Does an NSF Affect Your Credit?

An NSF check is a check written on an account that has non-sufficient funds to cover the check. Banks may refuse to open a new account for you because they use a service called ChexSystems, which reports such activity. Lenders check with the Experian, Equifax and TransUnion credit bureaus, which do not directly report NSF checks, but your credit may still be affected indirectly. Credit Reports Your credit reports show all your current credit-related accounts and old accounts going back at least seven years. Entries include branded credit...

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What to Do About Wrong Information at Credit Reporting Agencies

Your credit report reflects every aspect of your credit management, good and bad. So if any information is wrong and reads negatively on your credit report, you may have a hard time obtaining a mortgage, car loan or even getting a new job. The Fair Credit Reporting Act allows consumers to dispute incorrect information on their credit reports, and in turn the reporting agency must review your request within 30 days. Process Write an explanation...

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How to Get Arrears Off of a Credit Report With a Modification in Pennsylvania

The Pennsylvania Department of Public Welfare Bureau of Child Support Enforcement collected and distributed $1.38 billion in payments owed by noncustodial parents in the fiscal year that ended Sept. 30, 2010. Another $1.13 billion in payments were in arrears, or overdue. If you are in arrears, your county's Domestic Relations Section will report your past-due balance to credit reporting agencies until you pay or prove the report isn't accurate. A...

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What Does No Information in a Credit Bureau Mean?

The only way to establish a credit history is to apply for and use credit. If you don't have a history of using credit, you won't have a credit report. Without a credit history, you may find it difficult to make major purchases, such as a home or a car, making establishing credit a wise financial move. Credit Bureaus and Reports Credit bureaus are receive and keep track of information about your use of credit. Many businesses submit information about your applications for credit, your payment history, and your credit limits to these bureaus....

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How to Report Changes to Credit Bureaus

A credit report is a summary of your financial history--current and past credit accounts, how much money you have borrowed and how well you pay your bills. Many lenders and merchants use credit reports to determine an applicant's creditworthiness. So, it is important that your credit report contains accurate information at all times. However, it is up to you, the consumer, to make sure that your credit report is up-to-date. Learn how to properly...

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How to Rebuild Credit After a Chapter 7

The filing of a Chapter 7 bankruptcy is a way a consumer can eliminate his debts to the detriment of his creditors. To rebuild credit is to ask new creditors to give you another chance; however, your bank may not agree to assume any risk on your behalf. The beginning stage of rebuilding credit after Chapter 7 requires credit cleanup, time, diligence and money. Instructions Rebuilding Credit After a Chapter 7 Bankruptcy 1 Go to annualcreditreport.com and request your yearly free credit reports. Read through these to make certain all accounts...

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What Happens to Your Credit When Your Car Is Repossessed?

If you can't afford to pay cash for a car, then you may consider taking out an auto loan to cover the costs. A loan is a credit-based transaction and how you handle that credit obligation will appear on your credit report. Failure to make payments on a car loan can lead to a repossession, so it's helpful to learn how a repossession affects your credit. Identification When you obtain a car loan to purchase a vehicle, the car serves as collateral for the loan. The lender of that loan expects payment based upon the agreed-upon terms. If you...

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Does Credit Restoration Work?

A credit score is a vital statistic for any American in modern times. More than just a risk analysis for creditors, your score could determine whether you get a job and how much you pay for utilities, a cellphone and cable service. You may have noticed ads for credit restoration services that promise to clean your record. These can work, but are not necessary to rejuvenate your credit score. Credit Restoration Basics Credit restoration works, and legitimate credit repair companies have a few weapons at their disposal to help you out. The...

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Why Are My Credit Scores So Low?

Your credit report and subsequent credit score reflect your lending and payment history. While more severe financial setbacks -- such as bankruptcies, foreclosures and charge-offs -- may lower your score significantly, credit bureaus calculate your score based on numerous factors over years of lending history. Additionally, damaging information hits higher scores harder than lower credit scores that already reflect past financial difficulties. Payment History Your payment history influences credit scoring more than any other factor. Late...

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4 Types of Credit Information

Your credit report contains records of your current and past personal information, credit cards, loans and credit inquiries. Lenders take all of your credit information into consideration when considering any applications that you make for new credit. There are different types of credit information on your report. Revolving Debts Revolving debts are debts, which are subject to change, and as such, your regular repayment amount will also change....

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The Importance of Paying Bills for a Credit Score

The monthly chore of paying all your bills can have a significant impact on your future borrowing ability if these bills appear on your credit report. Companies issuing some types of bills report both positive and negative payment history, while other bills only affect your credit score if you are seriously delinquent. Types of Bills Only some types of bills appear on your credit report on a regular basis. These bills typically are traditional loans and credit accounts, such as mortgages, auto loans, student loans and credit cards. Generally,...

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Can Too Many Inquiries Lower Your Credit Score?

Requests for information contained in your credit file run the gamut, from routine account maintenance to inquiries that can crush your score. Credit reporting agencies mix the good, the bad and the confusing into a report summarizing your financial history. In turn, credit scoring services uses this data to calculate risk -- this is called your credit rating. By learning how agencies rank inquiries and what to avoid, consumers can peek under the...

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How to Get My Credit Score in Canada

Two agencies in Canada, Equifax and TransUnion, maintain credit histories of Canadians. Both offer free copies of credit reports by mail. This does not include a credit score. To obtain a credit score, consumers must visit one of the two companies' websites and choose a for-payment credit package. You should receive the credit report and score almost instantaneously after online payment has been processed. Instructions 1 At the Equifax website,...

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Do Prepaid Credit Cards Improve Your Credit Score?

Banks check your credit score before they issue a credit card. If you have poor credit, qualifying for a traditional card can be tough. A prepaid credit card may be convenient, but it's wise to learn how that option affects your credit score. Identification A prepaid credit card is a card that you add funds to and use as a credit card. The card will have a Visa or MasterCard logo. These cards do not require a credit check for approval. They...

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Will Paying Three-Year-Old Debts Increase Your Credit Score?

Once you get behind in payments on credit cards, loans or other debt, your credit score will decrease when the delinquency is reported to the credit bureaus. Paying off your old debt, however, can have a negative impact on your credit score in certain situations. While the exact formula used to calculated credit scores is a secret, there are several common repayment situations that can impact your score. Setting Up a Payment Plan If you have...

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What Is the Impact of Marriage on a Credit History?

Getting married does not impact your credit history nor does it affect your credit score according to the FICO scoring guidelines. However, holding a joint account, with your spouse or anyone else, may affect your credit history. Misconceptions According to Credit.com, when you get married, you and your spouse continue to maintain separate credit scores. Your credit scores do not get combined. Name Change If you change your name when you get married, your new name will be added to your credit report so that all of your credit history---good...

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Tips on Building Your Credit Score

A good credit score not only determines the types of credit cards you can get, but affects your ability to buy a house, rent a car or sign-up for utilities. Specific strategies, as suggested by the Federal Reserve, can help raise this number. Manage Credit Lines Do not open lines of credit that you don't need. At the same time, do not close unused credit lines. Closing lines may reduce your credit score because you have less credit available...

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How to Report a Court Judgment to Credit Bureaus

If a co-worker defaults on a personal loan or a roommate moves out and leaves you with a pile of bills, you have the right to fight back in small claims court. If you win a civil judgment, it doesn't guarantee you'll get your money back, but the judgment can be reported to a credit bureau. Though the law prohibits individuals from directly adding information to another person's credit report, you can take steps to facilitate the process. Instructions...

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How to Get Things Off of Your Equifax Credit Report

Negative items on your credit report can affect things like your ability to get a job and buy a house, as well whether or not you are able to get auto and homeowners insurance. If your Equifax credit report contains accounts that were opened fraudulently or that have been reported incorrectly by creditors, you can dispute the legitimacy of these items. Equifax will remove derogatory data from your credit file if your request is found to be valid. Instructions 1 Visit Equifax.com and click "Start a New Dispute" in the section labeled "Other...

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Can I Buy a Car Without a Credit Score?

Whether you have no established credit history or have only recently begun establishing a line of credit, it can be frustrating trying to buy a vehicle. Getting approved for an auto loan or financing plan can be extremely difficult if you do not have a solid credit history. However, there are several different ways you can purchase a car without a credit score. Pay Cash If you can afford purchasing your car in cash, you will not need to possess...

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How to Repair Your FICO Score

Your FICO score, or credit score, is very important when it comes to being approved for new loans and credit cards. Almost all lenders place a high priority on having a good credit score when determining if they should trust you with a loan or line of credit. If you have not handled your credit well in the past, there is no magic fix to give you a great credit score overnight. However, if you find your credit score has been damaged by incorrect information, you should take steps to correct the errors on your credit report to repair your credit...

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How Much Does Your Credit Score Go Down After a Vehicle Is Reposessed?

Your auto loan is secured by the vehicle itself. Thus, should you stop paying the auto loan, your lender will hire someone to go to your home or place of employment and repossesses the car in lieu of payment. Not only does repossession leave you without transportation, it also severely damages your credit rating---making it challenging to obtain another auto loan for a replacement vehicle. Credit Impact The derogatory credit effects of a...

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Does It Hurt Your Credit to Consolidate Your Student Loans Twice?

As with anything in the lending world, consolidating your student loans, especially multiple times, can damage your credit rating. Not all consolidation loans will damage your credit. If you transfer debt to an existing account, it is unlikely your score will change at all. The key to reducing the impact of consolidation is to avoid anything that might look negative in light of the consolidation. Identification If you have to apply for a new loan account, the creditor usually performs a credit check which does up to five points in damage....

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Does Adding Your Child to a Credit Card Help His Credit Score?

Establishing credit can be challenging when creditors are unwilling to extend it. Young adults are often faced with the struggle of obtaining credit when they have no credit history. In some cases, parents add children to their accounts as authorized users to help boost the child's score. Piggybacking When people realized that an added user could inherit a cardholder's good credit, many consumers began taking advantage of the system. The...

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What Is a Charged Off Account?

On your credit report is a section for potentially negative accounts, and this is where you will find any charged off accounts, also called charge-offs. A charge-off is one of the most damaging marks you can have on your credit report. According to Steven Bucci, Bankrate debt adviser, a charge-off on your credit report is the No. 1 reason for being denied credit. Charged Off Account An account usually is charged off after 180 days, or six months, of missed payments. After that period, the company considers the money you owe a "loss." The...

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How to Explain Your Credit Score

Your FICO credit score, calculated by Fair Isaac Corp. based on information on your credit reports, is a very important number. A high credit score makes it easier to get loans and credit cards and to qualify for lower interest rates. A low score can impair your ability to get credit, insurance and even employment. Although Fair Isaac does not release its exact formula, you can explain your credit score by knowing the main factors Fair Isaac considers...

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Quickest Ways to Improve a Credit Score

When your credit goes bad the first thing you want to do is try to repair it so that you can finance the purchases you need to make such as a home or a car. Repairing your credit can take a long time, but while you are in the process of repairing your credit there are several things you can do to improve your credit score. Pay Your Credit Cards Down When it comes to your credit cards, you only want to use a maximum of 30 percent of the available credit to help maintain the maximum credit score possible. One of the quickest ways to raise...

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How to Rebuild Damaged Credit

If you have had credit problems in the past, you may have a low credit score due to your damaged credit. Having damaged credit is not forever. In fact, you can actually take action and begin rebuilding your damaged credit on your own. Rebuilding your credit means that you are showing creditors that you can responsibly manage your money and are worthy of being issued credit. Rebuilding your credit can be a lengthy process, but it will work if you stick with it. Instructions 1 Get a copy of your credit report to look for anything that is inaccurate....

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