What is the difference between corresponding APR and APR?
Corresponding APR is the APR creditors charge on current charges, cash advances, and purchases and APR (Annual) is your Annual overall APR. There are different APR’s depending what you agreed to at the time of opening your account.
I hear that I should get my credit report at least once each year. How can I do that, and what if I don’t understand what it says?
Frequently reviewing your credit report is good advice. There are three major credit bureaus, and you can obtain a free single report from each annually, (Equifax, Experian and TransUnion) or a report that merges the information of all three (You will have to pay for this). Or, for help interpreting the information contained in your credit bureau, schedule a Credit Report Counseling Session with a Clarifi counselor.
I frequently see TV ads promoting free credit reports. Where can I get my free credit report?
AnnualCreditReport.com is the only official site to help consumers to obtain their free credit report. This central site allows you to request a free credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. This does not include your credit score. You can pay for your credit score on this site.
Can I have negative information on my credit report? Can you remove it?
The purpose of a credit report is to present an accurate picture of your credit history to anyone with a permissible purpose to view your report. If there is negative information on your report, but it is true, it needs to stay. Of course, if the data is false, then you need to file a dispute to get it removed. Stay clear of any outfit that claims they can “fix” your credit report. Only time and a good pay history can do that.
What is a credit score?
A credit score is a complex mathematical model that evaluates many types of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending a person money or providing them with a service –– specifically, the likelihood that the person will make payments on time in the next two to three years. Generally, the higher the score, the less risk the person represents.