Wednesday, February 28, 2007
Credit Repair with Citi's Credit Monitoring Service Delayed Again
This is almost becoming annoying. I checked my email when I got home last night...nothing. And then again, at lunch today...nothing. So I spent my lunch on the phone with Citi. I spoke with a Crystal this time. She helped me log into my account and after many attempts...I finally got in! Credit looks terrible though. Citi also advertises a free upgrade for their service so you can see your credit report with all three reporting agencies. The initial report is through Equifax. The others, Experian and TransUnion would be included in the free upgrade. I attempted to upgrade my account and received the same error message...Please contact our office. I didn't have time to do much with it at that point, as I had to return to my office. I just got home and have an email from Citi that I have to contact their office again. I'll post another update after the call.
Tuesday, February 27, 2007
7NEWS Special Feature: Credit Report (as reported in today's news)
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Credit Report
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If you're in the market to buy a house or a new car, there's nothing more important than three little numbers. Seven's Craig Stevens says, For What It's Worth, it's important to keep score on your credit score!
Click here for the full story:
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Update on Citi
So, I got a phone call before I went to lunch at 12:02 pm from Nicole. She verified that they did receive the fax and are now processing my account. She stated I should receive an email when completed. I'm at lunch now and checked my personal account and have not received an email as of yet. I attempted to log in and was unsuccessful. Hopefully I will have so more information when I get home tonight. Thank you for your patience in getting this underway.
Emails to get my morning started
I received two emails this morning from Citi Credit Monitoring Service. One stating my account is ready and the other stating that I must contact them immediatly. So I called when I got settled into my office this morning. I spoke with a Nicole and they are still trying to verify that they are talking to me. They had not received the fax I sent last night and after holding for 15 minutes and telling them what time I sent it, they are going to look for it and get back to me when their Supervisor gets in. I made this call around 9:30 and they stated the Supervisor would be in within the hour. I will not have access to my personal email again until I go home for lunch to check and see if my account is ready. Will update you at that time.
Monday, February 26, 2007
Citi's Credit Monitoring Service
Here are the details of what this Service provides and remember it comes with a 30 day free trial and then all these services are one low price of $12.95 per month. Make an investment in your future and start polishing your credit today!
Citi® Credit Monitoring Service
Citi® Credit Monitoring Service is a comprehensive suite of tools that helps you proactively monitor, manage and protect your valuable credit and identity information. This comprehensive service provides protection unlike any other service by helping you detect and respond quickly to fraudulent activity. And, with our dynamic credit management resource tools, you will have the ability to make better financial and credit decisions.
Credit Monitoring & Alerts
Credit card and identity fraud costs consumers over $1 billion annually. Notify ExpressSM is a fast, convenient way to keep track of your credit information and detect the early signs of fraudulent activity before they ruin more than your bank account. It helps you to stay informed and act quickly if potentially fraudulent activity appears.
How Notify Express monitoring and alerts help protect your credit file from fraudulent activity:
1. Notify Express checks your Equifax credit file for activity every business day.
2. Notify Express alerts you via e-mail, U.S. Mail, phone alerts, or text messaging to your mobile phone or pager – so you can act immediately in the event of fraudulent activity. For example, you will receive an alert when new accounts are opened, inquiries are made or address changes occur on your credit file. The sooner you know about changes, the sooner you can take action.
Credit Report
Citi® Credit Monitoring Service provides your credit report compiled with data from Equifax, a major credit reporting agency. Also included are detailed instructions on how to interpret this valuable information, a glossary to help you navigate complex credit terms, and a contact directory for each of your creditors.
Credit Score
Credit scores provide a snapshot of your current credit-worthiness based on an evaluation of common factors many creditors use to decide whether or not to extend credit. Citi® Credit Monitoring Service outlines both the positive and negative factors that impact your score and compares your score to the national average so you know how you are doing and what you need to do to improve your score.
Credit Analyzer
Understanding Credit Analyzer
Whether you're thinking about refinancing a loan, paying off some credit card debt or just looking to improve your credit score, the online Credit Analyzer tool helps you plan for the future. See how your credit score could change by interacting with existing accounts, account balances, and credit limits. Credit Analyzer is here to help!
Why Improve Your Credit Score?
If you've been thinking of financing a large purchase, such as buying a house or a new car, keep in mind that lenders view your credit score when reviewing your loan application. With a higher credit score, not only are loans easier to obtain, but people with a higher credit score generally receive lower interest rates — and that saves you a considerable amount of money over time. Understanding what causes your credit score to go up or down is the first step in earning better credit.
Creating "What If?" Scenarios on the Web
Credit Analyzer is a real-time credit-analysis tool that allows you to create "What If?" scenarios to see how changing one or more credit variables may affect your creditworthiness. By creating the "What If?" scenarios, you'll see how changes in each of the variables may raise or lower your credit score. Simply select a scenario and begin experimenting. It's that easy! By having the opportunity to create "What If?" scenarios, you can discover how to improve your credit score. Credit Analyzer can improve your understanding of your credit in many ways:
* See how applying for credit, refinancing a loan, or missing payments may affect your credit score
* Understand how your credit score can change over time
* Learn multiple ways to improve your credit score
* And much more!
Identity Theft Insurance
Citi Credit Monitoring Service offers members an Identity Theft Expense Reimbursement Coverage that reimburses victims of identity theft from certain expenses up to $25,000. Expenses covered include:
* Lost wages (up to $500 per week for a maximum of four weeks) as a result of time taken off from work to deal with the fraud. Lost wages must occur during the policy period.
* Notary and certified mailing costs for completing and delivering fraud affidavits.
* Loan application fees for re-applying for loans which were declined due to erroneous credit information that had reflected the identity theft.
* Long distance phone charges associated with re-establishing your identity.
* Attorney fees incurred (with prior consent) for defending suits brought incorrectly by merchants and their collection agencies, for removing civil judgments wrongly entered against the victim, and for challenging information in a credit file.
Credit Education & Fraud Specialists
Credit Education Specialists are trained to answer questions about your member benefits, credit report, credit score, identity theft protection, and other issues.
Consumer Fraud Specialists are your powerful allies after a fraud or identity theft attack. They walk you through all the steps required to restore your credit.
Citi® Credit Monitoring Service’s highly trained specialists are available at 1-866-311-6742, Monday - Friday, 8 a.m. to 11 p.m. and Saturday, 9 a.m. to 6 p.m. Eastern time, to provide one-on-one personal assistance.
Citi® Credit Monitoring Service provides a membership upgrade at no additional cost. With 3-in-1 Credit Report and 3 Scores, you receive three credit reports and three scores providing side-by-side comparisons and data provided from the three major credit reporting agencies: Equifax, Experian and TransUnion.
Citi® Credit Monitoring Service
Citi® Credit Monitoring Service is a comprehensive suite of tools that helps you proactively monitor, manage and protect your valuable credit and identity information. This comprehensive service provides protection unlike any other service by helping you detect and respond quickly to fraudulent activity. And, with our dynamic credit management resource tools, you will have the ability to make better financial and credit decisions.
Credit Monitoring & Alerts
Credit card and identity fraud costs consumers over $1 billion annually. Notify ExpressSM is a fast, convenient way to keep track of your credit information and detect the early signs of fraudulent activity before they ruin more than your bank account. It helps you to stay informed and act quickly if potentially fraudulent activity appears.
How Notify Express monitoring and alerts help protect your credit file from fraudulent activity:
1. Notify Express checks your Equifax credit file for activity every business day.
2. Notify Express alerts you via e-mail, U.S. Mail, phone alerts, or text messaging to your mobile phone or pager – so you can act immediately in the event of fraudulent activity. For example, you will receive an alert when new accounts are opened, inquiries are made or address changes occur on your credit file. The sooner you know about changes, the sooner you can take action.
Credit Report
Citi® Credit Monitoring Service provides your credit report compiled with data from Equifax, a major credit reporting agency. Also included are detailed instructions on how to interpret this valuable information, a glossary to help you navigate complex credit terms, and a contact directory for each of your creditors.
Credit Score
Credit scores provide a snapshot of your current credit-worthiness based on an evaluation of common factors many creditors use to decide whether or not to extend credit. Citi® Credit Monitoring Service outlines both the positive and negative factors that impact your score and compares your score to the national average so you know how you are doing and what you need to do to improve your score.
Credit Analyzer
Understanding Credit Analyzer
Whether you're thinking about refinancing a loan, paying off some credit card debt or just looking to improve your credit score, the online Credit Analyzer tool helps you plan for the future. See how your credit score could change by interacting with existing accounts, account balances, and credit limits. Credit Analyzer is here to help!
Why Improve Your Credit Score?
If you've been thinking of financing a large purchase, such as buying a house or a new car, keep in mind that lenders view your credit score when reviewing your loan application. With a higher credit score, not only are loans easier to obtain, but people with a higher credit score generally receive lower interest rates — and that saves you a considerable amount of money over time. Understanding what causes your credit score to go up or down is the first step in earning better credit.
Creating "What If?" Scenarios on the Web
Credit Analyzer is a real-time credit-analysis tool that allows you to create "What If?" scenarios to see how changing one or more credit variables may affect your creditworthiness. By creating the "What If?" scenarios, you'll see how changes in each of the variables may raise or lower your credit score. Simply select a scenario and begin experimenting. It's that easy! By having the opportunity to create "What If?" scenarios, you can discover how to improve your credit score. Credit Analyzer can improve your understanding of your credit in many ways:
* See how applying for credit, refinancing a loan, or missing payments may affect your credit score
* Understand how your credit score can change over time
* Learn multiple ways to improve your credit score
* And much more!
Identity Theft Insurance
Citi Credit Monitoring Service offers members an Identity Theft Expense Reimbursement Coverage that reimburses victims of identity theft from certain expenses up to $25,000. Expenses covered include:
* Lost wages (up to $500 per week for a maximum of four weeks) as a result of time taken off from work to deal with the fraud. Lost wages must occur during the policy period.
* Notary and certified mailing costs for completing and delivering fraud affidavits.
* Loan application fees for re-applying for loans which were declined due to erroneous credit information that had reflected the identity theft.
* Long distance phone charges associated with re-establishing your identity.
* Attorney fees incurred (with prior consent) for defending suits brought incorrectly by merchants and their collection agencies, for removing civil judgments wrongly entered against the victim, and for challenging information in a credit file.
Credit Education & Fraud Specialists
Credit Education Specialists are trained to answer questions about your member benefits, credit report, credit score, identity theft protection, and other issues.
Consumer Fraud Specialists are your powerful allies after a fraud or identity theft attack. They walk you through all the steps required to restore your credit.
Citi® Credit Monitoring Service’s highly trained specialists are available at 1-866-311-6742, Monday - Friday, 8 a.m. to 11 p.m. and Saturday, 9 a.m. to 6 p.m. Eastern time, to provide one-on-one personal assistance.
Citi® Credit Monitoring Service provides a membership upgrade at no additional cost. With 3-in-1 Credit Report and 3 Scores, you receive three credit reports and three scores providing side-by-side comparisons and data provided from the three major credit reporting agencies: Equifax, Experian and TransUnion.
Obtaining My Credit Report - Stage One
Okay, so tonight I came home and researched on the best way to obtain a copy of my credit report and discovered that when you can obtain your Credit Report free once a year from the Credit Agencies/Government (Experian, Equifax, and Transunion, etc). However the Report won't include your Credit Score. (that will cost an extra $22.95) It will also not include any extra analysis, and since you can only obtain it once a year, you can't monitor how things are changing on a monthly basis.
So then I began researching credit monitoring services. The top monitoring services are Citi Credit Monitoring Service, myFico.com, freecreditreport.com, and PrivacyMatters 1-2-3. After researching all of these I found that Citi Credit Monitoring Service provides the most complete service at the value of your dollar. You do get a free 30-day trial and then after that it's $12.95 per month and you can cancel at any time with No Obligations. I then proceeded to their site and registered for their service.
I started by Completing their online application and registration. After the registration process, it attempts to verify who you are based on your credit report and items that have been reported on your credit and asks you questions to verify your identity. I answered the questions and proceeded to the final stage, using the service. I attempted to view my Credit Report and it displayed the following message:
**** PLEASE CONTACT US IMMEDIATELY*** We are unable to complete your order at this time. Your privacy and security are our utmost concerns. We need additional information from you in order to ensure your protection and complete your order. Please contact Customer Service at 1-866-311-6742, Monday - Friday 8 a.m. to 11 p.m. and Saturday 9 a.m. to 6 p.m. Eastern time, to complete your order. [7]
So I called for verification. I was on hold for 13 minutes before speaking to someone. I spoke with a Lou Ellen who verified my basic information and then transferred me to another department for proper verification. Call on hold again...total elapsed time now is 16:00 minutes.
I am now connected to Terry, who needs to Verify my Address because my credit reports do not reflect my address used at registration. I have lived at my current address for almost a year but most of my utilities and bills are registered in my fiance's name because I have poor credit. I am asked to fax them proof of residence. Acceptable forms of proof are as follows:
Car Insurance
Lease Agreements
Social Security Benefits Statements
Pay Stub or W-2's
Bank Statements
Electric Bill
Land Line Phone Bill
I am instructed to address the fax to Terry's attention and she will be handling my account. I am faxing her proof of residence using a current Pay Stub. Terry indicated that once she receives the fax and the verification is completed, she will be emailing me to let me know my account is ready for access. She let me know this should be taken care of within 24 hours. She asked if there was anything else she could help me with and we ended the call. Total call time was 26m 42s. I sent the fax to Terry's attention at 7:51PM EST. So, now I wait and tomorrow I will be able to obtain more information about my current credit situation and how to resolve it.
So then I began researching credit monitoring services. The top monitoring services are Citi Credit Monitoring Service, myFico.com, freecreditreport.com, and PrivacyMatters 1-2-3. After researching all of these I found that Citi Credit Monitoring Service provides the most complete service at the value of your dollar. You do get a free 30-day trial and then after that it's $12.95 per month and you can cancel at any time with No Obligations. I then proceeded to their site and registered for their service.
I started by Completing their online application and registration. After the registration process, it attempts to verify who you are based on your credit report and items that have been reported on your credit and asks you questions to verify your identity. I answered the questions and proceeded to the final stage, using the service. I attempted to view my Credit Report and it displayed the following message:
**** PLEASE CONTACT US IMMEDIATELY*** We are unable to complete your order at this time. Your privacy and security are our utmost concerns. We need additional information from you in order to ensure your protection and complete your order. Please contact Customer Service at 1-866-311-6742, Monday - Friday 8 a.m. to 11 p.m. and Saturday 9 a.m. to 6 p.m. Eastern time, to complete your order. [7]
So I called for verification. I was on hold for 13 minutes before speaking to someone. I spoke with a Lou Ellen who verified my basic information and then transferred me to another department for proper verification. Call on hold again...total elapsed time now is 16:00 minutes.
I am now connected to Terry, who needs to Verify my Address because my credit reports do not reflect my address used at registration. I have lived at my current address for almost a year but most of my utilities and bills are registered in my fiance's name because I have poor credit. I am asked to fax them proof of residence. Acceptable forms of proof are as follows:
Car Insurance
Lease Agreements
Social Security Benefits Statements
Pay Stub or W-2's
Bank Statements
Electric Bill
Land Line Phone Bill
I am instructed to address the fax to Terry's attention and she will be handling my account. I am faxing her proof of residence using a current Pay Stub. Terry indicated that once she receives the fax and the verification is completed, she will be emailing me to let me know my account is ready for access. She let me know this should be taken care of within 24 hours. She asked if there was anything else she could help me with and we ended the call. Total call time was 26m 42s. I sent the fax to Terry's attention at 7:51PM EST. So, now I wait and tomorrow I will be able to obtain more information about my current credit situation and how to resolve it.
Sunday, February 25, 2007
What does your credit score mean?
What Is a Credit Score and Why Is It So Important?
When applying for credit, lenders will check your credit score to see how good it is. But what exactly is a credit score; how is it calculated; and why is this number so darned important?
A credit score is a number that strongly indicates to lenders and creditors how likely you are to pay back the debt you owe, based on your past borrowing behavior. The higher your score, the more likely you are, in their eyes, that you will pay back the money you borrow.
Your credit score is used to determine whether you can get credit for things like: a credit card, a loan to finance your college tuition, a loan to buy a house or car, or even to start up a new business. Not only that, it is used to determine what kind of loan you qualify for, how much credit you qualify for and what your interest rate will be.
What's a Good Credit Score?
The most widely known type of score is a FICO score. FICO is short for Fair Isaac Corporation and is considered by many to be the most accurate. The three major credit reporting agencies, Equifax, TransUnion and Experian also calculate credit scores based on their own statistical model.
But how do you know what a good score is and what a bad score is? Well, that's sort of a gray area since different scores are calculated in different ways; different creditors use different scores; and no one knows exactly how they are calculated since those formulas are proprietary to the companies using them. Scores may range from around 300 to 900 with the average credit score in America being at about 740. Here is an approximate range of how credit scores are judged:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
A Basic Breakdown
Although the exact formulas used to calculate credit scores is still a mystery, Fair Isaac has disclosed an approximate breakdown of what comprises a credit score and how much weight they carry:
* Timeliness of payments = 35%
* The amount of revolving debt in relation to the amount of your total revolving credit = 30%
* Length of credit history = 15%
* Type of credit used (installment, revolving, consumer finance) = 10%
* Amount of credit recently obtained and recent searches for credit = 10%
Certain things can significantly impact your score, such as late payments. One or two is not bad, but the more payments you make that are late, the harder it hurts your score. Bankruptcies, foreclosures and judgments are also "blemishes" that can significantly impact your score. The more blemishes you have, the more lenders become concerned about your ability to manage your debt.
Bad Credit
Having bad credit, however, is not the end of the world. It still may be possible for lenders to give you a loan, provided your credit score is not too low. But be aware that you may pay a higher interest rate and more fees since you are more likely to default--fail to pay the loan back.
There are ways you can improve your credit score, such as paying down your debts, paying your bills on time, and disputing possible errors on your credit report. But on the flip side, there are ways you can also hurt your score, so remember: DON'T close an account to remove it from your report (it doesn't work); DON'T open too many credit accounts in a short period of time; and DON'T take too long to shop around for interest rates. Lenders must pull your credit report every time you apply for credit. If you are shopping around with different lenders for a lower interest rate, there is generally a grace period of about 30 days before your score is affected.
Check Your Credit Report Regularly
Since the FACT Act (Fair and Accurate Credit Transactions Act) was passed, U.S. residents are entitled to viewing their credit report from each of the three credit bureaus for free once every 12 months. It's a good idea to check your credit report regularly so you can correct any errors that appear on your report or if you've been the victim of identity theft. To do this, you can go to www.annualcreditreport.com.
It's generally recommended to request a free copy of your credit report from one bureau every four months so that you can keep an eye on your credit more often than just once a year. Your scores are not included in those reports, but they can be purchased for a nominal fee. Also, when you request your credit report, you may be subject to several "pre-approved" credit card offers. You can reduce the amount of this kind of "junk mail" by calling 888-5-OPTOUT (888-567-8688).
Your credit score is a very important number that you should always be aware of. It's a measure of your financial responsibility--the higher your score, the more willing lenders and creditors will be to lend you money. One of the best things you can do before applying for a loan is to check your credit report and score.
source:http://www.quickenloans.com/mortgage-news/article/498.html
When applying for credit, lenders will check your credit score to see how good it is. But what exactly is a credit score; how is it calculated; and why is this number so darned important?
A credit score is a number that strongly indicates to lenders and creditors how likely you are to pay back the debt you owe, based on your past borrowing behavior. The higher your score, the more likely you are, in their eyes, that you will pay back the money you borrow.
Your credit score is used to determine whether you can get credit for things like: a credit card, a loan to finance your college tuition, a loan to buy a house or car, or even to start up a new business. Not only that, it is used to determine what kind of loan you qualify for, how much credit you qualify for and what your interest rate will be.
What's a Good Credit Score?
The most widely known type of score is a FICO score. FICO is short for Fair Isaac Corporation and is considered by many to be the most accurate. The three major credit reporting agencies, Equifax, TransUnion and Experian also calculate credit scores based on their own statistical model.
But how do you know what a good score is and what a bad score is? Well, that's sort of a gray area since different scores are calculated in different ways; different creditors use different scores; and no one knows exactly how they are calculated since those formulas are proprietary to the companies using them. Scores may range from around 300 to 900 with the average credit score in America being at about 740. Here is an approximate range of how credit scores are judged:
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Poor/bad credit = 619 and below
A Basic Breakdown
Although the exact formulas used to calculate credit scores is still a mystery, Fair Isaac has disclosed an approximate breakdown of what comprises a credit score and how much weight they carry:
* Timeliness of payments = 35%
* The amount of revolving debt in relation to the amount of your total revolving credit = 30%
* Length of credit history = 15%
* Type of credit used (installment, revolving, consumer finance) = 10%
* Amount of credit recently obtained and recent searches for credit = 10%
Certain things can significantly impact your score, such as late payments. One or two is not bad, but the more payments you make that are late, the harder it hurts your score. Bankruptcies, foreclosures and judgments are also "blemishes" that can significantly impact your score. The more blemishes you have, the more lenders become concerned about your ability to manage your debt.
Bad Credit
Having bad credit, however, is not the end of the world. It still may be possible for lenders to give you a loan, provided your credit score is not too low. But be aware that you may pay a higher interest rate and more fees since you are more likely to default--fail to pay the loan back.
There are ways you can improve your credit score, such as paying down your debts, paying your bills on time, and disputing possible errors on your credit report. But on the flip side, there are ways you can also hurt your score, so remember: DON'T close an account to remove it from your report (it doesn't work); DON'T open too many credit accounts in a short period of time; and DON'T take too long to shop around for interest rates. Lenders must pull your credit report every time you apply for credit. If you are shopping around with different lenders for a lower interest rate, there is generally a grace period of about 30 days before your score is affected.
Check Your Credit Report Regularly
Since the FACT Act (Fair and Accurate Credit Transactions Act) was passed, U.S. residents are entitled to viewing their credit report from each of the three credit bureaus for free once every 12 months. It's a good idea to check your credit report regularly so you can correct any errors that appear on your report or if you've been the victim of identity theft. To do this, you can go to www.annualcreditreport.com.
It's generally recommended to request a free copy of your credit report from one bureau every four months so that you can keep an eye on your credit more often than just once a year. Your scores are not included in those reports, but they can be purchased for a nominal fee. Also, when you request your credit report, you may be subject to several "pre-approved" credit card offers. You can reduce the amount of this kind of "junk mail" by calling 888-5-OPTOUT (888-567-8688).
Your credit score is a very important number that you should always be aware of. It's a measure of your financial responsibility--the higher your score, the more willing lenders and creditors will be to lend you money. One of the best things you can do before applying for a loan is to check your credit report and score.
source:http://www.quickenloans.com/mortgage-news/article/498.html
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