Oct
6
Is there a difference between the credit report a creditor sees and your full report on file with the 3 CRAs?
Filed Under Credit Report | Leave a Comment
Correct me if I’m wrong but when you pay for deletion you are paying for any record of the debt to be 100% removed from the report that a potential creditor would see (like when you buy a car or credit card) .
–BUT the debt is never actually deleted from the credit report that you and the CRA have access to.
So, there are actually 2 forms of credit report: one that potential creditors see, and one which only you and the CRA see.
Is this correct??
I am asking because in previous answers to my pay for deletion questions, alot of people are saying that debts are never 100% deleted from credit reports.
So that makes me wonder what the phrase pay for deletion means exactly?
Thanks!
Oct
5
Do I have to have a good credit history to become a mortgage broker?
Filed Under Credit History | 2 Comments
I see that many training programs pull a credit history. I have a bankruptcy (2+ yrs ago) and I’m wondering of this will cause problems getting licensed in NC.
Oct
2
Credit Reports Australia – Are Debt Stressed Aussies Getting The Protection They Need?
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Surging numbers of Australians defaulting on their credit agreements has led two of Australia’s credit checking firms to call for major credit reporting reforms to tackle the nation’s growing debt problem.
Two recent studies conducted by credit reference agencies, Veda Advantage and Dun and Bradstreet have shown alarming increases in the number of people failing to repay the credit they owe.
The study by Veda Advantage, Australia’s largest credit ratings business with information on 13 million Aussies, has shown that in parts of Australia the numbers of people defaulting has risen by more than 50 per cent.
Areas with high levels of mortgaged home owners saw rises of 42%, as hard pressed families struggle to cope with interest rate rises. Capital city areas, while seeing fewer defaults, still saw hikes in defaulters by nearly a third.
A spokesman for Veda Advantage said the survey had highlighted regional hotspots of consumers struggling to repay what they owe to lenders.
“This study is significant as it demonstrates that people living in regional Australia as well as those in mortgage belt suburbs are struggling over other areas to repay the credit they owe.
“The drought and other environmental hardships, as well as rising interest rates may have paid their toll as country families seem to be suffering more than their city cousins.
“We are also concerned about the rise in defaults in mortgage belt suburbs as some families purchasing their own houses are also struggling to repay money,” she added.
Veda Advantage have said the study reinforces the need for decisive action to reform credit reporting laws to protect borrowers and lenders, especially in light of growing concerns about interest rates and the cost of living.
A separate study conducted by Dun and Bradstreet has shown that young Aussies are the most likely to get a call from a lender’s collections department. More than half of debtors are under the age of 35, according to the Dun and Bradstreet study.
Other key findings show many consumers are defaulting on low value debts of less than $500, with men more likely to suffer re-payment problems than women. Victorians are the most likely to have a debt referred to debt collectors.
A Dun and Bradstreet spokesman echoed the view of Veda Advantage that credit reporting reforms were needed to help with better lending decisions.
She added: “Consumers need to think carefully about the levels of debt they are taking on. However with years of reports about ever increasing debt stress we have to accept that our current credit reporting laws aren’t working and we need to make changes. Those changes must include improved credit reporting laws.”
Victorians and New South Welshmen and women top the league table for debts referred to collectors, at an average of $3,000, according to the credit report supplier. Victorians account for 40 per cent of the debt referred to collectors. Men are incurring debts of $600 more than women and account for 52 per cent of debt passed to debt collectors.
While young Aussies under 35-years-of-age account for one third of debt sent to collectors, debtors between the ages of 35-44 have the highest average default debt of about $6,000.
By: Tristan Dunston
Two recent studies conducted by credit reference agencies, Veda Advantage and Dun and Bradstreet have shown alarming increases in the number of people failing to repay the credit they owe.
The study by Veda Advantage, Australia’s largest credit ratings business with information on 13 million Aussies, has shown that in parts of Australia the numbers of people defaulting has risen by more than 50 per cent.
Areas with high levels of mortgaged home owners saw rises of 42%, as hard pressed families struggle to cope with interest rate rises. Capital city areas, while seeing fewer defaults, still saw hikes in defaulters by nearly a third.
A spokesman for Veda Advantage said the survey had highlighted regional hotspots of consumers struggling to repay what they owe to lenders.
“This study is significant as it demonstrates that people living in regional Australia as well as those in mortgage belt suburbs are struggling over other areas to repay the credit they owe.
“The drought and other environmental hardships, as well as rising interest rates may have paid their toll as country families seem to be suffering more than their city cousins.
“We are also concerned about the rise in defaults in mortgage belt suburbs as some families purchasing their own houses are also struggling to repay money,” she added.
Veda Advantage have said the study reinforces the need for decisive action to reform credit reporting laws to protect borrowers and lenders, especially in light of growing concerns about interest rates and the cost of living.
A separate study conducted by Dun and Bradstreet has shown that young Aussies are the most likely to get a call from a lender’s collections department. More than half of debtors are under the age of 35, according to the Dun and Bradstreet study.
Other key findings show many consumers are defaulting on low value debts of less than $500, with men more likely to suffer re-payment problems than women. Victorians are the most likely to have a debt referred to debt collectors.
A Dun and Bradstreet spokesman echoed the view of Veda Advantage that credit reporting reforms were needed to help with better lending decisions.
She added: “Consumers need to think carefully about the levels of debt they are taking on. However with years of reports about ever increasing debt stress we have to accept that our current credit reporting laws aren’t working and we need to make changes. Those changes must include improved credit reporting laws.”
Victorians and New South Welshmen and women top the league table for debts referred to collectors, at an average of $3,000, according to the credit report supplier. Victorians account for 40 per cent of the debt referred to collectors. Men are incurring debts of $600 more than women and account for 52 per cent of debt passed to debt collectors.
While young Aussies under 35-years-of-age account for one third of debt sent to collectors, debtors between the ages of 35-44 have the highest average default debt of about $6,000.
By: Tristan Dunston
Oct
1
Credit Score vs Credit Report
Filed Under Credit Report | Leave a Comment
Free Credit Reports are Your Right!
You’ve seen the ads: Get your free credit report here! The hard sell seems excessive since the report is free, right? Read the fine print. The Free Credit Report companies require a credit card that will not be billed as long as you cancel this service within 30 days of registering. If you forget to cancel in time, you may be required to pay over $20 a month for a listing of all your credit obligations, past and present.
This does not mean that you shouldn’t take advantage of the opportunity to review your credit report. Register for your free credit report, print out a copy and then call the toll free number immediately to save yourself the unplanned monthly fee.
Be prepared to ignore the add-on sales efforts the website will send your way. They are likely to offer you your credit rating (a number that alerts potential lenders to their risk level of letting you borrow money) and for yet another fee, they will explain what you credit report and that number mean.
Credit report vs Credit Rating
A credit report lists all the important financial data about you. Good, and bad, it is all in there. You are guaranteed by the United States Government one (1) free credit report per year. You will not be required to input any credit card data at all.
These are 100% free, and are part of a legislative package approved by congress, and signed by President Bush.
What’s the catch? Once you use your freebie, you either have to wait an entire year, or pay for your next one. Requesting a copy of your own credit report will not effect your credit rating. It is only effected when a creditor requests it.
A credit score is a number used by creditors to determine your ability to repay loans. This number moves up or down based on your payment history. Timely payments increase your score, while late payments decrease your score. You are not guaranteed a free credit score.
Visit http://www.dreamhouseproject.com for more information on how to obtain your free report directly from the three reporting agencies.
By: Chris Yarbrough
You’ve seen the ads: Get your free credit report here! The hard sell seems excessive since the report is free, right? Read the fine print. The Free Credit Report companies require a credit card that will not be billed as long as you cancel this service within 30 days of registering. If you forget to cancel in time, you may be required to pay over $20 a month for a listing of all your credit obligations, past and present.
This does not mean that you shouldn’t take advantage of the opportunity to review your credit report. Register for your free credit report, print out a copy and then call the toll free number immediately to save yourself the unplanned monthly fee.
Be prepared to ignore the add-on sales efforts the website will send your way. They are likely to offer you your credit rating (a number that alerts potential lenders to their risk level of letting you borrow money) and for yet another fee, they will explain what you credit report and that number mean.
Credit report vs Credit Rating
A credit report lists all the important financial data about you. Good, and bad, it is all in there. You are guaranteed by the United States Government one (1) free credit report per year. You will not be required to input any credit card data at all.
These are 100% free, and are part of a legislative package approved by congress, and signed by President Bush.
What’s the catch? Once you use your freebie, you either have to wait an entire year, or pay for your next one. Requesting a copy of your own credit report will not effect your credit rating. It is only effected when a creditor requests it.
A credit score is a number used by creditors to determine your ability to repay loans. This number moves up or down based on your payment history. Timely payments increase your score, while late payments decrease your score. You are not guaranteed a free credit score.
Visit http://www.dreamhouseproject.com for more information on how to obtain your free report directly from the three reporting agencies.
By: Chris Yarbrough