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Credit Tips

In today’s environment and more than ever before, a person’s credit history will impact their financial condition and can affect the choices that are available to them. Lenders use “Credit Scores” including FICO and Scores” to determine who can qualify for a loan. In addition, the credit score influences the interest rate that a person receives on their prospective loan and their credit limit. Other organizations, such as insurance companies, landlords, government departments and prospective employers employ some of the same criteria in making decisions that can significantly impact a person's options.
Below are some credit tips that will help you gain visibility in to your personal credit history and allow you to manage the health of your credit score. 

How to Dispute an Item on your Credit Report - There are three agencies that collect and report on your credit history. To get a clear understanding of the health of your credit you must contact the credit agencies directly. Below is the information on the three agencies you will need to contact.If you see a discrepancy within the credit report that the agencies have provided you can dispute the reported item(s). We recommend reviewing your credit report on a regular basis and making sure to dispute any questionable items right away so that you continually strengthen the health of your credit score.

Transunion Consumer Relations
PO Box 1000
Chester, PA 19013
800-888-4213
https://www.transunion.com

Equifax Consumer Relations
PO Box 105873
Atlanta, GA 30348
800-685-1111
https://www.equifax.com

Experian Consumer Relations
PO Box 2002
Allen, TX 75013
888-397-3742
https://www.experian.com

Need Help Cleaning up your Credit? American Commerce Mortgage can provide you with some advice on what you would need to do to help clean up your credit report but also available are several non-profit agencies that offer free counseling to assist you. Consult the yellow pages or the Internet under the heading Credit Counseling Services to find a counseling service in your area.

How to Obtain a Free Credit Report - The Fair and Accurate Credit Transaction Act of 2003 (FACTA) provides that every consumer is entitled to a free credit report every 12 months from each of the three national repositories: Equifax, TransUnion and Experian. Customers may obtain their personal credit report through the following website: www.annualcreditreport.com. Fight identity theft by monitoring and reviewing your credit report on a regular basis.

Impact of an Inquiry on your Credit Score - An abundance of credit inquiries can sometimes negatively affect your credit scores since it may indicate that your use of credit is increasing. But the inquiries that do not impact your credit score within the 30 days prior to the score being calculated, are mortgage and auto loan credit inquiries. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry.

What to do if you are a Victim of Credit Fraud - If you have been a victim of identity theft, you have certain rights under the law. You should provide a copy of a valid police report to the credit reporting agencies and request that they block the reporting of the information that appears on your credit report as a result of identity theft. The law provides guidance to the credit reporting agencies on when to block and unblock such

Stop Unwanted Calls and Solicitations - Did you know that credit bureaus are legally allowed to sell lists of consumers who have recently had a credit report run? This is why consumers are flooded with calls and solicitations shortly after completing a loan application. The law provides a means of protection from these calls and solicitations by providing consumers a means to “Opt Out” by visiting www.optoutprescreen.com. Additional protection from unwanted calls can be found by registering your phone numbers on the National Do Not Call Registry, which can be accessed at www.donotcall.gov. Consumers must take the time to “Opt Out” of these unwanted calls and solicitations.