Simplistic overview of credit bureaus and your personal credit report. You have the right to your Free Credit report every 12 months in South Africa from TransUnion on www.mytransunion.co.za.
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How to read a TransUnion Credit Report
Article by Delia Galley
The Fair Credit Reporting Act (FCRA) requires each of the Nationwide Consumer Reporting organizations (Equifax, TransUnion and Experian) to provide you with one free credit report every 12 months per your request. This means that you are entitled to three free credit reports per year, if you deem it necessary. You can stagger the requests or order all of them at the same time.
Each of the National Consumer Credit Reporting bureaus have a unique credit report format, but in essence they provide you with the same information. When you receive your free TransUnion credit report use the following guidelines to read your report:
Personal InformationThis section will detail your personal information: Name, Social Security Number (SSN), phone number, current address, current employer, date hired and position. Your SSN will be masked to protect against identity theft. The file will also indicate how long you have been in the TransUnion database.
Account InformationThis is a legend to help you understand the status of each account. Status range from not applicable, unknown, current, 30 days late, 60 days late, 90 days late to 120 days late.
Adverse AccountsAny information that may lead creditors to view you as a credit risk will be listed here. The following details will be listed: name of the creditor, their address, their phone number, your account number, account balance, highest balance on account, account limit, account status, account type and the date the account was opened. It will also indicate who bears the responsibility for resolving any claims or issues against the account.
In addition, this section will list any bankruptcies, foreclosures, judgments or liens in your credit history.
Satisfactory AccountsHopefully all your accounts fall into this section rather than the previous section. Every account you have listed here works towards a good FICO Score. The following details will be listed: name of the creditor, their address, their phone number, your account number, account balance, highest balance on account, account limit, account status, account type and the date the account was opened.
Regular InquiriesAny companies that have made inquiries against your credit file and have received your credit report will be listed here. Inquiries are generated when creditors with whom, you have applied for credit lines or loans (e.g. mortgage loan or credit card application) inquire about your credit history. Some inquiries may have been originated from potential employers. The request will detail the name of the requesting company, their address, the date on which they made the request and the reason for the request. The inquiry record will remain on your credit report for two years.
Inquiry AnalysisThis is a list of all companies that have requested your credit report. The request will detail the name of the requesting company, their address and the date on which they made the request.
Sample TransUnion credit report
You may also find the following credit report terms helpful:? CURR ACCT – Account is current in payments and in good standing.· CUR WAS 30-2 – Account is current was 30 days late twice.· PAID – Account has been paid off and has a balance and is inactive.· CHARGEOFF – Unpaid balance on account was reported as a loss by creditor and the creditor is no longer seeking reimbursement.· COLLECT – Account is severely delinquent and assigned to collections.· FORECLOS – Property was foreclosed.· BKLIQREQ – Debt was forgiven due to Chapter 7, 11 or 13.· DELINQ 60 – Account is 60 days delinquent.· INACTIVE – Account is inactive.
Get a free government credit report
About the Author
The author is the owner of the information-rich website www.poorcreditgenie.com. The website offers free advice on how to rebuild credit and manage debt. Also find a list of faxless payday loans lenders
Transunion Credit Report- Important Hint For Credit Cards
Article by Rohan Rathore
Here are 1 or 2 basic credit advice to help you maintain and improve your FICO scores and thereby open new opportunities in the future :
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When you demand your credit , be sure to spell out that they must as well include enclosed credit scores, as without them, they are going to be more or less pointless, and as well be aware that six hundred and ninety-four is an average score and that below 600 means that you’ve got a less than superior credit rating.
If you wish to start a credit record the right way, it is best to at first have your own checking or savings account. This will end up being very favorable and handy in the end. You then had better get yourself a student Visa card. But make no mistake about it ; you are not supposed to use your credit card to enjoy spending. You will be using your credit card only on things that are necessary.
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The pros are paid for giving advices while other ideas are just freely. The advising are given for you to follow and implemented not to be put aside. Sometimes you will hear other people not in a position to clear up their debt problems. It is due to the fact they don’t follow the guidance. The key to achieve success in your struggle is to be disciplined and diligent in following the credit tips you received.
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How to Get a Free TransUnion Credit Score Report
Article by Rachel Rishul
Anyone who has not heard of TransUnion is either someone living in the past or someone who can afford to just stay at home without any means of communication with the outside world. It is one of the 3 credit bureaus which banks and creditors rely on to check if a person has a good credit standing. Thus, one can stay on top of the situation by getting a copy of the same report first before it is sent to respective banks or creditors. Is it really possible to get a free TransUnion Credit Score?One should not be surprised that there is absolutely no way to get a free TransUnion Credit Score report. However, most services offer a free trial period where one has sufficient time to ask and obtain a copy of their credit report; that is if that is all you wanted to do. It is important to keep in mind however, that obtaining a copy of the report is just the first step. When you see that there is a negative item on your report that is incorrect, would you be able to live with that knowing that it would mean higher interest rates or payment terms for you? That will be quite unacceptable.Thus, after obtaining a free TransUnion Credit Score report, the next step is for one to dispute the incorrect items in order to update and improve one?s credit standing. Without the help of professionals or experts in this arena, it may be impossible to overturn the negative items or it may take a very long time. That is fine if you are absolutely sure that you do not have to apply for credit anytime soon. However, this can be a serious problem when an emergency arises and you have no choice but to acquire a loan. If this is not corrected in time, you will have to live with paying higher interest rates and saying yes to high monthly payments.This is why it is important that as soon as you get a free TransUnion Credit Score report, you need to make sure that any incorrect items are disputed. The amount of money you will spend for such an undertaking is definitely less than the extra amount you need to pay for in debt interest and payments. In addition, you can also be updated if there are changes in your current credit standing because of your financial activities. Thus, you will be able to keep tab of your financial standing on a regular basis and make sure that everything is accurately reported at all times.The sooner one can get his free TransUnion Credit Score, the higher are the chances that he will be able to fix the incorrect items before he encounters the need to avail of a loan. With this in mind, one can be sure that he is able to get the best applicable interest rates and will be able to manage his finances better. In the long run, the amount he spent in keeping tab of his credit report is well worth it.
About the Author
Visit http://www.bestfreecreditscores.com/ and get instant access and get up to ,000,000 worth of identity theft protection with the best credit monitoring service online.
Scored Equifax 824, Experian 783 & TransUnion 973. Want 2 c my reports?
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I was wondering why I was being denied for a credit card! Come to find out my mortgage company is reporting the correct amount each month but the 3 credit bureaus are reporting that my mortgage is 00 a month! Their mistake has caused my credit score to drop!
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WWW.SCOTT-FAIN.COM – You are entitled to your credit report annually. This is to show you how to order it.
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