Can a Lawyer Request a Credit Report?

A person's credit report isn't a public document. Rather, the contents of the report, which lay out a person's credit history, are only available to people who have a legitimate business interest in viewing it. This can include a person's creditors, potential employers and landlords. Whether a lawyer can review it would depend on the reasons that the lawyer wished to look at it and whether they constituted a legitimate reason. Credit Report A credit report is maintained by a credit reporting bureau, a company that collects information from...

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Budget & Money Saving Ideas

The actions you take today to improve your monetary situation contribute to your financial security in the future. To that end, any idea that could increase your savings and tighten up your personal budget is at least worth considering. Explore a few budget and money-saving ideas that could help you achieve more of your future financial goals. Use a Mobile Budgeting Tool Oftentimes, when you're on the run, you can make the mistake of diverting from your budget. For instance, you might overestimate what you have available to spend at the...

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How to Rescore Your Credit History

Bad credit can kill your chances of getting a loan for a home or car, not to mention being able to open a credit account. What's worse, sometimes what is bringing your credit score down is inaccurate information on your credit report. If you think this is the case with your credit score, then you need to correct it as soon as you can. The sooner your credit is rescored and improved, the better chance you will have to get the loan you need. Instructions...

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Does a Credit Score Lower When Pulled for a Mortgage?

Shopping for the right mortgage is an important part of home buying. A lender will inform you of the amount of loan that you can afford, and of the interest rate and terms that you will have. Not all loans are the same, so it's important to inquire with several mortgage companies before you find the right loan product for you. When you approach the lenders, they will pull your credit history and score to determine the financial risk that you pose. In doing so, it may or may not lower your credit score, depending on the timing of the requests. ...

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Credit Scoring & Its Effects on the Availability & Affordability of CR

A three-digit number that has a significant impact on your life, your credit score may determine whether you can afford to take that vacation, replace your car or redecorate your home. Understanding your score, how it is calculated, and how it is used can help you plan and make informed financial decisions. Credit Scoring Systems Credit scoring systems vary from one institution to another, although there are significant similarities in terms...

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Can Having a Short Sale Prevent You From Renting an Apartment?

When your mortgage balance is higher than your home value and you can't afford the difference, the lender will sometimes agree to a short sale. In this situation, you sell the home and the lender takes the full sale price and forgives the remaining balance of your mortgage. Although this sounds like a good deal, having a short sale on your record can make it difficult for you to find another apartment or home to rent. Effects on Credit A short sale usually appears on your credit report in the same way as a foreclosure. Even though you initiated...

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Does Reporting a Credit Card Stolen Lower Your Credit Score?

Thieves can purchase credit card numbers on the Internet for as little as 40 cents, according to a 2008 report on the Slate website. Perhaps more important, the theft can ruin the cardholders credit score. Reporting a credit card stolen can lower you score, depending on what course of action you take. As long as you keep the account open, your score should stay the same. Not reporting a stolen credit card and allowing unauthorized users run up a large amount of debt has many negative ramifications. Identification Calling up a credit...

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Instruments for Credit Enhancement

Credit scores as reported by the Fair Isaac Corporation are snapshots of a borrower's ability to repay a loan at the moment the score is ordered. However, even a borrower with the worst possible credit score can use credit to enhance his profile and his score will improve over time when properly used. A variety of credit instruments exist to assist those who need help; the key is using these instruments responsibly. Credit Cards The easiest...

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How to Fix Bad Credit With a Credit Repair Kit

Many companies advertise they can repair your credit score or improve your credit rating by selling you its services or a "credit repair kit," but the Federal Trade Commission warns consumers not to fall for likely scams. Attorneys for the FTC report they've never seen a totally legitimate credit repair operation. The reality is, there is not a quick fix when it comes to a person's credit rating. Instead of paying money for a repair kit, individuals can improve their credit score on their own, but it takes time and effort. Instructions 1 ...

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What is Needed for a Credit Check?

Checking your credit report for erroneous information is vital to achieve or maintain a good credit standing. Maybe you are venturing into a business deal and need to check your associate's credit worthiness. Whatever the reason, here's what is needed to acquire a credit check. Reasons Credit checks are required for mortgage, auto and credit loan approvals. Employers run credit checks as part of the hiring or promotion process. Landlords...

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Credit Report Analysis

If you want to take out a mortgage, car, personal or business loan, you need to know the basics of credit reports and credit scores. Lenders today look at your credit score when determining whether to loan you money. They also look at it to determine the interest rates they will charge you. Knowing credit report basics can help you boost your credit score and qualify for the best interest rates when borrowing money. Three Credit Bureaus ...

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The Florida Credit Limitation Reporting Statute

Florida has statute of limitations governing how long debt collectors may pursue you in court for a debt that you did not pay. The statues are designed to keep people from being worried forever about being sued over an old debt. Time Frame In Florida, debt collectors have four years to file a lawsuit against you for a delinquent credit card debt and five years to sue you for a debt resulting from a promissory note or contract. Florida law...

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Does Making Interest Only Payments Impact My Credit Score?

Your credit scores are partly based on your level of debt as a percentage of your available credit. Generally, having high balances leads to lower credit scores. Therefore, making interest-only payments each month can have a negative effect on your credit score because your credit utilization level remains consistently high. Credit Utilization Credit utilization accounts for about 30 percent of your credit score. Typically, if you only utilize about 30 percent of your available credit card balance you get the highest score. Credit bureaus...

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How Settled Accounts Affect Credit Scores

When you fall behind on your debt payments, your creditors can notify the credit bureaus about the delinquent debt, causing your credit score to drop. When you "settle" a delinquent account, the creditor agrees to accept a payment for less than the balance owed and writes off the remainder of the debt. Settled accounts have a negative impact on your credit score. Character Lenders check your credit report to get a snapshot of your character. If your credit report shows that you have a history of failing to pay off your debts, lenders are...

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The Best Way to Establish Credit

Your credit is your reputation for repaying your debts, which allows you to spread payments over time rather than paying for something up front because the lender can trust you to pay it back. Your credit builds slowly so it is beneficial to start accumulating a positive credit history as soon as possible so when you need to borrow a large amount of money, such as a car loan or home mortgage, lenders will see your positive credit history and be willing to loan you the money. Check Your Credit Report Even if you have never had credit before,...

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Why Do Medical Bills Affect Your Credit Scores?

Even if you've always managed debt responsibly in the past, future lenders or creditors may deny new applications you submit due to unpaid medical bills that appear on your credit report. Leaving medical bills unpaid has a derogatory effect on your credit scores -- rendering you a much higher lending risk for businesses and threatening your ability to qualify for other goods and services such as insurance, housing and utilities. Credit Reporting...

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How to Get Free Credit Reports Without Signing Up for Service

Keeping track of your credit report records and scoring is an essential part of good financial planning and financial responsibility. While many commercial companies offer paid credit monitoring service, national credit reporting regulations make it possible to get free credit reports without signing up for a paid service. To do this, understand the ins and outs of the credit agency and know the difference between the public and private companies....

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What Is a Perfect Beacon Score?

Perfect Beacon scores are so rare that even high-level executives that work for the credit agencies sometimes have never seen one. Achieving Beacon score perfection, however, is not feasible nor beneficial to the average borrower. Most of the time, you can get the same perks as a person with a perfect score with a much lower rating. Identification The Beacon score is basically the same thing as the FICO score -- synonymous with "credit score" for most people. The Fair Isaac Corporation helped Equifax developed the Beacon score, so the formula...

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How to Fix Your Credit History Fast

In a society run by money and credit, having a good credit history is important for obtaining loans for your home, car, business or personal uses. Credit scores are used by banking institutions, landlords, rental companies, employers and car dealerships as criteria to determine whether to lend you money or rent to you. If you have a bad credit history, there are ways to raise your credit scores fast so you can be approved for that new car, home or...

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Tricks to Improve Credit

Credit is a big part of American life. Consumers must undergo a credit check when applying for any type of credit, such as a mortgage loan or credit card. Consumers also must submit to credit checks when renting an apartment or seeking employment. Having good credit is important to a successful financial life. There are ways to improve your credit standing and thereby improve your chances of realizing that success. Pay Bills on Time How you...

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How to Remove Paid Liens From Your Account

Liens against you seriously affect your credit score and your ability to receive a new line of credit. Paying the lien off as quickly as possible is the best way to repair your credit, but even paid liens remain on your credit report for as long as seven years. There is a way to remove paid liens from your credit report: file a dispute with the credit reporting agency. You will need to obtain copies of your credit report from the three credit reporting...

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How do I Get a Free Copy of My Credit Report If I Am Denied Credit?

Your credit report contains information on how you have paid your past and current debts as well as finance-related legal information regarding judgments and bankruptcies. It is vital that this information is accurate and up-to-date since many lenders approve or deny an application based on the data found in the report. If a lender denies you credit, the Fair Credit Reporting Act (FCRA) gives you the right to a free credit report from the credit reporting agency that provided the information. Instructions 1 Deterine if you are within the...

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The Advantages of Having an Excellent Credit Score

Credit scoring systems are a product of the late 1950s, based upon the model of the Fair Isaac Company's FICO score. Such scores are designed to evaluate a person's history of managing credit, and are referenced by lending companies for the purpose of minimizing credit risk. People who are deemed to be excellent credit risks enjoy numerous benefits, particularly low interest rates on substantial loans. Credit Accessibility Doors swing open...

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What Is the Timeframe for Removing Negative Credit Information?

You usually have nearly a decade to remove negative information from your credit report. In some cases you can wipe negative data from a record in a matter of hours. Removing negative data usually requires proving an error on the credit bureau's part or waiting until it stops reporting it. If you find a legitimate error, you should dispute it immediately. Credit Report Disputes The Fair Credit Reporting Act gives the national credit bureaus 30 days to investigate a consumer dispute and either uphold the negative item or remove it immediately....

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Who Regulates the Credit Agencies?

Credit agencies, also called credit reporting agencies or credit bureaus, issue reports on whether or not people pay their debts as agreed. These debts usually include credit cards and loans. In the United States, the federal government regulates these agencies. Types Equifax, Experian and TransUnion are the three major U.S. credit agencies. They keep information regarding people's bill-paying history and issue it to potential lenders upon request. Time Frame Late payments and unpaid accounts usually are reflected on a person's credit...

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What Does it Mean to Have a Bad Credit Score?

A person's credit scores show up in many different parts of her life. Of course, when she applies for a loan, credit card or mortgage the lender reviews the credit report and the credit scores. Other companies review a borrower's credit score, even without the borrower's permission. Employers often review an applicant's credit history as part of a background check, and insurance companies sometimes base a policy's costs on a credit history and credit score review. Knowing what a "good" credit score and what a "bad" credit score is and how to change...

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Does Paying off Credit Cards Every Month Improve Your Credit Score?

Your FICO credit score is based on the credit data contained within your credit report. The Fair Credit Reporting Act gives consumers the right to dispute inaccuracies in a credit report. This is the first step to ensuring that your credit score is as high as possible. If you use credit cards, it's important to understand if paying them off each month will help improve your credit score. FICO Scores Thirty percent of your FICO score measures how much debt you have. In the calculation of your score, it considers your credit utilization ratio....

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Will Paying Off a Collection Account Improve a FICO Score?

Paying off most varieties of debt demonstrates financial responsibility and, as such, benefits your FICO credit score. The credit scoring system treats paid collection accounts differently than debts you still owe to the original creditor. Thus, paying off a collection account may make you appear more financially stable but does not raise your FICO score. How It Works The FICO scoring formula is a credit scoring system originally developed by the Fair Isaac Corporation. FICO takes considers a multitude of factors when determining an individual's...

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Will Bad Credit Erase Off my Credit Report?

A person's credit report and attendant credit rating matter in a number of ways. Not only will his score be used by lenders as a means of determining what kinds of loans and interest rates he is eligible for, but often other parties, including many employers and landlords, will consult the score when determining whether to hire or lease to the individual. Negative items may last a long time on a person's report, but they will eventually be removed. Late Payments and Unpaid Debts When a person misses a payment on a debt or does not pay...

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Can a Parking Ticket Affect Your Credit Score?

It may seem unfair, but a parking ticket for a $100 can turn an excellent credit score into an average one. Parking tickets do not automatically go on a credit history, but you take a huge gamble if you do not pay off your fine. In some cases, a parking ticket that goes on your credit report has no effect on your score. But if you don't pay, you could wreck your credit and eventually have to pay the fine, possibly plus interest, if the government sells your ticket to a collection agency. Identification A parking ticket can affect your credit...

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How to Change Your Credit Score

Your credit score is vitally important because it can affect your ability to get loans and credit cards. It may also be taken into consideration when you apply for a job or attempt to get insurance. If your credit score is low, you can steps to improve it. If you follow the steps properly, you may be able to boost your credit score enough to make you more attractive to creditors, employers and insurers. Instructions 1 Request a copy of your...

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How to Report Payment of Rent to the Credit Bureaus

A consumer credit report documents credit and loan accounts, judgments and collections along with personal information and statements about your credit history, which you can provide at any time for potential creditors, lenders and employers to review. An information provider must report credit information according to the guidelines set forth by each consumer reporting bureau. Any account that is in good standing and paid on time can help to boost your credit score and improve your credit history. While a landlord does not typically report rent...

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