How to Get Your Joint Credit Report

Numerous organizations regularly view your credit reports. Credit reporting bureaus record every time your report is accessed. Even buying car insurance creates a note on the report. It's important to know what inquiries have been made into your credit file and whether they should have been made. Credit reporting bureaus maintain files on an individual basis. Joint lines of credit, such as home loans, are recorded on both credit files and are...

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When Filing Bankruptcy, What Falls Off a Credit Report?

The two main types of personal bankruptcy are Chapter 13 and Chapter 7. When you file for Chapter 13, you negotiate with your lenders to come up with a payment plan you can afford. None of your debt is erased -- it's simply restructured. When you file for Chapter 7, some (or all) of your debt is dismissed. In both cases, nothing is erased from your credit report. Credit Reports A credit report is a record of your borrowing and payment activity from the past seven years. It tells potential lenders how creditworthy you are. Every time you...

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The Problem of Relying on Credit Scores

Credit scores probably played a part in the lending crisis in 2008 because some lenders put too much weight on them, according to Bob Sullivan of MSNBC. Credit scores can be a helpful and efficient tool to weed out bad borrowers, but cannot replace informal judgments of character and other standard lending practices. Imperfections The current credit scoring standard as of 2011 -- the Fair Isaac Corp. or FICO model -- cannot incorporate many accounts because the major credit bureaus don't report them. Rent, utilities and cell phones rarely...

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Can Disputing a Credit Report Hurt Your Score?

Credit reports need to be accurate because they can have a significant effect on a person's life. The Federal Trade Commission explains that they can influence getting a job, a home, a car loan and qualifying for affordable insurance. Federal law gives consumers the power to review their Experian, TransUnion and Equifax reports and dispute inaccuracies. Definition Credit report disputes are challenges to entries on a consumer's credit report. The Fair Credit Reporting Act is a federal law that gives everyone the right to review the reports...

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How Long Will a Settlement Affect a FICO?

When a person finds himself with unmanageable debt, he will often choose to negotiate a settlement with his creditors rather than pay the full amount he owes. This will accomplish two things. First, it will keep the debt from growing and protect the creditor from additional collection actions. Secondly, it will stem the damage to his credit rating. However, settlements do generally negatively affect a person's credit report. According to U.S. law, settlements can remain on a report for up to seven years. Credit Scores A FICO score -- a...

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How Quick Can a Credit Score Rise?

A person's credit score measures the probability that she will repay her loans. These scores range from 300 to 850, with 620 being the minimum "good credit" score. Your credit score can rise rapidly by following a few guidelines. Time Frame It is possible to see a significant rise in your credit score within three to six months, and a credit score can begin to rise in as little as one to two months. Function Debt-to-credit ratio is a large factor in your credit score. Generally, debt at 30 percent of your credit limit is considered...

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Do It Yourself Bad Credit Repair After Bankruptcy

Re-establishing your credit after a bankruptcy is very much like building it up for the first time, but with an additional challenge. The bankruptcy will stay on your credit reports for seven to ten years so you must repair your credit well enough to offset the negative effect. You don't need to hire anyone for bad credit repair. No one can magically restore a good credit rating. You can do it yourself as long as you are prepared to be patient and...

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How Did Credit Scoring Come About?

Credit scoring was invented by the Fair Isaac Corporation in 1958 to provide a quick, data-driven method for determining the credit worthiness of an individual or corporation. This innovation was only possible with the development of the computer and modern communications technology. As the technology and business model has advanced, credit scoring has become integral to the proper functioning of the consumer economy. History The Fair Isaac...

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What Is a Superior Credit Rating?

Your credit rating helps determine whether you're eligible for a loan or other forms of credit. It also helps lenders decide what terms to offer you. Consumers with superior or excellent credit ratings can expect to experience few difficulties in securing a loan or receiving the best available terms. FICO Scores One of the most commonly used credit scores is the FICO score, formulated by the Fair Isaac Corp. This score ranges from 300 to 850, with lower scores representing riskier borrowers and high scores representing reliable borrowers....

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How Does a Credit Report Get Put Together?

What Is a Credit Report? Your credit report contains important information for lenders who are considering taking you on as a borrower. It shows your credit history and how reliable you are at paying back what you owe. The report is also used to calculate your credit score. This score is what lenders will look at when they are deciding whether to lend you money and what interest rate to assign to a loan if they give you one. Smart consumers...

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How a Credit Card Write-off Hurts Your Credit

As soon as your credit card payment is late, the card provider will bombard you with calls and letters demanding that you submit payment immediately. If you refuse to pay off the card balance, the creditor will eventually write off the debt. Known as a "charge-off," this process does not exonerate you from your financial responsibility to pay the creditor. In addition, a credit card write-off carries severe consequences for your credit. Missed Payment Damage Each time you send a credit card payment 30 days or more after the due date, your...

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How to Remove an Unwanted Credit Bureau Report

Negative remarks on a credit bureau report can make obtaining a loan or other types of financing very difficult, so it is important to check for credit errors once or twice a year. Sometimes a credit report company is supplied with incorrect information, resulting in errors. Errors may be simple mistakes, such as having the wrong employer information, to more severe inaccuracies that show delinquency or default on payments. Fortunately, consumers can file a credit report dispute if supporting documents and an appropriate letter back up the claim....

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Ways to Improve a Credit Score Fast

When a borrower wishes to secure a new loan or take on additional debt, he should attempt to raise his credit score quickly to qualify for the lowest interest rate and best payment terms. The higher a borrower's credit score, the better the terms offered by the lending institution. A few simple changes can quickly raise a credit score. Check Your Report for Errors Through a free service such as AnnualCreditReport.com, a borrower should check...

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How to Get an 850 Credit Score

Credits scores can range from 300 to 850. It is possible to reach a score of 850, but it can take some time to improve your score. A good credit score is important because it will keep you from paying high interest rates on loans. A poor credit score might prevent you from finding employment. To get a perfect score of 850, you need to establish a positive payment history and to make sure your credit balance is not close to your credit limit. Instructions...

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Do I Need More Than One Credit Card to Get a Good Credit Score?

Logical reasoning might have you thinking that carrying multiple cards hurts your credit score, because available credit could get you into debt. Carrying a lone credit card could hold back your credit score, which might cost your more in finance charges in the long run. Limiting yourself to single credit card, however, may not preclude a high credit score. Identification The FICO scoring system is so complicated that not even the credit reporting bureaus truly know how anything affects it. If you have just one credit card and nothing else...

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How to Know If I Have a Bad Credit Score

Even if you don't use credit cards, your credit score impacts your everyday life. Your credit report and score are pulled by potential employers, insurance agents, mortgage lenders and landlords. Having a bad score can cripple you financially as you pay more in interest, are denied for loans and lose potential jobs. Your credit score is a numerical representation of the information contained in your credit report. When you have a bad credit report,...

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Does a Balance Transfer Improve Your Credit Rating?

You can profit from a balance transfer, where you send a credit card balance to a new lender, because many companies offer a low or often zero percent introductory rate. You can also use this time of no interest to help improve your credit rating. A balance transfer alone, however, does not improve your credit rating and could backfire. How a Balance Transfer Can Help If you open a new account to conduct a balance transfer and keep your old...

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Does Running Your Credit Affect Your FICO Score?

Whenever you fill out a loan or credit card application, the bank will pull a copy of your credit report and FICO score. Although other credit scoring models exist, the FICO score is the standard scoring model most lenders depend on. FICO scores provide lenders with a risk management tool for accepting new customers and assigning interest rates. A credit inquiry can impact your FICO score. Facts A credit inquiry occurs whenever the credit bureaus receive a request for a copy of your credit report. While you can make a credit inquiry on...

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How Can I View My Credit Score for Free?

The Federal Trade Commission has set up a website for you to access your credit report from all three national credit reporting companies (Equifax, TransUnion, and Experian) once a year. Unfortunately, as of September 2010, there is not a similar service in place for you to check your credit score with any of these companies. However, you can still check your credit score for free with no strings attached via two websites, or via other services through...

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How Soon Will My Credit Score Improve After My Debt Is Paid Off?

The amount you owe to each creditor accounts for 30 percent of your FICO score--the credit score used by lenders to determine your creditworthiness. Thus, incurring high debts hurts your credit score and paying down existing debts can improve your credit rating. Significance Paying down revolving debts, such as home equity lines of credit and credit cards, increases the difference between your existing balance and your spending limit. This...

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How to Get a Free Background Check ... On Yourself

They don't call it the information age for nothing. There are dozens of organizations compiling information on you -- your earnings history, places where you lived, driving record, credit-worthiness, criminal history, aliases and maiden names, and so on. Make sure your privacy is properly protected. Find out what 'they' know about that most special person in your life...you! Instructions 1 **Check Your LexisNexis/Acurint Report** LexisNexis...

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How to Get a Good Credit Score Fast

Do you need a good credit score fast? That all important FICO score you have heard financial gurus tout really is all that important. Landlords deny tenants a home, car dealers refuse to finance loans, banks refuse to hand out mortgages, and people with bad credit who get loans pay more to find them. But if you need a good credit score fast, there is hope for you. You can only raise a credit score so much in a short amount of time, but here is...

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What Piece of Information Is Most Important to Establish & Maintain Good Credit?

Consumers start credit files as soon as they apply for credit cards, retail accounts and loans. This information is picked up by credit bureaus, stored and sold to banks and other lenders. Many different factors go into a person's credit rating and influence whether credit applications are approved, according to FICO, the oldest and largest credit score company. Some of those factors are weighed more heavily than others. Definition Consumer credit histories are compiled in credit reports put together by three national bureaus, TransUnion,...

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How Can I Get My Credit Rating?

Only about 31 percent of Americans know that credit scores rate your chance of defaulting on a loan, rather than knowledge of credit usage, according to the Consumer Federation of America. Getting your credit rating is an important first step to boosting your score. Credit scores, however, are usually not free. Misconception Lenders use the credit rating system developed by the Fair Isaac Corporation more than any other. Since 2009, consumers have not been able to purchase their true FICO score from the big three credit bureaus: Equifax,...

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How Often Is a Credit Score Monitored?

How often a credit score is monitored is essentially up to the individual borrower. A credit report summarizes your borrowing and payment history, forming the basis of your credit score. Your credit score can affect your ability to obtain loans and receive favorable interest rates, as well as your chances of landing a job or leasing an apartment. Your credit score is reported as a three-digit number between 300 and 850, called your FICO (Fair Isaac...

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Does Old Delinquent Debt Have Less Effect on a FICO Score?

Credit reports include all of a person's credit related activity, both good and bad. FICO credit scores are calculated based on the reports' contents. Everything is considered to an extent, but there are differences in the way new activity is weighed against older items, like delinquent debts dating several years back. Definition A FICO score is the most popular version of a credit score, a three digit number that affects whether a person's credit applications are approved and how much interest is charged, according to MSN Money. Scores...

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What Are Some Things You Can Do to Improve Poor Credit?

If you have a good credit profile, it is more likely that you will be able to obtain favorable financing terms from lenders and get approved for new credit when you need it. Unfortunately for many of us, our credit profiles are damaged due to poor credit habits or as the result of losing a job and not having the means to service debt obligations. However, it is possible to repair a poor credit profile, and that process can start today. Pay...

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How to Update Your Credit Report Fast

Having your credit up to date is essential, since negative or incorrect information can have a profound impact on your life. Negative credit can damage your ability to rent or purchase a home, obtain credit or insurance, open a bank account or even get a job. According to a study conducted by Public Interest Research Groups (PIRG), 79 percent of credit reports contain mistakes. Consider these steps to update your credit report in a timely manner....

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FICO Tutorial

FICO is the acronym for the Fair Isaac Corporation, a company that pioneered the practice of calculating credit scores. Though originally considered private, proprietary information, today consumers have the right to know the information in their credit reports, which is used to produce a credit score. Though there are several different types of credit scores, all the major variations are based on the FICO factors, so FICO score is typically synonymous...

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The Purpose of Credit Companies

Without credit reporting companies, you might not have been able to get a mortgage or credit card. The credit reporting companies are more of a repository for credit histories -- the actual scoring part belongs to another company. Identification Credit reporting started in the late 1800s because lenders needed a way to judge the willingness of a person to repay a debt. When a lender does not have hard data to judge the creditworthiness of a person, he must rely on instinct and judgment of character. Both of these can lead to bias and inaccurate...

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Do Credit Card Interest Rates Affect FICO Scores?

A FICO credit score is a three-digit number calculated by Fair Isaac Corp., or FICO, to quickly tell creditors whether a consumer is likely to be a good credit risk. FICO explains that it uses credit report information and a special formula to distill the number. Credit card data plays a big role in determining the score, but credit card interest rates are not considered. Contents A consumer's FICO score is based on various elements like account payment histories, balances, credit limits and credit history length. FICO considers the account...

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How to Increase Credit Score And Credit Report With These Tips

This article features tips to increase your credit score and credit report ratings. Instructions 1 Increase your credit score step 1. Order a free copy of your credit report by mail from Equifax. Conduct a search on Google, Yahoo, Msn or Ask to easily obtain their mailing address. 2 Increase your credit score step 2. Order a free copy of your credit report by mail from Experian. Conduct a search on Google, Yahoo, Msn or Ask to easily...

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What Causes a Loan to Be Declined?

Two of the biggest problems for consumers who are denied credit is that they may accept their fate or keep applying for credit, an action that can further reduce their chances of receiving approval. Lenders look for consumers who can afford to repay a loan and who have a history of repaying their debt on time. Consumers have a better chance of qualifying for a loan if they have good credit and only borrow an amount that is appropriate for their income...

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How to Get Better Credit or Gain a Credit History

Money lenders--credit card companies, for example--pay close attention to an individual's credit history before lending. Your credit score, a number between 300 and 850, measures your responsibility in the money borrowing process. A higher credit score gives you a better chance of getting approved for loans and getting the best interest rates available. Your payment history will affect your credit history the most; late or missing payments drastically...

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Consumer Credit Report Definition

When you apply for a loan, credit card, cell phone, car insurance policy or to rent an apartment, a company typically checks your consumer credit report. This is a review of your bill-paying history and can help the business assess whether you are a good credit risk. Types In the United States, Equifax, Experian and TransUnion maintain consumer credit reports. Time Frame Positive accounts are normally reflected on your credit profile for 10 years, while most negative bill-paying habits, such as late credit card accounts, report for...

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Does Applying for a Credit Card Hurt My Credit?

Your credit score is used by lenders when they are determining whether to issue you credit. The most widely used score is the FICO score, which is calculated using the scoring algorithm developed by the Fair Isaac Corporation. Your credit score is based on your past debt management and attempts to predict how likely you are to default on a future debt obligation. Function When you apply for credit, most lenders want to check your credit score...

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Does Activating a New Credit Card Impact Your Credit Score?

Your FICO credit score ranges from 300 to 850 and can affect several areas of your life. Lenders and credit issuers check your credit before approving you for a loan or other credit products. Landlords look over your credit prior to accepting you as a tenant. In certain cases, employers view your credit before extending you a job offer. It's important to understand how activating a new credit card will impact your credit score. Identification Your FICO score is based upon the data within your credit report and contains five separate elements,...

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How Much Can a FICO Score Be Raised?

The FICO credit score system can be cruel -- you could try your entire life to achieve the perfect credit score and probably never get there, because points become increasingly harder to get as your score climbs. However, you can probably raise your score to anything up to the top score. How much you can raise your FICO score depends on where you are at now. Highest Score Technically, you can raise your score up to an 850 in the FICO system. Subtract your current FICO score and subtract it from 850 to find out how many more points you need....

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