Q:

I’m attempting to remove the multiple errors on my credit reports

Since I resided in the Philippines I was unable to complete each firm’s on line form.

I thus wrote each company explaining, I’m unemployed actively seeking employment, and was recently turned down for a new car loan with big Island Honda I included the letter from Honda dealer.

All 3 firms returned a form to complete basic name address for past 2 years ss #, etc. + a plethora of other information which I’ve included twice now.

Copy of current electric bill

Copy of current passport
copy of current drivers license

Copy of SS card

Copy of 1099 for 2009 to confirm my SS#

I complied precisely to their requests, yet in Saturdays mail comes the same form back asking for all the above information.

Are they complete idiots? Or do they simply not wish to send a current copy of my report for free?

Do I need to mail things Signed receipt requested?

I suspect there has been some identity theft. I only want to clean up delete incorrect information on my 3 reports.

OMG if you cannot even qualify for a Honda civic there is a REAL PROBLEM.

I’m not stupid but obviously unclear why they don’t get it? Help please. I’d like to buy a car and get back to work.

Regards, Bill

A:

Hi Bill…. Disputing your credit report can be a challenge sometimes. I am assuming from your question to us ,  that you have been contacting the companies that say you owe then money.  I would recommend disputing directly with the credit bureaus. If you don’t owe this debt then it will be removed. You can dispute on-line through our on-line link. It is here. Depending on your circumstances we have wrote many articles on how to fix issues on your credit report. I will give you several good links about that. I will also include a link on how to resolve identity theft as well.

Here they are.

1.Fix Credit Report Errors

2. Quick Free Credit Repair Guide

3. Identity Theft

I am sure these articles will resolve your issues, it has for millions of other people.

Mike Clover:

CreditScoreQuick.com….. Your FREE resource for credit repair.

Will the terms of the Credit Card Act affect you? Of course they will. And some of the much-advertised terms aren’t quite what they seem. So be careful.

For instance, the new law requires 45 days’ advance notification of “significant changes” in the terms of your account. But apparently the lawmakers didn’t believe that decreases in your credit limit were “significant changes.”

So keep an eye on your statements – reading both the interest rate and the credit limit. And if you’re about to go shopping for a major purchase, check your account on line before using that card.

You can’t be hit with an overlimit fee unless you’ve opted in to allow overlimit transactions, but that means you could be red-faced when a retailer runs your card and says “sorry.”

Remember that getting near a “maxed out” status will have a negative effect on your credit score. So think carefully about using the card for a large purchase if it’s going to put you close to your limit.

Your interest rate on future purchases can be raised upon 45 days advance notice, and in most cases cannot be raised on existing balances. However…Your interest rate can raised on both existing balances and future purchases without notice if you’re 60 days late on a payment, if you’ve been using the card under a promotional rate, or if your card is at a variable rate tied to the Prime Rate.

Required advance notices must include an opt-out clause. Consider whether it makes sense to opt out if you dislike the proposed change. Opting out will close the account but ensures a “beneficial” repayment plan.

One huge benefit for consumers under the new plan is that your bill will be due on the same day each month, and the credit card issuer will be required to mail your statement 21 days ahead of the due date.

Now you won’t be late with a payment because the bill didn’t arrive until a day before a new due date. You’ll know when it’s due and can go on line to make the payment even if a statement is lost in the mail.

Credit card issuers are also no longer allowed to charge a fee for taking your payment over the phone or on the Internet. But… of course there’s a “but.” They can charge a fee to expedite payment through a service representative. So don’t wait until the due date to call. It could cost you anywhere from $15 to $39 to get that payment posted on time.

In fine print that I personally find dishonest, credit card issuers can require that your payment be received a day or even a couple of days ahead of the due date, in order to give them time to process the payment by the due date. So read the fine print. Your due date might not really be your due date.

Author: Mike Clover
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.

Does a higher interest rate on a loan or credit card really make that much a difference? Let’s break down the money difference in interest rate percentages and how much you are really paying for what you finance.

In 2006, my friend bought her boyfriend a brand new “crotch rocket” motorcycle for Valentine’s day. That’s a pretty nice gift! They walked (or drove, actually) off the lot after she financed it for $8,300. However, she was young and didn’t realize what her interest rate was on the bike. It was a whopping %23. When you are financing thousands of dollars… 23% adds A LOT to the total amount. So they bought the bike and everything was great until the first payment was due. After realizing the actual monthly payment over the life of the loan, she wasn’t nearly excited over the bike anymore as she was when they drove off of the lot. After everything was said and done; after paying off the loan and spending way more than the sticker price on the bike originally… she ended uppaying $13,000 and change. When it is that big of a difference, the exact dollar amount doesn’t even matter any more. Bottom line, she got ripped. That’s almost TWICE the amount that she originally thought she was going to be paying for it. “Ridiculous” is the only word to describe that situation.

People need to be more cautious of the interest rates on their loans and credit cards. Even a single point on a loan could add up to thousands of dollars. I have done a little research for all of you reading this, so check this out: If you get a $200,000 mortgage at a 5% interest rate (which is very good), over the course of 30 years, you will pay $1,073.64 per month. Now, let’s raise that to a $200,000 mortgage at 6%. Guess what that payment just went up to? You are now paying $1,199.10! I’m no mathematician by any means, but I have a calculator sitting right in front of me, so let’s do the math real quick. That is $125.46 extra per month for 30 years. Trust me, it builds up to a whole lot of money.

It’s painful to see the realization of these numbers, but you need to get the best interest rate you can every time you get a loan or apply for a credit card. Otherwise, you are simply wasting money. I don’t know about you, but I wouldn’t mind an extra $125.46 a month. Be cautious of what your rates are so you can be responsible with your money.

Author: Mike Clover
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.

When the Credit Card Act was signed into law last year, credit card issuers got busy figuring out ways to replace the income they were going to lose when the act went into effect.

One way was to begin raising rates across the board immediately. So some consumers with excellent credit who had always paid on time and had enjoyed low rates for years were suddenly faced with huge jumps in interest rates.

For those with poor or marginal credit, the rates went even higher. Now it isn’t unusual to see interest rates exceeding 30%.

Of course, the smartest thing for these consumers to do is to get those cards paid off as quickly as possible – and to stop charging.

Other card issuers, expecting that the prime rate cannot stay low forever, changed to variable rates tied to prime. They won’t get hurt when their cost of funds goes up because they’ll be able to pass the cost on to their customers.

Still others have instituted annual fees.

The price of these fees can vary greatly, so if you get the required 45 day notice that your card is going to impose an annual fee, do your math.

Rewards cards are the ones most likely to charge a fee, and depending upon the rewards, the fee could be hefty. So figure out what you stand to gain from the rewards and weigh it against the annual cost. You may find that you’ll be better off using a different card.

Some cards, known as “Fee harvester cards,” charge other fees as well. Some charge an application fee, while some charge a monthly fee or a transaction fee. Some even charge an “inactivity fee.” And some are offered with interest rates that look like they must have been typographical errors. I saw one card offer with a 60% Annual percentage rate.

The Credit Card Act has put a limit on these cards. Where they once could charge up-front fees of $160 or more to obtain a card with a credit limit of $200, they are now limited to charging only 25% of your credit limit in fees during the first year.

The bottom line is this: Credit card issuers aren’t there to help consumers. They’re there to make money. So read everything before you apply for a new card, and keep a close eye on all statements and correspondence regarding your existing cards.

Author: Mike Clover
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.