What is a Credit Report?

A credit report is a record of transactions made to credit cards, loans, mortgage loans, etc. Your credit record is used by lenders as a reference in deciding whether to approve or deny you for a loan.  As you can see your credit score is a very big part of your financial life. It dictates whether you will be approved for a loan, what interest rate you will receive, whether you can rent an apartment, and even get a job.

Who Collects your Credit Report Information?

Credit bureaus or credit reporting agencies (CRA's) collect this information from establishments (like banks or stores), lenders, landlords, etc. The three main credit bureaus are TransUnion, Experian and Equifax. The collected information is sold to business to help them decide whether or not to approve you for a loan.

What Goes Into a Credit Report?

• Personal identification: Name, Address (current and previous), Social Security Number, Contact number, Birth date, Current and previous employers, and Spouses name (if applicable)
• Credit history: Payment records with banks, mortgage companies, debts on medical bills and others. In addition, information about accounts (closed or open) including total amounts, monthly payments and past due balances.
• Public records: Credit merits (tax liens, court judgments, bankruptcies) will appear here.
• Report inquiries: Every time a business or individual checks your credit report an inquiry of that event is recorded in your credit report. Too many inquiries on your credit report will cause your credit score to drop.
• Dispute statements: Credit bureaus allow both you and the creditor to state your side of any dispute within your transaction. This information is often listed within your credit report.

Credit report information varies from time to time depending upon the requestor. Both consumer and business versions include the list above except that the latter will have a record of inquiries made by companies you have dealt with. Credit reports typically do not contain information regarding bank account balances, race, religion, health, criminal records, income and driving records.

What is a Credit Score?

Credit scores are derived from the information in your credit report. Fair Isaac and Company founded the scoring formula that most creditors use, although the scoring method may vary depending on the purpose. A credit score is typically a 3 digit number ranging from 350 to 850 that gives lenders a general idea of your credit worthiness. This 3 digit number is an indication of how likely you are to default on a loan. Lenders use this number as a basis for deciding whether or not to approve you for a loan, and at what interest rate. Your credit score can also affect monthly payments for insurance, auto loans, mortgages, etc...

How Your Credit Score Is Calculated

Table of Contents

Introduction

Chapter 1

• How to Make Yourself Virtually Identity Theft PROOF in 60 Minutes or Less.
• Study The Past To Predict The Future.
• A Different Approach.
• Basic ID Theft Defense:
• Credit hijacking defense.
• Summary.
• 10 Extra "Financial" Identity Protection Tips.

Chapter 2

• Facts Consumers Should Know Before Using A Credit Repair Company.
• Things To Consider.
• References:
• Contract:
• Monthly fee:
• Non-disclosure of methods:
• Located in home state:
• Customization:
• It's Work, But It Pays Well.

Chapter 3

• Five Things Every Married Should Know Before Signing Any Credit Application.
• VITAL KEY #1:
• VITAL KEY #2:
• VITAL KEY #3:
• VITAL KEY #4:
• VITAL KEY #5:

Chapter 4

• The Truth About Creating An Alternate Credit File.
• Too Good To Be True?
• How To Create An Alternate Credit File Legally.

Chapter 5

• Facts Consumers Should Know Before Considering Credit Counseling or Debt Consolidation.

Chapter 6

• Insider Techniques To Raise Your Credit Score Fast.
• Debt to credit ratio:
• Sub-prime merchandise cards:
• Piggybacking:
• Advanced credit profiling:
• Deposit loan programs:

Chapter 7

• Is Your Credit Score Costing You A Fortune?

Chapter 8

• The TRUTH About Credit Repair...

Credit Repair Letters

Sample Credit Repair Letter 1 - Removal of Inaccurate Information

Sample Credit Repair Letter 2 - Requesting the removal of inaccurate information

Sample Credit Repair Letter 3 - Follow up letter to initial credit bureau contact

Sample Credit Repair Letter 4 - Cease and Desist

Sample Credit Repair Letter 5 - Attempt to Validate Debt

Sample Credit Repair Letter 6 - Request to Original Creditor to Request an Investigation About A Negative Listing

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