How To Get A Copy Of Your Credit Report

Your credit report is information regarding your borrowing and repayment history using information from your creditors and public records such as court documents. Credit bureaus do not approve or reject you as a credit risk.

The law guarantees you access to your own credit report and the basic information that is sent to creditors. The credit bureaus must disclose: 1) All information (except for medical information) on file at the time of your request 2) The sources of the information on file 3) The name of anyone who received your credit report for employment purposes within the past two years, and 4) The name of anyone receiving your credit report for any other purpose within the prior six months.

How to Get a Free Credit Report

The credit report is free if you have been refused credit, employment, or insurance within 30 days – based on a credit report from the credit bureau from which you now seek a report. In practice, the bureaus usually honor a request for a free report anytime within 60 days after credit is refused. However, credit bureaus that did not issue a report that was the basis for the denial can still charge you a credit report fee.

You are also entitled to a free report once a year if you certify that any of the following are true:

  1. unemployed and seeking employment
  2. receiving public welfare assistance
  3. a victim of fraud and your file may contain inaccuracies

If you do not fall into any category allowing you to get a free report, the fees vary between bureaus and even different regional offices of the same agency. Therefore, you should check with the credit bureau before you formally request your credit report. Generally, the fees are under $10.

It is not difficult to contact the credit bureaus to obtain your credit report. You will know whom to contact if you have been denied credit, because the creditor must then send you a letter explaining why you were denied credit and the name of the credit bureau to request a credit bureau report.

To request a credit bureau report, you may call or write directly to the agency. You should state:

  1. Your full name. State any aliases or maiden name. Also include your middle initial, and generational indicators: Jr., Sr., II, or III.
  2. Current address and former addresses for the last 5 years. If you have moved in the last 6 months, provide proof of address from a utility bill or phone bill. The credit bureau may not have your current address on file as yet.
  3. Social security number. This must be included to process your request.
  4. Spouse’s name
  5. State whether you have been denied credit within 60 days (include a copy of the credit denial or related details.)

You may also visit the credit bureau in person. The bureau will then require you to complete a credit report request form that contains the above information.

Others may also get a copy of your credit report. However, the Fair Credit Reporting Act provides that only businesses and individuals with a legitimate business need for the information may obtain your credit report. This includes credit card issuers, lenders, businesses with which you want credit privileges, as well as anyone with a court order or a subpoena issued in connection with a Federal grand jury inquiry, insurance companies underwriting insurance, a prospective employer or any government agency that must consider your financial responsibility in connection with the issuing of a license. It would be a violation of federal law for someone without a legitimate credit-related purpose to access your files.

There are over 1000 credit bureaus in the United States. However, most creditors will request your information from one (or all) of the three largest. If you have been denied credit, have a dispute, or just want to know what’s in your credit file, you would need to request a credit report from all three major credit bureaus. In addition, you would need to send a letter to all three major credit bureaus to feel certain that you have completely removed any obsolete information that may appear in any credit report a potential creditor may request.

Joining a credit union can help you get a better handle on your finances. Learn how to do this and more about the added local benefits of becoming a credit union member when you check out Riegelwood Credit Union.

Car Loan with No Credit

The present market activity has brought to you an opportunity to apply for a car loan also having no credit history. It is no more difficult to face the deal for you. You can have your dream car so easily and you don’t need to worry about not having any credit report as a proof of your good or in case any bad score. The most important step in this case is to open a checking account. Your regular bill payments can be counted as your credit score with your respective checking account. That will work for representing your minimum credit history. If possible before making any deal you can open a credit card account but that is not very necessary.

As you have no credit history as such it is very important to settle your payment procedure with a little higher amount of down payment. That will decrease the risk of loan and moreover you will be getting comparatively lower rates. Remember that for the reason of not having any credit history you will not get treated with good credit history rather to some extent it will seem that you have bad credit history. But don’t get confused about that; it will not hamper your purchase procedure rather if you desperately make a high down payment you will definitely gain a lower rate of interest to be paid for your obtained loan.

There are various lenders in the market. You try to make a shop around through the market and in this way you can have an idea how to deal with and how to meet low cost to buy your car. The lenders offer various types of finance packages and have a close look into that and ask for quotes from all the lenders as much as possible. That will make your dealing easier. Your no credit history will affect any more if you are able to meet the best car finance. Fix your goal with no quick approach rather try to make an evaluation of all terms and conditions you are being offered and also the charges and interest rates you have to pay. You should also have a clear idea of your monthly payment. Make a suitable judgment over that and decide whether it is affordable for you or not. Don’t forget that it is a golden chance for you to prepare good credit scores which will help you in any future dealing very actively.

After selecting the suitable and affordable deal you have to perform some paper works. Fill them accordingly and get approved for getting the loan for buying the car. In this way you can find it no more a big deal to have car finance even with no credit history. Again if you find it not suitable for your financial capacity go for refinancing which will take a few years and use the rest of the period in making regular payments for your purchased car. So don’t get late and be forward; maybe you can have your dream car within next few days and this time it will definitely make you to have a positive approach although having no credit history. 

Ready to get started on your car loan and build good credit at the same time? Do it the right way by choosing the best credit union for auto loans.


Top 10 Mistakes to Avoid When Buying a House

Here is a list of top 10 mistakes to avoid when buying a house. Most of the people will spend their biggest lifetime investment to buy a home. Taxes, Annual mortgage and insurance can cost from 25% to 40% of your gross annual earnings.

My idea of writing this article is to educate or help you, so that you can protect yourself, when you make this important decision of your life.



1. Looking for a home without being pre-approved.

Many people don’t have a clue that Pre-approval and pre-qualification are two different things. In the pre-qualification process, the loan officer asks you a few questions, then hands you a “pre-qualification” letter.

However, the pre-approval process is much more time consuming and lengthy. During this process, all work associated with obtaining the full-approval is virtually done by the mortgage company. Since there is no identified property to purchase, however, an appraisal and title search aren’t conducted.

When you’re pre-approved, you have much more negotiating terms to debate over (with the seller). The seller at this stage knows that you can close the transaction because a lender has carefully reviewed all your relevant information (income, assets, credit etc).

In some cases, being pre-approved can make the difference between buying and not buying a home. Also, when you are in a better position to negotiate, you can save thousands of dollars.

Most reputable Realtors do not prefer to show homes to people unless they are pre-approved.  They do not want to waste their, your or the seller’s time.

There are many mortgage companies that can help you become pre-approved, with minor charges.  Usually they will check your credit and verify your income and assets.

2. Making verbal (oral) agreements!

If you face a situation where an agent wants you to sign a written document, that does not state or incorrectly state your mutual (verbal) commitment, then don’t do it!  For example, if the agent verbally says that the oven will come with the home, but the contract contradicts it, then the written contract will override the verbal contract. Do remember that mostly in all cases, written contract overrides verbal contracts. When buying or selling real estate, always make sure that you get a written contract!

3. Choosing a lender because they have the lowest rate.

Not getting a written good-faith estimate.

At times, people tend to pay little or no heed to the cost of their loan and pay more attention to the rate. Always remember to Pay close attention to the APR, loan fees, discount and origination points. Some lenders include discount and .inauguration points in their quoted points. Other lenders may only quote discount points, when in fact there is a supplementary inauguration point (or portion of a point).

This difference in the way points are sometimes quoted is significant to you.  One lender will quote all points, while another lender may reveal an extra point, or part of it, at a later time–an unwanted surprise.

Usually in 3 working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate (GFE) of closing costs. You can consider requesting a GFE from a few lenders before forwarding your application.  With a few GFEs to compare, you can get a feel for which lenders are more detailed, and you can teach yourself about the costs related with your transaction.  The GFE with the highest costs may not point out that a particular lender is more expensive than another. However, they may be more thorough in itemizing all fees.

The cost of the mortgage, however, shouldn’t be your only standard of judgment. There is no alternative to a family / friends advice or referral for interviewing potential mortgage companies. You must also feel hassle-free that the loan officer you are dealing with is dedicated to your interests and will deliver what is promised.

4. Choosing a lender because they are recommended by your Realtor.

Always remember that Realtor is not financial experts. He/She may not know which loan is best for you. Your Realtor gets a commission only when your deal closes. Realtor referrals may not be the best option, because Realtor may refer you to one of their friends in the loan business, who also may not have the best rates or fees.

Although mostly, Realtors are professional and concerned about your best interests, you should have complete knowledge of the market.

I would recommend that you should do a survey for a loan with at least three mortgage companies before you take your decision. There are consumers who have often been very casual and who ended up paying far more than what they could have, or got a loan that wasn’t right for them, because they blindly followed their Realtor’s advice.

For secure and convenient loan options, you can visit Riegelwood Credit Union.

5. Not getting a rate lock in writing.

Always ask for a written statement detailing the interest rate from your mortgage company. The length of the rate lock, and other particulars about the program should also be clearly mentioned..

6. Using a dual agent (an agent who represents the buyer and seller in the same transaction).

Both Sellers and Buyers have opposing interests. Both want the best price (buying and selling). In most situations, dual agents cannot be fair to both buyer and seller. Usually, the seller pays the commission, so the dual agent may negotiate harder for the seller (than for the buyer). Therefore, If you are a buyer, it is advisable to get your own agent to represent you.

7. Buying a home without professional inspections. Taking the seller’s word that repairs have been made.

It is highly recommended that you should get everything inspected, before you make any final dealing. Unless of course if you’re buying a new home with warranties on most equipment. Check the Inspection reports for the property, if available. These reports will give you a better picture of what you’re buying. Inspection reports are great negotiating tools when it comes to asking the seller to make repairs. If any repair work is required, you will have a better ground to negotiate your terms.

8. Not shopping for home insurance until you are ready to close.

Start looking for insurance as soon as you have an accepted offer.  Many buyers wait until the last minute to get insurance and find they have no time left to shop around.

9. Signing documents without reading them.

Not Reading Documentation properly can cause you a lot of trouble.  Read and review the documentation that you’re supposed to sign (in order to close the deal), including a copy of all loan documents.  You can review them and get your questions answered in a proper manner. Concentrate on reading only the important/related documents because you won’t have a lot of time to do so.

10. Making moving plans that don’t work.

Here is a scenario, which you have to watch out for. You expect to move out of your current residence to a new residence on Friday (over the weekend).  Also on Friday, your lease terminates and the movers are scheduled to appear.

Friday morning arrives: everything packed and set; you’re ready to move and sitting on your front door, awaiting the arrival of new tenants and then you get a call. Stating that your loan closing is delayed until  Tuesday.  The new tenants also arrive at the same time.

In order to avoid such a disaster, you should cancel your lease and ask the new tenants to show up after a week or so, after you expect closing of your transaction.  Consider the extra expense of an insurance policy to get a peace of mind–and protecting yourself from tougher, much more expensive delays.