How to Obtain Credit Using an EIN

You may be familiar with your credit report and how your financial history is presented there. A score is assigned in your credit report based on how you handle your financial accounts, and your credit report and score serve as a statement of your ability to handle debt. In addition to a personal credit report, business owners can establish business credit. The credit agencies for businesses are: Dun and Bradstreet, Experian Business, Equifax Business...

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Help Me Improve My Credit

Other than your Social Security number, your credit score might be the most important number you possess. A low credit score can negatively affect your life in a number of ways -- the interest rate you can get on a home mortgage, what type of credit cards you are eligible to carry, even the type of job you can land -- so you'll want the best score possible. If you are saddled with a low credit score or want to improve your existing score, there are...

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What Law Covers Credit Reporting?

Congress passed the Fair Credit Reporting Act in 1970 and has since amended it to protect consumers from unfair credit reporting practices. The law works to ensure that the information included on your credit report is accurate and consistent between each of the three major credit reporting bureaus in the United States, including Experian, TransUnion and Equifax. The law also elevates identity theft crimes to felony level and improves the ability of a consumer to prove he is the victim of identity theft. Rights The Fair Credit Reporting...

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How to Build Better Credit

The number one key to better credit is to pay your bills on time. Creditors love people who can be counted on to never miss a payment. A steady record of on-time payments for 12 to 24 months can give your credit scores a significant boost. Many people seeking better credit look for quick fixes, but long-term approaches to managing finances generally offer the best results. You can build better credit on your own, or seek help from a nonprofit credit...

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How Long Can Closed Items Show on My Credit Report?

Closed items on a credit report may include old credit card accounts or paid-off loans. In some cases, keeping these items on your credit report is beneficial because it helps to establish a long-term credit history. In other cases, removing negative items can boost a credit score. After pulling a current copy of your credit report, inspect it for closed items to remove and improve your score. Credit Reports Credit bureaus collect and report data from public records and credit providers. The credit bureaus report this information on a credit...

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How do I Dispute Inaccurate Information on a Credit Report?

By law, credit-reporting agencies must investigate information on your credit report that you report as inaccurate. You are entitled to investigation updates and written confirmation of the company's findings. Errors will be removed from your credit report. Disputing Errors Contact the credit-reporting company about the error. Experian credit agency permits online dispute submissions. However, the Federal Trade Commission recommends sending...

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What Is Tier III Credit?

In a world where credit is king, your credit rating and tier level can have a significant impact on your ability to secure loans for mortgages and cars, how much interest you pay on such items, and your capacity to get credit cards or lines of credit. Having Tier III credit, which is considered below average, it may be challenging to obtain credit. Lenders view this as a slippery slope -- either they'll improve their credit or it will deteriorate further. What Is Tier III Credit? In accordance with the way the Fair Isaac Corporation, or...

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How Does Your Credit Score Affect Whether You Get a Job?

Your credit score not only is a determining factor in being approved for a home , your dream car, or the cost of your auto insurance, it also can affect whether or not you are hired for a job. Employers use a number of methods to determine the right applicant, and a credit score can be very revealing to the type of person they are hiring. A Growing Trend According to "The New York Times," more businesses are adding credit scores to their hiring criteria. Because of the Enron scandal, background checks that include credit scoring have...

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Credit Reporting Guidelines on Discharged Accounts

Discharged debts must be reported to the credit reporting agencies a certain way and for a certain period of time. When you file a petition for bankruptcy protection, you will usually receive a discharge at the end of the bankruptcy. Any debts which are discharged means you no longer have to pay them. Creditors are prohibited from trying to collect on debts that have been discharged. Time Frame When a debt is discharged through the bankruptcy court, it will remain on your credit report for a period of seven years from the date your bankruptcy...

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Quickest Way to Establish Credit

You may have seen an ad from a credit repair company claiming you can get an instant credit history. This is somewhat true, but the quickest way to establish is risky and not truly necessary. Most people will have to establish credit by taking a loan with less than desirable terms. Joint Accounts Joint accounts are the quickest way to establish a credit history and the easiest way to obtain credit, because someone with acceptable credit has already received approval for a loan -- you just put your name on it. This comes with a major drawback:...

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Does Cancelling a Cell Phone Plan Hurt Your Credit Score

Most cell phone plans are sold as part of a contract, in which the purchaser of the plan agrees to use the company's service for a set amount of time at a set price and, in return, the company agrees to provide a number of services. Canceling one of these may have several negative effects, but hurting your credit score is not one of them. Features Most cell phone plans last only a set amount amount of time, usually from six months to several...

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Do Default Judgments Go on Credit Reports?

If you receive notice that one of your creditors has filed a lawsuit against you and do not respond to the notice, the court will assume that you agree with the complaint levied against you. It will grant your creditor a default judgment for the amount it requested. The judgment will then appear within your credit history and negatively impact your credit score. Facts After the court grants a judgment, it records the ruling in the county's public record database. A judgment appears on your credit report in one of two ways. If your county...

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A Credit Card Company Closed the Account: How Does This Affect My FICO?

Lenders use FICO scores calculated by Fair Isaac Corp. when determining how much of a lending risk you present to the company. If a credit card company closes one of your accounts, your FICO score suffers in a variety of ways. According to the Fair Credit Reporting Act, the closed credit card account will remain a part of your credit history for seven years from the date your credit card provider canceled the account. Facts Credit card companies have little reason to close your credit card account unless you stop making payments on the...

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Do Credit Reports Follow You Internationally?

Moving to another country can prove tempting if you are in debt or have a poor credit history. Two to four percent of student loan debt is held overseas, presumably to avoid repayment, according to CNN. No international credit reporting agency exists, but moving out of the country does not guarantee that you can start anew. Identification Your credit information can follow you across borders if your home country and new residence share information. Two of the major credit reporting agencies in the U.S. -- TransUnion and Equifax -- also...

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Will It Hurt My Credit Score If I Request an Increase in My Credit Limit?

The data in your credit report are divided into five separate categories and are used to determine your FICO credit score, named for the company that created it. Depending on the length of your credit history, which accounts for just 15 percent of your credit score, the importance given to each category can vary. It may not hurt your credit score if you request an increase in your credit limit, depending on your specific data in the five categories....

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How to Settle a Charged-Off Repo Debt

For a variety of reasons, people can get in over their heads when it comes to car loans. And if they can't keep up with the payments, the lender will often repossess the card and sell it at auction in order to settle the debt. That's not always the end of the matter for the original borrower, however. If the lender does not sell the vehicle for enough to cover the loan, they can come after the original purchaser for the difference. Instructions How to Settle a Charged-Off Repo Debt 1 Obtain copies of your credit reports from the three...

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Does it Lower Your Credit Score Whenever You Get a Credit Check Done?

Heisenberg's uncertainty principle states that to observe a system is to disrupt it. Such is the case with certain kinds of credit checks -- checks made by an outside party of a person's credit report and score. In some cases, the credit checks can result in a person being knocked down a few points. However, other kinds of credit checks will have no impact on the person's score at all. Credit Inquiries Any party with a legitimate business interest in knowing the contents of a person's credit report can request a copy of it. Each time a...

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What Is the Difference Between a FICO Score & a PLUS Score?

Credit scores are important in the financial world, as they let lenders know which consumer they should and should not lend to. Two of the most recognizable credit scores are FICO scores and PLUS scores. Distributor FICO scores are distributed by the Fair Isaac Corporation, while PLUS scores are distributed by Experian. Range FICO scores range from 300 to 850, while PLUS scores range from 330 to 830. Availability FICO scores are available for consumers to purchase with their Equifax and TransUnion reports, while PLUS...

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How to Help Establish Credit

A good credit history will make it easier to qualify for good mortgage rates and to borrow money in the future. A credit score is based on payment history, the amount you currently have borrowed, and the amount of your available credit you are currently using. When you first begin to establish credit it may be difficult to find a bank willing to lend to you. There are ways to establish credit even if you cannot get a traditional loan. Instructions...

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How to Freeze Credit on Deceased Persons

After the death of a loved one, you need to be attentive to many financial responsibilities, including closing out accounts and dividing the estate between heirs. One step that often gets forgotten is reporting the death to the credit bureaus. If you fail to freeze the credit report of the deceased person, an identity thief could apply for credit in that person's name and leave your family with even more responsibilities to deal with. Instructions 1 Make three copies of the death certificate. 2 Write a letter that identifies the deceased...

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What Is Considered to Be a High Credit Score?

Credit scores, also known as FICO scores, have a tremendous effect on a person's financial life. They affect your ability to purchase a car or a home, apply for credit cards, get a job and even rent an apartment. FICO scores demonstrate a person's level of creditworthiness and, therefore, trustworthiness. History FICO is an acronym that is derived from Fair Isaac Corporation, which is the company that developed the system of credit scoring...

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How to Check Your Credit Rating in the UK

The three main credit reference agencies in the United Kingdom are Experian, Equifax and Callcredit. Each maintains information about your borrowing and credit history, compiled from the electoral roll, county court judgments and financial institutions. Their reports contain details of your past debts and payments, alongside public data such as bankruptcy or house repossession. This information is important and can follow you about your adult life....

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Can I Check Credit Reports From Closed Accounts?

Whether you want to buy a home, get the keys to that new car or put your kids through college, your credit history is an important factor. Good credit opens doors; negative credit closes them. That's why you should stay up-to-date on the contents of your credit report, even for accounts that have been closed for years. Checking Your Credit You can retrieve your credit report online, over the phone or through the mail. Your report is available...

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Factors Related to FICO Scores

FICO scores, often called credit scores or credit ratings, are numerical measures of your creditworthiness. These ratings, which range from 300 to 850, determine whether or not individuals can get home loans, car loans, credit cards or other types of credit-related financing. Additionally, some employers use FICO scores to determine whether or not to hire a candidate. Several factors influence FICO scores. Payment History Your bill payment history has the largest impact on your FICO score, according to the Fair Isaac Company, the corporation...

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Can a Credit Card Report on an Authorized User?

Unlike a joint account holder for a credit card, an authorized user gets to use an account, but is not responsible for bill. This type of account is often used for a child or anyone else who might need access to credit. You can also use this account to build your own or another person's credit. Identification As of 2011, the latest FICO score model---FICO 08---counts authorized users for credit scoring purposes, according to the Fair Isaac...

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How Long Is Debt on Your Record?

As you open new credit and loan accounts and incur debt, your creditors report the status of those accounts to the credit bureaus. The credit bureaus maintain these records on your credit files until the reporting period for each expires or you successfully dispute the account's validity. The credit reporting period varies depending on the type of debt you owe. Credit Reporting Period Section 605 of the The Fair Credit Reporting Act (FCRA) establishes the reporting period for each type of debt. With few exceptions, debts remain on your...

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What Your FICO Credit Score Affects

The Fair Isaac Company uses a numeric scoring method -- called an FICO score -- to determine your creditworthiness. FICO scores are assigned on a scale of 300 to 850 -- the higher your score the more credit advantages you will reap. Your FICO score has a direct bearing on the type of credit you will be able to get and the cost of that credit. Types of Credit Your FICO score will affect any type of credit you attempt to receive. Creditors who offer secured forms of credit -- small lines of credit which require a deposit -- will be more likely...

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The Best Ways to Improve Credit Rating

Almost everyone knows that when you seek to purchase a house or a car, the lending agency will review your credit score to see what your rating is. If your credit rating is lower than you would like it to be, there are some ways you can improve your credit rating that you can implement immediately. Pay Bills on Time This is one of the best steps you can take is to pay your bill on time. As a matter of fact, if you can mail your payment in seven to ten days prior, this will ensure that your payment is received on time and will not be delayed....

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Does Having a Loan With a Co-signer Improve Your Credit?

If your credit history is not good enough to meet lending standards, one option is to get a loan with a co-signer. This is a person with good credit who agrees to sign the loan agreement as well. Because this person will repay the loan if you fail to do it, the creditor has enough security to allow you to borrow. Depending on how you manage the loan, it can help you build credit. Initially Hurt Credit Getting any type of loan will initially ding your credit, regardless of whether or not you have a co-signer. This is because a new loan counts...

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How to Dispute a Fraud With Equifax

If you suspect you're a victim of credit fraud, it's important to take action right away. Contacting credit bureaus, such as Equifax, and putting a fraud alert on your account, makes it very difficult for criminals to access your credit. There are also ways to dispute the fraudulent activity. Once your claim is approved, the information will be blocked from appearing on your credit report. Instructions 1 File a 90-day fraud alert. If you suspect fraud on your credit report, contact Equifax at (800) 525-6285 and place a fraud alert on your...

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