The Importance Of Monitoring Your Credit History

When was the last time you reviewed your credit history? If it was more than 12 months ago, it’s time to do it again. That’s because each day, new information, sometimes unknown to you, makes its way into your report. This information can include queries about your credit (from credit card providers, cell phone companies, car rental companies and even no Teletrack payday loan companies). Sometimes you never authorized these queries. Sometimes information is entered in error. Any of these items count against your credit score.

The standard for summarizing your credit is the Fair Isaac Score or FICO. And most loans, mortgages and even automobile insurance can be tied to it. What is especially unfortunate is that we, as consumers, don’t have a rubric that defines how our score is computed. All that we know is that the score involves a breakdown using these approximate percentages: payment history (35%), outstanding debt coupled with available credit lines (30%), length of credit history (15%), types of credit in use (10%) and recent inquiries to your credit (10%). But how any individual entry on our history counts remains a trade secret.

checking credit

The only weapon we have is to keep constant tabs on our credit reports and ensure that the information is at accurate. The three main credit bureaus (Trans-Union, Experian and Equifax) are under obligation to review and correct erroneous information, but only AFTER you bring it to their attention.

So, let’s assume that you paid off a mortgage two years ago, but the information still shows on your credit report. You now move and are getting ready to purchase a new home. You can almost count on lengthy delays as you work to clean up this situation. If interest rates are changing, you may find that you miss a lock-in window and have to pay a higher rate. And, in the worst-case scenarios, you may get charged a higher interest rate or cannot even qualify for the loan.

The easiest way to keep tabs on your credit is via This site is supported by the three main credit bureaus and allows you one free credit report from each bureau annually. That means you and your spouse, partner or significant other are each entitled three reports every twelve months. If you spread the reports out so that you order one each every 4 months, you can monitor your credit annually for free.

You can also request free credit reports from all the credit bureaus should you ever be denied credit.

You can also subscribe to various credit report access, credit monitoring services and/or identity protection services. Each of the three credit bureaus and other third-party providers offers these for a fee. But, be careful what you pay for and what you get. For example, if you order identity theft, you don’t get credit monitoring. The Free Credit Report dot Com site charges $14.95 per month for their 3-bureau service. Somehow that really isn’t “free.”

Once you get your reports, you really have to plow through them. Look for any errors or omissions. This can include the spelling of your name, an erroneous address, and/or a late payment that wasn’t late. Look for credible sources that you have paid off, canceled, or otherwise removed from use. Note that some credit cards may only be listed by the last 4 digits of the card; others may show credit card company account numbers, which may be different from your card number.

If you find anything (absolutely anything) that needs to be updated, contact the credit bureau in writing and request that they repair and/or update the information. Along with your “dispute” letter, provide copies of any documentation that will help them do this. For example, if you have paid off a credit card and have a letter from the credit card company “thanking you for being such a loyal customer and that they are sorry you closed account # – – -,” send a copy. Be sure to send your letter via certified mail or Fed-Ex to ensure that the credit bureau receives it.

Alternatively, you can contact the mortgage or credit card company and have them send off the updated information. American Express is especially good in this department.

Credit bureaus have 30 days to act on your request to correct erroneous information. If the bureau cannot refute the information, you can still add a personal statement (limit 100 words) to your credit report.

You should then follow-up and request a new credit report about 60 days later to ensure that the error or omission has been fixed.

Several years ago, my stepson discovered that he had a blemish on his credit history. It involved a payment to a utility company. He had taken care of the situation but found out that the utility company and/or the credit bureau had not. It took him months of interaction to resolve the matter and get the credit report cleaned up.

Finally, if your credit history is tarnished, be wary of paying someone to fix it. You can only fix what is fixable. You cannot remove truthful information because you don’t like it.

So, if your credit is good or great, keep it that way; if it needs attention, there’s no better time than right now to get started. Go to AnnualCreditReport and follow their prompts. You can order your bureau reports online, by phone or through the mail. If you work to maintain your credit history, I think you’ll be happy with the results.…

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Can I Give Back a Personal Loan Through the Payment Terminal

Repayment of a payday loan through the terminal is easy, convenient and saves a lot of time. But few people know about hidden stones. And overpayment is not the biggest surprise that awaits the fans of an easy life. The terminal can easily make you an unreliable borrower, and your credit history will be spoiled. Scared? No reason. If you use any service badly, you will have problems. Just be prepared and know the rules!

Some MFOs offer their customers the opportunity to cover payday loans through instant payment terminals. On the one hand, this is convenient, since there are a lot of them. On the other hand, some people don’t read carefully everything written on the screen.

It Is Comfortable

It is much more convenient to make another loan pay off in a supermarket or shopping center than to search the nearest ATM of a particular bank accepting money:

  • no need to spend extra time;
  • the procedure itself takes a few minutes;
  • self-service terminals work around the clock and even on weekends.

Yes, the whole deal envisages a small fee for the transfer of money. But many consider it a true charge for comfort. It would seem that everything is perfect.


It’s important to know:

  • The first thing you should keep in mind is more money on the loan when making the next pay-offs. The commission for service can be as much as 4-5%, and sometimes more. Accordingly, if all payments on the credit were made this way, then the total price of the borrowing increases by the amount of this commission.
  • The second pitfall is that money can go through the payment system to a bank account for several days. So formally the schedule will be missed because MFO considers not the moment of depositing money into the terminal, but actual receiving. This will also lead to the accrual of additional fees and penalties for the delay in the next payment. So make sure in advance that instant is really instant.


Good news for the clients of financial companies is that their credits are relatively small amounts. In addition, MFO can have some agreements with providers of quick transfers. The decision on how to pay online credit is a very individual solution. Don’t hesitate to spend some time and study all terms and options before applying for the extra money.…

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Can I Transfer My Micro Loan To Somebody Before Issuing Me

The precise question is, first of all, is it possible to take a payday loan on someone else’s card or banking account? Actually, it concerns not only fraudsters but also respectable people who for some reason can’t receive payday loans in the usual way.

On the Internet, there are a lot of MFOs that provide credits around the clock. But one of the terms is the transfer of funds to the card of the borrower. Why? The answer lies in the legislative acts regulating the activities of these companies. It is impossible to take a credit agreement for someone else’s account. Here are the reasons:

  • In online transactions, the obligation of the borrower to pay the short-term loan comes from the moment it is credited to his account.
  • If there is a third party, when applying to the court, the agreement on such short-term loan is invalidated.
  • Most often, such borrowings are considered by fraudsters who have learned details of other people’s documents. In order to prevent intruders from stealing money, this restriction has been introduced.

Smart Solution

But there is one trick. This is namely getting money through an electronic wallet. There are situations when funds are needed urgently and there is no possibility to register with regular financial establishments.

For this wallet, you, as usual, need a mobile phone and a computer/gadget connected to the Internet. Consider the amount of the commission for transferring funds. Each online system has its own rate for this service. It is enough to fill in the questionnaire, specifying personal data, and then confirm using a secret combination of numbers. The code is sent via SMS to the phone specified in the application.

How to receive money without a card? MFOs transfer money by the banking system. To get it, the customer will only need a passport. Where you can get such a transfer depends on the transfer feature: sometimes money is available only in a specific branch of a particular bank, it happens that you can get your loan from any bank that works with this financial provider. So the sole option for sending borrowing to other people is initially dealing with e-money.

If you know technology, you will always find the right solution, in accordance with the law. Another detail is that sometimes you can’t turn electronic dollars into cash. You may use them only for payments for goods and services on the Internet. So the choice is yours.…

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Can One Apply for a Credit on a Phone

It is possible to take loans in many different ways. Loans granting is a very beneficial procedure.

There are numerous public and private organizations that distribute payday loans. The main payday loan distributor is a bank.

It can belong to a private entity. It can also be owned by an individual. It is easy to apply for a personal loan with them as it takes a few minutes.


If one decides to get a personal loan from a company one can come to an office. This procedure takes time. Here is how it goes:

  • One calls the bank. He/she asks about loan terms. The banker can advise what types of payday loans there exist. One chooses the best option.
  • One takes necessary documents to a bank. A bank will ask for a package of documents. A person has to deliver them on time.

Applying for a credit at the bank is not beneficial as it takes time. Interest rates are also not very high. The better alternative is to apply for a personal loan at private companies as they function online.

Online Companies

A better alternative to a bank loan is an online firm. There are firms that simplify the process of credit taking. They submit all requests online. One does not have to lose time staying in the queue. This makes this service beneficial one. Here is how the process goes:

  • A person applies for credit. He/she has to indicate the personal information and credit sum. It can be done quickly. Such a quick request is sent then to many financial companies.
  • Companies receive a request of a lender. They have a look at a sum of required borrowing. If it can be issued, they ask for additional documents.
  • The borrower has to attach all documents online. There are many papers to attach. One of the key papers is an American passport. A person has also to provide more information about income. For that, he can give his income statement. This document states the monthly salary of the person. If it is high, it is good. It is reasonable to add an employment contract. It shows one works for a reliable company. It increases chance loan will be issued.
  • Check of credit status. There are governmental bodies in the US. They take care of assigning credit score. It states if one is a reliable borrower. If it is high, everything is great. One will get a credit. If not, the chance is really low.
  • Lending firm analyses full profile. If it satisfies it, the credit is issued. One will be offered a payday loan. He/she will be proposed several offers from different lenders. It is possible to choose the best one.
  • One signs a loan contract. This document contains much information. It says how much money a person is granted. It contains information about interest and return date.

All process is conducted online. This is more beneficial than taking credit on the phone. Loan conditions can also be more beneficial.…

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Is it Possible to Refuse Online Micro Credit after Having Received It?

The best reason for refusal could be that to say yesterday you borrowed money and today you have learned that you had been fired from a job. Now you want to abort the deal. What to do?

Right Solution

First of all, let’s remind you of the whole process of dealing with online lending. You can get money quickly and easily. The activities of the MFO are under the control of the state financial bodies. The way to get money is quite understandable:

  • find the web platform that suits you;
  • register here and fill in info;
  • make sure to go through the process of validating;
  • send an application, where you indicate the desired amount and duration (the system will calculate the bid itself);
  • if the request is approved, you will see information about this on your personal account;
  • money is usually received within 1 hour.

New Decision

For many, this option is the best one. It is enough to apply via the Internet, attach a scan of your document and wait for a decision, which in most cases is taken in a few minutes. No matter where you live, no transport expenses, no lines, no nerves. But people are people anyway. And we can change our mind at any time.

In most cases, you need to act on the basis of the current situation. Here are the most common situations:

  1. A payday loan is approved, but the contract has not been signed.
  2. Your application agreed, but funds are not received.
  3. The contract is signed and the money is already with you.

In each situation, you have the full right to refuse a loan, but you will need to take different actions. And the third option is the most difficult one.

How to Communicate with the MFO?

What are your rights in terms of the law? Is it possible to refuse a loan after signing the contract? The law allows this. If you borrowed money, but as a result, you realized that you no longer need these funds, then remember that there will always be a way out of this situation.

Actually, you need to write a letter to the bank and submit it within 14 days. This term will be counted from the moment of signing your contract. If you do not have time to submit the paper during this period, then remember that the situation will become much more complicated.

So how to refuse a loan if the contract is signed, and the deadline is fixed:

  • Write a statement for refusal.
  • If you used the funds, then they must be returned with the application. This fact is should be documented. During the period of use of the borrowed funds, you must pay back the interest that has been accrued.
  • You need to pay a fine if it is provided by your contract.

These are the main steps that you will need to complete at the time of failure. But our advice is to “turn on” your intuition and consider possible challenges before applying for payday loans.

You always have a feeling of how your life path will develop. Try to avoid the acts, which you may postpone in the future or be ready for this.…

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