Have you been turned down for a loan recently? Have you applied for store credit and been refused? Did you really want that car and find out that because of your ‘credit score’ that they would have to require an unreasonable down payment?

Credit reports are designed to help businesses evaluate the risk factor in giving you money or valuable products on a line of credit.

The Fair Credit Reporting Act promotes the accuracy, fairness and privacy of information in the files of the nation’s credit reporting agencies. The act is enforced with regard to the consumer’s rights and requiring new responsibilities for the credit reporting agencies.

For example, a reporting agency must give you a copy of your report and they must provide a list of every inquiry about your credit report within the last year.

The agencies collect data on personal identification (name, address, social security number, current employer, etc), payment histories with all current and closed lines of credit that details how much you owe, when you’ve paid on time and what, if any have been reported to a collection agency.

The final two items are all inquiries that have been made on your credit report as well as anything that is considered a matter of public record such as bankruptcies, foreclosures and tax liens.

To repair or report errors on your credit report, you must obtain a copy of your personal report and score. The reports themselves are not uniform from company to company.

Experian may not list all the data of Equifax and vice versa. So, be sure to obtain credit history reports from the same company as the creditor who turned down your application. In some states, that may require a small fee, but after September 1, 2005 all states will have to be in compliance with providing a free credit report.

Once you have the report, verify the information. Every report is also scored. Scoring is the system that creditors use to determine your credit experience. These scores are valid for all three companies and are uniform in value.

Credit scores range from 375 to 900 points, but those numbers mean little on their own. A score of 650 or better usually indicates a very good credit history. Scores between 620 and 650 are considered average, while scores below 620 may prevent a person from getting a loan. If they do receive one, it is likely one with prohibitive interest attached.

If you look at all the information on your credit report and it’s correct, then you are faced with having to improve either your payment history, lower the number of debts.

If the score is low because you possess very little credit history, investing in a secured credit card can help generate good feedback to your credit report or a co-signer who can provide the creditor with a good credit history as security for your lack of one.

Inaccurate information, however, such as reported late payments that you disagree with or a listing for a debt that is not yours is repairable. Some companies offer debt consolidation or credit repair. Before getting involved with either type, be sure you thoroughly check out the company to avoid scams.

Doing the credit repair on your own is simple enough. Write a letter, detailing the inaccuracy to the reporting company. Send the letter and copies (copies only) of any documents supporting your claim to the credit-reporting agency. Some agencies allow you to do this online through their websites; however, if you need to send them hard data it’s better to use regular postal mail.

The credit agencies are then required by law to investigate the item in question, usually within 30 days. They must forward all information to the reporting creditor and if they cannot verify the veracity of their report or the creditor does not respond, the report will then be changed and updated to reflect the data provided.

The company must then notify you in writing of the change as well as provide you with an updated credit report.

It’s important to note, that if there is an inaccuracy on Experian that there is likely a similar one on Trans Union and Equifax. Each company must be notified, separately for each item.

Also, if you have more than one item you are disputing on your credit report, then you may have to send a separate letter for each instance, to be certain that each item is addressed.

While this can be a time-consuming task at first glance, it is the best way to remove inaccuracies from your credit history and repair misinformation damage to your credit report. If you request it, the reporting agency must also send notices of any corrections to anyone who received your report in the previous six months.

If the negative information reported to your credit history is accurate, then only time can repair the damage of the negative score. Most information rolls off after 7 to 10 years, but felony convictions, information on jobs paying you over $75,000 a year or credit of more than $150,000 has no time limit.

If you had a car repossessed, you’ll have to wait about 8 years to see the repossession removed from your credit history. Open credit lines, whether the information is negative or positive, will remain active on your credit history whether you actively use the credit or not.

Applying for credit is never a fun, even for people who are considered to have good credit. There is always an inherent fear of rejection by the creditor you are applying for. If you are concerned about your credit history, keep an eye on it.

It’s recommended that you check your credit history once a year at least, because in an age of identity theft, negative credit history can be part of the collateral damage.

For more articles and suggestions, visit http://www.bills.com/credit-report-errors-articlebills/

justin narin
http://www.articlesbase.com/credit-articles/how-to-report-an-error-on-your-credit-report-721232.html

Equifax has been compiling credit reports since 1899. You can now get your own free credit report every year from Equifax. Your credit report is what banks, mortgage and credit card companies use when they are deciding whether to grant you credit. It is a record of every credit transaction you have ever made.

Until recently you had to pay to get your credit report. But now thanks to the FACT Act which was passed in 2003 every American can see their own credit report. Previously, only companies had access to this information. Now you can see for yourself the information on which lenders base their decisions.

Equifax is a global company with 4,600 employees in 13 countries. With $1.4 billion in revenue it has a proven track record in the field of credit reports.

All you have to do to get your free credit report is to go to the Equifax website. Follow the simple instructions and your report will appear on your computer. You can download it or print it.

You must establish your identity by providing some information such as date of birth, social security number, name and address. Equifax needs to verify who you are before it hands out this sensitive information. But the whole process only takes a few key strokes.

Once you’ve got your credit report you can check it against your own records. If there are any inaccuracies you can report them to Equifax. When you provide the documentary evidence that a mistake has been made you can have the report corrected.

Then lenders will get an accurate picture of your credit history. If you have been the victim of identity theft and someone has used your name to get credit then you can have those transactions removed from your report.

Any inaccuracies in the credit report may have been lowering your credit score. Lenders may have refused you credit because they thought you were a bad risk.

There are two other companies that compile credit reports. You can also get free credit reports from them. But Equifax is one of the giants of the industry and a company that is well trusted by lenders. Equifax has been providing credit reports for over a century. So take advantage of the FACT Act and get your free credit report from Equifax today. Your credit score need no longer be a mystery to you.

Abhishek Agarwal
http://www.articlesbase.com/credit-articles/equifax-credit-report-get-your-free-credit-report-from-equifax-703507.html

Credit card and Identity theft are a great cause for concern for anyone who has a good credit rating and credit cards that they use regularly. Often thieves will steal someone’s identity and then go on to run up a host of bills in that person’s name. By the time a person realizes what has taken place, it is often too late to do much about it. So the real question is how can you fight back against these criminals and keep your good name intact as well as your credit and money.

Recently the right to freeze credit reports and stopping credit from being issued in a person’s name has become available. By locking down your credit, nobody can get your credit file or details to run up credit in your name leaving you to deal with the bill.

Who can lock down their credit?

Almost anyone can lock down his or her credit. Since 2003, when California allowed its residents to lock down their credit reports, other states have began to follow suit including New Jersey, Louisiana, Nevada, Connecticut, Maine, North Carolina and Colorado. Other states such as Texas, Illinois, Vermont, and Washington will only allow victims of identity theft or those who have fallen victim to a security breach to freeze their credit reports. If your area is not listed here, then by inquiring at any one of the three major credit-reporting agencies you should be able to find out what your state allows.

Anyone can ask the major credit reporting companies to place a fraud alert on a credit report. How this benefits you is that the company alerts you when credit is requested and you are asked permission to proceed with the credit. There is one problem with this method and that is creditors are not required to check the alert or even ask your permission.

A credit freeze takes the next step in security enforcement. With a credit freeze nobody can open any type of credit line under your name or even gain access to your credit file. What this means is that your credit details are off limits to everyone even credit lenders, insurance companies and potential employers.

How does a credit freeze work?

Credit freeze is quite simple really, but very effective. What happens is, when credit is requested, for example a credit card, cell phone or even a personal loan, the company that is considering giving the credit will call one of the three credit reporting companies to ask for access to your credit file. If you have already requested a freeze on your file then the credit reporting company will tell the creditor that they don’t have access to the file as it is frozen. You can just about guarantee that no creditor in their right mind will proceed with a line of credit that has a frozen file.

What if I want credit?

If you want credit or you need a background check for a potential employer, it is not a problem at all. What actually happens is that the three major credit reporting companies give you a personal identification number, or a PIN, that allows you to freeze and unfreeze your credit report when you need to.

If a criminal manages to get your name, address, social security number and even your birthday, with the protection of a credit freeze they don’t stand a chance at getting credit, no matter how good they are.

How do I get a Credit Freeze on my files?

In order to lock down your credit, you will need to contact each of the three credit reporting companies. If you are the victim of identity theft and are reporting from a police or law enforcement agency, the fee is usually waived. Other residents who are not under direct identity theft lock down may be asked to pay a fee to each of the three credit reporting agencies.

This fee is usually quite low and, considering the benefits of having a credit freeze on your account, the few dollars that are spent are well worth it for the piece of mind that you will have knowing that your credit, good name and assets are locked down and secured at all times. None of the credit reporting agencies charge to have credit report freezes lifted, however, there will be charges for those who want to temporarily lift their freeze, even if they are victims of identity theft.

What do the credit reporting agencies need?

Each of the three credit reporting companies require a certain procedure to be followed in order to have your credit report frozen. Below are the requirements needed for each company:

Equifax: Equifax requires that all communication with regards to this procedure be sent via certified mail. In the body of the letter you are required to state your name, address, including previous addresses, social security number and your date of birth.

Payment must be made by check, money order or by a credit card. If a credit card is the chosen option, then the name of the card, account number and expiration date must be included. ID theft victims should also put a valid copy of a police report, investigation report or a valid complaint that has been filed with a law enforcement agency.

Experian: Experian requires that you send all communication via certified mail. In the letter you should include your name, including middle name, and any other identifying names, for example, Jr. or Sr. Also you will need to include a current address, and previous addresses going back as far as five years, social security number, date of birth, and proof of address. Proof of addresscan be in the form of drivers licenses, bills for utilities such as power or water, bank statements or insurance statements.

Money should be paid either by check, money order or credit card. If paying by credit card, you should include the name of the card, account number and expiry date. Victims of ID theft need to have current copies of the police report, investigation report or a valid complaint that has been filed with a law enforcement agency.

TransUnion: Communication can be sent either by regular or certified mail, although certified mail is always a safer option, as you know that the communication has been received safely by the company. You will need to include your full name, including middle initials and any other parts to your name for example Jr. or Sr. You will need to provide your current mailing address and any other addresses dating back to the last five years, date of birth and social security numbers are also required.

Payment can be made by check, money order or credit card. If paying by a credit card, you will need to include your name, account number and expiration date on your card. If you have been the victim of ID theft you will need to include your police report, investigation report or the complaint that you have filed with a law enforcement agency.

Why the credit companies don’t want you to freeze your files

There is a lot of controversy over the new interest in consumers protecting their credit by freezing it until they want to use it. Many of the credit companies claim that it will be an inconvenience to consumers, while others are saying it is much like waiting to have a car accident before letting people put seatbelts into their cars.

It appears that the biggest fear of the credit companies is the loss of control over consumers. Those who have exercised their rights and used locked down credit safety measures are unable to buy on impulse, because they have to unlock their credit before purchasing. This could mean an end to impulsive buying over the weekends and fewer purchases for credit companies. Devastating for credit companies, but an added safety feature for those who lock down their credit.

Is there anyone who can help?

There are companies out there that offer you the alternative of not having to do a lock down yourself. They also monitor your credit situation regularly for you and help you get credit when needed, for a fee. One of the great things about these companies is they stand by their promise to protect your credit by insuring each person if they do become a victim of ID theft and loose money because of the companies negligence. If you are busy, or don’t want to lock down your credit on your own these companies are a great way to protect your identity and valuables.

Don’t be caught by criminals who prey on honest citizens by stealing their identity and running up expensive credit debt. Fight back, use a credit freeze and rest assured that your assets and credit is safe from theft.

Liz Roberts
http://www.articlesbase.com/advice-articles/put-your-credit-on-lock-down-how-to-stop-identity-thieves-dead-in-their-tracks-60377.html

As soon as you find out your ID has been stolen.

There’s some info at: http://www.idtheft.gov/takeaction.html and follow all steps laid out.
Also http://www.ftc.gov/bcp/edu/microsites/idtheft/ and
http://www.usdoj.gov/criminal/fraud/websites/idtheft.html
http://www.ssa.gov/pubs/10064.html

here you get a free credit report every year
http://www.annualcreditreport.com
It’s all free

here they protect you for a few bucks every month:
http://www.esuperfind.com/id-theft-resources.php?id=aoeu

I used to live in state A, and someone in state B (a state I’ve never even visited) used my SSN to establish a telephone account then proceeded to run up a $1000 debt. It went unpaid and was sent of to at least 4 different collections agencies. Each credit reporting bureau is reporting some combination of this collections debt, but they all differ. I have filed an ID Theft affidavit, but am unable to file a police report in state A because the crime occurred in state B. I am unable to file a report in state B because police reports must be filed in person. I have included federal and state A tax forms from the time the ID theft occurred as proof that I was not living in state B at the time. I have disputed all occurrunces of the debt at all 3 credit agencies, some have removed one or more instances of the collections items, some have not. They have not all removed the same items. Is there any way to get all 3 bureaus to be consistent in their removal of items?

make the collections validate the debt

www.creditinfocenter.com

if they refuse, then take them to small claims court
and sue them back.

Ones FICO score is a very important determinant of the ability to finance the purchase or refinance of a home. The FICO score is determined by a formula developed by Experian and takes into account many different factors. In today’s lending environment, automated underwriting has taken a predominant position in the processing of loan applications. It has become more cumbersome to address issues that do not easily fit into the formula. It is of extremely high importance, therefore, to protect one’s credit by guarding against identity theft. Once an item is shown as a negative on one’s credit report, it is very difficult and very time consuming to get it taken off. Also, while an item of bad credit is being investigated and attempts are being made to rectify the problem, the result is that the overall FICO score is reduced, and therefore reflects a greater credit risk than it should.

The protection of your identity is one of the most important functions in maintaining your financial health.?Identity theft can cause many a myriad of problems.?One major problem could be the inability to achieve the “American Dream” of homeownership.?Even if you already own a home, identity theft could cause you thousands and thousands of dollars due to higher interest rates.?In trying to refinance a home in order to remodel, for example, the interest rate could easily be 2% higher than the current market interest rate just because someone else used your credit and negatively impacted it.

There are ¡°Ten Top Tips for Identity Theft Protection¡± published by the Office of Privacy Protection, California Department of Consumer Affairs, www.dca.ca.gov. If one follows these guidelines for protection, one will be far ahead of the average person in safeguarding their identity, although no one is fully guaranteed complete immunity.

The following is a short, abbreviated list of these top ten pointers:

Tip # 1. Protect your social security number. (Don¡¯t carry your social security card with you)

Tip # 2. Fight ¡°Phishing¡±-don¡¯t take the bait. (Don¡¯t respond online to credit information requests).

Tip # 3. Keep your identity from getting trashed. (Shred information when throwing away).

Tip # 4. Control your personal financial information.

Tip # 5. Shield your computer from viruses and spyware.

Tip # 6 Click with caution!?When shopping on line, check out the website before entering your credit card number or other personal information.

Tip #7 Check your bills and bank statements right away.

Tip #8 Stop pre-approved credit offers.

Tip #9 Ask questions of anyone before giving personal information.

Tip #10?Check your credit reports-for free.

Identity theft can be devastating to a person¡¯s finances. It often leaves its victims credit and financial lives in shambles, but by practicing these simple tips you can stay one step ahead of the identity thieves, and be the only one who uses your identity.

For further information related to this article, visit http://www.nefcortez.com

Nef Cortez
http://www.articlesbase.com/finance-articles/protect-your-identity-10530.html

The holidays are in full swing. Like most people you’re probably getting your share of cards, gifts, bills (always) and various offers to spend money. And it’s all going into your mailbox.

Personal information is delivered to us on a daily basis. The problem is most mailboxes can easily be broken into. Since many of us only think about our home and property when dealing with home security, identity thieves have found the gift that keeps on giving.

Even though there are many mailbox designs in the United States, most of them are outdated in terms of security. They may perform their duties of receiving mail quite well but they normally don’t offer the security needed to protect people from identity theft.

Most of us don’t think anything about it. We head out to our mailbox, collect the mail, and go back in the house. But all it takes is a thief to beat you to the mailbox by a couple of minutes. Once they collect a few pieces of your mail, identity thieves can easily use your personal information to charge credit cards, go on major spending sprees or worse.

Always include your mailbox in your plans for home security. Remove your mail from your mailbox as soon as it’s delivered. If no one is home when the mailman arrives, consider renting a post office box, which provides a more secure system of delivery. You may find your peace of mind is worth the small rental fee.

If the thought of going to the post office everyday to pick up your mail doesn’t thrill you than replace your traditional mailbox with one that’s safe and secure.

The ideal types are those made of solid steel. The top of the box should be accessible to the mailman, allowing him to put the mail in without a problem. The bottom side of the mailbox however, should only be accessed via key. Mailboxes that require a key will protect you from identity theft - as the thief simply won’t have access to your mail.

Mailboxes that are constructed from solid steel are nearly impossible to break into, yet they will open easily for you to check your mail with the lock and key system. Keep your mailbox in good repair by using proper installation methods.

You can find secure mailboxes at a local hardware, department store, or online. You should be able to get one at a very affordable price this time of year.

If you do notice someone tampering with your mailbox (or your neighbor’s), obtain that person’s description. Immediately report them to your local police and postmaster. You can bet that if you catch someone tampering with your mail, this isn’t their first time and it won’t be their last unless you take action. Don’t try to be a hero. Let the proper authorities handle it.

Identity thieves have put your mailbox on their Christmas list. The next time you go out to check your mail, think about your safety and theft proof your mailbox.

Daryl Campbell
http://www.articlesbase.com/home-security-articles/the-perfect-christmas-giftfor-identity-thieves-80661.html

The one thing a person can’t take from you is your self-respect and the one thing that you be proud of is your self-identity. Your self-identity is your individual difference from everyone else. Your person reflects the being you are and who you will be as well as your personality. Your uniqueness from all others. All this… this cannot be taken from you.

In saying this… people can steal your identity nowadays. They can’t take your personality but they can try and be you.

Should you be alarm? You better believe it! The American dream is one everyone wants to touch and have. Yet, some people do not want to work for it. They want it at someone else’s expense. They will get that American dream they want so badly even at your price.

The kicker of this problem is when someone’s identity is taken and used for criminal acts. Imagine you are driving in your road and you get pulled over… maybe for speeding, maybe the cop ran your tag but you get pulled over. Your name is mixed up with someone who didn’t show up for court on a weapons charge or burglary charge. Do you think it will be easy to prove that you are not the person they think you are. It may be your name but it isn’t you. This is a violation of your person.

How did these people do this to you? Somehow they were able to retrieve your social security number, address, name, date of birth and bank account data.

Are these thieves getting joy and benefit from taking things from you? You can bet they are. People who steal others identities are making a huge profit off of your good name.

Another example: a person has just obtained information about your banking institute including your account number and even your routing number. He or she can then take all that money and transfer the funds to another bank or begin purchasing items. All without having to worry about walking into the bank. That is scary, huh?

Get a Fraud Alert Placed On Your Credit Report

So how do you protect your good name, credit and finances? One way to protect it is to get a fraud alert placed on your credit report. This is a way to get the credit bureaus aware of any possible issues. Fraud alerts can stop thieves from getting credit. Should someone try, the credit bureau will call you right away about it.

If for some reason, you cannot be reached, the credit will not be issued in your name and this warns the credit company trying to obtain it that you have not authorized any type of transaction to go on.

How to Set Up a Fraud Alert

Believe it or not, this is one of the most easiest things to get to protect your credit. Just work together with the credit bureau fraud alert department to get it all set up. Get your file top flagged and by recording your voice in the response system, it will be a way to identify if you made the attempt to get credit.

Should you wish to remove the alert at any given time… you can do so by writing the credit bureaus and informing them. Know this that some creditors will not authorize credit if a fraud alert was placed even with good intentions.

Fraud alerts are one of your best weapons against identity theft and thieves but take other precautions like protecting your social security number for one.

Abhishek Agarwal
http://www.articlesbase.com/personal-injury-articles/setting-fraud-alerts-best-way-to-weaken-identity-theives-754152.html

In its annual report earlier this year, the Federal Trade Commission announced that the most vulnerable targets of identity theft are 18-29-year olds. Likewise, the 2007 Identity Fraud Survey Report, released by Javelin Strategy & Research, uncovers similar findings: “Adult victims between the ages of 18 and 24 are least likely to take easy, but important, safeguards such as shredding documents and using antivirus software and firewalls, resulting in more than 5 percent of those surveyed falling victim.”

And Stephen Knighten, a research associate for Javelin Strategy & Research, adds that residence hall life may increase a student’s risk for identity theft: “Oftentimes, you’re in a situation where you probably have a roommate and people coming in and out of your apartment … physical documents tend to sort of sit around, and there are more avenues of access with your roommates’ friends and your friends.”

The Internet Crimes Against Children program last year investigated 2,329 cases of enticement and of predators traveling to meet minors, and 252,000 cases of child pornography. Yet those numbers provide just a glimpse of the activity, since many local police forces are too small to investigate child porn.

“It’s absolutely overwhelming,” says Brad Russ, director of Internet Crimes Against Children’s training and technical assistance program, which trains 1,000 officers each year. “The scope and the scale of the problem far exceeds our capacity.” Intensifying the epidemic is that more than half the world has no laws dealing with child pornography.

And what are some of the other careless acts of college students that leave them vulnerable to identity theft? Here are a few of the ways they might be inviting predators, hackers, and other cybercriminals:

* They setup and use an unsecured wireless network. (Hackers love this because it makes their drive-by hacking that much easier. And not only is the student’ information stolen, but the hacker may add software to turn the student’s computer into a “zombie” computer thereby taking remote control of it. Hint:It only takes a few more moments to create a userid and password for an extra level of protection.)

* They use guests’ computers in the business centers of hotels to enter their personal and/or financial information. (The newest trend for hackers is to hack into these computers so that can secretly record every keystroke and commit other crimes using the student’s information. Hint:If you use courtesy computers at a hotel, make absolutely sure that you are on a safe and secured line. And, taking it a step further, do not enter any personal and financial information unless it is absolutely necessary and this is your only option. See the related story from ABC News’ Good Morning America in the video below.)

* They inhabit social networking sites and let their younger siblings share the site with them. (While social networking sites, like MySpace, and many others, are extremely popular communities where young people innocently engage in countless hours of banal chatter and photo-sharing, unfortunately, these social networking sites have also become the hangouts for child predators, child pornographers, and other cybercriminals. HintPutting filtering and monitoring software on kids’ computers provides some protection. Parents, use legitimate software to block Web sites and create a log of visited sites. As parents and guardians, you can monitor a child’s activity from other computers and be notified of violations via E-mail or cell phone.)

* They quickly and without verifying identities add new “friends” to their instant messenger buddy lists. (While it is rewarding to see your buddy list grow with new friends from around the world, be sure that you absolutely know that the new friend is actually who he says he or she is. Many times predators and cybercriminals (male and female) will hide behind pictures of extremely attractive ladies in sexy poses. HintBefore adding any new friends to your buddy list, take time to read their profile (which may or may not be completed fully), or do further investigation by visiting their website. An incomplete profile should serve as a red flag and raise you level of suspicion.)

It may take a village to raise a child, but in a world of online social networking, decentralized networks and servers, and increasingly tech-savvy child predators, it’s going to take a united effort among government, industry, and families to keep them safe. To protect your child, you need an Internet security team of experts making sure that you, your family, and your business computer are always safe and secure.

The best protection you can have in today’s rapidly changing world of cyber-attacks is to have expert support for all your Internet security needs that will provide technical support without any hassles and without charging you extra fees. It will become even more critical than it is today as time goes on. You need to find your own personal team of experts to rely on. If you ever have a security problem, you will want to have a trusted expert you can call for professional help, without any hassles and extra costs!

Remember: When you say “No!” to hackers and spyware, everyone wins! When you don’t, we all lose.

© MMVII, Etienne A. Gibbs, MSW, The Internet Safety Advocate and Educator

Etienne A. Gibbs, MSW
http://www.articlesbase.com/internet-articles/is-your-college-student-carelessly-inviting-identity-thieves-and-predators-123229.html

Everyone knows that when you shop for a car, house, or anything else you plan on purchasing using credit, the terms and rates will be dependent on your credit rating. Therefore, many consumers will pull a personal credit report to use when shopping around to see what type of deal a merchant, creditor or lender may be able to give them.

Many consumers like to use a personal credit report when shopping for two reasons. One reason is that consumers know that inquiries into their credit history can lower their credit score. So it is very beneficial to keep credit inquiries to a minimum. Also the consumer may have to pay a credit report fee to the lender or creditor when they pull a credit report.

But consumers often wonder why a creditor will not accept a recent credit report especially when it was recently obtained. Consumers will find out that a creditor or lender may use the recent consumer report at first just to give an estimate of what terms and rates may be available but before an actual sale or transaction can occur the creditor or lender will need to pull another report. There are several reasons why another report will be needed.

A creditor or lender must always take action to protect itself and its investors by performing the proper due diligence on each deal and this includes pulling all consumers credit reports directly. With technology today it would be very easy for someone to fabricate a consumer credit report. This could even be as easy as electronically cutting and pasting a name on the credit report of another person. A creditor or lender must take precaution and pull a credit report directly to protect everyone. This adds an extra layer of protection for everyone. Identity theft is on the rise and the FBI has declared it a national epidemic.

Another reason is because the report that a lender or creditor may receive is very different from the consumer report. A basic consumer report is what an individual gets when they order their own credit history. This report can be obtained from a local credit bureau or from one of the big three: Experian, Equifax, or Transunion. The costs for these typically range from $8 to $15. Typical consumer reports contain basic personal information, some employment history, different credit accounts, some credit history and may include a credit score.

A merchant on the other hand will pull a full merchant report that will contain more information than a basic consumer report and will provide it with more detailed breakdowns. The merchant report will also show a complete FICO scoring system rating for the applicant which will include a full detailed credit history breakdown. In essence the lender or creditor has a full merchant scored report which is much more accurate than a regular consumer report. So a personal consumer report may be used to shop around to learn what may be available. But if you are serious about a purchase and want to see exactly what terms and rates you can get be prepared to have a full merchant report pulled. The good news is that you may be able to get a better deal than you thought was possible based on your consumer report.

Terry Parker
http://www.articlesbase.com/non-fiction-articles/why-a-lender-may-not-accept-your-recent-credit-report-79390.html