Dominando El Credito

Adidas Wilson, Saul Agis Sr.

• Editorial: Adidas Wilson
• Año: 2020
• ISBN del libro electrónico: 9781071504680
• Categoría: Personal Development
• Categoría: Personal Finance

La sociedad depende en gran medida del crédito para la mayoría de las decisiones financieras. Hoy en día, un buen crédito no solo es importante para obtener un préstamo o una tarjeta de crédito. Muchas compañías tienen que verificar su crédito antes de decidir si extender o no sus productos y servicios. Los prestamistas hipotecarios deben asegurarse de pagar su hipoteca de manera responsable antes de poder financiarla. Sin un buen crédito, el prestamista hipotecario concluye que otorgar un préstamo es arriesgado para ellos.  

Chapter 1

Credit Reports

A credit report is a detailed summary of someone’s credit history and is created by credit bureaus. A credit bureau gathers information and prepares credit reports from the information. Lenders analyze and use these reports, together with other important details, to see if a loan applicant is worthy of credit. The United States has three main credit reporting bureaus; Experian, Transunion, and Equifax. Each one of these bureaus collects an individual’s bill-paying habits and other personal details to come up with a unique credit report and score. Mostly, the information is similar except for a few small differences among the reports. Credit reports contain personal information including previous and current addresses, employment history, and social security numbers. They also contain credit history summary like the types and number of accounts that are in good standing or past due and detailed account information concerning credit limits, high balances, and date of account opening. The reports outline credit enquiries and information about accounts submitted to credit agencies. In general, credit reports hold negative reports for 7 years and bankruptcy filings stay on a credit report for around 10 years. If someone applies for credit, rental property, or an insurance policy, insurers, creditors, landlords, and a few others are allowed by the law to access their credit report. An employer may also request to have a copy of the report if the person agrees and gives their permission in writing. These parties pay the credit bureaus to attain the report. The credit reporting bureaus are required by the Fair Credit Reporting Act to give customers a free credit report once every year. Consumers can also receive a free credit report when any company takes an unfavorable action against them. The action may include denial of employment, credit or insurance. Consumers, however, must request for the report within 60 days of the action being taken. Moreover, consumers on welfare, victims of identity theft, and an unemployed person who plans to seek a job within 60 days can also get a free report. The information on credit reports is divided into four sections. At the top are personal details about the individual and in other cases, variances of the Social Security number or person’s name because the information was incorrectly reported by a lender or any other involved entity. The second section is a compilation of most reports and has detailed data on lines of credit (trade lines). The third section has public records like tax liens, judgments, and bankruptcies. The bottom section contains a list of all parties that have recently asked to access the person’s credit report.

Chapter 2

How to Build Credit

It’s a little tricky to build credit. Without credit history, you can barely get an apartment, credit card, or loan. Where can you get a history of responsible repayment when you cannot even get credit? To get a FICO score, you need one account (or more) that has been active for at least six months and a creditor reporting your activity to credit bureaus for at least six months. Here are tools to help you build credit history: a credit-builder loan, secured credit cards, authorized user status on someone else’s credit card, or a co-signed loan or credit card. Whichever one you decide to use, make sure it gives you a great credit score.  A secured credit card is a great idea if you are building your score from the ground up. You pay a deposit amount equal to your credit limit upfront. Utilize the card just as you would any other credit card: use it to make purchases and you have to make a payment before or on the due date, failure to do so would incur late payment fees and interest. If you do not make the payment, your deposit is taken as collateral. When you close your account, you will get your deposit back. You do not have to use a secured credit card forever. It is for building your score so that you become eligible to get an unsecured card. Apply for a credit-builder loan; it is a loan that primarily helps you build credit. It is kind of a forced saving system. When you borrow money, the lender keeps it in an account and only releases it when you have repaid it in full. The lender reports your payments to credit bureaus. Community banks or credit unions usually offer these types of loans. With the use of a co-signer, you can get an unsecured credit card or a loan. Both of you should understand that the co-signer is totally responsible for the full amount owed should you fail to pay.  Your significant other or a family member can make you an authorized user on their card. When you are an authorized user, you can access the card and build your credit history. Although you have no legal obligations to pay your share, agree with the cardholder first. They may expect you to pay for your charges or you don’t need a card at all from them. Rent-reporting services like RentTrack and Rental Kharma will put a bill you are paying on your credit report. This can show a history of responsible payments. Some credit companies do not consider these payments but there are those that do and that will qualify you to get a credit card or loan, which will, in turn, build your history for all lenders.

Good Habits Will Help You Build Your Score

Make all your payments on time—even utility bills

Maintain low credit utilization

Do not open several new accounts at the same time, as your average account age will be lower.

Keep accounts open and active for as long as you can.

Always check your annual credit reports for discrepancies and errors.

Chapter 3

Details Matter

It will help you to know what information is on your credit report and how you should interpret it. Everything that is on your credit profile affects your credit score. Good credit comes in handy when you are looking for financing. Most lenders use the three main credit bureaus, Experian, Equifax, and Transunion to assess your credit history. Credit reports from the three bureaus vary a little but most of the information is the same. The three bureaus have different structures for credit reports with several categories of information considered as neutral, positive, or negative. The information categories include account summary, account history, public records, consumer statement, and credit inquiries. The fastest way to get your credit report is by visiting AnnualCreditReport.com. All of the three bureaus run this site. The law allows you to get your credit report for free once every year (12 months). You are allowed to request all the three reports at the same time, if you like. Some of the information is basic and can be easily interpreted but there are some parts that you need to be familiar with.

Personal Information

This is the easy section but do not skip through it; make sure the information is consistent and accurate. This section contains your name, past and current addresses, social security number, birthday, spouse information, employer and whether or not it is a joint account. The personal information does not have an impact on your credit score. It is used to confirm your identity.

Account Summary

This part contains a summary of your debt history. There are four categories; revolving credit, installment loans, mortgages, and other debts. You will see an outline of the status of debts. In the case of a mortgage you will see the balance, principle loan amount, and the total balances. For revolving credit there is the total balance owed, available credit, credit limit, monthly payment amount, debt to credit ratio, and accounts with a balance.

Account History

This section is either very long or short depending on your credit history length. It is a very important section and you should go through it carefully. The account history depicts years of monthly payments you have made on your credit accounts. It is responsible for 35% of your credit score. It is the largest contributor.

Credit Inquiries

A credit inquiry is an entry that shows you applied for financing, insurance, or new credit. When you apply for any of these, the company checks your credit, and this affects your score. One or two inquiries may not significantly affect the score, but many inquiries could damage ...

Índice

• Título
• Derechos de Autor
• Dominando El Credito
• Table of Contents
• Preface
• Introduction
• Chapter 1 | Credit Reports
• Chapter 2 | How to Build Credit
• Chapter 3 | Details Matter
• Chapter 4 | FICO Credit Score
• Chapter 5 | What Is A Good Credit Score?
• Chapter 6 | How to Raise Your Credit Scores
• Chapter 7 | Equifax, TransUnion, and Experian
• Chapter 8 | Consumer Credit Report
• Chapter 9 | Free Credit Score or Report
• Chapter 10 | How Credit Cards Impact Your Credit Score
• Chapter 11 | Mistakes to Avoid When Disputing Credit Report Errors
• Chapter 12 | How to Remove A Charge-Off
• Chapter 13 | How to Remove Late Payments
• Chapter 14 | How to Remove Collections
• Chapter 15 | How to Remove A Foreclosure from Your Credit Report
• Chapter 16 | How to Remove A Bankruptcy
• Chapter 17 | How to Remove A Repossession from Your Credit Report
• Chapter 18 | Removing A Judgment
• Chapter 19 | How to Remove A Tax Lien from Your Credit Report
• Chapter 20 | How to Remove Credit Inquiries from Your Credit Report
• Chapter 21 | Sample Credit Dispute Letter
• Chapter 22 | Cease and Desist Letter for Debt Collectors
• Chapter 23 | Sample Debt Validation Letter
• Chapter 24 | How to Deal with Debt Collection Agencies
• Chapter 25 | ChexSystems
• Chapter 26 | How to Request Debt Validation from Debt Collectors
• Chapter 27 | Statute of Limitations on Debt Collection
• Chapter 28 | The Fair Debt Collection Practices Act
• Chapter 29 | Authorized User
• Chapter 30 | Credit Card Piggybacking
• Chapter 31 | Before and After Bankruptcy
• Conclusion
• Renuncia de Responsabilidad
• Tabla de Contenidos
• Prefacio
• Introducción
• Capítulo  1 | Reportes de Crédito
• Capítulo 2 | ¿Cómo Construir el Crédito?
• Capítulo 3 | Los Detalles son Importantes
• Capítulo 4 | El Puntaje De Crédito De FICO
• Capítulo  5 | ¿Qué es un Buen Puntaje de Crédito?
• Capítulo  6 | ¿Cómo Elevar Tus Puntajes De Crédito?
• Capítulo  7 | Equifax, TransUnion, y Experian
• Capítulo 8 | Reporte de Crédito del Consumidor
• Capítulo  9 | Puntaje de Crédito o Reporte Gratis
• Capítulo  10 | ¿Cómo las Tarjetas de Crédito Impactan en tu Puntaje de Crédito?
• Capítulo  11 | Equivocaciones Que Se Deben Evitar Al Discutir o Quejarse De Los Errores Del Reporte De Crédito
• Capítulo  12 | ¿Cómo Remover Una Cuenta Categorizada como No Pagada?
• Capítulo  13 | ¿Cómo Remover los Pagos Tardíos o Atrasados?
• Capítulo  14 | ¿Cómo remover o quitar los cobros o cobranzas?
• Chapter 15 | ¿Cómo Remover Una Ejecución Hipotecaria De Tu Reporte De Crédito?
• Capítulo  16 | ¿Cómo Remover una Bancarrota?
• Capítulo  17 | ¿Cómo Remover una Incautación de tu Reporte de Crédito?
• Capítulo  18 | Remover o Borrar una Sentencia
• Capítulo 19 | ¿Cómo Remover o Borrar un Gravamen Impositivo Fiscal De Tu Reporte De Crédito?
• Capítulo  20 | ¿Cómo Remover o Borrar las Consultas de Crédito de tu Reporte de Crédito?
• Capítulo  21 | Modelo De Escrito De Una Carta Para Hacer Un Reclamo De Crédito
• Capítulo  22 | Carta de Cese y Desistimiento para los cobradores de deudas.
• Capítulo  23 | Modelo De Escrito De Una Carta De Validación De Deuda
• Capítulo  24 | ¿Cómo lidiar con las Agencias de Cobro de Deudas?
• Capítulo  25 | Sistemas de Revisión (ChexSystems)
• Capítulo 26 | ¿Cómo Solicitar Una Validación de Deuda A los Cobradores De Deudas?
• Capítulo  27 | El Estatuto De Las Limitaciones Sobre El Cobro De Deudas
• Capítulo  28 | La Ley De Prácticas Justas De Cobro De Deudas
• Capítulo 29 | Usuario  Autorizado
• Capítulo  30 | Agregar un usuario a tu tarjeta de crédito para mejorar su puntaje crediticio. | (Credit Card Piggybacking)
• Capítulo  31 | Antes y Después de la Bancarrota.
• Conclusión