How To Read Your Credit Report

Written by Andy Ballentine and

Continued from page 1

Total amount borrowed, (high) credit limit or highest balance onrepparttar card

How much outstanding is still owed

Fixed monthly payments or minimum monthly amount

Status ofrepparttar 147339 account (whether open, inactive, closed, paid, etc.)

How you've conductedrepparttar 147340 account: On your Experian report, your payment history is written in plain English -- "pays on time", "always pays 30 days late", etc. Other comments may include "internal collection" (collections department) and "charged-off" or "in Default.

("Charged-off" meansrepparttar 147341 creditor has given up on collectingrepparttar 147342 account and subsequently, written offrepparttar 147343 debt.)

Other credit agency reports instead use Payment Codes denoting activity onrepparttar 147344 account. These range 1 to 9; R1 or I1 on a credit report is indicative of a good repayment history on a revolving or instalment account.


Hopefully,repparttar 147345 next section of your credit report will be blank. The public records section is, without doubt, bad news. If you have a public record, this indicates previous problems.

The kinds of things we're talking about here are major financial delinquencies such as bankruptcies, judgments and tax liens. These problems will ruin your credit report for sure.


The final section is for Inquiries. This section contains a list of every creditor who has asked to see your credit report.

The thing to note about "inquiries" is that every time a creditor asks to see your credit report, this will show up as an inquiry.

From all this activity, you can begin to see why your credit file is so detailed.

Inquiries are divided into two sections:

"Hard" inquiries - are those initiated whenever you fill out credit application.

"Soft" inquiries - are those initiated by companies who pre-qualify you before sending promotional material.

You may have heard rumours that large numbers of inquiries have a negative impact on your credit score. In fact, this is not as damning as many would have you believe.

In reality,repparttar 147346 vast majority of inquiries are ignored byrepparttar 147347 FICO (sounds like "psycho") scoring model.

This is becauserepparttar 147348 FICO model has a lead-in period that ignores all inquiries within 30 days of a mortgage or car loan approval. It also counts two or more "hard" inquiries inrepparttar 147349 same 14-day period as just one inquiry.

For example, you could have 20 "hard" inquiries in two weeks and they will only count as one.

If you find any mistakes in your credit report such as an account belonging to someone else, or a disputed amount, then you should fill outrepparttar 147350 dispute form that comes withrepparttar 147351 report. Simply followrepparttar 147352 instructions inrepparttar 147353 Explanatory Notes section.

The process of Disputing an item on your report can take some time as creditors have 30 days to respond torepparttar 147354 discrepancy byrepparttar 147355 credit reporting agency. And unfortunately, as long there remains any dispute, that dispute will also show on your credit report. Established lenders state that it's common for most reports to have errors. Some estimate that as many as 80 percent of all credit reports have some kind of error.

See also: How To Fix Your Credit Report.

Credit Repair Guides Free to Fix Bad Credit Scores. This website is designed to help you find the best information about credit and credit related issues in the United States. Download our free Credit How-tos now! Copyright © 2005 Andy Ballentine and All Rights Reserved. Please note: This Resource Box MUST be included with article.

No Fax Payday Loans Online for a Fast Cash Advance Loan

Written by Carrie Reeder

Continued from page 1

Once you haverepparttar necessary information, you can fill your online payday loan application out at anytime. Payday loan companies are able to process your information over secure severs 24 hours a day.

Waiting For Approval

Online payday loan applications are usually approved within a matter of minutes, but sometimes they can take up to an hour. Your loan amount will depend on your income level and your state’s laws. Usually loans will be approved for $500 although some states allow loans for up to $1000.

Online Payments

Just like your application, payments on your loan can be processed online. Most payday loan companies offer at least three payment options. You can choose to pay onlyrepparttar 147338 finance fees, part ofrepparttar 147339 principal, orrepparttar 147340 whole loan amount on your loan’s due date. Payment options can also be changed if you find yourself short during a pay period. Just remember,repparttar 147341 longer you take to pay backrepparttar 147342 loan,repparttar 147343 more you will pay in finance charges.

To view our list of recommended payday loan companies online, visit this page: Recommended No Faxing or Faxless Payday Loan Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and information about various types of loans.

    <Back to Page 1 © 2005
Terms of Use