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Monitoring Servies vs. Reporting Agencies

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NightStar



Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois


3176 Magic Points

Subject: Monitoring Servies vs. Reporting Agencies
 
Posted on Wed Mar 17, 2010 12:42 am  

Credit Monitoring credit reports can be a good deal if you are needing to review your credit report often. But the Credit Reporting Agencies do provide free credit reports if consumers meet the qualifications.

Credit monitoring credit reports help consumers identify ID Theft, but the consumer is unable to dispute or activate a fraud alert with the credit monitoring service. They have to direct them to the Credit Reporting Agencies to handle this problem.

Credit monitoring service credit reports are not as detailed as the credit reporting agency credit reports. Sometimes the address to contact creditors and collection agencies are missing. Also often the expiration dates are missing that consumers need to determine reporting time, or check if they are still within the statute of limitations.

the credit reporting agency credit reports contains a report number and phone number to access customer service. Consumers can't just go to the sites to obtain this number, a credit report must be obtained in order to get into customer service. The credit reporting agencies do change these numbers from time to time, requiring constant access to check for current numbers.
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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



601 Magic Points

 
Posted on Wed Mar 17, 2010 2:55 am  

I recently did pull my report because we are going to do a refinance here next month, seems I only have to pay a little toward two bills to get them done below 30% of the credit line and it should raise our scores enough to qualify for the lower rate.

I am really excited because we have been working on our credit for quite some time and now it looks as if it is going to pay off.
NightStar



Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Wed Mar 17, 2010 3:09 am  

I always feel a little sad when consumers settle for sub-prime loans, I understand all too well the years and thousands of dollars it is costing in the end to hold these types of loans.

I know sometimes time is of the importance, and consumers don't always have a choice in the matter.

It just goes along way when you can get that score pushed over the 720 mark or higher. Prime rates are so much better.

For one thing you might not be required to carry PMI insurance if you have a better score. Usually sub-prime applicants not having a down payment are required to pay PMI insurance until 20% of the balance on the mortgage is paid.

Glad to hear that you made it this far, it is a great feeling when you can take an interest in your credit and strive for days of better benefits.
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