“Credit Reports/FICO” Archive
On this page you will find the search results for the search term that you queried.
I’ve said this before – too many times I’m sure – but consumers are entitled to one free credit report each year from each of the credit reporting agencies. This free report is only available from annualcreditreport.com.
I check my score once every four months from a different reporting agency. This report is a great tool to keep tabs on your information and to make sure no one is taking out credit in your name. Plus, this report provides a clear picture of exactly how much you owe and to who you owe.
If you are following my pattern, the credit report this cycle is coming from Trans Union. I would NOT recommend getting your credit score from this agency. Requests for scores from the report site route you to credit monitoring companies… and we all know how I feel about those!
OK, OK, I really need to stop beating this dead horse, but in case you needed another reason to not use credit monitoring agencies, here’s another:
http://www.nytimes.com/2010/04/08/your-money/credit-scores/08credit.html
Not only has freecreditreport.com had to pay two hefty legal settlements over the last five years, they are now dancing around new FTC regulations.
The FTC wrote new rules for companies that offered ‘free credit reports’. Websites are required to include a prominent notice across the top of the screen that directs consumers to annualcreditreport.com for truly free credit reports.
Not surprisingly, FreeCreditReport.com decided to start charging $1 for the report to avoid the requirement to put the disclaimer across the top and explained the new charge by saying, ‘due to federally imposed restrictions, it is no longer feasible for us to provide you with a free Experian credit report.’
Really?
Dear FreeCreditReport.com,
How stupid do you think we are?
I will not sing the ‘I told you’ so song.
I will NOT sing the ‘I told you’ so song.
I WILL NOT sing the ‘I told you’ so song.
Now that I have that off my chest, it’s time to say…
I told you so.
Lifelock recently settled a $12,000,000 lawsuit. For what? Not actually protecting consumers. Actually, the FTC says it best, “While LifeLock promised consumers complete protection against all types of identity theft, in truth, the protection it actually provided left enough holes that you could drive a truck through it,” FTC Chairman Jon Leibowitz said in a written statement.
Turns out, Lifelock had not only failed to protect consumers, it put them at risk. Personal information was not protected in-house.
I’m not saying all credit protection agencies don’t work, but I am saying that no one is as aggressive at protecting my credit as I am. So why pay a monthly fee?
The article can be read here.
I was particularly amused with the response from Lifelock, “LifeLock is pleased with this agreement, which, for the very first time, works to set advertising guidelines for the entire industry. We welcome federal and state efforts to regulate our industry, because doing so helps to protect consumers from the risks of identity theft,” said LifeLock Chairman and CEO Todd Davis.
Uh huh. Sure Todd. Whatever helps you to sleep at night.
OK, so I’m about 5 days too late but I failed to clarify exactly WHERE to get your credit report.
Your free credit report can only be obtained through www.annualcreditreport.com
If you are interested in obtaining your credit score, use the www.annualcreditreport.com site as well. Credit scores on this site run about $6 – $9.
If you use the direct website for the credit reporting agency, the cost of your score will be more than twice as much.
Every four months, I check my credit report from one of the three credit reporting agencies. Consumers are entitled to one free report from each agency per year – and I’m not one to let ‘free’ go to waste.
This month: Experian
I discovered the credit reporting agencies are getting a little sneaky. It’s becoming increasingly difficult to navigate these sites to find the free reports. Be careful where you click!
I learned a lot about the Making Home Affordable/Home Affordable Modification Program (HAMP) in my 2 hour call with Bank of America.
1 – If you are hoping for a huge change… this is not the answer. Not all changes are permanent and/or large. Some adjustments may last as little as 3 months.
2 – Loan modifications are not quick. If you can’t wait the standard 9 weeks for the review of your file and another 5-9 weeks for paperwork processing, you don’t have enough time and you may want to move forward with other options like a short sale or foreclosure.
3 – Give an accurate listing of all your expenses. Don’t exaggerate but don’t minimize either. Have a good understanding of exactly how much you are paying. Keep this information available for when you call the bank.
4 – You will be rejected if you have recently made large purchases or if your credit score is low. You shouldn’t be making large purchases anyway so I can’t say as if I blame the banks for this stipulation.
5 – If you have a second mortgage with another lender, they will likely require you to get approved for the Making Home Affordable Program on your first loan before they will consider a change to your second mortgage. If you are accepted for the program on your first loan, it’s easy to submit the same paperwork for your second mortgage.
6 – This should not be your only option. It’s worth a try, but don’t fool yourself into thinking this will solve your problems.
7 – If your home is not a Fannie Mae/Freddie Mac mortgage, this program does not apply to you… BUT some lenders are still willing to modify other types of loans.
8 – This is a voluntary program. No one HAS to help you. Sure it’s good business sense to lessen foreclosures on the banks part, but if you are a problem child, don’t expect any help. Banks don’t want to keep you as a customer anyway. Be kind, courteous, and polite even if you are frustrated.
According to the bank’s calculations, my husband and I qualify. We are now in the first 9 week waiting period while they review our files. We have stellar credit scores and we haven’t made large purchases in a long time. We are good candidates for an interest rate reduction from the over 7% it is currently, down to the market rates of 5-6%.
Do I really think it will really happen?
No. But it’s worth a try.
I can’t believe it’s been four months already! It’s time to check that credit report again.
My score is up, but only slightly. The credit card payoff has not yet hit the reporting agencies (of course, if I had missed a payment, it would have likely been reported the same day). I hope to see a bigger jump in four more months.
If you decided to check your credit report with me and follow my once yearly free report check, this time I used:
Equifax
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My Debt
- Original Debt: $97,293.06
- Paid: $1,927.89
- Remaining: $95,365.17
- Emergency Fund: $1100
- Broken Down
- Line of Credit 2: $0.00
- Line of Credit 1: $0.00
- Credit Card 1: $0.00
- Credit Card 2: $245.00
- Credit Card 3: $405.00
- Credit Card 6: $1,785.00
- Credit Card 7: $2,381.17
- Consolidation Loan: $11,000.00
- Credit Card 10: $14,519.00
- Auto Loan 1: $16,093.00
- Credit Card 11: $23,873.00
- Auto Loan 2: $25,064.00
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