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Credit history

Credit reports contain your payment history and qualify its economic solvency. This information is used to calculate your credit score FICO, i.e. the level of risk you represent for a creditor.

In addition, creditors, employers, insurers and other companies buy these reports to determine:

What amount of money can pay you or not

What interest rate will be charged you

If you pay your bills on time

If you have been sued

If you have ever declared bankruptcy

Check your credit reports

It is important that you know that:

Your data are correct each year with the three companies (Equifax, Experian, and TransUnion) credit reports.

No one else has requested a line of credit using your name.

Negative information can remain up to seven years in his report and up to 15 years if it's a bankruptcy.

You can contact each credit reporting company to correct incorrect information.

If you request a loan and not get it due to your credit report, you have right to request one free report within 60 days.

How to get your free credit reports

Once a year you can request a copy of each company through Annualcreditreport.com (in English) or by calling the 8. The Federal Trade Commission provides more information on these free credit reports.

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How to start your credit history

With a good credit history, it may be easier to get a job, apartment or even a credit card. However, establishing and maintaining good credit requires discipline and planning.

Understand the status of your account and how to monitor your credit card. In addition, learn how start and maintain your credit or help their children start their own.

Credit cards

Before requesting credit or loans, be sure to check if the conditions offered are friendly and reliable.

To apply for a credit card, consider the following:

The rate of annual interest (APR). If the interest rate is variable, ask is determined and how much may vary.

The periodic rate. It is the interest rate used for calculating the costs of financing on your balance each billing period.

The annual membership fee. Some cards charge you an amount each year to be the credit card holder.

Rewards programs. Use resources online to find the card that offers rewards that most interest you.

The grace period. It is the number of days in which you have to pay the Bill, before running the charges for financing.

Finance charges. It is important to know exactly what they are paying in finance charges. By law, banks must disclose the method used. Pay your balance due each month to avoid paying fees by financing purchases with credit cards.

Other charges. Find out if special fees for cash advances, are charged by payment deadline or exceed the credit limit. Some companies also charge a monthly fee.

The law of equal opportunity credit protects it when dealing with entities that usually offer credit, including banks, finance companies, shops, credit unions and credit card companies.

How to dispute charges

The Fair Credit Billing Act gives you the right to dispute charges that appear on your credit card which are incorrect, that you did not make or that they are goods or services not received. Complete the following steps:

Send a letter to the creditor within 60 days of the date on which the invoice was issued.

Include your name, your account number, date and the amount of the charge in dispute, as well as an explanation of why are you disputing the charge. Send your letter by certified mail and request the acknowledgement receipt.

The creditor or card issuer must acknowledge your letter in writing within 30 days of receiving it and carry out an investigation within 90 days. You don't have to pay the amount in dispute during the investigation.

If there was an error, the creditor must credit your account and remove any fine or cost associated with.

If the Bill is correct, you must notify you in writing how much should and why. You must pay amount owed and any associated finance charge.

Follow this model letter to file a complaint.

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