How to Dispute a File on Equifax

Your credit report contains personal information, credit history, inquiries and public records. Equifax is one of the main credit score reporting bureaus. You may obtain a free copy of your credit report once a year (see the Resource section) and you should review it carefully. If you find an error on your credit history report, you may dispute it. This may take from 30 to 45 days to resolve, according to the Equifax website. Instructions 1...

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Help to Reestablish Credit

A drop in your credit rating after a bankruptcy doesn't have to result in a lifetime of bad credit. Reestablishing credit after experiencing severe credit problems is key to fixing a low credit score. There are several methods for rebuilding or reestablishing credit; and the sooner you start, the sooner you can achieve a prime rating. Review Credit Report Start reestablishing your credit history by checking your personal credit file (see...

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How to Fight Bad Credit Report Additions

It can be disheartening to see a drop in your credit score, especially when you have been doing all the right things. If you notice that the change in your score is from inaccurate information, you can contact the credit bureaus to remove the inaccuracies. It can take a month or two to have bad information removed from your credit report, but it will result in an instant credit score improvement. Instructions 1 Make a list of the errors on your credit report. Besides looking at your accounts, be sure that you note any unauthorized inquiries....

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Will a CD Help Rebuild Your Credit?

If you need credit or insurance, your credit score may impact whether you are approved. The information in your credit report determines your credit score, and the better your score, the easier it will be for you to qualify for credit products. If you have damaged credit, it's important to know that a savings instrument such as a CD cannot help rebuild it. Identification A certificate of deposit, commonly called a CD, is a savings instrument issued by a lending institution where a depositor deposits a fixed sum of money with the lending...

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Ways of Calculating FICO Scores

A consumer's FICO score is a version of a credit score available through the three major credit bureaus: Experian, TransUnion and Equifax. The majority of financial institutions use FICO scores to determine the credit risk of individuals. There are a variety of factors that go into calculating a FICO score, each with its own significance. Account Information One of the largest factors in determining a FICO score is the payment history and amounts owed on accounts. These two factors account for 65 percent when calculating a FICO score. The...

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How to Get a Free Credit Score in Canada

Credit scores can affect the interest rate you pay on mortgage loans and whether your credit-card applications will be approved. Know your score and make sure the information about your credit is accurate by obtaining a free credit-score report. Instructions 1 Log in to Canadian-CreditReport.com and click the red button labeled "Free Credit Report." 2 Click the "Credit Report Request Form" link. You will get your report from Experian Canada, Trans Union of Canada or Equifax, based on the province where you reside. 3 Complete...

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How to Keep Monthly Track of Your Credit With Experian

Experian is one of three major credit bureaus, in addition to TransUnion and Equifax. Although you can obtain your Experian credit score from third-party credit-report companies, you can also keep track of your credit by ordering an Experian credit-report product. Your can access your Experian credit report at any time and keep monthly track of your score after ordering the product. Instructions 1 Visit the Experian product selection website (see Resouces) and select either the Experian Triple Advantage Credit Monitoring product or the Identity...

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How to Interpret the Fair Issac Credit Report Score

The Fair Isaac Corporation computes consumer scores using an intricate computing system that rates credit worthiness. The three national consumer credit reporting bureaus report consumer reports and scores, so consumers, creditors, lenders, employers and other approved parties can obtain the most accurate reading of a person's credit and bill paying history. Interpret a Fair Isaac credit score the right way, so you know how you fare as a consumer and what this means for your credit applications. Instructions 1 Purchase a comparison of your...

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The Best Ways to Repair Bad Credit

Your credit score is made up of various factors in your financial history. The bulk of your score is based on payment history, total outstanding debts and the length you have had established credit. When you understand these factors and know your credit score, devising a plan to improve your credit is easier to accomplish. Payment History Start the process of credit repair by requesting your credit report to see what it includes. You...

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How Can a Credit Rating Get Damaged?

FICO scores are a credit rating system that was designed in the 1950's by Fair Isaac and Company to analyze a person's credit risk. The Daily Interest website says that credit scores can range from the low 300s to 850, which is perfect credit. People with good or excellent credit pay lower interest rates on home and automobile loans. There are a number of factors, however, that can cause you to lose points on your credit score. High Credit Card...

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Easiest Ways to Improve Credit

If you've been turned down for loans, credit, housing or employment because of a low credit score, you aren't alone. According to Bankrate.com, Fair Isaac Corporation statistics illustrate that 15 percent of U.S. residents have credit scores below 600. If educating yourself on credit reporting laws and actively working to repair your credit score seems daunting, there are easier ways to boost your credit rating. Dispute Online Online disputes...

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About Bad Credit

Bad credit is a reality for many consumers, but what exactly is bad credit? Neglecting to pay bills in a timely manner will result in bad credit, as will overextending the credit accounts you have. Avoid this expensive predicament by effectively managing your debt and staying in contact with you lenders if you do encounter trouble meeting your monthly obligations. The Facts Bad credit can refer to a low credit score or to actual items listed...

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Does It Hurt Your Credit If Several Dealers Pull Your Credit?

It is very common for a frugal car shopper to visit several lots and banks before making a crucial decision about which car to buy and whom to finance it with. Interest rates and prices vary widely in this industry, and a car shopper with adequate credit should do due diligence. Multiple credit checks can harm your credit, but only within certain situations. FICO Basics When you apply for a loan or credit card, most lenders will pull a credit...

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What Do I Need to Do to Clean Up My Credit Report?

While credit repair organizations promise to help you clean up your credit report, there is nothing a third-party organization can do for your credit that the Fair Credit Reporting Act (FCRA) does not give you the right to do yourself. By carefully monitoring your credit information and practicing responsible debt management habits, your damaged credit rating will gradually improve over time. Dispute Inaccuracies The goal of the FCRA is to provide all consumers with the most accurate credit records possible. Because of this, the FCRA contains...

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How Fast Can I Get Credit After I File Bankruptcy?

Consumers have two bankruptcy choices, Chapter 7 or Chapter 13, according to Senior Magazine Online. Chapter 7 wipes away most debts, excluding obligations such as child support and student loans. Chapter 13 involves a structured repayment plan. Both types of bankruptcies appear on the consumer's credit report, and both have negative influences on future credit applications. Types Credit comes in two main types, known as secured and unsecured accounts. Law Info, a legal information website, explains that a secured account is backed with...

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How Long Do Judgments Stay on a Credit Record in California Law?

California tends to be one of the most progressive states when it comes to rights for consumer credit reporting --- a number of public records disappear sooner than if you lived in another state. Public judgments, however, usually follow federal credit reporting standards. That doesn't mean you can't get a judgment removed from your record before it does its damage. Identification Public judgments in California typically appear on your credit report for seven years after the court files the case with the county clerk --- the same as every...

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How to Protect My Social Security Number

Social security numbers were introduced in 1936 as a way to identify people by the government. Nowadays, your social security number is used in just about everything. It is used in medical records, credit accounts, bank accounts, just to name a few. Since the use of the SSN has proliferated, so has identity theft. Criminals now use your SSN to steal money by opening credit accounts and sometimes even getting mortgages. Instructions 1 The best way to protect your social security number from identity theft is to use your SSN as less as...

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Quickest Way to Raise a Credit Score by 100 Points

Although the common belief is that you cannot raise your credit score quickly and that it requires quite a bit of patience and dedication, there are some ways that you can get to work on raising your credit score that won't hurt your bank account and, more importantly, allow you to get the needed loans you may want in the future. Raising the credit score by 100 points is a great way to get those easy approvals. Get Your Reports There are three credit companies that creditors rely on for an evaluation of how safe an investment you are. These...

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The Effect of an Additional Credit Line on the Credit Score

When used responsibly, an additional line of credit can increase your credit rating. It is necessary, however, to maintain a healthy mix of different types of credit to keep your credit report balanced. This reflects well on you when your report is viewed by lenders. Types The types of debt reflected on your credit report account for 10 percent of your score. A line of credit is a revolving account because the amount you owe and the payment...

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How to Get a Credit Report for Free Without Using a Credit Card

The information on your credit report can affect your life in many ways. Whether you're seeking a mortgage to buy a home, a loan to purchase a car, or simply applying for a job, the outcome often rests on results of a credit check. There are three major credit reporting agencies, and the information contained on your credit report can vary depending on the agency from which it is obtained. Luckily, you are entitled to get a free copy of your credit report from each agency one time per year. Instructions 1 Navigate to AnnualCreditReport.com....

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5 Surprising Ways to Increase Your Credit Score

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Will Paying Medical Bills Improve Credit?

Doctors and hospitals do not normally add medical bills to your Experian, TransUnion and Equifax credit reports if you pay them in full or through mutually agreeable payment arrangements. Your payments do not improve your score unless you charge the bills on a credit card and repay it in a timely fashion. Unpaid medical expenses hurt you if they go to a debt collector, but you have ways to fix the damage. Settlement Agreements Some collection agencies work for doctors and hospitals. Others buy bad debts that get written off by the original...

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How to Piggyback to Increase Credit Score

Your credit score is a big deal in the United States. Its affects your ability to get employed, obtain a credit card, purchase a car, rent an apartment or own a house. Consumers who have low credit scores may find themselves ineligible for several opportunities. As a result, some will piggyback to increase a credit score. Piggybacking is where a person with a high credit score and a credit card adds the person with the low credit score as an authorized user on a credit card. As a result, the credit score of the individual with bad credit increases....

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How to Remove Public Information From Credit Reports

It is a very good idea to periodically request copies of your credit reports so that you are aware of what information is being given to potential creditors. Although part of the information in our credit profile is not visible to the public, we must be especially cognizant any of public parts of our credit reports that need to be removed or corrected. If there is information on your credit report that should not be there, take action quickly to correct the problem. Instructions 1 Obtain copies of your credit reports. You can request free...

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What Are the Credit Score Brackets That Banks Look At?

Only 13 percent of Americans have a credit score above 800, according to HowTo EstablishGoodCredit.com. Although this is the most desirable bracket, you can usually get away with a lower score to receive the best rates. Top Tier Most financial institutions lump credit scores in the range of 720 to 850 in the same bracket, according to Kiplinger.com. Any score in this range will get the best rates, or close to the best rates. Considerations...

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What Can I Do to Increase My Credit Score?

Your credit score is a reflection of how well you have managed credit in the past as well as a predictor of how well you will manage credit in the future. Having a low credit score can mean restricted access to credit and higher interest rates, among other things. Fortunately, there are many things you can do to increase your credit score and improve your chances of getting the best credit terms. Remedy Any Errors Information in your credit report is the basis for your credit score. If you have past due accounts or massive debts, it can...

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What Is an Adverse Credit History?

Credit scores mean everything in the lending industry and having an adverse one has an impact on more than just your creditworthiness. There is no specific definition of "adverse credit history," because lenders decide this themselves, although a typically poor credit history most likely contains late payments, collection accounts/charge-off and/or a bankruptcy. A poor credit history, however, is not the end of the world, and you can rebound from one eventually. Identification Those with an adverse credit history usually have several negative...

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Are Lenders Required to Send Consumer Credit Score Disclosure Letters?

When you are denied credit from a lender, the lender must send you a credit disclosure letter that explains exactly why you were denied credit. Any company using information on your credit report to offer you credit, bank accounts, insurance or a job is required to let you know exactly why you were denied, and what credit bureau report the information comes from for a denial. Fair Credit Reporting Act A consumer credit disclosure letter, commonly known as an adverse action letter, is required by the Fair Credit Reporting Act. The lender...

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How to Find My Credit Score Online for Free

According to Experian, one of the three nationwide credit reporting agencies, your credit score "is a number that summarizes the historical credit information." Essentially, the number represents your ability to pay debts on time and gives lenders and credit agencies a rough indication on whether you will default on your payments in the future. Many companies, such as FreeCreditReport.com, boast the ability to provide you with a free credit report. Most of these agencies require you to sign up for some other service. You can obtain a free credit...

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How Do Landlords Run Credit?

When you fill out a rental application, you are often asked for permission to review your credit history, and landlords will purchase such a report from the main credit reporting bureaus TransUnion, Experian and Equifax. Reports that include other information, including rental history, from specialty consumer reporting agencies are regulated by the Federal Trade Commission. Specialty Reports Specialty reports from consumer reporting agencies...

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Will Bankruptcy Take Charged-Off Bad Debt Off of My Credit Report?

When a creditor charges off a bad debt, this means that it considers the debt to be unpaid for accounting purposes. You still owe the debt and the creditor can still try to collect it, so you can include charge-offs if you file bankruptcy. However, filing bankruptcy will not erase the charge-offs from your credit report. Credit Reporting When you file bankruptcy, accounts that were included are listed on your credit report as being discharged in bankruptcy. However, this does not erase the fact that the debt had been charged off before...

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How to Negotiate and Pay Off the Key Derogatory on Credit Report

Key derogatory entries on your credit report are negative marks that will remain for seven to 10 years. Items such as charge-offs, collections and foreclosures are reported for seven years. Bankruptcies are reported for 10 years. You can pay off delinquent accounts through a process called debt settlement, which allows you to pay less than the full balance. The New York Times reported in January 2009 at the height of the financial crisis that some...

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How to Check for Bad Credit

Knowing your credit score is an important part of avoiding financing scams and shopping with confidence. A good credit rating entitles you to lower interest charges and more financing options. If you have bad credit, however, it is important to be able to identify which aspects of your credit history damaged your credit rating to avoid making the same mistakes in the future. The Fair Credit Reporting Act allows you to pull one free credit report...

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How Can You Get a Line of Credit With a Credit Score of 730?

Your credit score can determine a lot of your personal finance choices and a low credit score can be very limiting. Most people and business consider any credit score around or more than 700 to be quite good, though. A score of 730 is well within the good range. With a high credit score, getting a line of credit shouldn't be too hard but you still must do a little bit of preparation and legwork to get a line of credit. Instructions 1 Gather...

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If My Spouse Files Bankruptcy & I Am an Authorized User on a Credit Card Does it Hurt My Credit?

Authorized users of credit cards can reap some of the fallout of the cardholder's financial troubles. Fortunately, there are ways to protect your credit, even if your spouse files for bankruptcy. Authorized User An authorized user of a credit card is allowed to use the card, but is not responsible for paying the charges. Being an authorized user is different than being a joint account holder, who is equally responsible for any debts incurred....

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Does Paying Off Charged-Off Accounts Bring Up Credit Scores?

So you were a little -- or very -- irresponsible with your credit in the past. Now, your credit report is littered with charged-off accounts and your credit score's in the trash. Don't wait seven years for those charged-off accounts to drop off your credit report, but don't get in too big a hurry to pay them off, either. While paying off charged-off accounts won't hurt your credit, it won't improve your credit score, either. Charged-Off Accounts A charged-off debt is, by definition, a debt that is 120 to 180 days past due. However, for...

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Does a Credit Check Show Previous Jobs?

Credit checks are checks of any individual's credit report run by parties other than the individual himself. Credit checks may be run by a number of different entities, including lenders, creditors, landlords and employers. The information culled from this credit check, although only related to the person's lending history, may influence decisions about extending the individual credit or another privilege involving trust, such as an apartment or a job. Credit reports do not show previous jobs. Contents of Credit Reports Credit reports only...

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How to Improve My Credit Status

Your credit status affects your chances of getting loans, opening new credit lines and applying for anything related to a credit score. A poor credit status leads to a person being deemed as a risky borrower, which decreases their chances of being approved for anything credit related. However, even with poor credit, you can improve your credit status by changing a few credit-related habits. Improving your credit status takes time and patience, but...

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How Can I Clear My Credit Up?

A low credit score has a negative effect on your buying power. Even if you qualify for a new loan or credit card, the interest rates and fees the lender charges are often much higher if a poor credit rating makes you a lending risk. While you cannot always clear away adverse information within your credit file before the reporting period on the data expires, you can take action to clear up certain aspects of your report and, in doing so, improve your credit score. Correct Credit Errors The information on your credit report was reported...

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How Can I Get an Outstanding Credit Report or Score?

Your credit score is one of the things that could make or break you when trying to get a loan, buy a house, lease a car, apply for credit cards, rent an apartment or almost any other major purchase. Once your credit score falls behind, it's not impossible to rescue it, but it will take some time. Depending on how bad your credit score is, it could take years of positive activity before it is restored to an outstanding state. The best path to an outstanding...

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What Does R1 Mean on a Credit Report?

A credit report contains a record of your financial accounts and shows how you have maintained those accounts. A credit report contains codes and digits that have meaning. Without knowing what the codes mean, you may have a difficult time reading the credit report. Why are There Codes? A credit report contains a large amount of information. All of your financial accounts that have been reported for the previous seven plus years will appear....

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