From the monthly archives: December 2007

What is a credit report?

On December 30, 2007 By

A consumer is a factual record of an individual’s credit payment history. Its main purpose is to help a lender quickly and objectively decide whether to grant you credit.If you have any type of a charge account, car Continue Reading →

What is a credit score?

On December 30, 2007 By

What is a credit score?A three digit number that lenders use to decide whether or not they want to lend you money.The higher the score, the better your credit rating. In general, a credit score can range from 300 to 850. Most scores fall within the 600s and 700s. The boundary between a standard Continue Reading →

Does it hurt my credit score if I check my own credit report?

On December 29, 2007 By

No, your own requests for your do not affect your credit score. Only those inquiries made by businesses as a result of your applications for credit affect your credit score.It’s perfectly all right [...]

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How much does it impact my credit score when it is pulled by a credit grantor?

On December 29, 2007 By

This is called a credit inquiry. Anytime a creditor or anyone else accesses your it posts an inquiry. This is a record of who pulled your and on what date. The credit bureaus [...]

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The Difference Between Private Mortgage Insurance And Homeowners Insurance

On December 29, 2007 By

Private insurance (PMI) is insurance for the lender in the event of homeowner default.

PMI helps the lender recover its costs and losses after foreclosing and selling a repossessed home.

PMI rates vary by [...]

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What is in my credit file that may keep me from obtaining credit?

On December 29, 2007 By

Each credit grantor has established criteria for making credit decisions. Your credit may appear to be perfect, but having too much credit or too many outstanding balances are examples of why your request for credit might be declined. Sometimes the decisi

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How long does information stay on a consumer credit report?

On December 29, 2007 By

Federal law specifies how long negative information may remain on your . To prevent past errors from haunting you forever, most negative information must be erased after seven years. This includes late payments, accounts that the credit grantor turned over to a collection agency and [...]

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How can I fix mistakes on my credit report?

On December 28, 2007 By

Under the Fair Credit Reporting Act (FCRA) you have the right to dispute the mistake with the credit bureau providing the information. You should submit the dispute in writing, providing any proof you have to support your claim. If the credit bureau determines the [...]

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What is the Fair Credit Reporting Act?

On December 28, 2007 By

The Fair Credit Reporting Act (FCRA) is the federal law regulating credit reporting companies. This law protects consumers’ rights, such as the right to review and contest information in their credit profiles. It also specifically defines who can access t

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How The Case-Shiller Home Price Index Over-Simplifies Real Estate Markets

On December 28, 2007 By

The headlines say that home prices are down 6.7 percent from a year earlier. It's important to recognize that this is a national figure.

"National" has nothing to do with real estate. Real estate is local.

The chart above is from the latest S&P/Case-Shiller home-price index and — averaged out — shows that home [...]

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