credit score: Credit: What is Defined as a Late Payment - 04/13/08 05:27 PM
Credit: what is defined as a "late payment". 
A late payment is "any payment received past its due date".  Late payments are also classified into these categories: 30 days late, 60 days late, 90 days late, 120 days late, etc.  - I think you get the idea. If you as a buyer, are considering applying for a mortgage, late payments on a credit report will have an impact on what interest rate you may receive and whether or not a mortgage loan will even be granted to you.
Late payments have an affect on credit scoring, too. The good news is, you … (0 comments)

credit score: Credit - Know the rules - 04/13/08 05:01 PM
Credit - Know the Rules!  - it is much more than paying your bills/debts on time.
There are 5 Main Areas that are critical in your credit make-up, & its effect on Credit Scores:
1. Paying accounts on time. (Equals to 35% of your credit scoring). If you make a payment by its due date, or within 29 days past the due date, it will not affect your credit score. If your payment is received 1 day past its due date, you may have to pay a late fee, but it will not show up as a negative on your credit report, unless over 30 … (3 comments)

credit score: Credit: What are your rights under the Fair Credit Reporting Act? - 03/24/08 05:14 PM
Since credit is tightening up, it is very important to know what your rights are, under the Fair Credit Reporting Act!
Right now, there are so many credit reporting agencies out there, besides credit bureaus - such as specialty agencies that report insurance claims, medical records, rental records, check writing histories - just to name a few. The Federal Fair Credit Reporting Act promotes accuracy. So, what are your rights as a consumer?
A consumer has the right to be told what information on file was used against them, including the name, address, phone number of agency making the report.
A consumer has the right … (0 comments)

credit score: Credit Dispute - Example Letter to Send to Credit Bureaus - 03/24/08 04:38 PM
Some of my customers have asked me for an example letter to send to the Credit Bureau, since I used to be a loan officer with first hand knowledge learning to help my clients.
First off, make sure you can provide proof (never mail original receipts - make copies & keep all originals in a safe place). Also, make sure your credit report is current, less than 90 days old. Ok, here goes....
 
Attention: (put in name of Credit Bureau - Experian, TransUnion or Equifax)
Report Number (this number is found on the top of your credit report)
Date:
To Whom It May Concern:
After reviewing my … (2 comments)

credit score: Credit Scores - Where do you fit in? - 03/23/08 08:33 AM
So, how does your credit score? Are you an 800+. 750 - 799? 700-749? 650 -699? 600-649? 550-599? Under 550?
There is a Federal Law put into place, entitling a consumer to a free credit report every year - but these credit reports do not tell the consumer what their credit scores are. Credit Scores are not "freely" given out, that answer is going to cost you anywhere from $6 to $15 or so. Your credit score is determined from the credit report, along with several other factors, so it is very important to review your credit reports to make sure they are … (2 comments)