The subject of credit scores can be genuinely frustrating for a lot of consumers. You know that your credit scores matter. You know that they can either open or close doors to opportunities for you and your family. However, you may not feel like you really understand the rules of credit scoring.
Are you concerned about the possibility of identity theft? If not, you should at the very least be aware that identity theft is an all-too-common crime and it is important to protect your personal and credit information to the very best of your ability. Of course, even if you are responsible with your information there are times when identity theft may occur due to no fault of your own. Data breaches are a prime example of this phenomenon.
You already know that your credit history is important whenever you apply for a new loan or credit card account. You may even realize that your credit history matters far more often than simply during an application for financing. What you may not fully understanding is that how much your credit matters and knowing how to improve your credit are two completely different concepts.
Sooner or later the condition of your credit reports and scores is going to impact your life, it’s unavoidable. Want to lease an apartment? Your credit matters. Want to take out a loan to purchase a vehicle? Your credit matters. Want to take advantage of a better cell phone plan? You guessed it, your credit matters.
Have you ever suspected that an item might be hanging around on your credit reports for too long? There is a chance you could be right. The credit reporting agencies have strict instructions, detailed in the Fair Credit Reporting Act (FCRA), which they must follow regarding the inclusion of derogatory information on your credit reports. Here is a guide to help you determine whether something has been hanging out on your credit reports past its expiration date.
You may have never heard of the National Consumer Assistance Plan (NCAP), but for millions of American consumers the NCAP could change their credit reports for the better this summer. In fact, an estimated 12 million people could see a potential boost in their credit scores by July 1, 2017.
The credit reporting agencies (CRAs) have access to a lot of information about you. Some of that information is included on your credit reports and some of it is not. For example, although public criminal records are available to anyone (the CRAs included) that information is not currently included on your credit reports.
The world of credit is full of terms and acronyms that sound completely foreign to most consumers. Automated Consumer Dispute Verification forms, better known as ACDVs, fit firmly within this category of funny sounding acronyms. And although “ACDV” may not roll smoothly off the tongue, they play a very important role in helping consumers to maintain accurate information on their credit reports.
One of the most important responsibilities you have is to keep your credit in the best shape possible. This means paying your bills on time, avoiding excessive credit card debt, and not applying for new credit too frequently need to become some of the non-negotiable habits you develop and maintain. But as they say from time to time…life happens.