Credit Tips

More than ever before, a person’s credit history will impact their financial condition and quality of life. Lenders use “Credit Scores” including FICO and Scores” to determine who qualifies for a loan, at what interest rate, and what credit limits. Other organizations, such as insurance companies, landlords, government departments and prospective employers employ some of the same techniques in making decisions that will significantly impact a person's life.
AimLoan.com is pleased to offer the following credit tips to our customers and website visitors.

How to Dispute an Item on your Credit Report

You must contact the credit agencies directly and dispute the reported item. Following is the information on how to contact the agencies:

Transunion Consumer Relations
PO Box 1000
Chester, PA 19022
800-888-4213
https://www.transunion.com

Equifax Consumer Relations
PO Box 105873
Atlanta, GA 30348
800-685-1111
https://www.equifax.com

Experian Consumer Relations
PO Box 2002
Allen, TX 75013
888-397-3742
https://www.experian.com

Impact of an Inquiry on your Credit Score

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing. But don't overreact. The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score. If a lender gives you this advise, it is probably because they do not offer competitive rates and are afraid you will discover this by shopping for a mortgage with other lenders.

What to do if you are a Victim of Credit Fraud

If you have been a victim of identity theft, you have certain rights under the law. You should provide a copy of a valid police report to the credit reporting agencies and request that they block the reporting of the information that appears on your credit report as a result of identity theft. The law provides guidance to the credit reporting agencies on when to block and unblock such information.

Where to Find Help Cleaning up your Credit

Several non-profit agencies offer free counseling to assist you in this regard. Consult the yellow pages or the Internet under the heading Credit Counseling Services to find a counseling service in your area.

How to Obtain a Free Credit Report

The Fair and Accurate Credit Transaction Act of 2003 (FACTA) provides that every consumer is entitled to a free credit report every 12 months from each of the three national repositories: Equifax, TransUnion and Experian. Customers may obtain their personal credit report through the following website: www.annualcreditreport.com

How to Stop Unwanted Calls and Solicitations

Did you know that credit bureaus are legally allowed to sell lists of consumers who have recently had a credit report run? This is why you will be flooded with calls and solicitations shortly after you complete a loan application.  Fortunately, the law provides a means for consumers to “Opt Out” by visiting www.optoutprescreen.com.

Additional peace and quite can be found by registering your phone numbers are on the National Do Not Call Registry, which can be accessed at www.donotcall.gov. Hopefully one day our country will adopt an "Opt In" system, but until then consumers must take the time to “Opt Out” of these unwanted calls and solicitations.