand into the credit journey. There are other available options at eCredit College.

One of the best ways to ensure you receive your first credit card and even insure sufficient buying power is through a cosigner. A cosigner can be your mother, father, uncle, aunt, or anyone that trusts in you and is willing to back you up with there credit. That’s right, back you up! That means that they are also responsible for any charges you secure. This is the credit card companies’ collateral or insurance policy to make sure someone pays. This is by far the fastest way to build credit. You can easy build up credit and therefore confidence with creditors. Before you even know it, you can start applying for credit cards and purchases on your own. This may take over a year with good payment history. Paying your bills on time is the most important rule in credit.

Typically, the Annual Percentage Rate also known as the APR will be a little higher than a normal credit card. This is industry standard as there is a perceived risk of extending credit to a younger demographic. The credit limit is usually between $200 to $900 depending on your cosigner’s credit and payment history. We do not want you focusing on this for know. eCredit College will show you later some easy tips and tricks to quickly raise that credit limit up to $5,000. The most important thing is that you apply for a card and you start to establish credit by using the credit card for every day expenses and paying the bill on time. Do you see the reoccurring theme, “Pay on time”.

You are then able make some key purchases with out carrying around all the cash. Whether you paying for text books or just paying for your lunch, a credit card is the ultimate luxury. One of the best benefits is the ability to search the net for the best deals and then being able to charge your credit card and immediately have the service or have the product shipped to your home. Talk about convenience. Wow.

This first credit card is only the stepping stone to a huge future. Some of our clients and readers started there credit journey with this very first card and today some are part of our 800 club. They have shared there stories with us and have proven that our tips work. Once you have established a good credit rating with your first card, student credit card or beginner card, you will be on your way to being approved for much larger loans. Hey, it may be your first car, home, boat, or that world class location you have always wanted to visit.

We asked the members of our 800 club, what was the major benefit you received from your first credit card? It was an overwhelming response! Most of them said responsibility. The responsibility they learned from knowing what they were able to afford and charge on that card has transferred over to the rest of the money making decisions throughout there lives.

On the other hand, some of our clients and readers have learned there lessons but the hard way. Let’s all learn from there mistakes and avoid them. Remember, credit cards can be a double edged sword. They can provide you the convenience and leverage needed for every day purchases and they can also overcome us. This can be dangerous. The danger of spending above and beyond the credit limit comes with penalty fees if they even allow it.  It can also come in the form of  simply spending more than the money saved or income being generated. The inability to effectively pay your credit card bill when it arrives can negatively affect your credit. Remember, the creditor will also go after the cosigner so make sure you write down a tight budget to adhere to so this never occurs. If it ever does occur, do not try to cover it up. Talk to your cosigner or relatives to come up with a immediate and long term recovery plan.

The pit falls of Credit Cards for the beginner leads us to a safer alternative, prepaid card. Prepaid cards are a great choice and can be used as the first step before applying for your first credit card. They give you all the convenience of a credit card but do not have all the fees associated with any errors you may have. Below are our recommendations. With a prepaid card, it provides you with a checking account were you can have your employer direct deposit you’re money and even use it for your every day spending but only up to the amount of money you have deposited. This card has many other amazing bonuses and features but check them out for yourself. These even provide a credit builder feature that enables you to begin building your credit right away.

If you are a parent reading this, do not be afraid. When it is all said and done, the benefits definitely outweigh the drawbacks. For your children’s life, obtaining a credit card can be one of the best confidence builders and safety nets you can partake together.  It can keep them out of harms way. One day they can be stranded somewhere on the side of the road and without that credit card, they would have not been able to get home safe.  We can go on and on, the fact is that many situations can present themselves were a card is the only solution. Look into obtain a credit card for there safety and convenience which will enable them to establish credit and take them further in life.

See you one day in our 800 club. Until then, make sure you make your payments and follow our tips at eCredit College.

Professor eCredit
www.eCreditCollege.com
Your link to credit education.

Send Professor eCredit your story and comments professor@ecreditcollege.com

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First, you can forget about that College campus credit card booth.
Back years ago this might have been a good option. However, in our high tech world with access to the fascinating world of high speed internet, we instantly become educated and compare all viable options. Not to put down that booth at your college but let’s face it, it is only one option and not the best. In this case you just tapped into a college that only focuses on Credit. eCredit College’s vast wealth of knowledge is here to educate you and guide you in the right path. We have paved your road so it will be nice and smooth.  Yes, the internet has the best and most complete selection of credit options available on the market.  Look around for the a credit card with the most favorable terms; introductory no interest period, cash back rewards, bonuses, mileage points, minimal to no annual fees, etc. You name it, choose the best card for your life style. You might even be able to customize it with your favorite colors or even college logos. Notably, the options are endless. Tip: Once you get approved, keep it open for ever. Your older accounts help boost your credit score.

No better time to start building your credit.
You’re young and smart, right? Start acting the part. Educate yourself at eCredit College. Credit is the backbone to every large purchase in life and a necessary tool to leverage capital when starting a successful business. With out it, lets face it, your options are limited.  Limits do not belong in our vocabulary. Good credit has opened doors for many and in turn it has created barriers for those that had a lack of credit. Whether you are purchasing you first car, credit card, establishing water and electric utility account, home ownership, or even employment – your credit will be requested and scrutinized. Most importantly they want to know how you handle your finances and ultimately your level of responsibility.  So the sooner you start applying for a credit card the sooner you can show the world you can handle it. Also the longer you have an account in good standing the faster your credit will increase and be on its way to reach the 800 club. This is an elite club we all want to be a part of.  Only 10% of the general public has the pleasure of having a credit score over 800. By starting your credit journey during college, you will be well on your way to being in that top bracket.

Applying for credit Tip: Creditors know more than you think: Do not provide false information on your application.  Here is a low interest card with no annual fees.  Great card to start with. Apply now!

Remember, credit is to demonstrate your responsibility. Demonstrate it.
Be responsible with your decisions and actions. Here is a handy tip to help you be responsible: If you do not need it do not buy it if you can not afford it. Just because you have been provided this privileged buying power, does not warrant a shopping spree. It is best to only use your credit for necessities in your day to day life and emergency when they rear their ugly head. The fastest and safest way to build credit is by charging and paying your credit card in full every month. Creditors in turn will start reporting positive data to the credit bureaus, increase their confidence in your ability to pay, and best of all increase your credit limit. Exercise caution with over spending but most importantly apply for credit now. Later we will talk about multiple cards but for now, focus on one as multiple cards and inquires during your first credit year is not favorable.

But I don’t have credit, I am only in College! or I am too young! or I have bad credit!
Every year thousands of borrowers across all walks of life get approved for credit. That’s right!  Regardless of your income as well. It is the easiest time to get approved since creditors are willing to take larger risks because of your current position in life. You see they know very well that a large percentage of college students are still financially backed by there parents or legal guardians. They know if you can’t pay someone will or better yet, you have your entire adult life to pay for it. Be wise and know your limits. You can have lots of fun with credit but it needs to be taken seriously.  If you ever get in a situation you can not solve, do not hide it and work out a plan with your parents or legal guardian. After college it will actually become more difficult to obtain credit since there is a perception that you are now on your own, higher perceived risk. Take advantage of the situation and start building your credit empire. Keep in mind, depending on you’re your credit report, some credit cards may require a co-signer. Not to worry as there are many creditors that do not require such.  There are also other valuable options even if you have some negative comments on your credit such as prepaid cards (with credit builder features) and secured credit card.

Be wise and apply now.

Well, what is next? Let’s say you did find this incredible opportunity. Credit and your credit score will immediately play a crucial role in your ability to either follow through with this opportunity or failure. With a good credit score, you will be able to receive credit from banks and lenders to materialize your new business venture. Credit is a tool when used wisely and responsibly, can get your rich! The loan from the bank not only provides you with the money necessary to start the business or investment but also provides you with the necessary leverage to increase your return on investment.  With the loan you will be able to purchase more materials, a larger office, a larger investment, more employees, more customers, etc. With the right tools and understanding, credit will magnify your business and investment to unimaginable levels.

How does the poor get rich and the rich get richer?

The answer is easy, Debt validation: Credit = leverage = “getting rich”

Whether it was found on cyberspace or in the real world, you first need to have a sold investment plan. Make sure to write everything down on paper and think of every possible scenario and run the opportunity by your immediate family and closest friends.  This will give you the opportunity to not only brainstorm to further improve upon your idea but get feedback from the people whose opinion you trust and value. Once your reevaluated the opportunity, then it is time to step it up and consult the top 3 most successful business people in your inner circle. This final step is monumental in discovering strength, weakness, opportunities, and threats that may not have been seen previously.

Word from the wise: If it is a get rich quick opportunity, it probably is not an opportunity. Move on.

Before going any further, it is important to understand that in order to seize an opportunity in life, you must be ready.  So if this opportunity is actually a one in a lifetime type of opportunity, the following will take you one step closer to success.  In the case of reaching financial freedom, being ready means having your credit ready and prepared to spring into action.  In order to make sure you are prepared, both your financial credit and your financial maturity need to be optimized. What exactly does that mean? Well, your financial credit is demonstrated by your credit report / credit score which is viewed by a financial institution in order to make an informed decision on your ability to repay a loan. More importantly, your financial maturity represents your financial decisions you have made and how your money has been handled.

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Financial Maturity-

It is obvious to note that having a stellar credit score is important. However, if all your credit has already been borrowed, there are no resources left to seize the opportunity at hand.  Now, if this is you and you are almost drowning in debt, it is time to alter your attitude and spending habits to become financially mature. Making wise decisions with your money today has a huge impact on the level of your immediate and long- term success.

Now that you still have available credit to borrow, it can now be used to provide the necessary leverage to increase your return on investment or profit by more than double.  Along the way, you will be tested but you must stay vigilant and continue to make wise business decisions.

Get approved today for a personal loan. It’s easy….

The first step to get out of credit card debt is admitting there is a problem which is evident if you are reading this article. Credit card debt with over 24% interest rate can seem almost impossible to escape. If you are not in credit card debt, this article will also benefit you as the same advice can be used to stay clear of debt. Hopefully we can control the situation early enough to pay off your debt before you need to obtain the services from a debt consolidator, debt management companies, national debt relief, consolidated credit counseling, or even a debt settlement attorney.

We have all seen the ads: “Get out of Debt Fast”, “Ready to be debt free”, “Get out of debt forever”, “Easy steps to get rid of Debt”, “Debt free in a week”.

They ALL promise an easy way to get out of debt fast and painless.  Unfortunately, to get out of credit card debt or any debt for that matter will require discipline, self control, and financial maturity. The following is a fundamental road map consisting of 10 steps filled with tips and proven steps to get out of debt and be debt free.

1. Financial situation acknowledged

You have acknowledged something must change and congratulations on making the commitment it takes to get out debt.  Together we will get through this and celebrate at the end. Now repeat after me, “I am in debt; I got here because of my actions, and now I will get out with my actions.  I am committed and will do what it takes to be debt free and stress free.”

2. Your in a hole, quit digging

The first action step is to stop using your credit cards on the wants in life. What? Are you serious? Yes! You are only to spend money on the necessities. Only needs, not wants!  If you want to get out of this situation, you are going to need to make sacrifices in order to improve.  Start with small sacrifices and then gradually make the sacrifices that are ultimately necessary. Wants are eating at restaurants, driving that expense car, new clothing, new shoes, new jewelry, the latest and greatest gadgets, buying point of sale add on goods, buying candy, taking those extravagant vacations… you get the point. STOP! If you don’t need it, don’t buy it.

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3. Sit down and make a plan

Without a plan, you plan on going no where. Take the time now and sit down to make a total financial inventory of your life. Write down every expense (both fixed and variable) you currently have and your projected income as well. Evaluate all your expenses and see where all your income is going. Start making expense and income adjustments. Make a plan with miniature goals throughout the way along with the final goal in mind. With out change, you will be left behind. If you continue doing what you were doing, you will continue to be where you were.

4. Open a savings account for the unexpected

It is important to open up an emergency fund just in case something was to happen. The savings account is crucial; you just never know what the future entails. This emergency fund should become an automatic deposit and can eventually be used to start paying down your debt in the near future.  It never hurts to save.  Unbelievable Bonus offer at the end. Do not miss out!

5. Make more then the minimum monthly payment

Minimum monthly payments are typically set way below 1% of the outstanding balance depending on the balance. At that rate, the debt will never be eliminated. Make an effort to pay at least double the minimum payment and gradually increasing as you continue to lower your daily expenses and search to increase your income.

Tip - The 2 payment plan: Great tip to pay off your debt in half the time. The 2 payment plan is when you send a payment in when it is due and another minimal payment around the middle of the month.  For instance, if your payments are due every 5^th of the month, you should eventually be making an additional payment on the 20^th of every month. This method will dramatically decrease your balance and literally cut the repayment schedule time in half.

6. Take advantage of balance transfers

Take advantage of your credit card offers as they usually offer balance transfer incentives such as transfer your balance and pay zero interest for the next year.  By consolidating all your debt into one card with 0% interest, it not only saves you money but time.

7. Invest in yourself

There has never a better time to invest in you.  You are special and can surprise yourself with what you can accomplish. Search for available opportunities to increase your income (start an internet business, take a second job, sell your “wants” on eBay/craigslist), get involved in rewarding extra curricular activities, community service programs, feed the homeless, give back to your community, continue your education, read self help books, learn a new craft, new hobbies, etc.  The opportunities are endless, reinvent yourself.

8. Evaluate your progress and make corrections along the way

Go back to your plan and revisit your goals daily. Continue to remind yourself of your final objective. Make yourself accountable to your plan. Keep a copy of the plan on your refrigerator, kitchen counter, near your bed, near your computer and most importantly tell at least 3 of your closest family member and friends of what you are going to accomplish. Make sure to make adjustments throughout the way and continue to challenge yourself. Make it a game. What a great game with financial reward.

9. Celebrate financial freedom and being debt free

It is important to take getting out of debt seriously but have fun along the way. Enjoy the journey and use it to challenge yourself to find interesting things to do that don’t involve money. Neighborhood gatherings, free shows, reading books, spend time with family and friends, outdoor activities, leisure walks, visit the nearest beach or lake, etc. Be creative and enjoy your life by thinking frugal.

10. Set yourself up for success to avoid going back into debt ever again.

Stay disciplined even after your debt has disappeared by continuing to save and limiting your wants and needs. Look forward and never behind. It is all about Life changes. The past is behind you. Get a more rewarding career (make money at what you Love to do), start a new business, invest in your future – open an investment account, a retirement account, 401k, IRA, trade stocks, bonds, etc. Build it so it can’t be broken down.

Think, Think, and Think, it can be done!

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Getting out of Credit Card debt is feasible only if you want to.  I believe you have what it takes to reach your goals and be financially free.  Do not leave this problem unsolved, get us involved.  Search through all the informative articles and products available on www.ecreditcollege.com or send an email to professor@ecreditcollege.com so we may assist and make you accountable for your dreams.

For an alternative strategy, Click Here! for my friend Credit Sabre’s Complete Credit Card Debt Survival Guide packed with over 240 pages of information on how to stay out of bankruptcy, deal with debt collectors, know credit card debt laws, and eventually get out of Credit Card Debt. Complete Credit Card Debt Survival Guide

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Have you ever wondered how lenders evaluate your credits report? Creditscore? Background Check?

Learn what creditors, landlords, and employers look for so you can ultimately improve your credit to obtain what you want.

Below are the 7 most crucial aspects creditors are evaluating and tips to improve them.

1. First one is a no brainer; a favorable point is to have all your accounts current. Tip: Make all your payments on time. Just with this, you will rank high amongst the general public.
2. Keep your debt-to-income ratio under 20%.  Debt-to-income ratio is calculated by obtaining your total monthly debt and dividing it by your gross monthly income. Tip: Do not over extend yourself. Keep your expenses low and try not to use your credit for a while if it is over 20% or pay it down.
3. Having to many credit cards or open credit lines is not a favorable characteristic. Credit available on these lines are viewed as negative due to the fact that they can easily turn to future debt. Tip: Limit the amount of open credit lines and credit cards on your credit report.
4. One of the worse characteristics to have on your credit is late payments. Whether you are 30, 60, 90, or 120 days late, your credit score will suffer along with creditors risk analysis skyrocketing.  Tip: Do what it takes; sell some items on the internet, get another job, lower your expenses, but make your payments on time. The longer it goes pass due, the worse it looks. If there is a negative comment or incorrect information, dispute the finding with the credit bureaus.
5. Too much credit inquires. Creditors frown upon more the 4 inquires within a year. Tip: Stop applying for all those department store credit cards because they offer you an additional 20% off your purchase.  Be wise and pull your credit only if needed. Credit inquires usually disappear after 2 years depending on the nature of the inquiry.
6. Lenders do not like instability. Several changes in your physical address and employment are shunned upon by lenders. Tip: Try to keep the same address even if it requires you to rent a P.O. Box or a UPS box.
7. Last but not least, negative credit history such as bankruptcies and charge-offs may either force a rejection or approval with really high interest rate and fees. Tip: Depending on the type of bankruptcy or charge off, the negative remark on your credit will only exist for 7 – 10 year from the date of the original delinquency.

Credit reports all have 4 general types of data; Personal information, Credit history data, Public records information, and creditor inquiries.  If any information within these four categories are incorrect or look suspicious, contact the credit bureaus immediately – Credit Bureaus (Contact Information). In your letter make sure you clearly list the items that are incorrect or believe to be invalid along with an explanation with supporting documentation if available. If information on the report is erroneous or unable to verify the validity of the data, they must delete such data from your report.

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There are mainly four kinds of credit counseling services that can help you get out of debt. The 4 different types of counseling done by a counselor are:

1. Consumer credit counseling – These are the traditional counseling service, where counselor will help you prepare a budget. The company representative will negotiate with your creditors, to get you lower monthly payments and to waive off other penalties like the late fees.

2. Non-profit credit counseling – Though the name is “non-profit” and suggests a free service, it does not mean that you won’t have to pay any fee to the counseling agency. However, the fee charged for the services will be less than the traditional counseling companies.

3. Christian credit counseling – This is not much different from consumer credit counseling. However, the only difference lies in the fact that, in Christian credit counseling more importance is given upon Christian values. They create strategies from the Bible to get you out of debt. According to Christian credit counselors, Bible mentions that a human being should have only one master. But when you are in debt you are serving two masters, one is God and the other is debt. So, it is advisable to stay away from debt. A non-Christian can also take advantage of this counseling.

4. Bankruptcy credit counseling – You can go for bankruptcy credit counseling, if you want to file bankruptcy. It is compulsory to go for a counseling, before you can file for bankruptcy. You can do it via Internet, over the phone or in a face to face meeting with the bankruptcy counselor. You are generally required to pay $50 to the counseling agency and after the completion of the counseling session, you get a certificate.

However, before you can go to a credit counseling agency to help you get out of debt, you should check with the authenticity of the company. Check if the company is accredited with the Better Business Bureau and if the counselors are certified ones.

How’s your credit score? 0-600 Poor, 601-680 Fair, 700-774 Good, 775+ Excellent. Find out your Score now FREE!

Now that your aware of how important your past financial situation is to your future ability to obtain a loan, insurance, utilities, cell phone, housing, and employment, it is essential to become educated on your credit score and where you are within the credit rating scale.   The credit score rating scale ranges from 300 – 850.  Fair Isaac’s has reported that approximately 5% of the general population has a credit score below 550. Roughly only 10% of general population have a credit score rating above 800.  eCredit College is here to ensure the proper education whether your current credit score is over 700 in good standing or your credit score is under 660 an in need of credit repair. Below is a chart to display the categories within the credit rating scale and there description.

Credit Score Rating Chart

The next question is usually, “How do I get a free credit report and how is my credit score determined? Get your FICO® Score Free

The simple answer in a more complex calculation is that creditors, such as banks, lenders, and credit card companies are always in communication with the credit reporting agencies.  If you pay your creditors on time, they will report your accounts as current and in good standing. However, if you are late on payments or even miss a payment, they will report delinquent and negative comments. This is the strongest determinant of your credit score. Read our article on how my credit score is determined for a more in depth analysis. Nevertheless, make an effort to pay your bills on time!

Your credit score is not fixed, it will go up and down depending on your actions. Your credit rating is variable dependent on several factors. The fundamental principle is to continue paying your bills on time in order to improve your credit score within the credit rating scale.

If you don’t know what your credit score is by now and have not been monitoring it for safety and security, you can order it through the three major credit bureaus in the United States. Your credit report can be obtained for free once a year every year or if you have been denied credit, employment, insurance, housing, public benefits, or employment based upon consumer credit report. There are online websites where you can order all 3 reports at once to easily compare, analyze,  and spot errors that may possible be hurting your credit score.

Free Credit Score + Free Credit Report + 7-day Free Trial of 3-Bureau Credit Monitoring at CreditReport.com!

By knowing and monitoring your consumer credit report, you have accomplished the first step in improving your credit score. By having a good credit score, you will increase your chances of obtaining loans and other financial opportunities that may cross your path in life. Always keep in mind that maintaining a good credit score means a lot in today’s society. Be proactive and educate yourself on how to improve your score through our extensive articles and resources at eCredit College.

-Professor eCredit

eCredit College

www.eCreditCollege.com

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