Business Credit Report

Business credit reports contain information on a business's existing credit obligations, payment history, background history, and previous or existing legal filings. Such a record is typically an indicator of a company's financial health. Potential lenders look at business credit reports to determine if a company is able to handle further financial obligations such as loans. Of course, since a new, start-up company isn't established, a lender wouldn't be able to look over the business credit report. In this case, the financial history of the person or persons starting the company would be examined. Only companies that actually have a history of finances would have a company record available for evaluation. Either way, it is vital that potential company owners have both clean business and personal records.

Unfortunately, a company's success often weighs heavily on how much money is available for investing. A new and even an established company needs funds for a location, supplies, employees, equipment, marketing and products, especially when profits are slow. In these cases, borrowing is nearly an unavoidable necessity. In order to get loans, though, the company must be potentially or currently profitable in the eyes of the lender. Thus, banks will look at the business credit report to examine the past and determine the future of a company. If the business credit report shows consistent payments on previous loans, few legal issues, and a favorable balance between debt and profit, the lender is more likely to approve a loan. If, however, the company should fail to get a loan, there is hope. "I will abundantly bless her provision: I will satisfy her poor with bread" (Psalm 132:15). With faith and prayer, God will make a way if it is His will.

Business owners need to look over their business credit reports before the lenders do. Even before applying for loans, the business owner can go online and visit the websites for any of the major credit bureaus such as Experian or TransUnion. For a fee, these bureaus will provide the company owner with a copy of the business credit report. Should there be a large number of blemishes on the record, the company needs to clean them up as best as possible before applying for loans. Such a clean up can lead to lower interest rates and higher loan amounts. It may take some time and commitment, but a clean record will be well-worth the effort as the company works towards success.

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Bureau Credit Report

Bureau credit reports are available from many sources on the Internet. By obtaining a copy, the consumer can keep track of and monitor their borrowing record, identify identity theft, and make sure there have not been any mistakes made that could harm one's lending history or ability to receive needed loans. These are only a few of the many reasons why people should be aware of the information on their records. Since the Fair Credit Rating Act came into effect, everyone is now entitled to a free bureau credit report and that includes knowing who and why that record has been accessed.

While there are numerous companies online that can help people obtain a copy of this record, there are three main reporting agencies. Experian, Equifax, and TransUnion are the major reporting agencies that make it possible to not lose any credit management history if the consumer relocates. These three compete against each other and don't always contain the same information, making what is on the record dependant on which agency is used to obtain the bureau credit report. Lenders report information to which ever of the three agencies they choose to work with and do not have to report to all three. Information on records might also be different depending on when the data is sent to the agencies and when it is recorded. Therefore it is important to get all three bureau credit reports in order to get a clear and accurate picture of one's ratings.

These records include a variety of information. There is information from lenders, charge card issuers, student loan companies, retail stores, and finance companies on a bureau credit report. Finance-related public records including bankruptcy judgments and tax liens are included as well. Records will also reflect any collection agency debts the consumer has. Most bureau credit reports will include the FICO score. This score is used to assess the level of consumer risk which helps with predicting whether or not the borrower will pay back the loan in a timely fashion. Something most people may not be aware of is that anytime a creditor or anyone else accesses a record, it is posted as an inquiry and this may reflect badly on those consumers who are actively searching for a loan of some sort.

God expects us to be honest and fair in all we do and this includes our finances and our bureau credit report as well. "He that walketh righteously, and speaketh uprightly; he that despiseth the gain of oppressions, that shaketh his hands from holding of bribes, that stoppeth his ears from hearing of blood, and shutteth his eyes from seeing evil; He shall dwell on high." (Isaiah 33:15-16)


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Bureau Services

Credit bureaus are agencies that track and report borrowing history, and can be beneficial to staying on top of one's financial picture. There are three main reporting agencies that offer credit bureau services designed to give accurate financial statements. However, there are problems sometimes with inaccuracies in the data. Therefore, it is wise for consumers to check their lending history periodically.

These companies also serve businesses by collecting and selling information about a person's credit history. Despite popular belief, credit bureaus are for profit companies, in that they accept money to track and release credit information. Various people and organizations may use reporting agencies, including banks, mortgage lenders and charge card companies. These organizations use reporting agencies to screen their clients for loans or credit cards. An individual also may use credit bureau services to make sure the data is up-to-date and accurate.

Reporting agencies offer many different services to various clients. There are credit bureau services that can help the individual manage and check their financial background, including lending history and the current score. These agencies can also help detect and protect against identity theft. Furthermore, bureaus can monitor a person's file and score, and will alert them when there is a change in that score that may affect their qualifying interest rates. Reporting agencies also assist businesses and lenders by providing information regarding the lender's potential client.

There are three main reporting companies - Equifax, Experian and TransUnion. Each one focuses on a particular geographical region. Unfortunately, the credit bureaus do not share information or communicate with one another. Therefore, it may be beneficial to check with each of the reporting agencies, especially if the consumer has moved within five years. Each reporting agency offers similar services. However, because they do not share information, consumers will have to contact each one individually if an error needs to be fixed.

When using these reporting agencies, consumers will pay for most transactions except for in a couple of cases. If the person has been denied lending, they may have up to 60 days to request a free report from the lender that denied them. Furthermore, the bureaus offer one free report per year for the consumer to monitor their financial background. It is important in this information age to stay on top of our own information. Any glitches that are not resolved can affect whether or not we receive a loan, as well as affect the interest rate we are offered. Therefore, people must make sure to take advantage of credit bureau services to verify the accuracy of their financial picture. In addition, they should remember that when they lend to others, to do so wisely and without charge. "He that putteth not out his money to usury, nor taketh reward against the innocent. He that doeth these things shall never be moved" (Psalm 15:5).

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Boost Your Credit Scores

Boost your credit score by requesting free annual copies of reports from the three major credit bureaus. Each bureau will have one score on each consumer. However, it is possible to find out the scores by purchasing them. The average costs are usually less than $10. Knowing the numbers will benefit in trying to determine how much repair is needed to boost your credit scores. Low numbers means paying higher interest and fees when applying for financing.

If the overall numbers are below 620, efforts to boost your credit score should be taken immediately. Begin by checking history and personal information for any errors. Also, check for derogatory items or items that do not belong. Fill out dispute forms that are furnished by the bureaus by clearly stating the error. Be sure to include any information on the dispute form that might assist the bureau in correcting the error. This process should be done with each bureau since they do not share information but keep totally separate files on individuals.

Credit bureaus have 30 days to answer dispute forms made by consumers. In order to boost your credit scores one may need to follow up with the bureau after 30 days. It's important to be consistent with follow up on all disputed items to receive satisfactory results. After disputes are sent to account holders they should respond by providing the bureau with satisfactory proof that the account information is correct. If that information isn't provided by the account holder it should be removed from the record.

To boost your credit scores, pay down debts and cut back on using charge cards but most importantly pay the bills on time. Being consistent may raise numbers in just a few months time. As Christians, it's important that every aspect of our lives reflect righteousness, even our debts and attempts to pay them. "Withhold not good from them to whom it is due, when it is in the power of thine hand to do it. Say not unto thy neighbour, Go, and come again, and to morrow I will give; when thou hast it by thee" (Proverbs 3:27-28).


One way to boost your credit score is to pay off charge card debt. Having a lot of charge card debt and limits on existing accounts being maxed out can affect numbers negatively. Too many inquiries for new accounts and late payments on accounts affect the numbers negatively. When concerned with debt problems it is wise to avoid filing bankruptcy if at all possible. This will have a negative affect on numbers for up to 7 years and longer depending on the type of filing. Learning to live within budgeting guidelines is important. Trying to live above one's means will usually result in debt problems. Make a budget and put forth every effort to live within that budget, the results will boost your credit scores.


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Best Credit Score

The best credit score that a person can get will highly depend on where they are in their life. A college student is automatically not going to have the highest rating compared to a retired person, even if they are both wise with their finances. This is because the retired person has had more time to gain a good financial background. The best credit score that a person can get will be determined upon several factors. When looking at different people's ratings, anyone can see that each is different depending on the person. However, companies will still look and decide whether that rating meets the standard or not.

One of the factors leading up to getting the highest rating is how many things determine credit. If the consumer has a lot of charge cards and a house, and a car, he or she could have the best credit score. However, high ratings are also dependent on how well the consumer is at paying bills. If they have always paid bills on time, then they will most likely have the best credit scores. However, if they have even missed paying one bill on time, this can determine highly what kind of rating results.

A rating will also depend on what creditors will say about them. If the consumer has not had trouble with any creditors then the best credit score could result. When people are looking to rent or sell to someone, they will look at their best credit scores to determine the reliability of the borrower. This will help them decide if the borrower is likely to pay them back. Despite what the lender decides, the borrower should always keep the promise to pay a debt. "When thou vowest a vow unto God, defer not to pay it; for he hath no pleasure in fools: pay that which thou hast vowed" (Ecclesiastes 5:4).

Finally, consumers can get a copy of their financial report by logging online and visiting the website for a major credit bureau such as Experian. By law, each consumer can get one free copy of this report per year. However, the rating is not included. Many consumers purchase their ratings - hopefully, the best credit scores - from the bureaus in a subscription package or with the free report. Reviewing the report and rating is a good idea because the consumer can determine what things need to be corrected and what debts must be paid. One's financial rating can determine a lot of things in a borrower's life, especially in the area of lending. Therefore, it is important for each person to know what rating they have so it can be improved for future borrowing.

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Bad Credit Score

Bad credit scores can make it difficult to borrow money from lenders. When poor financial history is part of an individual's life, that person is often given very high interest rates for loans on cars, homes, and other expenses. Also, poor financial history can lead to the inability to receive a loan or financial assistance at all. A bad credit score can cause many serious problems for an individual that reach far beyond the scope of just financial problems. Emotional issues like depression and a lack of confidence can hinder the individuals ability to control the situation, causing additional debt and even worse financial ratings.

When a consumer does not pay off debts or defaults on loans, bad credit scores are attached to the financial record. This can make it hard to receive low rates on loans. Many times, especially with long-term and high value loans, the interest that must be repaid on a loan is very expensive for the consumer. The higher the interest rate reaches, the more money that has to be repaid. Poor financial ratings will often leave the individual with the worst and highest rates of interest possible because they are seen as a risky investment by the lender.

Being labeled a poor financial risk with a bad credit score can also make it impossible to receive loans or other accounts. If a financial rating is poor, many banks or other institutes will not approve a loan because of the risk involved. Bad credit scores mar the financial record of the individual until they have the opportunity and the means to correct these problems. Without addressing credit problems, the consumer will have trouble receiving even the smallest loans, making it nearly impossible to receive loans for much larger purchases like a car or a home.

This situation will not only affect the financial state of the individual, but consumers can also experience severe emotional problems. Depression is a very serious problem that can stem from financial strain. The person may feel as though they have no way out of the problem, leaving them in a poor mental state. Also, financial burdens that are difficult to repay can lead people to have very low self esteem. Without self-confidence, the individual may have trouble in many facets of life, including getting a job if they are unemployed or receiving a race or promotion if they are currently working. When money problems exist, it is important to take control early before the situation gets out of hand and leaves the consumer feeling unhappy and inadequate.

Bad credit scores can tarnish an individuals financial record. Often in this situation, it is very difficult to receive low interest rates on loans and credit cards. This situation may also mean the consumer will not be approved for loans at all. Financial problems can lead individuals to depression and other emotional problems. A bad credit score creates serious burdens for people and can often lead to further financial trouble if the situation is not resolved in a timely manner. When financial woes and strain take over an individuals mind and spirit, it is important to seek solace from God. "Be perfect, be of good comfort, be of one mind, live in peace; and the God of love and peace shall be with you" (2 Corinthians 13:11).


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Average Credit Score

An average credit score for Americans is around 600, which means that the average American pays too much for borrowed money because the loan percentage rates are based on this number. The best total would be 800 and the worst would be 350. But anyone can find ways to boost his marks by learning how to read the report. The person who has a low reading on his financial history can take a few steps that will remedy the problem. There are some things these people can do to convince lenders to give them a "second chance." They can negotiate with the creditors to see if new payment arrangements can be made on existing loans. Lenders may be reluctant to offer new terms if the borrower has missed payments, but if he is honest and lets the lender know that he is serious about changing his habits, anyone can find a way to boost your credit score and improve your financial picture. By being proactive, a borrower can increase the chances that his record will be above average.

It's important to know what these reporting bureaus consider when coming up with a person's score. They look at payment history, current debts, the length of the debt, how many times the borrower has tried to get new loans, and something called the "credit mix." The mix basically looks at the payment history of the loans on which the financial history depends, such as loan cards, a car loan, a mortgage, and bank accounts. Knowing that all these factors play into an average credit score, let's look at some ways to augment it. The first thing to do is to get a copy of the report. Each person is entitled to one free record per year. The only way a person can get this report is by asking. Don't assume reporting bureaus will tell the borrower if he needs to pay. After receiving the financial report, look for mistakes. The simplest way to boost your credit score is to correct mistakes. Are there charges you don't recognize? Is the spelling of your name correct? The borrower can search the Internet to find the best deal.



The second step to correct these mistakes is by writing a letter to the companies that are disputing a charge. Keep the goal to boost your credit score in mind. A third step is to study the "credit mix." A borrower can explore ways to even out his financial history. For example, if a person has 3 loan cards and a car loan, maybe it's time to open a checking and savings account as well. A good mix includes a well-rounded portfolio, from savings plans and borrowing plans. The wise borrower makes sure all debts are current. When you plan to work at this, you can no longer be care-free about spending. A person can reduce interest rates being charged if he works through the system and reduces his loan amounts. Never close accounts that aren't hurting you. To get a better average credit score, try to avoid doing something wrong. God wants us to use money as a tool in our life, not for it to control us. First Timothy 6:10 warns us, "The love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced through with many sorrows." Remember that all our money is a gift from God and we should always treat it that way. To boost your credit score is part of Godly stewardship.

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Free Credit Check

Free credit checks are available to view, easy to read and are plastered all over the Internet, offering the information needed to determine what a user's repayment history looks like. A free online credit check can be obtained from the three major credit bureaus that offer said reports, but depending on what website visited, access may be limited to just one bureau. Whenever seeking valid information, remember to look to Him to guides us in all. "Some trust in chariots, and some in horses: but we will remember the name of the Lord our God." (Psalm 20:7)

Many of the websites that claim to provide free credit checks have certain stipulations and might require a "sign up" for various services in order to receive these benefits. Some of these websites offer a free trial for 30 days to access the reports with membership in their protection services. Users should make sure to become familiar with all the conditions that apply, so as to avoid any surprises.

Some of these websites will offer a report from one of the reputable bureaus, but charge a major fee to access the remaining bureaus, thereby annulling the "free" part. If membership is applied for, in order to receive free credit checks, make sure that payment information does not have to be given. If it is required, make a mental note to cancel the membership after receiving the free online credit check. Otherwise, payments are subtracted monthly for the service.

Obtaining a copy of a payment history can also provide necessary information that was previously unknown. When attempting to get a loan for a car or a house, this can provide the necessary data on a score. The check can determine if the score is a reputable number and whether or not the chances for receiving a loan approval is realistic or far-fetched. If not, there may be other sources listed on the free online credit check website that can provide different lenders that work with the nature of lower scores.

Users should become familiar with purchases made, payment history, and interest rates, while keeping tabs on spending and staying consistent and responsible with their financial status. Referring often to the record and noting changes that may have been overlooked or noted incorrectly, will help to keep a high score. Take advantage of the free online credit checks and become familiar with the websites that offer these services. Free credit checks are a good tool to have-they can save time and money, one just needs to know where to look.


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Credit Score After Bankruptcy

A credit score after bankruptcy will be lower than it was before the debt problems that brought about going bankrupt in the first place, but it isn't a permanent blot on one's rating. By law, a bankruptcy must appear in a record for ten years, but not every creditor will refuse lending because the applicant has filed Chapter 11 or 13. The importance of scores vary from one lender to another, so the rating probably won't keep the applicant from buying the car they want, or the appliances needed. Despite a low rating, many online companies advertise a willingness to extend lending to consumers regardless.

Automobile agencies seem proud of the fact they will extend loans to anyone, no matter what their financial history. The one thing that is probably a universal truth is that a higher interest rate is associated with a lower credit score after bankruptcy. However, the longer the consumer continues to pay debts responsibly after going bankrupt, the surer they can be that their rating will climb back up, possibly better than before. A bad rating may lead to trying to do some financial repair in other areas. "Who can understand his errors? cleanse thou me from secret faults" (Psalm 19:12).

Copies of one's financial reports from all three credit reporting companies, Equifax, TransUnion, and Experian, are available without charge once a year. When the consumer has received the free copies of the reports and purchased a credit score after bankruptcy, the consumer must check them over carefully. If there are any negative items which do not belong there, it's best to write to the reporting company explaining objections, then write to the creditor with copies of any documents to prove the point.

Filing for Chapter 11 or 13 either gets rid of all debt or sets up a plan for paying creditors back a percentage of what is owed. If the consumer has a plan to pay back creditors, the record of payments will go a long way toward raising their rating. When future lenders see how that borrower is paying the previous lenders back on a timely basis, the numbers will begin to rise. A credit score after bankruptcy is an important number, but it's temporary. The farther away one moves from the Chapter 11 or 13 action, the better the rating will become, so the consumer can be optimistic about the future even when going bankrupt was a part of the past.

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3 in 1 Credit Report

A 3 in 1 credit report is a single document that contains a consumers credit information from each of the three major reporting agencies: Equifax, TransUnion, and Experian. This personal financial information is compiled into a record that is easy to understand, so the individual can review the information that each bureau is reporting. A person can receive this record or most credit reports online, allowing easy access to the information the bureaus are reporting.

The three major national reporting bureaus do not share information between each other. Consumers should review each of the bureau's credit reports online. A 3 in 1 credit report can give the individual a full picture, making comparisons simpler. There are some creditors that might not report to each bureau, so a side-by-side evaluation, is crucial when determining if data is correct. Getting credit reports online can save the consumer time, giving instant access to information that before, would take weeks to obtain and evaluate. Most can be downloaded and then printed within minutes. This quick and convenient online information will give consumers the ability to monitor their history, look for errors and to see what lenders are considering before making decisions about offering financial assistance. The ability to receive a 3 in 1 credit report has truly allowed consumers to take charge of their financial records and closely watch for mistakes on reports.

These records will include a wide array of information on the individual. They will list personal information such as the consumers name, address, date of birth, and Social Security Number. A 3 in 1 credit report also includes historical data such as previous addresses, current and previous employers, and other records like bankruptcies, tax liens, or judgments. This will also contain the individuals account, mortgage, and loan payment history that is reported to all three agencies.

By law, any consumer has the right to know what is in his or her financial records. Credit reports online can put this information in the hands of the individual so they can dispute and correct any mistakes or errors that may be included. If a person has been denied financing in the past, they can and should contact the bureau supplying the information, and request a free copy of this record. Under the federal Fair and Accurate Credit Transactions Act of 2003 (FACT Act), by September 2005 all consumers will be entitled to one free disclosure once a year. Using the information provided through these records will allow the individual to take control of his or her financial life. This information, along with faith in God, will provide anyone with the means and ability to turn a negative financial past into a positive future. "I have fought a good fight, I have finished my course, I have kept the faith" (2 Timothy 4:7).

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