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2007-03-15 06:12:22

Credit Card Deals Rely On Credit Bureaus

In order to obtain good credit card deals, you do need to know who's watching your credit score and how others find out about them. Credit bureaus are the agencies to keep in mind. They collect information about you and then send this information to the banks and credit card company that you apply for credit cards online with, as well as others that pull your report. There are three major CRA, or Credit Reporting Agencies which include Experian, Equifax and TransUnion.

To get this information, the credit bureaus get information from the credit card companies you have credit with. They also gather information from government agencies such as the case of having a bankruptcy. They use this to create a credit card history for you, which helps define your level of credit score. What's in it? It provides quite a bit of information including where you work and live, how you pay your bills and even criminal actions and public records of things like bankruptcy.

Improve Credit Card Deals By Knowing Your Credit Score

Credit bureaus use the information that they have gathered about your credit history to determine what your credit score is. This is the number that credit card companies use to help determine your level of credit risk. Credit scores range from 350 to 850. Most lenders consider good credit to be above 620. If your rating is 720 or higher, they'll consider you the most trustworthy type of borrower and offer you their best credit card deals and low interest rate credit cards.

Your credit score is based on your payment history for the latest two years. CRAs calculate your score using a closely-guarded formula. TransUnion determines credit scores using a variety of information like how well you pay your bills, how much you owe, what types of credit you have, and how often you apply for credit cards. Online, you can see this information.

Learn Your Credit Score

Get a copy of your credit report at least annually and check it for accuracy. Good credit card deals come from having accurate information there. Make a list of items that are incorrect, out-of-date or misleading. Also check your credit report for mistakes in your name, address, phone number, Social Security Number, as well as your employment information.

Your credit report should have current good credit history and bad credit history. Look for bankruptcies that are more than 10 years old, poor credit history information that is more than seven years old, inquiries more than two years old, credit card company information that isn't yours, and closed accounts incorrectly listed as open.

Repairing Your Credit History To Secure Credit Card Deals

To get the best credit card deals, you need to fix errors there. You can get help from companies, but most can be done by you. You have the rights under the Fair Credit Reporting Act. You are entitled to a free copy of your credit report if you've been denied credit, insurance or employment and request the report within 60 days of notice, or if you can prove that you're unemployed and plan to look for a job within 60 days, you're on welfare, or your report is inaccurate because of fraud.

If you apply online for a credit card and are denied, find out why! If your online credit card application, insurance, or employment is denied because of inaccurate or incomplete credit information, the credit card company to which you applied must give you the name and address of the credit reporting agency that provided it. For more information, contact Equifax, Experian or TransUnion.

Tips to Improving your Credit History To Get Credit Card Deals

Here's how you can start improving your credit history from bad credit to excellent credit.

Report inaccurate information. Include copies of documents that support your position. Clearly identify each item in your report, state the facts including information about the credit card company and explain why you dispute the information, and request deletion or correction. Keep copies of your dispute letter and enclosures.

Credit reporting agencies must investigate these disputes in30 days. Then they need to tell you what has happened in the dispute as well as inform the credit card company. After the credit card company receives notice of a dispute from the credit bureau, it must investigate, review all their information, and report the results to the credit bureau. If the credit card company finds the disputed information to be inaccurate, it must notify all nationwide bureaus so they can correct this information in your file. If there is disputed information in your credit history that cannot be verified it must be deleted from your file.

If there is information in your bad credit history, then the credit reporting agencies must change it to reflect accurate information. If the information isn't complete, the credit card company and the credit bureaus much remove it.

When the investigation of your good or bad credit history is complete, the credit bureaus must give you the results in writing. They must also give you a free copy of your report if the dispute results in any change to your credit report. If the information that is being disputed is found to be inaccurate, it can not be put back in your credit history unless there is new information to show that it is accurate.

In addition, the credit reporting agencies must send notices of corrections to anyone who received your report in the past six months perhaps to show that you have gone from a bad credit history to a good credit history. If an investigation doesn't solve the problem, you can add a statement to your credit report to reflect your needs and problems you have with the claim. Although this will not provide you with a good credit history, it will let new credit card company people see that you don't agree with the charge. This can help you to secure credit when you apply online for credit.

Make sure all of the credit card company accounts that you have are on your report. This will help to improve your credit history. This should include department store and gasoline credit cards, all of the VISA accounts and all of your MasterCard accounts, as well as all others. When you do monitor your history, you'll improve your credit history and therefore benefit from more credit card deals in the process.

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