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| How
to Check Your Credit Report:
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you
will be connecting to our affiliated sites
within the
SayPlanning / SayLending network
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- the FICO score
is a mathematical calculation the measures
your capacity to repay a loan
- measurements are
base upon a number of factors that include:
- your current outstanding debt
- places and the number of times you
have applied for credit
- the kind of credit you have taken
out in the past
- late payments in 30, 60, and 90
day increments
- over extension of your credit lines
- liens
- garnishments
- bankruptcy
- lenders often
use the FICO score when reviewing an applicant's
request for credit
an applicant with a high FICO score will
likely receive instant approval with better
than normal rates and terms — which
means lower cost when you borrow money
- you
can review more information about the
FICO credit score:
http://www.myfico.com
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| FICO
Score: 700 and up |
- Scores 700 and up considered excellent.
- Most lenders will categorized this group
as A rating.
- Scores within this group will have access
to the best interest rates and terms.
- About 60% of the U.S. population falls
within this credit range.
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| FICO
Score: 600 to 699 |
- Scores 600 to 699 are considered good
credit.
- Most lenders will categorized this group
as B rating.
- Scores within this group will have access
to good interest rates, but may not qualify
for the very best interest rates and terms.
- About 27% of the U.S. population falls
within this credit range.
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| FICO
Score: 500 to 599 |
- Scores 500 to 599 are considered risky
credit.
- Most lenders will categorized this group
as C rating.
- Scores within this group may still qualify
for a loan, but may have to pay at least
two percentage points or more higher that
the group in the excellent category.
- About 12% of the U.S. population falls
within this credit range.
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| FICO
Score: 499 and less |
- Scores 499 and below are considered
very risky credit.
- Most lenders will categorized this group
as D rating — which means the applicant
may have foreclosure, liens, and credit
judgments.
- Scores within this group may still be
eligible for a loan, but may have to pay
at the maximized rates determined by State
and Federal regulations.
- About 1% of the U.S. population falls
within this credit range.
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Repairing
Your Credit Report |
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Step
1: Get Copies of Your Credit Report
Step 2: Check
for Inaccuracies
- Review each report for inaccuracies
and negative items that do not correctly
reflect your credit position.
Look for collection accounts:
— Equifax lists them at the end
of the report
— Trans Union mixes them throughout
the report.
— Experian gives a brief paragraph
explanation of all accounts.
- If you don't recognize any the accounts,
don't assume they are yours.
Step 3: Dispute
Your Inaccuracies
- Dispute all inaccuracies and negative
items in your report. You can file a dispute
online with the individual credit agency.
Note that you must file individual disputes
with each credit agency if the inaccuracy
is found on all three agency reports:
https://www.experian.com/consumer/...
https://www.econsumer.equifax.com/...
http://www.transunion.com/...
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Name of Credit Reporting Agency
Street Address
City, State and Zip Code
From:
Your Name and Social Security number
Street Address
City, State and Zip Code
Telephone Number
Date:
Re: Correction of Errors in Credit Report
Dear (Name of Credit Reporting Agency):
Please be advised that the following
error(s) appear(s) in my credit report
issued by your agency on the date of
(mm/dd/yyyy):
| 1 |
List Credit Name |
Identify the Dispute |
List Comments (be specific) |
| 2 |
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| 3 |
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| (if you have any documentation
to support your claim, forward copies
along with your letter) |
Please correct my credit report to
remove this incorrect information. (describe
nature of error; be specific)
_______________________________________
_______________________________________
_______________________________________
_______________________________________
Please correct my credit report as soon
as possible to remove this incorrect
information. You may contact me at the
number above if you have any questions
regarding this matter.
Sincerely,
(your signature)
Step
4: Clean Up Your Report
Contact each individual creditor (or collection
company) to negotiate a manageable repayment
plan. Explain your financial situation.
Some companies will drop the interest,
forgive part of the loan, or offer extended
terms that allow you to make reasonable
repayments.
Your last resort is to pay the entire
outstanding balance in full.
Request a written agreement that that
the creditor will remove the bad rating
on your credit report if you meet the
terms of their repayment plan.
Make sure you live up to your agreement.
The last thing you want is to fall behind
on your repayments.
Step 5: Check
for Changes
- If you meet repayment agreement under
Step4, the creditor will need to delete
the negative account and change it to
a positive rating.
Make sure you review your report for that
change. You should have in your possession
the creditor's agreement to correct the
credit report. Contact the creditor is
there is an error.
Keeping Your Credit Report Clean
Make it a habit to check your report regularly
to protect yourself from credit abuse
and fraud.
You may consider credit monitoring and
protection services to watch and protect
your credit report:
 credit monitoring and protection services
watch-guard
against credit card and identity theft
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use this option if you need help to repair
your credit.
This may be the right option if circumstances
such as unemployment, loss of income,
or other unfortunate event prevent you
from repaying your debts.
This option is also recommended if you
have collection agencies threatening
action. Counseling services can advice
and protect you from adverse action.
credit counselors will be able to discuss
your situation with your debt lenders
to either forgive the debt or structure
a repayment plan that fits your budget.
They will also work with you to establish
a budget that fits your current situation.
Need
Debt Relief now? We can help.
Get free, 100% online debt relief.
Click here for more info
National Foundation for Credit Counseling:
http://www.debtadvice.org/
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