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Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score. In the U.S., when a customer fills out an application for credit from a bank, store or credit card company, their information is forwarded to a credit bureau. The credit bureau matches the name, address and other identifying information on the credit applicant with information retained by the bureau in its files.That's why it's very important for creditors, lenders and others to provide accurate data to credit bureaus. () This information is used by lenders such as credit card companies to determine an individual's credit worthiness; that is, determining an individual's willingness to repay a debt. The willingness to repay a debt is indicated by how timely past payments have been made to other lenders. Lenders like to see consumer debt obligations paid on a monthly basis. There has been much discussion over the accuracy of the data in consumer reports. However, the only scientifically researched studies that include sample sizes large enough to be valid have concluded that by and large the data in credit reports is very accurate. () () The credit bureaus point to their own study of 52 million credit reports to highlight that the data in reports is very accurate. The Consumer Data Industry Association testified before Congress that less than two percent of those reports that resulted in a consumer dispute had data deleted because it was in error.() If a consumer disputes some information in a credit report, the credit bureau has 30 days to verify the data. Over 70 percent of these consumer disputes are resolved within 14 days and then the consumer is notified of the resolution. () The Federal Trade Commission states that one large credit bureau notes 95 percent of those who dispute an item seem satified with the outcome.() The other factor in determining whether a lender will provide a consumer credit or a loan is dependent on income. The higher the income, all other things being equal, the more credit the consumer can access. However, lenders make credit granting decisions based on both ability to repay a debt (income) and willingness (the credit report) as indicated in the past payment history. These factors help lenders determine whether to extend credit, and on what terms. With the adoption of risk-based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the annual percentage rate (APR), grace period and other contractual obligations of the credit card or loan. From Wikipedia under the
GNU Free Documentation License Do credit repair services work? Which is the best agency to go through? Q. I have paid for alll of my old collection accounts and I'm just waiting for them to drop off of my credit reports. I've been looking into credit repair service on line and wondering if they can actually help. All of the items on my reports are actually MINE and I did actually owe them, but they are all FINALLY paid off. Is there any hope to get them removed quickly? Asked by mkstar214 - Mon Feb 23 22:22:27 2009 - - 9 Answers - 0 Comments A. Do it yourself & Do some research. Most of this stuff you can do on your own and save a lot more money. Answered by Michael - Wed Feb 25 09:19:55 2009 Where can I find a trustworthy credit repair expert? Q. I am trying to repair my credit by sending debt settlement letters to the collections agencies listed on my credit report, but they are not being cooperative. Most are saying they CANNOT settle the debt nor are they willing to delete the listing from my credit report after the debt had been paid. I don't trust any of these non profit credit counselors, but I need some guidance. I am begining to lose hope that this is even worth the trouble. Any advise? Asked by Stephanie N - Tue May 20 18:28:42 2008 - - 4 Answers - 1 Comments A. Many people will say "Why pay someone to do something you can do for yourself?" Yes, it's true, you can do this yourself...if you have the patience to wait, the time to write a bunch of letters, and the time and money it takes to send certified letters all day. We ended up going with a credit repair agency and let them do the dirty work for us. They told us we could do it all on our own, but my husband works full time, I work two jobs from home, and take care of three kids, who has the time to do it!? Most of the credit repair companies let you cancel at any time. For us it was worth it to find out if they can help us, and so far (about four months), they've helped us a lot. Answered by Simply Exhausted - Tue May 20 21:46:23 2008 Starting ways to start a credit repair business?
Q. What are the best ways to start a credit repair business? Asked by Santiago E - Thu Dec 11 22:55:07 2008 - - 2 Answers - 0 Comments From Yahoo Answer Search: "Credit Repair" See also:
 news.google.com CNNMoney.com Virtually all of the dealerships it is shedding will continue to sell GM cars and do warranty repair work into 2010, but all are expected to be discontinued ... The keys to a GM turnaround Indianapolis Star all 3,114 news articles » news.google.com KVOA.com Despite promises of no qualifying, consumers still needed financing but could not repair their credit or qualify for financing to buy the home. ... and more » news.google.com Wall Street Journal (RGS) plans to offer 11.5 million shares, $125 million in five-year convertible senior notes and has amended a number of its credit facilities as the ... and more » From Google News Search: "Credit Repair"  jan.wvu.edu 451px x 651px | 121.80kB [source page] From Yahoo Image Search: "Credit Repair"  retiredpay.com Glenn P Cruz Sat, 04 Jul 2009 18:04:29 GM Credit repair. can be completed but it is rarely an overnight fix and it is not essentially permanent. The . credit. bureaus deal with huge amounts of information every single day and while truth of their reporting may not be totally ...  voiceofthepark.com admin ue, 30 Jun 2009 09:30:03 GM One thing that several people do in the . credit. world is to trash the . credit. card offers. The reason is that it is a method to raise the . credit. limits of the individual and can also give a boost to the individuals . credit repair. . ...  true-credit-repair.com CreditWiz Sun, 05 Jul 2009 20:47:18 GM There is nothing a . credit repair. company can do to fix your . credit. score that you can't do yourself! . Credit Repair. Questions & Answers · Home. Recent Posts. What happens if you have significant debt after declaring bankruptcy in the ... From Google Blog Search: "Credit Repair" |
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