How to Update an Equifax Tradeline

A low credit score can create higher interest rates that will cause you to spend more money for an item over the course of several months or years. Keeping your Equifax credit report as well as your TransUnion and Experian credit report up-to-date will ensure your credit score and other information remains accurate. If you do find inaccurate information or specific accounts that need to be updated, properly contacting Equifax will allow any updates on your credit report to be efficiently handled. Instructions 1 Obtain a copy of your Equifax...

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Is There a Point Reduction When You Check Your Credit?

Inquiries into your credit report could reduce credit score if the inquiries make it appear you are seeking more credit. The act of checking your credit never hurts your score, however, and it may help prevent identity theft and could enable you to detect negative or erroneous items before they do more damage. You can perform this check for free once a year, but you may have to pay to get a more detailed picture of how lender's view your report. Theory Some may be led to believe checking your own credit reduces your credit score, because...

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Benefits of a Credit Freeze

Identity theft is growing, with more than 11 million victims in 2009, according to the 2010 Identity Fraud Survey Report compiled by Javelin Strategy & Research. That number represents an increase of one million people since 2008, Javelin explains. Criminals harvest personal information, then use it to get credit in the victim's name. Clark Howard, host of consumer advocacy television and radio shows, advises that a method called a credit freeze stops this from happening. Definition A credit freeze is an action that "freezes" a consumer's...

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A Company's Right to Pull Credit Reports

A company can deny you employment because of your credit report. A company has the right to pull your credit report if it is considering hiring, retaining you or offering you a promotion. A company's right to pull credit reports of prospective hires falls under the category of background checks. However, employee credit checks must fall within the confines of the Federal Credit Reporting Act rules. Background Check Background checks have...

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How to Get Rid of a bad credit Rating

Millions of Americans suffer from bad credit ratings. Getting rid of bad credit is not impossible, as long as you follow some steps and be disciplined with your spending habits. Whether you've had some hard times in your life, or just didn't know the importance of a good credit score, it is never too late to change. Instructions 1 First off, you will want to pay off any debt you have, starting with the biggest debt first. Change your...

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How Long Does Foreclosure Stay on Your Credit?

A foreclosure is among the worst things you can have on your credit history, mostly because of how long it remains. Although there are several credit reporting agencies, a foreclosure shows up on all of them and it's very difficult to remove. Foreclosure can be avoided with with a short sale or deed in lieu of foreclosure. However, these also appear on your credit report. Types Equifax, Transunion and Experian are the three major agencies that accumulate your credit information and assign credit scores. They gather data from banks, creditors,...

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What Do You Do If Someone Else Has Used Your Social Security Number?

One of the fastest growing crimes, identity theft affects an estimated 9 million people every year. Identity theft occurs when someone gains possession of your personal information, such as your social security number, and uses it for financial gain. Place Fraud Alerts If someone has used your social security number, you need to place fraud alerts on your credit file with each of three national credit bureau reporting agencies: Experian, Equifax and Trans Union. Close Fraudulent Accounts Close any accounts that have been breached...

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How Bankruptcy & Foreclosure Affects Your Credit

You can expect to see most major accounts that you are responsible for, such as your mortgage loan and credit cards, appear on your credit report. When you are unable to pay your debts and forced into foreclosure or bankruptcy, that fact will appear on your credit report as well. Facts Bankruptcy and foreclosure are entered into the public record and have a negative effect on your credit. Features A foreclosure or bankruptcy can cause...

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How to Check Your Credit Score in California

According to Mortgage Marvel, the average credit score in California is 755 as of 2011, which is 20 points higher than the overall national average. A good credit score can help you qualify for loans, get you better interest rates on those loans and is well worth maintaining. Your credit score anywhere in the U.S. -- including California -- is monitored by the three main credit bureaus, TransUnion, Equifax and Experian. You're entitled to a free copy of your credit report, but to see your score you must pay. Instructions 1 Navigate to annualcreditreport.com....

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Most Popular Credit Reporting Agencies

Consumers need to be aware of the dozens of fly-by-night credit reporting agencies that come onto the American scene and offer elusive means of correcting credit reports and miraculously eliminating debt. Conversely, there are legitimate credit reporting agencies operating in the United States, but with them too, it is important to read the fine print when using their services, as they are for-profit companies. The most popular credit reporting agencies in the country are those the Federal Trade Commission calls "the big three": Equifax, Experian...

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How to Get Rid of Delinquencies on a Credit Report

There are few options for removing delinquencies from a credit report. Delinquencies include negative credit information such as late payments, charge offs, settlements, collection accounts, foreclosures and bankruptcies. Federal laws allow major credit bureaus to report delinquencies for seven years. So-called credit repair agencies boast they can remove delinquencies in just a few months, but the Federal Trade Commission reports that's not legally or ethically possible for delinquencies that are current and accurate. The Fair Credit Reporting...

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Where Can I Get a Loan With Bad Credit History?

You have bad credit and you need a loan badly, because if you can find even a small one it can help you pay off your bills for the month. The problem is you keep getting turned down for loans because of bad credit. Luckily, if your credit is really bad there are places that will provide you with a loan because they don't run a credit check on your finances. Payday Loans Getting a payday loan is a good solution if your credit score is lower than 550. Payday loans get their name because they must be repaid in full by your next paycheck. They...

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What Is an Outstanding Credit Score?

Credit scores range from 300 to 850 and are one of the ways lenders evaluate whether or not to grant credit to a potential borrower. Your credit score will also have an impact on how much interest your lender requires you to pay on the amount you borrow. Facts Lenders may judge credit scores by different criteria. Thus, what is "outstanding" to one lender may simply be acceptable to another. According to Bankrate.com, however, outstanding...

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Do Credit Checks by Lenders Affect Your Score?

Credit checks by prospective lenders can and do affect your credit score -- but the degree to which they do depends on your existing credit history. According to the Fair Isaac Corporation, the damage a credit check or "inquiry" inflicts on your score is worse if you apply for several credit cards in a short period of time than if you're simply rate-shopping for a single loan. Soft vs. Hard Inquiries Soft inquiries can show up on your credit...

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What Are the Three Main Companies That Will Tell You Your Credit Rating?

Credit-reporting companies collect consumer financial information. They use the information to assess creditworthiness. This valuable information is sold to banks or other lenders. Three main credit-reporting companies exist in the United States: Equifax, Experian and TransUnion. TransUnion, founded in 1968, and Experian, founded in 1980, join Equifax, founded in 1899. Equifax changed its name from Retail Credit in 1975. Financial Information...

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Credit Scores Without Installment Loan History

Installment loans are a vital part of your credit profile and even if you do not want a common installment loan now, such as a mortgage or student loan, you could want one in the future. A lack of a previous installment loan hurts your chances at approval for a new one. However, you can probably attain a high credit score without an installment loan. The credit scoring model is less concerned with installment debt than revolving accounts. Identification Without an installment loan on your record you cannot have a good variety of credit,...

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Legal Ways to Improve Credit

If you've made financial mistakes in the past, chances are your credit score has taken a significant hit. Bad credit can make it difficult to purchase a car or home, get a cell phone or even secure employment. While a number of companies advertise credit repair services, the legality of their practices can be questionable. If you have bad credit, there are a number of ways to legally improve your credit score over time. Pay Down Debt If you have a large amount of debt, one of the easiest ways to improve your credit is to simply pay it down....

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How to Get a Credit Score of 900 Points

Having good credit has become increasingly important. You credit score is linked not only to the interest rate you will receive but also to whether or not you can buy a home, purchase a car or get a new credit card. In many cases your credit score is now even being used to calculate risk for automobile insurance. Simply put, a great credit score will save you money, and over your lifetime a lot of it. Getting a near-perfect credit score is challenging, but not impossible. If you are looking to get a score of 900 the following steps will help you...

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The Best Way to Clear Credit Report

Clearing your credit report and removing derogatory remarks is a key way to boost your low credit score. High credit scores open the door to lower rates on auto loans and mortgages, and people with A+ credit typically qualify for lower rates on credit cards. Improving your credit history and maintaining a good report involves effort and a realistic plan. And while you can't reverse negative credit overnight, you can vastly fix your rating within...

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3 Major Credit Reporting Bureaus

When you think of your credit reports and scores, in most cases you are thinking of a report from one of the three prominent credit reporting bureaus, Experian, Equifax and Transunion. A credit reporting bureau generates your credit report from information received from creditors. This information is used to generate your credit score. Transunion Transunion was founded in 1968 by the Union Tank Car Company, with headquarters in Chicago. Transunion provides credit reporting solutions for consumers and businesses worldwide. Transunion's total...

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How to Check a Customer's Credit

If you're going to check a customers credit, you must have a legitimate reason for doing so. A lender such as a bank or other financial institution can check a customers credit; collection agencies and debt collectors can also check someones credit report. When you get ready to check an individual's credit, there are a number of steps you'll need to take. You can access a customer's report through one of the three credit reporting agencies (TransUnion,...

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Why Are TransUnion Credit Scores Different?

Any of your credit reports housed at each of three main credit bureaus -- TransUnion, Experien and Equifax -- can be used for credit scoring purposes. Credit scores from each of the three bureaus can differ by 50 points or more, according to Jason R. Rich, author of the book "The Complete Book of Dirty Little Secrets: Money-Saving Strategies the Credit Bureaus Won't Tell You." The difference between your TransUnion credit scores and the scores of other credit bureaus are due to the particular credit information and scoring model that is used for...

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How Much Does a Credit Check Drop Your Score?

Applying for credit does not always hurt your score. It may impress creditors as long as your inquiries do not appear you are desperate for credit, according to the BCS Alliance. Types Hard inquiries -- ones that you initiate -- lower your credit score by about five points, according to the BCS Alliance. Soft inquiries, such as pre-approved credit offers, never count against you. Tip You may apply for multiple types of credit within a single month. Credit rating agencies will only count these applications as one inquiry, according...

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Is it Better to Dispute Credit Online or by Mail?

A credit report contains a complete and detailed history about a consumer's spending habits. Creditors use the information in a credit report when deciding to extend credit to a new consumer, which is why it is in a consumer's best interest to check his own credit report. If the consumer finds an error on his credit report he can dispute the information with the credit bureaus. Consumers can file disputes either online or through the mail. Both methods have advantages and disadvantages. Advantages of Online Disputes A consumer can dispute...

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Tips on Asking for a Loan With Bad Credit

According to Lending Tree, credit scores range anywhere between 300-850. A bad credit score is any that falls below 580. People with a bad credit score will have a harder time finding loans, and any loans that are found will be at a higher interest rates. However, people with a bad credit score can obtain a loan. Credit Score Learn your credit score. Several websites, including Annual Credit Report and Free Credit Report, offer credit score reports, usually for a small fee. Knowing your credit score can help you have a more accurate idea...

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How to Calculate Beacon Score

Your beacon score, or credit score, is crucial to making any type of large purchases or getting a credit card. Missing payments is one of the ways credit scores often plummet. Beacon scores are calculated using a number of different factors. Your score will range from 300 to 850, with 850 being the best. Most people are happy with a score of 600 or higher. Instructions 1 Visit AnnualCreditReport.com to request a free credit report. 2 ...

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How to Dispute Credit Inquiries

Each time you apply for a credit card or loan, the lender pulls your credit reports from the big three credit bureaus (TransUnion, Equifax and Experian) to help them decide whether to loan to you. Each inquiry into your credit reports leaves a notation on your reports. These inquiries factor into your overall credit score, so it's important to avoid many inquiries at the same time. You usually have to give permission before a credit report inquiry. However, sometimes inquiries are made on credit reports that aren't authorized. If that's happened...

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Does a Forbearance Go on a Credit Report?

A forbearance is an important tool that can be used if you fall behind on your debt payments. The forbearance process can help in temporary delinquencies of mortgage debt, credit cards, car loans and student loans. Before entering into a forbearance agreement, it is critical to understand the impact it will have on your credit rating and credit score. The Basics of Forbearance Agreements Forbearance agreements represent formal arrangements...

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How to Repair a Credit Score Fast

Being financially responsible involves properly budgeting your money and maintaining a good credit score. Nowadays, credit scores carry a lot of weight. Insurance companies and select employers use credit ratings to assess applicants. Also, if you don't have a satisfactory rating, getting a mortgage or auto loan can prove challenging. Even if your score is in the low 600s, there are fast and effective ways to reverse your current standing and establish...

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How Does a Balance Transfer Affect Credit?

Pre-Transfer Credit Score Calculation There are five major areas that factor into a person's credit (see Resources below). The only one that will be a affected by a balance transfer is the "Amounts Owed." Within that category, the ratio of credit available to credit used is taken into consideration both on an aggregate level and individual account level. Making the Transfer When the balance of the original account is transferred, the balance is added to the receiving account. This means that the receiving account now has more of...

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How to Access Trilegiant Credit Reports

Trilegiant is a company that sells membership-based services such as PrivacyGuard, which is a website where you can check and monitor your credit reports. This helps you stay informed about the information being reported about you and monitor for identity theft. Instructions 1 Navigate to http://www.privacyguard.com. From the homepage, click on "Join." 2 Fill in your personal information. Answer all information correctly. If the personal...

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How Do I Access My Credit Reports?

Credit reports contain information on everything from your credit card balances to your address and criminal history. Consumer reporting bureaus Equifax, Experian and TransUnion sell the information to businesses such as credit card companies. Your credit score, which is based on the information in the reports, is used to determine your credit worthiness and affects the interest rate you will be charged. By regularly reviewing credit reports, you...

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What Is the Point Difference in a Consumer Credit Score From a Lender Pulled Credit Score?

Before applying for new credit or a new loan, some consumers pull their own credit scores to determine what sort of interest rate they can qualify for. Unfortunately, consumers often pull consumer credit scores that are little more than educational tools and do not provide them with the information they need. This results in confusion when the consumer's lender quotes him a different credit rating. Credit Scores Consumers frequently go directly to the credit bureaus when purchasing their credit scores. Because the credit bureaus are the...

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The Safest Places to Get a Credit Score

A credit score is a three-digit number that tells lenders whether or not you are a good credit risk. Any time you borrow or repay money, lenders may report it to one or more credit bureaus. The bureaus compile this information to create a credit report. Your credit score is a summary of that report. It determines whether or not you can borrow money, and how much it will cost. There are three main credit bureaus, each using a slightly different formula...

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Strategies to Improve Your Credit Score

Credit scores are calculated using the FICO algorithm, which uses information from your credit report to determine how creditworthy you are as a borrower. The FICO scoring model uses your payment history, balances you owe, the length of your credit, the amount of recent applications for credit and the mix of credit you have. These are all plugged into a formula to determine your credit score. Keep the Accounts You Have When you are trying to improve your credit score, you should keep the accounts you have and not try to open new accounts...

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How Long Will a Foreclosed Mortgage Be on Your Report?

With over a million foreclosures in 2010, according to RealtyTrac, a real estate data firm, many people are concerned how these actions affect credit reports and the scores based upon them. Though it is not easy to predict how much a foreclosure will lower your credit score, the foreclosure itself must remain on your report for a significant length of time. Credit Report A credit report consists of your history with consumer credit transactions....

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How to Add Information to Your Credit Report

Credit history and credit reporting are extremely important while living in the United States. Credit reports can determine everything from the rate you pay on your car insurance to whether you can rent or buy a place to live. It's important to have a positive credit history and an accurate, error-free credit report. Occasionally people fall victim to identity theft and fraud, and to prevent further misuse they will need to add information to their credit report letting lenders know of this problem. Instructions Adding Information to your Credit...

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The Best Ways to Get Rid of Debt & Keep Good Credit

Few debts and a high credit score together make you an ideal candidate for loans and credit cards. Sadly, some consumers devalue the importance of maintaining low debts and they spend unnecessarily and use credit cards to pay for such purchases. Approximately 80 percent of American households use credit cards, and 44 percent of these families maintain a balance on these cards, according to the U.S. Department of Treasury. But even if you have high...

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How to Find Out What Declined Your Credit Check

There are few things more embarrassing than being told you've been denied credit. Whether you applied on the spot for a store chard card or you applied for a car loan, finding out that you don't have good enough credit to be able to qualify for a loan or a new credit card can be a blow to your finances--and your ego. If you have been declined credit, you usually are qualified to get a copy of your credit report for free. Instructions 1 Wait...

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How Credit Reporting Agencies Rank Scores

A credit score is the one number that sums up your credit habits and risk. These scores are determined by credit reporting agencies based on several factors. Definition The credit score used by lenders to determine credit-worthiness is also known as a FICO score, and FICO is an acronym for Fair Isaac Corporation, which created the FICO score in the late 1950s. FICO scores range from 300 to 850, with 300 being the lowest possible score. Significance Although the FICO ranking system's base is a score of 300, scores below 600 are generally...

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Lowest Credit Score to Qualify for a Mortgage

During the height of the housing bubble in the 2000s, some borrowers could acquire a mortgage even with a score of 476---close to the minimum of 350 on the FICO score range, according to the Washington Post. In 2011, you probably need much better than a 476 to get an affordable mortgage, although some creditors still specialize in the demographic of customers with very low scores. Identification Lenders that cater to borrowers with low scores are called "sub-prime" lenders. Even this class of creditors probably won't lend to anybody with...

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