Improve Your Bad Credit Score - Save Your Financial Future Now!
Sep 23, 2008 in Finance
You have to know a fact: Any business can call your credit report without your permission. That is a fact and is also an indisputable fact. You may be wondering how that can lower your credit score. BTW, do you know what your credit score is?
Although credit reports need not be mysterious and scary,unfortunately for many of us they are. Credit reports are records of our financial history. As any with human being, our finances need not be linearly growing. Sometimes there’re ups and sometimes there’re downs.
Until we know whether the credit report truly reflects our financial history or not, we cannot be sure of what other person’s impression on our financial history. That is the reason for checking our own credit report and doing it often. Errors can’t be escaped. However, for someone else errors we should not loose our freedom. Invariably, invalid items do show up sometimes which need to be corrected without fail.
Facts remain facts and they need to be logical as well. The fact is the more people ask for your credit score, the less your credit score can be. It is not directly proportional as the credit score depends on the type of inquiry. The pleasant fact is it does not always reduce your credit score. It all depends on the types of inquiry one does and the time frame. Less the time, more the number of hard inquiries, less your credit score can be.
Creditors to protect their money can check your credit score. They check the credit report with a “soft” inquiry, which does not count against you. As you know this type of soft inquiry happens when you check your credit or when credit card pre-screen you while offering their credit card to you.
The problem arrives with the other kinds of inquiries only and can be labeled as “hard” inquiries. These happen when you actively apply or seek for a line of credit such as a loan or new credit card for yourself. At individual level, we won’t be happy to loan to a person who is already in debt and taking more loans. The same logic applies to the companies also. As the number of the inquiries jump during a period, it attracts their attention and creditors don’t like to see a lot of hard inquiries in a short period of time. Too many inquiries, in a short frame of time, it tells to them that you are actively seeking more credit than what you can repay. Credit can be obtained easily, but income cannot be improved so easily. Owing to these two facts, the creditors reduce your credit score, in other words, they ask you to pay more interest for the loan or refuse to provide the loan depends on your credit score. It’s no wonder some card holders are unpleased.
Be really concerned as it is your credit score. Without your knowledge or consent, problems start when businesses use hard inquiries. It’s acceptable for employers to check your credit in this way. It does not mean that every business such as rental car agencies can also pull your credit report if you reserve a car using a debit card rather than a credit card. How do you feel if you know that for some one assurance you are loosing your credit score? It is not a good reason because you paid through your debit card instead of credit card. Dispute these kind of hard inquiries without fail in the same way you dispute other wrongly charged items in your credit reports.
Without your consent, under some circumstances your credit report can be subject to hard inquiries. These include reviewing any open account to ensure that your credit is still good enough to qualify for said account, credit transactions and collections; any business transaction that you initiate; underwriting insurance; and determining your eligibility for government benefits which are dependent upon your financial situation.
You have to learn how to improve your credit score before it is too late. ImproveBadCreditScore.com is one of our sites that teaches you how to do that in the shortest time possible.You will have the satisfaction of righting the wrongs and saving your financial future. Once you set everything in place, you don’t have to worry anymore.
In case, if any information disputed is found to be inaccurate, it will either correct within thirty days or removed from your credit report. The onus of showing the proof is lying with the creditor. If the proof is not forthcoming that their information is correct, it will be seen and considered as inaccurate. The inaccurate information has to be corrected.
Filing a Credit Dispute:
While bankruptcy may alleviate much of the financial stress you may be feeling due to your mountain of bills, which seems to get higher every day, it may not be the total answer for you. Yes, bankruptcy will stop the creditor harassment calls since after you have filed, your creditors are no longer allowed to call you or hound you, and that will almost certainly provide a certain amount of relief. Having your bills under control will also provide a great amount of relief, but to what end? You still have the long road back to getting your 
But even so, if you decide that bankruptcy is your best option, make sure you know what you are doing. With the recent sweeping changes of the bankruptcy laws, this is no longer a do-it-yourself process as it used to be in years past. In fact, you must be approved to file by the judge, and there is no guarantee that just because you want to file that you will be allowed to do so.
