What Are the Three Main Credit Bureaus?

Credit bureaus collect data about people and companies regarding how well they pay their bills. The credit reporting concept started in the mid-1800s but was a very local process and functioned as more of a warning against lending money or selling goods on credit to individuals who had a history of not paying in a timely manner. However, around World War I, people were able to move more easily and the need for national reporting agencies started to be come apparent. Today, the three main credit bureaus are Experian, Equifax and TransUnion. Though...

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Does Paying Rent Late Bring Your Credit Score Down?

In the past, late rental payments didn't have much effect on an individual's credit rating unless the landlord sent the unpaid rent to collections. In 2011, however, Experian changed its reporting policies to include rental payment information. Because Experian is one of the three major credit bureaus, failing to make your rent payments on time could lower your credit score. Background Before Experian's changes, late rental payments only...

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How to Get A-1 Credit

A higher credit score saves a consumer money in interest rates and help her get better insurance policies as well as secure rental and loan approval. When trying to build a better credit score, some consumers refer to this as obtaining an A-1 credit score. There is even a company called A-1 Credit, whose purpose is to repair the credit scores of its clients. Building higher credit scores involves getting your financial house in order. According to...

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How to Get My Credit Score

The three major credit bureaus--Equifax, Experian, and TransUnion--are required by federal law to supply you with one free copy of your credit report each year if you request it. It is a good idea to review your credit report yearly to make certain that there is no erroneous information on your report and to make certain that less-than-flattering credit information is removed or modified when appropriate. Getting your actual credit score is easy, too--and free--as long as you follow certain necessary steps. Instructions 1 Contact Annual...

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What Does a R9 Credit Score Mean?

Credit reports note your bill-paying history, positive and negative. A R9 rating is one of the most negative credit entries that can exist on your report, according to the Equifax credit reporting bureau. Basic Definition When an account on your credit report notes R9, it means that it is considered a bad debt whether it was not paid at all, paid consistently late or included in bankruptcy. Considerations One or more R9 ratings on...

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What Is a Legitimate Dispute on Your Credit Report?

If you have a credit file, there is a chance that you may have information that can be legitimately disputed because it does not belong there. Contact the credit reporting agency with which the information appears and submit a dispute in writing. Significance You are allowed to dispute items on your credit report that are inaccurate or incomplete. Errors appear on various credit reports from time to time. Bad Credit If you have negative information in your credit file, such as a bankruptcy older than 10 years or a collection account...

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Federal Fair Trade Act Credit Terms

The Federal Trade Commission has a Fair Credit Reporting Act in place that specifies the type of data that can be reported on a credit report, the way in which it is reported and the amount of time that a specific account type can report. Credit Bureau Responsibilities Credit bureaus, also known as credit reporting agencies, have a number of responsibilities under the Fair Credit Reporting Act. These responsibilities are different depending on if the credit bureau is one of the "big three" consumer credit reporting agencies, or if it is...

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What Is an Excellent Credit Score?

When it comes to getting credit, your credit score is invaluable. Lenders use your credit score to determine approvals, interest rates and loan amounts. The higher your credit score, the better your interest rates. Credit scores range from about 330 to 850, with anything over 770 considered to be an excellent credit score. How Your Score is Calculated Your credit score is calculated using your payment history, employment history, amount of debt, amount of credit and credit history. How to Get an Excellent Credit Score Excellent credit...

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Do Store Credit Accounts Help Build Your Credit Score?

You do not have a credit score until you actually start using credit, because the score is based on how well you handle your loans and other accounts. Your score builds up over time as you expand your credit use, and sometimes you must rebuild it if you have problems like a string of late payments. Store credit accounts help you get an initial score and improve your number if it goes down for some reason. Account Reporting Every loan and revolving credit account that is reported to the three national credit bureaus helps your credit score...

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How to Request Your Free Credit Report From the Three Bureaus

Getting free credit reports from the nationwide credit-reporting bureaus is easy. A website, Annual Credit Report, was established by the bureaus to offer free reports under the terms of the Fair Credit Reporting Act. It is the only website authorized by the Federal Trade Commission to offer free credit reports. Other websites advertise that they offer free reports, but many try to sell you a service as you obtain your report. Credit reports through Annual Credit Report are completely free. Instructions 1 Go to the Annual Credit Report website...

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How Often Can You Run a Credit Check Without Negatively Affecting Your Credit?

Many things negatively impact your credit, most of which are linked to late payments or overspending, but some are as minor as submitting too many credit applications. Occasional credit checks have little impact on your credit score, but too many inquiries impair your ability to qualify for new accounts. Shopping around for a certain loan type with multiple lenders does not affect your credit in the same way as close-together but unrelated credit...

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Easy Ways to Establish a Good Credit Score

With prudence and foresight, establishing a good credit score is quite doable and can only get better over time by adhering to key money-management principles. At the same time, building a financial cushion is an essential component. Doing so will allow the bills to continue being paid in the wake of unemployment or illness. Pay Bills on Time There is no substitute for diligence in paying all bills on time. Even household bills not associated...

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Why Didn't My Credit Score Improve?

It can be disheartening to pay off your debts and see no improvement in your score, but sometimes you just need to wait a little bit longer. Other times, you could have a problem with not using a creditor that reports to any of the major bureaus. Alternatively, you might not have done anything that raises a score in the credit-scoring formula. Considerations Nobody can say if something will definitely improve a credit score, because the formula is a trade secret. With what is known, you usually need several months to increase a credit score...

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Secrets to Increase Your Credit Score

A credit score is a number lenders use to rate a person's creditworthiness. Based on the credit score, a lender is able to determine if a borrower is likely to repay a loan. The lower your credit score, the more of a credit risk you appear to be to a lender. Having a high credit score saves money on interest and lowers the full amount you must pay back to discharge the loan. According to Veracity Credit Consultants, credit is made up of five categories...

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Do Cosigners Show on Credit?

A co-signer signs a credit obligation with another individual. Often a co-signer is used when the credit or income of the primary signer is insufficient to to enable him to obtain the loan on his own. A co-signer can be a good way to help out a relative or friend, but it does come with a certain degree of risk not only to your credit but to your wallet as well. Considerations Both the primary signer and co-signer on a credit obligation are equally responsible for the debt. This applies to loans such as car loans, student loans or a mortgages....

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How to Get All 3 FICO Scores

The three credit reporting agencies, Equifax, Experian, and Transunion, each compile information on a persons credit history including payment history on past and present credit card accounts, mortgages, loans, and other debts or payment agreements. A complex formula is applied to this information to determine your credit score, or FICO score. FICO scores range between 300 and 850 with 300 being bad and 850 being perfect. To obtain a FICO score...

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How to Get a Credit Score without a Credit Card

Credit cards can have a big impact on your credit score. The number of credit cards you hold, the spending limit on each card, and your payment history has an effect on your credit score. If you don't want to have credit cards but still want to build up a credit score, there are several other ways to do so. Many other types of accounts will also affect your credit score; if you open some of these accounts you can get a score without having a credit card. Instructions 1 Take out a personal loan. If you have a savings account at a bank or...

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How to Change Your Address With Credit Agencies

If you want to change your address with a credit reporting agency, notify each one. The primary credit reporting agencies are TransUnion, Equifax and Experian. When you apply for a loan, the prospective creditor will access your credit report. If you provide your current address, this information will be put into the system and the credit reporting agency will update the information. This change only takes place with the credit reporting agency...

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Derogatory Credit History

Under the Fair Credit Reporting Act, your creditors have the legal right to report both negative and positive aspects of your bill-paying history, according to the Federal Trade Commission. However, even if you didnt pay your bills as agreed, you still have a number of rights regarding any derogatory credit reports issued in your name. (Reference 1) Function Credit reports, including any derogatory information, are used to determine everything from whether you can receive a mortgage loan to the rates you must pay for a car insurance...

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Can Unsecured Credit Cards Rebuild Credit?

For those who have declared bankruptcy, rebuilding credit from scratch may seem like a monumental task. However, those who qualify for unsecured credit cards may find that by using them wisely their credit bounces back to healthy levels. Used irresponsibly, credit cards may also have the opposite effect and users may see their scores plummet. Unsecured Credit Cards An unsecured credit card is one that is not secured to any type of collateral....

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What Does Derogatory Information Mean on a Credit Report?

Derogatory information on your credit report can take a number of different forms. This type of information is the same as having bad credit. Your credit score can be affected negatively by derogatory information. Derogatory credit can be collections and public records. Effects If you are late with your payments on a credit account, this can show up on your credit report. When your payments are 30, 60 or 90 days late or longer, this is considered...

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How to Find a Good Credit Repair Counselor

The Federal Trade Commission says you should turn to nonprofit credit counseling agencies for help repairing your credit. The agencies, including those affiliated with Consumer Credit Counseling Service, will offer nonjudgmental advice regarding your credit. Their services are often free and may include free financial literacy classes to help you manage your credit on your own. The FTC says you should not hire for-profit credit repair agencies or...

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Tricks to Disputing a Credit Report

Your credit report contains information about your debt management history and is used to calculate your credit score. Your credit score is a number used by lenders and others to determine how creditworthy you are when considering you for a loan or lease. Employers may even look at your credit report when considering you for a job or a promotion. You should check your credit report at least once per year to make sure all the information is correct. If you find errors, appeal them as soon as possible to fix your credit score. Appeal to Both...

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How Long Will Unpaid Credit Debt Stay on Your Record?

Credit debt includes things like Visa, Mastercard, American Express and Discover credit cards, retail accounts, gasoline cards and loans. These accounts typically require monthly payments when there is a balance. People sometimes stop paying, and the FICO credit score company explains that this lowers their credit score, since payment history accounts for 35 percent of that number. Unpaid debts eventually lose their effect because they are removed from credit bureau records. Process Creditors report unpaid credit card debt is reported to...

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How to Build Credit Without a Credit Card

Your credit history determines whether you'll qualify for a mortgage loan and what rates you can get. There are several ways to establish a credit history. And in some cases, you can build a strong credit rating without using a credit card. Instructions 1 Open a bank account. Credit applicants typically inquire about a bank account, and having a bank account demonstrates your ability to manage finances. Contact a bank or credit union and open a checking or savings account. 2 Apply for an auto loan. Several dealership and auto lenders...

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Why Does Canceling a Credit Card Lower Your Credit Score?

Credit scores are based on a variety of factors, including total debt, available credit, creditor payments and the length of a credit history. When a consumer takes an action to acquire or cancel credit, it will affect an overall credit score. Credit History If you cancel a credit card that you've had for a long time, it will likely lower your credit score, as your overall credit history will be shortened. Credit Ratio If you cancel...

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Can You Rebuild Credit?

A person's credit score is an estimate made by financial services companies of the individual's creditworthiness. One of the first things a lender will consider when deciding whether to loan money to an individual is the person's credit score. If the person has damaged his credit score, he can rebuild it, although it may take a while. Credit Scores All credit scores are based totally upon the information contained in a person's credit report that relates to his credit history. The more positive information contained in this report, the...

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Can Getting Credit Help My Credit Score?

The FICO score is the most widely used credit score used by lenders to determine your eligibility when you apply for credit cards and loans. Applying for credit, especially if you do not have other loans or credit cards, helps your credit score by improving your mix of credit, which accounts for 10 percent of your credit score. New Credit Inquiries When you apply for new credit, the creditor almost always pulls your credit score. When they do, your credit report notes the inquiry, which lowers your credit score. The more applications for...

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How to Build Credit if You Have a Poor FICO

When you apply for a mortgage, a car loan or other credit, the lender looks at your FICO score, which is a numerical assessment of your credit risk compiled using programs developed by Fair Isaac and Company. Your FICO score can range from 300 to 850; the higher it is, the better rate you will get on a loan. If it is too low, you will pay more for your loan. And if it is too low, you won't get a loan at all. If your FICO score is low, there are several...

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Does Breaking a Lease Hurt Your Credit if You Cannot Pay?

Life changes, such as unemployment or a medical disaster, can hit anybody at any time, but the credit reporting bureaus do not keep track of your personal life. If you have to break a lease, prepare for a hit to your credit rating. However, there are legal ways to get out of your lease. In the future, you should look for housing that does not entail a lengthy obligation. Identification Breaking any lease, such as for an apartment or car, almost always damages your credit rating, even if you cannot pay. Inability to pay a debt cannot be...

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Will Pre-Approval Affect My Credit Score?

Maintaining your credit score at the highest possible level is important. You need a high credit score to get credit cards, loans and other accounts. Your score might also be used by prospective employers and insurers. Because of this, you should be aware of how certain actions, such as pre-approvals, can affect your credit score and how to minimize their impact. Effects According to FICO, which created the formula to calculate most credit...

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How to Check for Identity Theft

Being a victim of identity theft can be emotionally and financially draining. Prevention is the key to avoiding the hassles that identity theft can bring to your life. You also need to check your financial situation on a regular basis to see if you have been a victim and take control of identity theft protection. Instructions How to Check for Identity Theft 1 Check your bill statements. Whether you receive your bills electronically or by snail...

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