Clues That Your Credit Score Is Tanking

Everyone is entitled to a free copy of their credit report annually, so it's easy to keep track of whether you have any black marks on your credit that may affect your credit score. You can also pay the various credit bureaus to get a copy of your credit score. It's especially important to do this if you start encountering clues that your score is tanking. Loan Denial Say you want to buy a house or a car. You've got a good job, plenty of...

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What Is Listed on a Credit Report?

A consumer credit report contains vital information that lenders use to make decisions whenever you apply to borrow from a creditor. Personal Information A credit report will show your current address and any previous addresses on record. If there is a name change, the previous name will also appear. Social Security number and date of birth are recorded here as well. Employer Current and past employers' names, cities and states appear if the data has been reported. Also, the position held at the company will often be shown. ...

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When Does Your Credit Score Update After an Item Is Deleted?

Every time you apply for credit, the lender will run a credit check with one or more credit bureaus. The bureaus will use the information on your credit report to calculate your credit score. A new score is calculated for each inquiry. It can change from day to day. Once an item is deleted from your credit history, it no longer factors into the calculation. Credit Score Updates A credit score is a summary of your borrowing and repayment history...

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What Happens After a Charge-Off?

Paying all of your debts on time is the best thing you can do to maintain a clean credit report and high credit score. Failing to pay a debt will lead to late fees, account closures and eventually charge-offs listed on your credit report. Once you have a charge-off on your report, you will face negative financial repercussions such as lower scores and difficulty qualifying for loans and credit cards. Definition of a Charge-Off When you fail to pay a debt, such as a credit card, the creditor will list your account as a charge-off. Typically,...

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Why Does My Installment Loan Not Show Up on One Credit Report?

Three agencies, Experian, Equifax and TransUnion, control the credit records of 210 million Americans. But as many as 37 percent of these have some false information, according to Smart Money. The bureaus are separate companies, so they do not have all of the same information. An incomplete credit report could cost you points when you have an installment account in good standing, but not listed by one of the credit bureaus. Identification The credit rating agencies only report information when a lender sends it to them. Lenders do not necessarily...

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How to Fix Destroyed Credit

Banks, lenders and some insurance companies use credit scores and credit history when reviewing applications. The lower your score, the harder it becomes to acquiring financing and low insurance premiums. But regardless of what happened in the past, you can fix a heavily damaged credit history. Instructions 1 Review credit damage. Order a personal credit report from each of the three reporting agencies via Annual Credit Report. This site provides...

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How to Reduce Credit Card Interest & Keep Your Credit Rating

When you have several credit cards with high interest rates, staying on top of monthly payments can sometimes prove difficult. If you do not make payments on time you hurt your credit score. Furthermore, entering into a debt settlement arrangement will also have a damaging impact on your credit score. However, there are steps you can take to reduce the amount spent on credit card interest payments without hurting your credit score. Instructions 1 Review your credit card statements to determine the interest rate you are paying on each card...

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Do Garnishments Show on Your Credit?

Even though garnishment orders do not show up on your credit report, they can still prevent you from acquiring a loan. Also, the precursor to a wage garnishment usually does significant damage to your credit rating. You probably can avoid a wage garnishment by negotiating with your lender before a long default forces the creditor to take you to court. Identification Garnishments do not appear on a credit report, according to Jeanine Skowronski of the Main Street website. As of 2011, the credit reporting bureaus have access to garnishment...

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How to Remove Reposession from Credit Report

A repossession record is among negative information that can be reflected in a credit report maintained by Equifax, Experian or TransUnion. The federal Fair Credit Reporting Act (FCRA) requires consumer reporting agencies and the company that reported the repossession to correct information that is inaccurate or otherwise in error. Instructions Repossession & Your Credit Report 1 Ascertain if the repossession record on your credit report can be legally removed. Credit.com notes that vehicle and property repossession records stay on your...

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Does an Unactivated Credit Card Hurt a Credit Score?

Closing a credit card account usually hurts your credit score, because it increases the percentage of your total credit you are using compared with the total credit limit of your other cards. Unactivated credit cards can hurt your credit score too, even if you cancel the card. You cannot know if a credit card impacts your credit score until you check your report. Impact on Credit Score An unactivated credit card will not hurt your score unless...

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Can Paying Off Closed Accounts Raise My Credit Score?

Delinquent accounts negatively affect your credit score. Since a poor credit score impacts your ability to rent an apartment or buy a house or car, you may want to repay these accounts to help repair your credit. However, paying off closed accounts does not, by itself, repair your credit. Paying current bills on time and using credit responsibly affects your credit score more than paying off old accounts. Collections Accounts When you pay off a collections account, it will not automatically drop off your credit history. Collection accounts...

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How to Repair a Credit Report Online

Errors on your credit report require your attention as they may lower your score and reflect poorly on you credit history. You will have to contact the credit reporting agency that made the error to get the error corrected. Each of the three credit reporting agencies, Experian, Equifax and TransUnion, have specific procedures to handle disputes. You need to know these procedures to get the error corrected. Instructions 1 Find out which credit...

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How to a Get Forclosure Out of a Credit Report

A foreclosure does not report on your credit report forever. Like many types of negative credit accounts, a foreclosure may be reported for seven years. After the seven years have passed, you can remove the foreclosure from your credit report by disputing the account with the credit reporting agencies. The reporting agencies check the account data and the foreclosure information with the company that issued it. If the full seven years has passed, the account will be removed from your report. Instructions Experian 1 Open Experian's website...

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How to Raise My Credit Score in 30 Days

Credit scores were developed in the 1950s to estimate the creditworthiness of individuals. The Fair Issac Corporation, otherwise known as FICO, uses consumer credit files to formulate a credit score that will indicate the level of credit risk. Based on that information, financial institutions conclude the interest rate, need for collateral or income verification for an individual application. Credit reporting agencies such as Experian, Equifax and...

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How Your Credit Score Affects Your Chances of Getting Into the Army

An individual's financial health is one of the factors taken into consideration if he decides to join the United States Army. Other factors examined include age, health, citizenship status, moral character and family size. Educational background is also considered as are an applicant's scores on the Armed Services Vocational Aptitude Battery exam, commonly known as the ASVAB. Financial Obligations A low credit score alone is not enough to...

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What Is a Soft Pull on a Credit Check?

You've probably heard that inquiries into your credit report are bad for your credit score; however, that isn't true for all inquiries. It's important to arm yourself with knowledge about the differences between soft and hard inquiries to avoid doing negative impact to your credit. Your credit report is an important factor in the types of credit you'll qualify for in the future, so it's vital to keep it as strong as possible. Soft Inquiry ...

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Can Closed Collection Accounts Hurt My Credit?

A closed collections account is different from any other closed account, at least where your credit report is concerned. Having a closed collections account on your report, rather than a closed account in good standing, may be a red flag to most lenders, who assume that you are irresponsible with credit. However, it's far better to have a closed and paid collections account on your report rather than a closed and unpaid one. Timeframe Even when a collections account is closed, it can remain on your credit report for up to seven years from...

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Can My Poor Credit Ruin My Husband's Security Clearance?

Some people applying for security clearances may have worries that their application will not be approved due to their spouse having poor credit history. While it is certainly not impossible that a spouse's poor credit will affect a security clearance application, it is not automatic. What matters more is whether or not the applicant's credit history is tainted by the spouse. Secret Security Clearance The website for the FBI describes the...

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How to Establish a New Credit File

Your credit file is checked by lenders each time you apply for a line of credit. Until you establish a credit file, applications for credit are likely to be declined. You need to establish a new credit file if you are a new resident to the United States, even if you had a good credit file in your previous country. If you are at college its good to establish a new credit file. It makes it easier to manage your finances. Credit facilities, used sensibly,...

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How to Get Medical Bills Off of My Credit

Medical bills are some of the most costly bills that people can incur. Not only is health insurance expensive for those who have it, but there are still deductibles and out-of-pocket expenses that may be unaffordable. The bad news is that if you fail to pay your medical debts, doctors and hospitals can report you to the credit bureaus causing your score to go down. This can adversely affect you in that you may not be able to obtain loans and credit...

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How to Fix My Credit and Check My Credit Score

A bad credit score won't do you any favors when you're seeking financing. Having a poor history of debt management is stressful and difficult to overcome. Difficult, but not impossible. With the right strategy and a positive attitude, you can repair your credit. The first step is to obtain your credit report so you know exactly where you stand. Once you determine the damage, you can go about fixing it. It won't be easy and it will take some time, but be smart and stick with your plan and you will see improvement. Instructions 1 Obtain a...

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Can I Dispute a Medical Bill on My Credit Report?

Medical bills can be costly and can blemish your credit if you fail to pay them in a timely fashion. If you have health insurance, a settlement may take a long time to pay out and you are still responsible for payment of the bill while you wait. If the account becomes delinquent, it can be reported to a collection agency thereby lowering your credit score. If you have a medical bill erroneously reported on your credit report, it's important to take...

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Student Credit Rating

More than 80 percent of students had a credit card in 2008, so the majority of college students have a credit score, according to Sandra Block of USA Today. A 2009 credit card law makes it more difficult for college students to obtain credit, but not impossible. Because college students tend to have the least experience managing credit, it is important to establish a good credit score early in life so they can acquire loans needed to obtain big-tickets items after college. Identification To obtain a credit rating, a student must have at...

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How to Remove LVNV Funding From a Credit Report

LVNV Funding is a junk debt buyer that purchases debt that creditors were unable to collect. LVNV purchases a wide variety of debt and operates under numerous names. While you may find you have an account showing on your credit report by LVNV Funding, you cannot just call a credit bureau and request the account be removed. You must follow a process to have any account removed from your credit report, and there is no guarantee the account will be removed. Instructions 1 Look at every aspect of the LVNV Funding account reporting on your credit...

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How to Check a Credit Rating in Ontario, Canada

Canadians can check their credit ratings by ordering a credit report from one of two organizations: Equifax or Transunion. These organizations provide free credit reports when you order by mail or telephone and offer instant credit reports online for a fee. It is important to check your credit report regularly to ensure that your financial information--to which potential landlords, utility companies and creditors have access--is up to date and accurate. Instructions By Mail 1 Call Equifax at 800-465-7166 or Transunion at 800-663-9980 to...

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Steps to Protect Against Identity Theft

A lost or stolen wallet constitutes a risk to your credit rating due to the possibility of someone illegally using your credit cards and debit cards to make purchases, a practice known as identity theft. Your information may be used to open new credit accounts under your name. The Federal Trade Commission states you must act immediately after realizing your personal ID or credit cards are stolen to protect yourself against fraudulent purchases. The...

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How to Change My Credit Rating

Your credit rating is a score used by financial lenders to assess how good a risk you are before they will offer you a loan. Your rating will affect whether you are approved for a mortgage or car loan as well as the interest rates you are offered on credit cards and other forms of credit. There is no quick fix for your credit rating; it will only change slowly over time. However, there are several steps you can take to change your credit rating in...

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Consumer Credit Reporting Companies

When evaluating a customer's application for a credit product, companies use credit reports from a credit reporting agency. The reports contain information about a consumer's open accounts, the payment history on those accounts and how many credit inquires are on the report. Three major credit bureaus provide credit reports both to lenders and consumers. TransUnion TransUnion has more than 30 years of experience in the credit reporting industry and provides services to over 500 million customers worldwide. The company allows consumers to...

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