Easy Credit Repair Tips

A good credit rating requires you to have and use revolving accounts, take out installment loans and pay all of those obligations on time, according to MSN Money website writer Liz Pulliam Weston. Your credit file looks bad when you run up too many debts, or miss payments, but there are several easy ways to repair your standing. Catch Up Past-Due Accounts Your credit records are hurt every month that you're delinquent on any accounts. The My FICO credit score education website explains that late payments affect 35 percent of your overall...

Read More

How to Remove a Charge-Off from Credit

A charged-off account is when a creditor reports your past due account to the Internal Revenue Service as a loss. This happens when there has been no payment on an account for 180 days. The charge-off status is also reported to the credit reporting agencies, which include Transunion, Equifax and Experian. Account information could be reported to all three credit reporting agencies or only one or two. A credit report will be negatively impacted by a charged-off account. Charged-off accounts remain on your credit file for seven years. Instructions...

Read More

What Are the Three Consumer Credit Bureaus?

Credit bureaus, also known as credit reporting agencies, maintain files on borrowers that track their payment histories and ability to meet credit obligations. The three major credit bureaus in the U.S. are TransUnion, Experian and Equifax. Content in the files sets the score that determines your eligibility for credit and available interest rate. You are entitled to one free credit report from each bureau annually. TransUnion TransUnion...

Read More

What Can You Do to Have Something Removed Off Your Credit if That Was the Divorce Ruling?

One of the biggest problems couples have with a divorce is that they cannot separate some debts no matter what happens. Even a judge's decree usually cannot force a creditor to remove something from a spouse's credit. Persistent debts after a marital dissolution often happen because married couples frequently agree to take on each other's debts during the marriage. Joint Accounts If you owe money on a jointly held credit card or co-signed a mortgage, you both must repay the debt regardless of what a divorce ruling says, because you pledged...

Read More

When Will a Student Loan Delinquency Come Off the Credit Report?

If you miss a payment on a student loan or you are over 30 days late on the loan, the account is marked as a negative account and lowers your credit score. Negative accounts are limited in the amount of time that the lender can report the information, so the negative does eventually drop off of your credit report in seven years. Credit Scoring The information on your credit report is used to create a credit score. Many different factors go into the credit score calculation, such as your payment history, delinquencies, types of credit accounts...

Read More

Can My Credit Affect My Husband?

Even though marriage has no direct effect on your credit score and you can keep your accounts separate, your credit likely affects your husband. This phenomenon occurs because couples join their financial accounts under the assumption that they will stay together forever. This could help -- or damage -- both credit histories. Identification The most common reason a spouse affects another spouse's credit score is that they apply for joint accounts -- there is no such thing as a joint credit report. Payment history on a joint account appears...

Read More

Can a Credit Report Be Used As Evidence in a Credit Card Lawsuit?

Statutes of limitations are for the protection of consumers. State governments bar creditors from suing a debtor after a set period of time, known as the statute of limitations. Every state mandates its own statute of limitations on the various types of debt. Expired debt is not collectible in a state court. A credit report may help substantiate a time frame. Identification A consumer credit report can be used in a credit card lawsuit. However, the consumer credit report must be valid and in its original form. For example, the consumer...

Read More

Why Checking a Person's Credit History Is Illegal

Your credit history is one area of your life where a total stranger can view nearly everything you do. Federal regulations govern consumer credit checks, so running a credit report can violate the law. Most credit checks are legal, because the party running the check usually gets a person's consent as well the information to run a check from the consumer. When a Credit Check is Legal Someone can check your credit if you consent to releasing your report. After receiving your consent, an ndividual or entity checking your credit must only...

Read More

Criteria for Establishing Credit History

You need a credit history to qualify for good jobs, credit cards, loans, apartment rentals, cell phone contracts, utility hookups and many other life essentials. You must use credit to build up that history, which is tricky because it means getting lenders to take a chance on you without a proven track record. Companies, employers and credit scorers focus most strongly on certain criteria, so you should do the same to build your history efficiently. Credit Score Factors Major credit scorer Fair Isaac Corp. explains on its MyFICO website...

Read More

Clean up Bad Credit for Free

Desiring an impeccable credit history and a high credit score is only natural. People with the best scores receive the best rates on home loans and automobile loans. And having a good credit score can improve your odds of getting certain types of jobs. There are plenty ways to clean up bad credit. And yes, you can contact a credit repair company for help. But why spend money when you can repair your credit for free? Get Your Credit Report ...

Read More

Does It Affect Credit Score if You Settle for Less Than You Owe?

When you are late on payments for a debt, the lender is sometimes willing to accept a settlement. This is when you pay a lump sum that is less than what you owe, but the lender stops pursuing you for further repayment. This might seem like a good deal, but has negative effects on your credit score that hurt you in the long run. Credit Reporting Information that appears on your credit report has the potential to affect your credit score. One thing that lenders report is when you settle an account for less than you owe. The exact wording...

Read More

How to Increase a Credit Score Quickly

Your credit score is a number between 300 and 850 that quantifies the person's creditworthiness and indicates how good your credit history is. In the US, three credit reporting bureaus, Experian, Equifax and TransUnion, collect personal and business credit-related activities, as well as prepare credit reports and calculate credit scores. Your credit score is heavily affected by two factors: your payment history and your amount of debt, especially on revolving credit card accounts. Instructions 1 Pay your credit card bills and loan installments...

Read More

How Quick Can You Change a Credit Score?

Credit scores are fragile things. It can take many months, even years, to improve your credit score significantly. You have to demonstrate that you can be financially responsible over long periods. However, if you're not careful, you can destroy your credit score in as little as 30 days. Credit Scores A credit score is a reflection of your credit history from the past seven years. It tells potential lenders how creditworthy you are. The actual...

Read More

If My Credit Card Is Frozen, Will it Affect My Credit Score?

Handing your credit card to the waiter at the restaurant, only to be told moments later that it doesn't go through, is an unpleasant and embarrassing situation. If your credit card is locked because you failed to make minimum payments, your credit score may naturally be effected. On the other hand, a "credit freeze" is a wholly different concept with very different consequences. Default If you fail to pay your credit card bills on time, your...

Read More

How to Remove Tax Liens & Judgments From a Credit Report

Obviously tax liens and judgments need to be avoided at all costs because they will ruin your credit score. But if it's too late for that, there are credit repair services you can hire that can help you. There are also things you can do yourself to help repair your credit record. Instructions 1 Dispute the judgment with the three credit bureaus. The credit bureaus will check with the judgment creditor, and the judgment creditor has only 30...

Read More

How to Create Triple AAA Credit

Excellent or "triple AAA" credit can lead to thousands of dollars in savings in finance charges over a lifetime. A three-digit number, called a credit score, reflects the current status of your credit. Privacy Rights Clearinghouse, a nonprofit consumer information company, reports that credit scores range from 350 to 850, with scores of 720 or higher indicating excellent credit. A credit score in the 720-760 range will lead to the best interest rates on credit cards, auto loans, mortgages, lines of credit and more. The FICO credit scoring system...

Read More

What Is Included in a Credit Check?

There are a number of different parties who may wish to check an individual's credit. These include lenders who are considering offering someone a loan; landlords who are considering renting someone an apartment; and employers who are considering hiring someone for a job. When someone checks another person's credit, he will see a report listing the loans that the person has taken out in the past and a score representing his creditworthiness. Credit Report When someone check's another person's credit, what he is really checking is the person's...

Read More