Free Credit Report Resources Has Grand Opening

    GREEN BAY, WI, November 03, 2008 /24-7PressRelease/ -- If understanding your annual credit report seems like reading hieroglyphics, a brand new Website called free credit report resource.net may be able to help. The folks at this informational Website are rolling out the red carpet for its November 2008 online grand opening. This free Website addresses the credit needs of different age groups from youth to retirement by offering guidance articles and a nifty free ebook to download.

The free credit report information site teaches users how to:
---Create and improve their credit.
---Care for and administer their current credit.
---Rectify and improve a bad annual credit report.
A user simply selects a page on the Website that applies to their particular situation such as the college tab. Here, the student will find a wealth of information on managing their credit during their college years.

College students find credit cards are easy to get
Young college students can get credit cards more easily than many adults. To qualify, a youngster in school doesn't need any earnings or assets. His or her parents may not even be asked to co-sign the credit application.

The card issuers simply gamble that the kid will pay his bills. If he doesn't, they gamble that his parents will bail him out.

Legislation pending in Congress could prove helpful. It would require students younger than 21 and without jobs to get written parental approval to qualify for a credit card.

In the meantime, marketers and some college officials say the college years are a good time for students to begin learning about credit on Websites such as free credit report resources.net and learn how to establish a credit rating.

Young adults may find that no credit means bad credit
Todd Hamilton of Asheville, NC says that he tried to rent an apartment at the Bear Creek Apartments, but was turned down.

Todd says he was turned down because he didn't have a credit rating. He didn't have a credit rating because he pays cash for most of his purchases. He says, "I told the manager I don't owe anybody, but I was refused because I wasn't in debt."

Let's face facts, Todd. We now live in a society that seldom deals in cash when more than $10 is involved. To survive, we must learn to conform and establish good credit.

If you have recently applied for credit and been rejected because of a negative consumer credit report, are you branded for life? Or is it possible to repair a damaged rating? The staff at free credit report resources says their site can help.

Credit histories
Lurking in the computer of one of the national 2,000 credit bureaus is a detailed listing of how much you owe on personal loans and credit cards, how quickly you pay those bills, and how many times your payments have been late.

Unfortunately, most of us have no idea what our credit reports say - until it's too late.

Most creditors report payment histories to the local credit bureau periodically. The credit bureau puts this information together and uses letter and number codes to describe a customer's credit position. The type of account is usually identified with the letter "I" for installment loans, which generally include auto, personal, and real estate loans, and "R" for revolving-credit card accounts, along with home equity and other lines of credit.

What does the report contain?
At its heart is your credit history, translated into an elaborate system of number and letter codes. The Trans Union form, for example, uses about 140 codes to indicate how you have handled debt over the years. On the back of the form, you can find a key to the puzzling codes.

Although the format of a credit report will vary between credit bureaus, the information contained is always essentially the same. Generally, the report will detail the name, number, type, and activity of credit cards issued in your name; the amount of time you have had these cards; the timeliness of your payments; the amount of your credit limits, as well as the amount of your outstanding balances.

Other items that may be found in a credit file include the names of companies that have asked for copies of your report, as well as notations indicating whether you have been involved in civil suits or bankruptcy proceedings.

All of this information is provided to the credit bureau by your creditors or other parties.

How long can a negative statement be kept on your record? If the statement relates to bankruptcy proceedings, it may stay on file for as long as 10 years. Most other records - including those related to criminal convictions, accounts referred to a collection agency, and civil suits - are usually held no longer than seven years.

Consumers may write to the Federal Trade Commission Correspondence Branch, Washington D.C., 20580, for a copy of the Fair Credit Reporting Act of 1971, which clearly explains their rights.

Remember, when it comes to credit reports, what you don't know can hurt you. Visit www.freecreditreportresources.net for more information.

Citations:
1.Hunt, Robert M.,A Century of Consumer Credit Reporting in America(June 2005). FRB Philadelphia Working Paper No. 05-13
Available at SSRN: http://ssrn.com/abstract=757929
2. United States General Accounting Office. (2001). Consumer
finance: Colleges students and credit cards. GAO-01-773

About Free Credit Report Resource
Free Credit Report Resource is dedicated to publishing accurate, free, information to help people learn about credit and credit management.

Website: http://www.freecreditreportresource.net

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