subject: Negative Events Prompt A Credit Report Review [print this page] Your financial data is reviewed constantly by others that look at your past credit history. They can do so by getting access to your credit report. This document provides them with enough detail to determine whether or not they want to provide you with a loan or favorable interest rates. You want to keep your information clear from errors. But there may be instances when certain events happen which can prompt you the need to review your history.
People are always looking for a quick way to make money illegally. They can do so when they steal your identity. You want to guard this as best as you can as it can be a nightmare getting any wrong doing straightened out. You personal identification number as well as detailed financial documents which may contain account numbers to any savings or checking accounts as well as credit cards can be used against you.
If you have been denied credit when you applied they must tell you the reason why. If you felt that you were sure to get approved it can make you feel upset. But you do not have to pay to get a copy of your record. You have the right to get a free copy which indicates the reason why you were not accepted. This gives you the opportunity to correct any mistakes or errors and possibly reapply.
A divorce can be a problem right after your marriage ends. The court system may have divided up the debts that were incurred during your union. You need to make sure that anything that is to be paid by your spouse does not get placed on you.
A bankruptcy is just the means to help a person who has no means of income or insufficient income due to job loss, medical injury or expense increase clear off their bills. People must go to a court and have a lawyer file paperwork to get this approved. Your rating will drop after this is done. You should check your status after a few years have passed to make sure it gets removed.
When you cannot pay the mortgage loan that you get the financial institution will begin foreclosure proceedings. They will eventually serve you notice about your debts. They will go to the court to try and reclaim the amount that is in arrears if you are unable to come up with the money to bring your account up to date. This will be included on your financial data for many years and will decrease your score.
Collection agents work for companies that are contracted by your creditors, or they have purchased your debts for pennies on the dollars as an investment. Either way they want to recoup the money that is shown is owed by you. If you feel that they are wrong you can speak with them to get this cleared up. You will also want to get it taken off your report so you will not get hassled in the future. Any time you claim a debt it will be assigned to you.
Everything you do can have consequences on your credit report. This data is regarded by many companies. You will want to get your information reviewed as often as possible if you are denied loans, interest rates are too high, and your personal identity is taken.
