CREDIT REPORT FAQ

Understanding and reading credit reports is not easy. Outlined below are some of the more frequently asked questions we receive pertaining to credit reports.

How long do negative marks typically remain on my credit report?
Usually, any type of good or bad credit data is going to remain on your credit report file for up-to seven years from the instant the activity takes place ir the account is paid in full or closed.

 It is important to note that there are situations when instances of bad credit and good credit remain present on your credit file for longer than seven years. Because of their length of activity, mortgages and credit cards are two types of accounts that will continue to be listed on your credit report for periods exceeding seven years. A bankruptcy will remain listed in your credit report for 10 years. Unpaid tax liens and students loans that have been defaulted will remain on your file forever!

How can I make sure that negative information will be removed from my file  appropriately?
Your information will automatically be removed the instant they hit their respective ten or seven year anniversaries. You still will want to run a copy of your credit to make sure that the information is indeed no longer present.

What is the difference between the three major credit reporting agencies?
It is more probable that your information will be listed correctly when taking all three reports into consideration. Below is information detailing the differences between the three bureaus:

-- Not all creditors report your data to all the bureaus. As a result, some of your information will be missing from one or more bureaus.
-- No matter if your data is reported by a creditor to all three agencies, it is probable that each is going to report differently when comparing the information present in all three. How come? This is a result of each credit reporting agency receiving and reporting your information at different times.
-- It is common for a creditor to not make use of all three credit bureaus when running your credit. Consequently, the 'inquiries' present on your reports are going to vary for each.

If I pull my credit, and discover outstanding judgments, what should I do?
It is very important that you settle any overdue debts at your earliest convenience. Doing so will have a positive impact on your credit score. 

What about errors?
If there is erroneous information listed on your credit report, you need to take the appropriate steps of removing credit report errors. Learning how to write a dispute letter.

What types of debt are reported on my credit report?
Traditional credit like any type of home loan, car loan, student loan and credit card will all be present on your credit repot. Non-traditional types of credit like your cable bill, cell phone, utilities, medical bills are not reported to the credit bureaus. However, if you neglect to make your payments on any type of non-traditional bill, it will be reported negatively to the credit bureaus.

What is the time frame for new credit to show up on my credit report?
In order for your report to reflect positive credit, you will likely need to have one account open for at least six - twelve months and another open for at least three - six months.

Will my credit score be adversely affected if I obtain a copy for my own personal viewing?
Your score will not be affected at all when you get a copy of your report yourself. This is called a “consumer disclosure” request. It is important to note that every time a creditor or lender run your credit, your score will be impacted.

What is the impact on my credit when a creditor run my credit?
It is called a 'credit inquiry' every time someone besides you accessed your credit. A credit inquiry is simply a record of who pulled your credit, and when. Typically, your credit report will reflect all credit inquiries made within 24 months.

Usually, too many inquiries will result in lenders labeling you as high-risk. However, there are instances when it is considered acceptable to have several credit inquiries; not lowering your score. For example, if you are in the market for an car loan or mortgage, you will likely want to shop around for the best rates by submitting filling out two or three application in a short period of time.

How Credit Scores are Computed
Making Sure Your Credit Report is Accurate
Run Your Credit Before Applying for a Loan
Effects of Having Bad Credit
What are the Hardest Items to Fix?
Things That Hurt Your Credit Score
Credit Report Secrets


 

 



 

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