Effective Credit Restoration

Cleaning up your credit history and restoring your score is the best way to ensure that you're able to receive a mortgage loan approval when you're ready to buy a house. Credit scoring is a major factor in financing a home or acquiring other types of loans. But with effort, you can restore your credit and maintain a high rating. Prove Creditworthiness Get a loan, and then pay it off completely to show creditors and lenders that you're responsible enough to handle credit accounts. A loan approval alone doesn't improve credit. But by paying...

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Credit History Repair Services

When you have less than great credit, you may feel tempted to hire a company that offers to repair your credit history for a fee. Some of these firms even claim they can remove bankruptcies from your credit history. While some credit repair companies offer a legitimate service, others are out to squeeze fees out of your wallet. You can choose to repair a credit history yourself, but a debt repair specialist may save you time and money. What They Do Credit history repair services that abide by the law can only perform services that consumers...

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How to Check Your Credit Rating in Ireland

In Ireland, all lenders make decisions about your suitability for credit by checking your credit rating, and most lenders use ICB (Irish Credit Bureau). Its the central agency that retains individual details for existing and paid-off credit. Under the Data Protection Act 1988, as amended by the Data Protection (Amendment) Act 2003, you are entitled to get a copy of any information stored by ICB. Its important to regularly assess your credit rating....

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How Does Foreclosure Defense Affect a Credit Score?

Dispute When you have a foreclosure on your credit report, it brings down your credit score. You may feel that the foreclosure information is incorrect or unverifiable in some way. For example, your lender might have gone out of business or merged with another company. This may lead you to defend yourself by disputing the information or demanding that the credit bureaus verify it with the new company. If the dispute is resolved in your favor,...

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What Constitutes a Perfect Credit Score?

A person's credit score is a measurement of his ability to pay off loans that he takes out. A person with a higher credit score is considered more creditworthy by credit rating bureaus than a person who the bureaus give a lower score. Having a higher score will qualify an individual for lower rates on interest on loans from most lenders. A perfect credit score is not necessary to receive the benefits of good credit. Credit Scores Credit scores are determined by credit reporting bureaus using a formula pioneered by the Fair Isaac Corporation....

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How to Fix Credit Debt

You should seek help if you feel overwhelmed by excessive debt. Illness or long-term unemployment may have caused you to fall behind on your payments, and your problems may have escalated so much that your paycheck barely covers the minimum payments. Fortunately, there are several options for getting back on track, with help possibly just a phone call away. The Federal Trade Commission recommends that you seek impartial counseling help and stay away from any companies offering to charge you a fee for a quick fix to your debt problems. Instructions...

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How Does Credit Card Ratings Work?

What Are Credit Card Ratings? Several companies have sprung up in the last decade that compare credit cards, rate them and then report their information to the public. A consumer advocacy group started researching credit cards in 1998, because of the rise in credit card debt. Now there are many companies who rate credit cards, however if you are looking for one, make sure they are independent of any banks that issue credit cards. After the...

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How to Remove Paid Debts From My Credit Report

It can be difficult enough to achieve or maintain a high credit score without inaccurate items pulling the number down. If you have a debt on your credit report that is inaccurate, you can file a dispute with both the creditor and the credit-reporting companies. There is no guarantee the debt will be removed; you will have to prove it inaccurate. However, if you are unsuccessful, you can tell the reporting company to keep your dispute on file and include it in your future reports. Instructions 1 Acquire all of your credit reports from the...

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How to Understand an Equifax Credit Report

You've taken the first step in becoming financially responsible. You got your Equifax credit report. Regular credit report check-ups are important to make sure you aren't forgetting any debt or that no one is fraudulently using your identity. But a credit report does you no good if you don't know how to read it. Fortunately, an Equifax credit report labels most sections clearly, so understanding your report should be a snap. Instructions 1 ...

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How to Get Experian FICO Score

Before early 2009, consumers were able to get FICO scores calculated from all three of their credit reports---Equifax, Experian and TransUnion. As of February 14, 2009, Experian has cut off the consumer's ability to see their Experian FICO score, but is still allowing lenders to use this score to make credit decisions, according to the L.A. Times and Money Blue Book. This can be detrimental for consumers since not knowing this third score can bring about a surprise denial, if your other two scores are decent. Instructions 1 Apply for credit...

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Why Is My Credit Score Low When I Have Great Credit?

Your credit rating is one of your most important financial assets -- or liabilities. Credit scores affect your ability to obtain a mortgage, open a credit card account and even get a job. If you have been paying your bills on time, but your credit score is low, it's no small matter. You need to find out why and take corrective action. Description Your credit score is a number generated by a computer program that summarizes the risk you present as a borrower. That is, it tells a potential lender how much risk he takes by extending you credit....

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Will Paying Off $75k in Credit Card Debt Raise My Credit Score?

The average family had $8,000 in credit card in 2009, according to financial expert Dave Ramsey, so having $75,000 on credit cards can be very troubling. Tackling this debt is the wisest move you can make for your financial future, and it will help raise your credit score, too. However, to boost your score the most, be careful how you pay it off. Identification Paying off a $75,000 credit card balance almost assuredly raises your score, probably...

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Is There a Money Limit Credit Agencies Can Report to the Credit Bureau?

Credit bureaus such as TransUnion, Equifax and Experian report information provided to them by banks, credit unions, credit card companies and others. There are no limits on what the agencies can report, including the amounts that you owe certain creditors or the amount of available credit on your accounts. Creditors are responsible for the accuracy of the information. Reporting Creditors report to credit bureaus each month as they update account balances, credit lines, available credit and more. Other information is also noted, including...

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How to File a Fraud Report

You must deal with fraud as soon as you catch it to minimize the damage to your credit score. Criminals will use your accounts and open new ones until they are stopped. A fraud report stops them and alerts creditors you are a victim. It is a critical step to reclaiming your identity and fixing your finances. Instructions 1 Call one of three major credit bureaus and file a fraud alert on your credit report. You can notify Experian, Equifax...

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Does It Hurt to Check Your Credit Score?

Checking your own credit report is recommended to help keep your credit score as healthy as possible. You need to protect yourself by looking for any errors that may negatively impact your score, because a lower score reduces your chances of obtaining new credit. Looking at your own credit report doesn't hurt your score, but you must ensure you're getting the report by the appropriate method. Soft Inquiries Credit report inquiries for employment, existing account reviews, credit card pre-approval offers or inquiries you make into your own...

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How to Fix Your Credit After Bankruptcy

It's possible to acquire A-plus credit after a bankruptcy discharge. To accomplish this, you need to build a new credit history and make every effort to avoid repeating past mistakes. With a new credit history, you are able to get a home loan and low rates on other types of financing. Sadly, some people don't learn from a bankruptcy. The key is learning how to properly manage your finances and debt. Instructions 1 Make auto and student loan...

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How Long Is a Credit Report Valid?

Barring death, your credit history generally remains valid throughout your adult life. Your Social Security Number, name and other identifying information are linked to your credit report to assist lenders, insurance companies and even employers in verifying your financial responsibility. Under certain circumstances, you may have information removed, establish a new history or freeze your current credit report. Timeframe Your credit report...

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Things to Do to Establish a Credit Score

Attempting to get a mortgage loan with no prior credit history can result in a denial. Some creditors and lenders need to assess your credit history before giving you financing. Therefore, you may need to establish a credit score in early adulthood so you can obtain a mortgage or other type of loan. First-Time Auto Loan Larger, established auto dealerships rarely issue loans to people looking to establish credit, unless they have a co-signer or a joint applicant. However, privately owned dealerships may approve you for a first-time auto...

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Credit Bureau Reporting for Delinquent Tenants

When tenants become delinquent, their record of payments can be reported to one or several credit reporting agencies. For a landlord to report you, your delinquency must have reached a certain level. This information can have a negative impact on your credit report. Credit Reporting When a landlord evicts you, the chances are that you have an unpaid balance. If you decide not to pay, the landlord will turn your outstanding balance over to a collection agency. The collection agency will report you as a charged-off account to a credit reporting...

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How to Reach a Live Person at Equifax

Equifax is one of the three major credit reporting agencies. It offers a credit monitoring service that allows you to take a look at your report any time you want and will update you when there's a change. After the trial period, there's a $15 recurring monthly charge for this service that's notoriously difficult to cancel. Use the correct phone number and prompt choices to get a live person on the phone to handle any credit issues you might have such as cancellation, credit inquiries, credit fraud or account freezing. Instructions 1 Call...

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Can a Credit Card Being Canceled Due to Inactivity Hurt My Credit?

When it comes to credit, finding the right balance can be a challenge. You may think a keeping a credit card without a balance can help your credit score. But by not using your credit card, you risk having the card canceled due to inactivity, which can lower your credit score. Losing an Old Account If your credit card has been in your wallet for quite some time, chances are it has helped boost your credit score. Your credit score is partially...

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Letter to Dispute Debt

Bankrate.com reports that statistics show 70 percent of all credit reports contain serious errors. These errors can lower your credit score and lead to denials, high interest rates and strict loan terms. Fortunately, the three credit bureaus -- Equifax, TransUnion and Experian -- must investigate any error you bring to their attention and either remove or correct inaccurate information. You can dispute these inaccuracies through dispute letters. Disputing Errors Under the Fair Credit Reporting Act, the credit bureaus must investigate any...

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How Long It Takes to Raise a Credit Score

Your credit score is a number between 300 and 850 that helps lenders decide how much of a credit risk you are. While some actions can raise your credit score in under a month, other steps may take a year or more to go into effect. Options Many different actions on your part can lead to an increase in your credit score. For example, having a good mix of types of credit, avoiding opening too many new credit accounts at once, making on-time payments, carrying low balances and managing credit for many years all contribute to raising a credit...

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How to Find an Apartment With No Credit Check

Finding an apartment is stressful enough without worrying about passing a credit check. There are many landlords that do not require a credit check before leasing an apartment. With a little searching, and a backup plan, you can easily find an apartment despite your bad credit score. Instructions 1 Gather letters of recommendation from former or current landlords and employers. In lieu of a credit report, a letter of recommendation ensures...

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How to 2010 Credit Score Tips

Increase your credit score in 2010 with these tips that will help improve your finance. Instructions 1 Become more determined to increase your credit score and credit standing. The first step towards better credit is to be more responsible. Your attitude towards credit management will determine the altitude of your credit score. 2 Create fewer bills. The economy is predicted to be slow in 2010 as fewer consumers will have jobs. In fact, this economy need for everyone to increase their spending and to exercise greater buying power....

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How do I Dispute a Negative Equifax Credit Report?

The information in your credit report should be up to date and accurate at all times. Incorrect credit information may lower your credit score, increase your interest rates and even cause denials of credit. The Fair Credit Reporting Act gives you the right to dispute inaccuracies in account balances, dates of last activity, credit amounts or even your previous addresses and names. The credit reporting agency must investigate your claim and either confirm or correct the information. Instructions 1 Go to the Equifax website (see Resources)....

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Can a No-Limit Credit Card Affect My Credit Score?

Some credit card companies advertise that their cards have no spending limits. In these cases, the company might approve each purchase individually based on your credit score and borrowing history or have a more traditional credit limit but allow purchases above that limit at the company's discretion. Either way, the card can have some unusual effects on your credit score. Credit Utilization Basics The main difference between a no-limit credit card and a regular credit card with a spending limit is the way that it is factored into your...

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Can I Get a New Credit ID File?

Bankruptcies can stay on your record for 10 years, so it may seem better to just start over than fix the problem. Some companies offer to segregate your bad files, but this practice is illegal. Function Unscrupulous credit repair companies might tell you how to get a Employer Identification Number from the IRS, according to the Federal Trade Commission. Because an EIN is the same length as a Social Security number, it can appear as a legitimate...

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How to Get Safe Credit Checks

It is extremely important to stay up to date on your credit score, especially if you plan on taking out a large loan or mortgage within the forseeable future. Your credit score is going to help determine how much money you qualify for and how high the interest payments are going to be. However, it is important to protect your credit information, so when you perform a credit check you want the online site to be secure and safe. Instructions 1 Launch your Internet browser and navigate to the site "AnnualCreditReport.com." This website is recommended...

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Alternative Credit Services

Lenders and borrowers alike tend to focus on the FICO (Fair Isaac Corporation) score, but there are as many as 1,000 types of credit scores, according to Experian. It is possible to gain credit without the use of a traditional credit score, but it is far harder. It might just be best to start a credit history with the easiest card to acqure. Are Alternative Services Worthwhile? The problem with alternative credit-scoring services is that there is little guarantee that lenders will give weight to the score. One alternative service, Maxamum...

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How to Begin a New Credit Record

Building credit is the first step to financial adulthood. Having good credit not only allows you the ability to get credit cards and borrow money, but a strong credit score will give you lower rates when buying a car, home or starting a business. Also, many employers require a credit check when applying for a job. If you are just starting out, beginning a credit record may be overwhelming, but if you do it the right way from the outset, it will provide you with financial benefits for the rest of your life. Instructions Getting Credit ...

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Is It Illegal to Report a Co-Signer to the Credit Bureau in Colorado?

Being approached by a friend or family member asking you to co-sign for a loan is often a difficult situation. Co-signing for a loan in Colorado requires careful consideration to ensure that you are aware of the potential negative effects involved with co-signing for a debt, including whether Colorado allows the debt to be reported to the credit bureau. What is Co-Signing? When you co-sign, you allow a creditor to offer credit to someone else by using your good credit. A debtor who needs a co-signer cannot qualify for a loan on his own...

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What Is a Great Way to Rebuild My Credit?

If you have bad credit, fixing it should be a high priority. Your credit rating is used by landlords to determine whether you're a tenant they want, by creditors when deciding whether to extend a loan to you and even by employers who can withhold a job offer if your credit is bad. There are several steps you can take to rebuild your credit, including some great ways that you may want to explore. New Credit Cards If credit cards got you into...

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Does Putting Your Student Loan in Forbearance Hurt Your Credit Score?

Student loans have some of the highest default rates of any loan type, because of rising tuition costs. In 2007, for example, 6.9 percent of federally backed student loans were in default -- the highest since 1998, according to the Wall Street Journal. Forbearance is a temporary reduction in your monthly installment that can help you get back on track without damaging your credit. Impact on Credit Score Putting a student loan into forbearance will not hurt a credit score, because it is something the lender agrees to do for the borrower....

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