Can Rent Be Reported to a Credit Agency?

For most renters, rent can only damage a credit rating, but there is a push in the credit reporting industry in 2011 to report a consumer's entire rental history. If the credit reporting bureaus included rental history in credit reports, consumers could qualify for billions of dollars more in mortgage and credit card accounts, according to Charles White of Corporate Credit Builders. Consumers can pay agencies to report rental history, but it may not help them acquire a loan. Identification The national credit bureaus have almost no rental...

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What Information Does a Credit File Contain?

Whenever you apply for a loan, creditors need a way to determine whether you are likely to repay the money as expected. Some employers, especially ones that deal with sensitive information or that handle cash, also want to know how you handle your personal finances before hiring you. Several credit bureaus, including Experian, TransUnion and Equifax, keep track of this information and compile it in your credit file. Types Your credit file contains two broad categories of information: identifying information and information about your financial...

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How to Get a Free Credit Rating

Your credit rating is important as it is used by lenders to assess your suitability for credit and how much you can have. The better your credit rating, the more likely you are to be approved for credit facilities. Your credit rating also affects the amount of money that credit card companies facilitate on your cards. A poor credit rating can mean loans are more expensive--or, at worst, can mean refusal of credit when you need it most. All US...

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Can I Close a Credit Card & Not Hurt My Credit Score?

Liz Pulliam Weston points out in her December 2010 MSN Money article, "Weird stuff that wrecks your credit," that you can lose points on your credit score by closing a credit card with a relatively strong history. Closing an account affects your credit utilization, which is a significant component of your FICO score. FICO Score Many Americans have heard of FICO and know it relates to their credit, but often know little beyond that. FICO is...

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How to Check Other People's Credit

Before you extend credit to a customer or lease a property to a potential renter, you may want to make sure that he is financially responsible. Obtaining a credit report can give you a glimpse at how much debt someone has and whether or not they have a history of paying it back on time. Doing a little bit of homework before entering a potentially risky financial transaction can save you a lot of trouble in the future. Instructions How to check other people's credit. 1 Obtain written permission from the person whose credit you would like...

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How to Fix Your Credit in 90 Days

You can work towards improving your credit history and credit score in as little as 90 days. Every 30 days, updates are made to your credit by the credit bureaus. This gives you time to start improving your credit with a 90-day plan. Each person's credit situation is different, so the outcome after this timeframe will vary. To estimate the impact 90 days can have on your credit score, you'll need to consider a few factors. Among the considerations, is the type of credit on your report, your payment history and the amount of debt you owe. Instructions...

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How Much Do Negative Collections Hurt Your Credit Score?

Your credit score uses many different factors to get the consolidated score lenders use to check your credit worthiness. A collection account on your credit report is placed there by a collection agency who is hired to retrieve a delinquent debt. A collection account always has a negative effect on your credit score, but the severity of the impact depends on the overall credit profile. Factors Affecting Credit Credit scores are compiled using the different credit accounts on your credit report. According to MyFICO, five general factor categories...

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How to Add Creditors to Credit Reports

Most creditors are automatically added to your credit report as soon as your account is opened or approved. However, if you notice that there are creditors missing from your credit report, you may be able to have them added directly. By maintaining an accurate record of your good credit history, you will be able to ensure that your credit scores properly reflect your creditworthiness. Instructions 1 Check your credit reports. Before you attempt to add a creditor to your reports, you should verify that they are not already listed. You can...

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How Fast Can a Credit Score Go Up?

The higher your credit score, the more likely you will be approved for a loan or other forms of credit and at a lower interest rate. If your credit score is low and you find yourself needing to get your score up quickly different measures will take different amounts of time, ranging from days to months. Error Fixing The first thing you need to do is check your current credit report and history for any errors -- things like available credit...

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Credit Score Tricks

Credit can impact your life in numerous ways. Your FICO credit score ranges from 300 to 850. Lenders check your credit before approving a loan and employers may check it before making a hiring decision. It's important to know the factors that contribute to your credit score and what tricks you can implement to achieve the best score possible. Don't Miss Payments The largest factor that impacts your credit score is how well you pay your bills. According to MyFico, this represents 35 percent of your FICO score. To raise your score, it's imperative...

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Which FICO Score Is Most Used for Credit?

When you apply for several types of credit, there is a good chance that all of those lenders use the same basic scoring system: the FICO model. Thus, consumers usually associate a consumer credit score with a FICO score. Some alternative models exist and even within the FICO scoring system itself, different versions abound. Identification About 75 to 80 percent of all lenders use an algorithm developed by the Fair Isaac Corporation (FICO), according to CBS News. The actual formula to the FICO model is a closely guarded traded secret, but...

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Highest Credit Scores Possible

Your credit score is based on your credit report, which is a comprehensive history of the your debts, including mortgages, credit cards, auto loans and any accounts that have gone into collection. Having a high credit score qualifies you for better interest rates on lines of credit. FICO Score The Fair Isaac Corporation, more commonly known as FICO, calculates the credit score that most lenders use when offering consumer credit. The FICO scale ranges from 300 to a maximum credit score of 850. Prevalence As of 2010, about 1 in 200...

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What Can I Do About an Adverse Remark in My Credit Report?

A single negative item can wreck a pristine credit score for years -- bankruptcies can bump down a score by up to 240 points, according to CNN. The course of action you should take on an adverse item depends on the circumstances surrounding it. You can remove an erroneous piece of data, but only mitigate the effects of a legitimate one. Dispute It Consumers have the legal right to dispute any item they feel the agencies list in error. All the bureaus have online forms for such needs or you can send a personal letter to each bureau that...

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Self Help Credit Repair Tools

Your credit report is like a financial report card, according to Consumer Credit Counseling Services, a nonprofit debt management agency. It is a record of the way you handle loans, credit cards and other accounts. Creditors shy away from you if it shows you have poor financial management skills. You can repair your credit and mitigate past damage with several tools. Credit Reports You need a copy of your TransUnion, Equifax and Experian credit reports to find and remove harmful mistakes. The Fair Credit Reporting Act empowers you to dispute...

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How to Obtain Credit Records

The Fair Credit Report Act is a federal requirement that the three major credit bureaus provide you a free copy of your credit report each calendar year when you request it. The three credit bureaus are Experian, Equifax and TransUnion. A website has been credited to allow you to send just one request and receive all three reports. Obtaining credit reports is important because lenders use it to determine whether to issue you a loan or line of credit. Instructions 1 Go to the annual credit report website and select the state in which you...

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Help Me Rebuild My Credit

As of February 2011, the average national credit score is a 692. Although this is a very good credit score, it is not near what you need to get the best rates on a loan: 720 used to get the prime rate, but now you need a 760. Even if you have a bad credit score, you can probably get close to a 760 within a year or two by doing some things to help rebuild your credit. Fix Errors Finding errors on your report has the potential to fix your score faster than any other method. According to Bankrate.com, 70 percent of credit reports contain some...

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What Is Limited Credit History?

The length of time you have used credit counts for 15 percent of your credit score, according to the Motley Fool. Creditors feel more comfortable lending to people who have experience handling a loan. Because everyone starts without a credit history -- considered a "limited" credit history -- your first loan or credit card will probably have a low limit and a high interest rate. Identification A person with a limited credit history may have...

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Quick Tips to Repair Your Credit

Even though you can't increase your credit score by 200 points overnight, there are practical and quick ways to repair bad credit. Improving your credit score is beneficial for a number of reasons. You'll qualify for loans, and you'll obtain the best rates on these loans. Boosting a poor score is often a matter of recognizing risky credit habits, and developing wiser habits. Pull Your Credit Report According to Bankrate.com, ordering a copy of your personal credit report is vital to repairing a low score. Your credit report reveals your...

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The ABCs of Credit Repair

Your credit history influences many things such as your ability to get approved for loans and your insurance premiums. If you have a low credit score, taking the necessary steps to repair your credit history is important as it allows you to potentially save money on many things in the future. Disputing Negative Items When you want to repair your credit, you need to look at a copy of your credit report. This way, you can see if any inaccuracies exist on your report. If you find something wrong with your report, you can dispute this matter...

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Why Does Buying a House Increase Your Credit Score?

Though buying a home itself does not affect your credit score, taking out a mortgage does. Assuming you handle the mortgage well, it can have a positive impact on your credit score in the long run. Balances Owed In the short term, your credit score may drop because of the large increase in the amount of money that you owe. However, having the debt as an installment loan, rather than a revolving account like a credit card, minimizes the negative...

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Why There Are 3 Different Credit Reports

Almost the entire credit industry is reliant upon three companies to gather information on customers so lenders can rate people as a credit risk. Since these are three separate companies, you also have three different credit reports. This does not preclude other reports on your habits as a consumer, but they are typically the most important. History Modern credit reporting goes back to the late 19th century. During this time, credit reporting was a local industry because no company had the reach to have a national database on consumers....

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Why Do Credit Scores Vary So Much Between Bureaus?

If you've ever received copies of your credit history from the three main credit reporting agencies--Equifax, TransUnion and Experian--you've noticed your credit reports most likely have different scores. Vying for Business The three main credit reporting bureaus are competitors. Each bureau bills itself as having the consumers' definitive credit report. These reports are basically a composite of the consumer's financial life--spending, bankruptcies, debts. For the bureaus, it's not in the other's interest to have the same scores....

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How Does Getting Sued Affect Your Credit?

Getting sued in civil court by creditors claiming an unpaid debt will not affect your credit rating. However, losing the lawsuit and having a judgment issued against you will affect your credit rating for 20 years, in some cases. The length of time a judgment impacts your credit standing is based on the statute of limitations in the state where the judgment is awarded. Civil Judgments Civil judgments are court orders that give creditors the right to pursue debt collection through a variety of methods. Common civil judgments that affect...

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Credit Card Applications to Rebuild Credit

Improving your credit can often be a long process, but there are ways to do it. An important first step is requesting a credit report to better understand what is causing a low score. The Federal Trade Commission's website lists several ways to request a free report. Credit reporting agencies want to see that you can handle credit responsibly, and that you have the means to pay your debts. Therefore, if you have bad credit, the credit cards you qualify...

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How to Get My Yearly Credit Report

A credit report is an important tool in monitoring a person's credit history and FICO credit score, which can either help or hurt you when applying for loans for such purchases as cars or homes. A credit report sums up your credit history and can show your potential risk with new creditors. By law, everyone is entitled to receive one free credit report per year from each of the three major credit reporting bureaus, and any time a person is denied...

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Can You Run a Credit Check on Someone?

Running a credit check involves requesting a copy of someone's credit report and credit score. Because a credit report contains personal information, there are restrictions on who can run a credit check on someone. Legitimate Business Reason You must have a legitimate business reason to run a credit check on someone. This can range from considering someone for a loan, renting them your property or hiring them for a job. Permission You must have the person's permission before you can request the credit report. Most credit bureaus...

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Types of Credit Bureaus

Borrowers often focus on the major national credit bureaus, but the lesser known credit agencies can be more important, especially to new borrowers, and just as respected. Because of the dominance of the major bureaus, however, it is almost always better to have a file with them. Closely related to credit bureaus are consumer reporting agencies, which control other aspects of your financial life. The Big Three The big three national credit bureaus -- Equifax, Experian and TransUnion -- are in a class of their own."National" bureaus are...

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Ohio Identity Theft Protection Act

Many states have passed identify theft protection laws in an effort to combat the use of another person's personal information to commit fraud or theft. The state of Ohio enacted its own Identity Theft Protection Act, which is codified in section 2913.49 of the Ohio Revised Code, for this purpose. The Act makes it a crime to use another person's identity in a manner that is inconsistent with the proscribed allowable uses under the law. Main Provisions The main provisions of the Ohio Identity Theft Act prohibit the use of an individual's...

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Who Can Pull Credit Reports?

A credit report is a very important tool in someone's financial life. Having good credit can affect many things, such as how affordable a home or car is, in obtaining buying power for personal living and being able to get a good job. More and more lenders and companies are pulling credit reports than ever before. Many companies believe that a person who has good credit is more trustworthy financially and holds his financial lifestyle in the highest...

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How Do I Receive a Free Copy of My Credit Report?

Your credit record offers information to lenders, employers, insurance companies and others with a legitimate business interest about how you handle your financial obligations. It is possible for wrong information to be posted to your credit report, which can adversely affect your ability to obtain credit, get a job or rent an apartment, so it is a good idea to check your credit report at least once per year. The Fair Credit Reporting Act requires...

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How to Interpret FICO Scores

Credit agencies and lending institutions measure your financial health by your FICO score, otherwise known as your credit score. FICO is actually an acronym for the credit score model developed by the Fair Isaac Corporation. Basically your FICO score tells the lender the probability of you paying your bills on time. It is important because it affects your ability to obtain credit as well as the interest rate you will receive on extended credit....

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What Is Your Credit Score With Nothing on the Credit Report?

A credit score is a numerical representation of your credit worthiness based on the information in your credit report. There is more than one type of credit score, and knowing your score will help you better judge what kind of credit is available to you. If you have never used credit in the past, however, you will likely have no credit score at all. Credit Report Everything you do as a user of credit, from loans to credit cards, gets recorded...

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Does Paying Off My Federal Student Loan Help My Credit?

College students have the option of taking out student loans directly through the government, called Stafford loans. Once you have signed up for this loan, the account goes on your credit report. For some students, this is the first credit account added to their report, while others may already have an established credit profile. Completely paying off this loan has different effects depending on elements contained in the rest of your credit profile. Credit Score Factors Your credit score is a number that lenders use to help them determine...

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Is a Lawyer Needed to Refinance?

A lawyer can help with a number of important financial transactions, from closing a business deal to resolving personal disputes regarding money. Refinancing a home loan is another very common and important financial transaction during which you transfer a loan balance to a new loan at new terms. Explore whether you might need a lawyer for this type of transaction. Point of a Lawyer Before considering whether or not it is necessary to hire a lawyer for a refinancing, understand the point of having a lawyer. Many lawyers have an advanced...

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How do I Create a Good Credit Score From Bad Credit?

Creating a good credit score is important. So many things in your life can depend upon it. Every time you apply for credit your credit score gets checked. A bad credit score not only means you may get declined for credit, it can also affect the interest rates you have to pay, the type of deal you can get on a cell phone and even whether you get a place to rent. If you've got bad credit your credit score is likely to be low, but, with some time...

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Do HAMP Loans Affect Credit?

You might be able to make your mortgage more affordable if you are behind on payments by using the Home Affordable Modification Program (HAMP). HAMP loan modification, however, may hurt your credit score as a side effect. It can only damage your credit score if you are already behind on payments. Identification The HAMP program allows lenders to report payments as being in a federal government loan modification program when the person enters the trial period already in default. The trial period of HAMP gives a person three months to prove...

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