Christian Credit Bureau Report
Christian credit bureau reports are very important in how a consumer's financial integrity and risk is perceived by many institutions. These documents are used in ways that many people are not aware of and if they did, they would possibly try harder to keep their credit bureau report spotless from negative issues over which they do have some control. When seeking to know what an individual's document says about them, the search isn't so hard as the cost. The main thing about the financial history that a person should know is that it is used to determine their trustworthiness when it comes to lending. "He that trusteth in his own heart is a fool: but whoso walketh wisely, he shall be delivered" (Proverbs 28:26).
The financial history is usually thought of as a record of one's ability to repay a loan or revolving credit. This is a major factor of the information provided on the credit bureau report, however showing one's repayment record also reflects one's nature in handling important affairs and the amount of trust to that person the company extending their services can count on. For example, insurance rates are based on the credit bureau reports of people who drive vehicles. A motorcycle policy will include the revealing statement that the financial risk of a person is considered to be a "powerful predictor of future losses....based on company data and research...of a number of groups." Another institution that will use access to one's credit bureau report for measuring that person's trustworthiness is a potential employer. Not all businesses may pull a financial history before hiring an applicant, but it is becoming a popular thing to do, especially in financial institutions. Negative histories therefore, could very possibly lose a person potential employment at some places.
Getting a copy of one's financial history isn't as difficult. However, it is important to know that it becomes detrimental to obtain copies of credit bureau reports too often. Each time a request is made to one of the three major financial reporting agencies - Experian, TransUnion, and Equifax - the request is noted on the reports. This is regarded as a negative factor if overly done. Each time a credit bureau report is pulled it counts as a minus on the individual's score by one-half point. The scores are desired by lenders to be on the higher end of the scoring of 500 - 900 points on the Isaac scale or the FICO (Fair Isaac & Company, makers of the software for determining financial scoring). These reports used to be only available through financial institutions that would provide them only to the borrower upon request during the loan signing or following a denial of lending. Now the individual can purchase them online for a fee. It isn't a bad idea to know what is on the credit bureau reports, but be careful how often requests are made for them, by the individual, by new accounts applied for whether the credit is approved or denied.
Credit rating reports allow individuals the chance to look over their credit history and score. They can see a list of any open and closed accounts as well as any overdue balances. Furthermore, getting a copy of a credit rating report will allow someone the chance to check for errors and improve their overall financial picture. By knowing how to interpret a report and how to improve one, people can really benefit from getting this piece of financial information.
Obtaining a copy is not at all complicated. It's now easier than ever and free. With new federal laws in place, people can obtain copies for free, one time per year. This, however, doesn't include a score. People must pay to see that, but the cost is minimal. To get a credit rating report online, visit the websites for Equifax, Experian and Trans-Union. These major bureaus will offer not only a free copy, but will also offer a score and other services for a fee. People can view these personal records and print them right from the web.
These documents are fairly easy to read and interpret. When someone looks over credit rating reports, they will see that they are typically organized into sections such as personal information, credit summary and accounts. The documents are very easy to read, and the information tends to be arranged into tables. People should notice accounts that are delinquent, as well as how much money is owed. If anyone needs to contest these amounts, the pertinent bureau will provide information on how to do so. After verifying the accuracy, then the person can decide if it needs to be improved.
People with credit scores over 620 don't have to fret over their reports. However, anything below 620 can be cause for alarm. In these cases, people may want to consider meeting with a financial counselor to determine the best plan for improving a credit rating report. Scores can be boosted by paying off debts, using charge cards less, and paying bills on time. Furthermore, people in this position should work hard not to miss another payment on any debts, as this will improve a score immensely.
Credit rating reports can be a handy tool when taken advantage of reading it once per year. Some people think that credit rating reports are too bad to improve, but this is not the case. There is always time for improvement, even if it takes years. Working at improving a financial position can open up doors to better loans at lower interest rates, which is always a good thing. Christians shouldn't give up hope on improving their finances: "Cast not away therefore your confidence, which hath great recompence of reward. For ye have need of patience, that, after ye have done the will of God, ye might receive the promise." (Hebrews 10:35-37)
Christian Credit Repair SpecialistsA credit repair specialist offers a helpful service if a debtor wants bad information removed from his report, especially if he believes that information does not reflect the true state of his financial record. This person will obtain a copy of the financial report from each of the three credit reporting agencies (CRA's), then work to remove any negative, inaccurate, unverifiable and incomplete information from the reports. The credit repair specialists will contact the creditors with copies of any documentation to back up a dispute. Correspondence to creditors is sent via Certified Mail, return receipt requested, so there is proof they received it. Documentation proving their case is also requested from creditors. When a debtor has been falling behind in payments because of job loss, illness or accident, or some other unforeseen catastrophe, sometimes the credit repair specialists can negotiate with the creditors for a break in the amount owed and a longer payback time. This person can usually take care of the problems on a credit report within six months, and fees will run in the neighborhood of $650.00.
Along with legitimate professionals, there are charlatans eager to relieve anyone of cash while not actually providing the services they advertise. Beware of someone who wants payment before providing any services, and ask questions of anyone a person is considering hiring. Asking the right questions will give a pretty good idea of whether credit repair specialists are going to really be working in the client's best interest. One needs to be able to trust someone doing this kind of service for them. There is One in whom trust is never betrayed, and Christians hold fast to that. "The LORD is my rock, and my fortress, and my deliverer; my God, my strength, in whom I will trust; my buckler, and the horn of my salvation, and my high tower." (Psalm 18:2)
Anyone can receive a free financial report annually from the three reporting agencies (Equifax, Experian, and TransUnion) and set about doing the same things anyone would pay credit repair specialists to do. If someone is disputing charges against them, gather all the documentation and send copies (not originals) to the creditors, explaining the particular situation. If they cannot produce refuting documentation, they must remove the negative report from the record. Bankruptcies remain on a report for ten years, and a credit repair specialist cannot change that. If that time has passed and the bankruptcy is still there, request its removal. The same holds true for other negative items like judgments, liens, or criminal convictions. The statute of limitations prevails, and is usually seven years. Having a bad report doesn't keep a person from receiving any type of financing. The very best credit repair specialist, of course, practices prevention, with careful attention to financial obligations.
Credit restoration companies work on behalf of individuals with bad financial histories who are tired of being denied good loan terms. Working with these firms sounds like an advisable pursuit for those who have been directly impacted by their poor histories or who fear for their financial futures. Lenders and even potential employers refer to these reports in determining an applicant's dependability. A credit restoration company may be able to help clear a person's bad financial history; however, a more likely scenario is that he will need to invest time and significant effort to reverse the trend of his overspending. These agencies specialize in fixing inaccurate or unverifiable information on financial reports. Most people with less than stellar financial pasts have made poor decisions. In some cases, the people were simply never taught how to manage their money. Credit restoration companies may help in the short term, but fixing spending habits once and for all is largely dependent upon replacing bad money habits with good spending and saving behaviors. A good agency will train its clients in these matters so that they do not end up in the same situation a short time later.
As a person searches for a credit restoration company, he may come across offers that claim to wipe a financial history clean with a simple phone call. Did you ever hear it said that if something seems too good to be true, then it probably is? Keep that in mind. Legitimate firms will be up front about their policies, processes, and any other issues that affects their client. If a company informs its client that repair can occur immediately, that firm is probably promoting a scam. Investigate the claims thoroughly and be wary if someone says he can fix problems instantly.
Instead of working with credit restoration companies, the best way to fix a history is to pay bills on time for several years. Although this will take time (years, in fact), it is the only way that really works. If a person was delinquent in paying on some accounts or stopped paying completely on others, then the credit report will reflect those actions accordingly. Once the borrower starts making on-time payments and get his accounts in order, whether with the help of a credit restoration company or on his own, the report will reflect those actions also.
When a person deals with Christian credit restoration companies, he needs to make sure to ask questions and fully understand the answers before committing to a plan. Then, when good credit has been restored, make sure that you do everything in your power to maintain a positive credit score. We are stewards of what God has given us. Paul tells us, "Owe no man anything," (Romans 13:8). That is the best way to enjoy living on this earth.