How to Dispute Credit With Equifax

Credit reporting bureaus such as Equifax are legally obligated to keep your credit accounts reporting with accurate and truthful information. If you have a problem with a credit account, such as an incorrect payment history, wrong balance or you don't even own the account, you can file a dispute. Equifax investigates the account and confirms the information with the account holder in order to provide accurate credit information. Instructions 1 Navigate to Equifax's online dispute webpage. 2 Put the Equifax credit report number in the...

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Will It Hurt My Credit to Look at My Credit Score?

You may have heard that credit inquiries -- that is, someone checking your credit report -- can lead to a drop in your score. This is sometimes true if the inquiry comes from a potential lender. But you can rest assured that your credit will not be penalized if you yourself look at your score. Access to Your Report You have the right to access the credit report held by each of the three major credit bureaus, Equifax, TransUnion and Experian,...

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Ways to Clear Your Credit Report Completely

When you make a goal to straighten out your poor credit history, you might feel the need to do something to clear it immediately, but this will be a long journey. Federal law allows the credit reporting agencies to leave negative items on your report for possibly more than a decade. In some situations you can clear a report in a matter of hours. Waiting Wait long enough and you can clear your report without any effort. Most negative items, such as missed payments and collection accounts, have a seven-year reporting limit. Chapter 7 bankruptcy...

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Instructions For Credit Repair

Repairing credit takes time. There is no magic bullet that will erase all negative marks on a credit report if they are accurate. The goal for credit repair is to get back on track financially with consistent and responsible steps to fix past credit problems and work toward improving future credit reports. Negative marks don't stay on a person's credit history forever and adding positive financial information to the reports will help balance out negative credit. Check for Mistakes Check your credit report every six months for accuracy....

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Credit-Rebuilding Tips

Your credit score is based on information in your credit report. The FICO credit score, the standard for use by lenders, is based on five categories: payment history, balances on your accounts, the length of your credit history, how many types of credit you have used and how much new credit you have recently applied for. There is no instant fix for poor credit, but over time you can rebuild your score. Make Your Payments on Time Payment history makes up 35 percent of your credit score and takes into account the payments you make, whether...

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How to Check the Credit History on a Second Party

If you are considering someone for employment, apartment rental or as a roommate, then it is beneficial to check the person's credit history. This provides insight into financial history and helps you judge how reliable and timely the person is at making payments. Taking the time to check the credit history of a second party can spare you difficulty in the future. Numerous tools are available online to help you check the credit history on a second party. Instructions 1 Access QuickBackgroundChecks.com. This website is designed to check credit...

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Can I Increase My Credit Score Up 100 Points in Three Months?

Setting a goal to gain a certain amount of points on your credit score is a great way to motivate yourself, but shooting for 100 points or any particular number cannot happen in the credit scoring system in the United States. There are so many variables in the Fair Isaac risk model that not even a professional statistician could predict a 100-point gain, especially in three months. However, you can eventually get those 100 points with enough time. Identification It is impossible to say if you can increase your credit score by 100 points...

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Why Divorce Hurts Your Credit

Knowing that divorce has no direct impact on a credit score calculation might ease the stress of a separation, however, a good chance exists that the divorce could cause financial duress that wrecks the score. This occurs because married couples often join their accounts. The best way to mitigate the potential effect of a divorce on a credit score is reworking finances before the divorce becomes official. Identification Divorce makes no difference to a credit score, because the FICO formula does not factor in life events like a divorce....

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How to Check a Boyfriend's Credit

Maybe you are considering moving in with your boyfriend, or maybe he's come around asking for a short-term loan. In either case, making a brash decision without the facts can be a big financial risk. You shouldn't get involved in money matters with your boyfriend without knowing where he stands, and there's no better way to find out than by performing a credit check. Instructions 1 Ask your boyfriend to present his credit score and information,...

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Renting Cars & Credit Scores

Rental-car companies generally don't check renters' credit scores if they reserve their cars with a credit card. However, a low credit score can still indirectly impact whether you're able to rent a car if you can't get a credit card in your own name. Debit-card users are more likely to be subjected to credit checks when they rent cars if they manage to find a company that accepts debit cards to reserve rental cars. Credit Cards People who...

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Does Applying for a Checking Account Lower a Credit Score?

Most consumers are aware that credit inquiries can potentially lower their credit score. Applying for new lines of credit typically require a hard-pull inquiry on a credit report, thus lowering the score. When applying for a bank account, a copy of your credit report is obtained and shows as an inquiry, even though you are not requesting credit. Many wonder how this will impact their score. Hard and Soft Inquiries A hard-pull credit inquiry...

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If You Dispute a Credit Report, Does That Start the Date of Last Activity Over Again?

Credit reports have limits on the time they report most negative items. Positive accounts may appear indefinitely, the Federal Trade Commission advises that late accounts must be wiped out of credit bureau files seven years from the delinquency date. This is different from the last activity date, although disputing credit reports does not affect either of them. Definition A credit report is a file created maintained by the three dominant credit bureaus. TransUnion, Experian and Equifax all have their own files, which report on credit accounts...

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What Does a No Adverse Factor Mean on My Good Credit Score?

When credit reports are scored using the standard industry FICO model, each factor that influences your credit score is assigned a code. These codes will often appear on the summary page of your credit report to assist you in understanding your score. Facts "No Adverse Factor" is Code 00 and is used as a part of the FICO Classic 98 and FICO Classic 04 scoring models. This code indicates that no information appearing on the credit report negatively...

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What Makes Your FICO Score Drop?

Your credit score impacts everything from a loan approval to your chances of renting an apartment. It can even help determine whether an employer will hire you or if an insurer will issue you a policy. It's important to understand how FICO calculates your score and what occurrences can make it drop. Identification According to MyFico, the information in your credit report determines your FICO credit score. This score ranges from 300 to 850 and changes as the data in your report changes. Several factors help determine your score -- 35 percent...

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What Your Canadian Credit Score Means

In Canada, every form of credit--even if it's as simple as a basic car loan--boils down into a single credit score which indicates a borrower's reliability to repay when asking for money. Credit scores can be obtained free of charge from two credit bureau companies: Trans Union Canada and Equifax Canada. Score Ranges A Canadian credit score (or FICO, as it's called from Equifax) judges a borrower's financial health and gives lenders a single-score...

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How to Check Credit Reports for Delinquent Mortgage Payments

Every consumer has three different credit reports, compiled and maintained by national credit reporting companies called TransUnion, Equifax and Experian. These reports list detailed information on credit cards, loans and other accounts, including mortgages. They show items like the account opening date, original balance, current balance and payment history. Delinquent mortgage payments are listed and are perceived as negative information by other creditors who review the reports. Consumers are entitled to regularly check their reports for such...

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What Categories Are Included in Your Credit Report?

Credit reports allow for easy access to personal credit history information. As noted by the San Francisco Federal Reserve Bank, retailers and banks used to be required to contact each potential consumer's debtors individually in order to make a final decision about loans and credit cards. Credit reports shorten this potentially lengthy process. Additionally, credit reports make it easier for individuals to track their credit and make financial decisions....

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How to Turn in a Customer to a Credit Bureau

Having a customer who is delinquent in his payments is very frustrating and damaging to your business. Serious delinquencies should be reported to credit bureaus. This will have an impact on the customer's ability to obtain new credit and interest rates he will be offered. When you report to credit reporting agencies, other businesses are made aware of your experience with the customer. There are a number of ways to report debts to a credit reporting...

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What Affects How Long Something Stays on My Credit Report?

When you pull your credit report, you will notice that it contains records of your current debts and accounts and debts you owed in the past. While some notations, such as credit cards that you pay on time each month, have a positive effect on your credit score, others, such as a bankruptcy, have a negative impact. Various factors influence how long a given notation, whether positive or negative, will remain a part of your credit history. Account Type The Fair Credit Reporting Act establishes reporting guidelines for each type of account...

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How to Find Out a Credit Score With Transunion

One of the three major credit bureaus, TransUnion uses information provided by your creditors to maintain your credit report and score. Although the credit bureaus use the same formula for calculating consumer credit scores, not all creditors report to all three credit bureaus. Due to this, your credit report and score may differ between credit bureaus. Unfortunately, you cannot simply purchase your credit score from TransUnion. You must sign up for a monthly credit monitoring system before you can access your TransUnion credit score. Instructions...

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How to Build Credit to Get a Car?

You can build the credit needed to buy a car by showing increasing levels of responsibility as you open new credit accounts with banks, department stores, gas stations and other merchants. Paying your bills on time will be important as you show potential creditors that you are ready for an automobile loan. Instructions 1 Apply for a department store credit card. Department stores generally charge higher interest rates than banks, but their...

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How to Notify Credit Agencies

The three major credit-reporting agencies in the United States are TransUnion, Experian and Equifax. Each credit agency can be contacted for consumer requests, inquiries and general correspondence. You have a credit file with each of the agencies and must contact each agency separately to correct or update information documented on your report. It is easy to notify all three credit agencies; however, the method of contact can vary based on your needs. Instructions 1 Notify a credit agency about fraud activity on your credit report. Contact...

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What Is Considered a Great Credit Score?

A great credit score is about 775. Once you achieve that kind of financial consistency, your credit score ceases to be an issue whenever you apply for a credit card, loan or mortgage. Any credit score at that level or above will generally qualify for the best loans that any institution has to offer. Functionally, it is the same as having perfect credit. Significance Maintaining great credit can be as challenging as building it up in the first place. Any minor errors in terms of credit-affecting behavior can have significant negative effects...

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Does Lowering a Credit Line Affect Your Credit Score?

Lowering your credit line can have a somewhat negative effect on your credit score by reducing your debt utilization ratio. When you lower your credit line, it reduces the amount of your available credit. This makes your proportion of debt in use higher relative to your total available credit. Credit Score Basics Your credit score is reported by three credit reporting bureaus -- Equifax, Experian and TransUnion. Although each agency has its...

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How to Improve Your Credit Rating in the UK

A low credit rating can be a serious obstacle to obtaining a loan, credit card or mortgage, yet there are practical ways to help boost it over time. It is a good idea to check your credit file annually as part of your long-term financial planning and then take immediate steps to repair your rating if it is damagingly low. Martin Lewis, the founder of Money Saving Expert, says that you have a legal right to see your credit report for just $3. If you...

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How Foreclosure Affects Credit Score

The impact of a foreclosure on your credit score can be devastating--and long-lasting. Les Christie of CNN Money reports that FICO estimates that losing a house through foreclosure--or similar scenarios such as a short sale or a deed-in-lieu--can cause a credit score drop of 85 to 160 points. Types While foreclosure is often seen as an inevitability for those who cannot pay their mortgage, homeowners and lenders alike have begun to employ...

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What Is a Good Debt to Credit Available Score?

Overall Debt-to-Credit Ratio According to CNN Money, your overall debt-to-available credit ratio should not exceed 25 percent. The Motley Fool notes that people with perfect credit do not have a debt-to-available credit of more than 35 percent. Your overall debt-to-available credit ratio is calculated by dividing your total credit card debt by your total credit card limits. Limts for Each Card According to MSN Money, you should limit your debt-to-available credit ratio on each of your credit cards to 30 percent or less. You can calculate...

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How to Send New Credit Information to Credit Reporting Agencies

Personal finance hinges on the credit reporting industry. A credit rating gives you an unbiased financial history and can give you an idea of someone's fiscal responsibility. This provides incentive to customers and clients to pay credit accounts in a timely manner. You can send positive credit information on accounts in good standing so that their credit rating goes up. Also, knowing that you can make their credit rating go down might keep some credit accounts from being late on their payments. Instructions 1 Keep good records. You should...

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What Is Your Credit Score Composed Of?

The FICO credit score, calculated by the Fair Isaac Corporation, represents the most widely used credit scoring system. It parses data from the three major credit bureaus and breaks the numbers down into five main components, each of which is weighted according to time-tested methods of consumer payment behavior and the likelihood that credit accounts will be paid in full. Payment History At 35 percent, a consumer's payment history represents the single most influential factor in her credit score. Late payments are an obvious source of...

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How to Get an Instant Free Credit Report

Your credit report is an important document that details your credit history and overall credit standing. Understanding your credit report and confirming its accuracy is vital when trying to apply for new credit. United States law mandates that everyone is entitled to access his or her credit report once a year without charge. You can view your free credit report instantly online. Instructions 1 Open the annual free credit report Web site in your web browser (see Resources). Select your state from the drop-down menu and click on the "Request...

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Can Low Credit Scores Affect Rental History?

Having a low credit will not just reduce a your options for getting loans and raise interest rates, it may also preclude you from renting some dwellings. You can rent with a low credit score, but it may take more work. Function Not all landlords run credit checks on their applicants. Even those that do pull up credit scores will consider other factors when deciding who can rent from them. Considerations A person with a low credit score...

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How Long Does It Take to Dispute Something on Your Credit Report?

Your credit report provides the information used to calculate your credit score, and the report also provides some of the data used by lenders when they evaluate your application for credit. Employers and insurance companies sometimes use information on an applicant's credit report when making certain determinations. If your credit report contains information you believe is inaccurate, file a dispute, which should be resolved within a couple of months. Initiate Dispute You can obtain a free copy of your credit report once each year through...

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How to Clean Up My Credit and Find Out Whats My Credit Score

Clean Up My Credit Your credit score has a very large impact on many aspects of your life. It can affect your ability to get a car, personal, or house loan. It can also affect the interest rate that you would pay for any of these loans. It is very important that your credit score be as high as possible. Instructions 1 The first step to improving your credit score is to request a copy of your credit reports. Make sure to request a report...

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How to Check Your Credit Rating

It is important to know your credit rating and the information listed on your credit report. Being familiar with the information in your credit report will allow you to fight potential identity fraud and incorrectly reported information. It also will put you in the right direction toward improving your credit score. With government-sponsored free credit report incentives, there are several options for consumers who wish to request their credit reports. Instructions Request Your Free Credit Report by Internet 1 Log on to the Annual Credit...

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Rapid Credit Reporting

Claims from companies that they can fix a credit score in hours are usually bogus, but only a few companies are qualified to potentially repair your credit report within days through rapid re-scoring. Rapid re-rescoring, however, is not a commercial product so you will have to go through a qualified agent. Also, they cannot fix everything on your report. What is It? A rapid re-scoring service cannot fix legitimate items on your credit report, only incorrect items. If, for example, you are a victim of identity theft and someone takes a loan...

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Credit Score & Bankruptcy

The most widely-used scoring system utilized by credit reporting agencies is the FICO (Fair Isaac Corporation) credit score. Scores can be up to 850 and are calculated from various credit data contained in your credit report. The data is reported in five categories; each accounts for part of your overall credit score. The effect of bankruptcy depends largely on your entire credit profile prior to filing for bankruptcy protection. You will be required to complete a credit counseling course from a government-approved organization within the six-month...

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Will Paying Off My Debt Help My Credit Score?

Your credit score is a three-digit number from Fair Isaac Corp. or one of the three major credit bureaus. It has a major impact on how easily you can borrow money and get insurance policies. You do not directly control your score, as it is calculated with data from your TransUnion, Experian and Equifax credit reports, but you can do things, like paying off debt, that have a lot of weight in the scoring formula. Effects Your debt load affects your credit score, and revolving accounts like credit cards have the biggest influence, according...

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How to Secure All Three FICO Scores

Most consumers realize they have a credit or "FICO" score, but many fail to appreciate its importance. Your FICO score is one of the most important numbers in your financial life. Your FICO score determines what loans you can get and how much interest you'll pay. In some cases, employers are even using FICO scores when making hiring decisions! That's why it's so important to regularly check your FICO scores from all three of the major credit rating...

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How Much Does Opting Out Hurt Your FICO Score?

Congress overhauled the credit card industry with the 2009 Credit CARD Act, which allows people to opt out of term changes 45 days in advance of them taking effect. Opting out of changes to your credit card agreement could hurt your FICO score, but the severity of the damage relies on other information on your credit report. Prescreened Offers If "opting out" refers to removing yourself from the list of creditors who tender credit offers...

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Credit Cards to Help Get Your Credit Up

Even people coming out of bankruptcy should start using credit cards to help rebuild their credit history, suggests experts such as Justin Harelik of Bankrate.com. Credit cards only help build credit when the borrower uses them responsibly or else they could do far more harm than good. As long as the borrower thinks he can handle new credit he can almost always find a card. National Versus Small Banks All credit cards are basically the same from a credit scoring viewpoint. However, it is better to have an account with a national bank, because...

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What Is a Good Credit Score?

A person's credit score is used for many things these days. Employers often use a person's credit score to determine if he is trustworthy for a job. Landlords use a credit score to determine if a person is going to pay his rent. Mortgage companies and other lenders use it to decide if a person is a good credit risk. But how many people actually know what a good credit score is? Depending on the purposes and other factors, the answer to that could...

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