Beacon Credit Reporting

Your credit score is based upon the data contained within your credit report. Lenders and other creditors often report your credit information to credit bureaus. Consumers have three different FICO scores, one from each bureau: Equifax, TransUnion and Experian. It's important to understand how credit reporting affects your BEACON credit score from Equifax. Identification In 1989, FICO and Equifax introduced the FICO credit score under the name BEACON, a trademark of Equifax. The BEACON score is simply the brand name for your Equifax FICO...

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How Can People See Their Credit Score?

Although people refer to their credit score in the singular, there are many different types. Each of the main credit reporting agencies calculates its own score according to the information it holds about you. Your credit score is not a fixed figure, but fluctuates as you take out more credit or make repayments. You can improve your score by changing the way in which you handle credit. Definition When referring to your credit score, most lenders mean the system developed by the Fair Isaac Corporation and known as the FICO score. This number...

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Does Not Paying Your Utility Bill Affect Your Credit?

Many people move from one residence to another and forget to pay a final utility bill or simply do not have the funds to pay a utility bill at some point. Although most people realize that not paying a loan or credit card payment can negatively impact a credit score, many do not realize that leaving that utility bill unpaid can also end up lowering your score. Credit Scores Your credit score, or FICO score, is comprised of three scores assigned to you by the three major credit reporting agencies: Experian, TransUnion and Equifax. Your FICO...

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Can Being an Authorized User Negatively Affect My Credit Score?

Becoming an authorized user is one of the best ways to own a credit card because you do not have a legal responsibility to repay the balance and it can be positive for your credit history. On the downside, being an authorized may negatively affect your credit rating and ability to gain credit if the primary borrower mishandles the account. In the balance Being an authorized user can negatively affect your credit score because you and the primary borrower share the history on the account, so missed payments by the primary borrower damage...

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How to Fix Showing Up Deceased on Your Credit Report

Inaccuracies are far too common on credit reports, according to various studies cited by the Motley Fool. While most inaccuracies relate to late payments and accounts that don't actually belong to you, sometimes the credit reporting agencies mistakenly list your status as deceased. This makes it almost impossible for you to get loans. Fix this mistake by contacting the credit reporting agencies. Instructions 1 Order free copies of your credit reports through annualcreditreport.com. Obtain a report from all three major credit agencies because...

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Should You Pay to Increase Your Credit Score?

The fastest way to increase your credit score is to pay off outstanding balances on credit cards and loans. Increasing your credit score is all about making payments on time to creditors consistently and communicating with them when you can't pay your bills. Pay Off Your Balances Paying off your balances in full is the quickest and most effective way to increase your credit score. Creditors like to see debtors keep their balances far below their maximum credit limit. If you can't pay off your entire balance, paying off enough of your balance...

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Steps for Preventing Identity Theft

According to the research firm Javelin Strategies, more than 11 million Americans were victims of identity theft in 2008 and 2009, and the number continues to increase. Every time you fill out a form at the doctor, your credit card, insurance and social security information are available to anyone in the office who opens your file. Credit card companies and online merchants make money by passing your information along to third parties. Identity thieves...

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Will Debt Settlement Ruin My Credit?

Although paying back your debt for pennies on the dollar may sound like a scam, debt settlement is a legal solution, but not one without consequences. The creditor is likely to report to the credit bureaus that you paid the debt, but for less than what you originally owed. This could ruin perfect credit, although it has less negative impact than not addressing the debt at all. Your credit rating helps determine whether you can obtain credit and whether you get favorable interest rates on that credit. The Damage While debt settlement is...

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The Three Largest Credit Reporting Agencies

When making a large purchase like a car or home, your credit history and score play a major role in obtaining financing. But, knowing your credit history and score are important for everyday finances as well. Checking your credit history throughout the year can uncover any fraud on your accounts and knowing your score can help you take steps to improve it if necessary. In a basic sense, your credit score gives a numerical value to your creditworthiness...

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Will Closing Out Old or Unused Credit Accounts Raise My Credit Score?

It seems closing out unused credit cards should conceivably raise a credit score because it reduces your number of open accounts. This is not necessarily the case. In fact, the exact opposite may be true. Closing accounts may actually lower your score. With some advance planning, there are ways to minimize the credit effect of closing accounts. Before Closing an Account If you are thinking about closing an account, consider the age of the...

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If Creditor Closes an Account Due to Bad Pay History, Is This the Date of First Major Delinquency?

Confusion regarding the date of first major delinquency of an account may cause you to believe that a debt will stay on a credit report longer than it should. If a creditor closes your account due to default, you need to calculate the first date of major delinquency yourself. When a debt stays on your report too long, you should dispute it with the credit bureaus immediately. Identification The date of first major delinquency is always the day you miss your first payment. For example, if you miss a payment on January 1 and the creditor...

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What Rebuilds a Credit Score?

Your credit report follows you when you apply for new credit, rent or buy a house, need a new car and even when you look for a new job. People living with bad credit often feel like they have a heavy weight on their shoulders, one they may never lift, but you can rebuild your credit and get back on track. Clean Up Your Credit Report Order a copy of your credit report from the three major credit bureaus: Equifax, TransUnion and Experian. You can get a free copy of each report through the Annual Credit Report website. Check each report for...

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How to Get the Trans Union Credit Score Higher

TransUnion is one of three nationwide credit bureaus--Equifax and Experian are the others. All three issue credit scores. If you are focused on only improving your TransUnion score you're probably preparing to apply for credit with a creditor that primarily pulls reports from TransUnion. Fortunately, the tactics you use to improve your TransUnion score likely will lift your other scores as well. Instructions 1 Get a copy of your TransUnion...

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Removing Judgements From Credit Bureaus

Judgments are placed on a credit report when a court holds a person responsible for an unpaid debt. These judgments hurt your credit score. This, in turn, can lead to higher interest rates on approved loans, or even declined loans. Credit card rates and approvals can also suffer as a result of a lowered credit score caused by judgments on you credit report. It is therefore beneficial to remove these judgments as soon as possible. Instructions ...

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Will Credit Collection Services Negotiate Your Debt?

Credit collection services buy debts from creditors who write them off for tax reasons, then make some money by selling them at a big discount. Debt collectors make money even if you only pay part of the bill because they paid so little for it. They will often negotiate the debt because they see a lump sum settlement as a fast profit, which eliminates further collection effort expenses. Process Decide how much you can realistically pay to settle your debt. The collection agency may have paid as little as pennies on the dollar, according...

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What is the Perfect FICO Score?

Beginning in the 1990s credit scores became a key tool for lenders to use in assessing the risk of potential borrowers. The FICO credit score is by far the most widely used but many people know very little about what the score means. Learn how the perfect FICO score is computed and how you can get your own credit score as close to the perfect FICO score as possible. Identification A FICO credit score is a number that represents your credit history and tells lenders how risky it is to lend you money. The score is based on a system created...

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Steps to Improving Poor Credit

Having a poor credit rating can harm your credit applications and even hurt your chances for certain job opportunities. And there are benefits to good credit---the best interest rates on mortgage loans, lower insurance premiums and easier loan approvals. Rather than live with "less than perfect credit," consider ways to bring up your score. Overcoming Denial Some people with low credit scores are in denial or don't recognize the seriousness...

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Does Reducing My Credit Card Limit Hurt My Credit Score?

The effect of reducing your credit card limit depends on how much debt you have and how you use your credit cards. In some cases, your credit score will drop when you reduce the limit on a credit card. However, there are other situations in which a reduced limit will have no effect on your score or will help you increase your score by managing debt more effectively. Credit Utilization Ratio About 30 percent of your credit score is based on the amounts you owe on all of your credit accounts. Part of this portion of the score looks at your...

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How to Maximize Your Credit Score After Bankruptcy

After bankruptcy, many consumers aren't sure where to start rebuilding credit. A credit score affects your ability to secure an auto loan, housing and even a job. Focus on behaviors that can boost a credit score. For instance, making timely payments and managing credit card balances mean a significant difference, according to MSN Money. Instructions 1 Consider applying for a secured credit card. After bankruptcy, qualifying for a traditional...

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Why Are Credit Reports Important to College Students?

College students are so inept at managing credit that the government had to step in and severely restrict their access to credit cards with the CARD Act in February 2010. Credit reports and scores are vital to college students because developing good habits during your youth will likely lead to better financial decisions in the future. Potential A good credit score and clean credit report will help a student obtain big-ticket items like a...

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How Do I Get My Credit Rating Number?

Anytime you apply for new credit, the lender pulls your credit report and uses your credit score to help determine whether to offer you credit and what interest rate you will have. The main credit score lenders use is called a FICO score and it ranges from 300 to 850. You actually have three FICO scores because each of the three major credit bureaus calculates the score separately based on the information it has on your credit report. You can obtain your credit scores from a number of sources, most of which will charge you a small fee. Instructions...

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Chapter 13 Vs. Chapter 7 on Credit

Bankruptcy comes in many different types, but the Federal Trade Commission (FTC) explains that most consumers who cannot handle their bills file either Chapter 13 or Chapter 7. Both of these bankruptcies hurt your credit score and make it hard to open future accounts, especially in the initial years after your case is discharged. Definition Chapter 13 bankruptcy is designed to let you keep some of your possessions, and it requires you to repay some of your debt, according to the FTC. Chapter 7 bankruptcy is more comprehensive, erasing almost...

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Why is My FICO Score Different at Different Companies?

The Fair Isaac Corporation risk model (FICO) score is the most common type of credit scoring system in the U.S., but so secretive is the formula that not even credit professionals can predict everything in the algorithm. Add to this that the credit bureaus often give vastly different scores for the same and you have a recipe for confusion. "FAKO" Scores Technically, the scores you receive at any company other than the Fair Isaac Corporation are not a real FICO score. Fair Isaac stopped selling FICO scores in 2009, so Equifax, Experian and...

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8 Things to Know About Credit Scores and Credit Reports

Your credit score and credit report are important to understand if you ever intend to borrow money or obtain credit. A credit report shows your credit history, both positive and negative. A credit score is a three-digit number calculated based on your credit history. Lenders and some employers use your credit report and score to determine your character and creditworthiness. Reports Can Contain Errors Many credit reports contain errors of...

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How to Repair Credit ASAP

Major credit repair is a long-term proposition. However, if you need to spruce up your credit by a few points to qualify for an upcoming loan, there are some steps you can take. Your credit rating takes into account payment history, amount of available credit, debt to income ratio, age of debt and the length of your credit history. Some of these can only be repaired with time, but you can take specific action to improve others in the short term. Instructions 1 Get reports from all three of the major credit reporting bureaus: Experian, TransUnion...

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What Is a 680 FICO Score?

Anyone who has taken out a loan or used a credit card has established a credit rating. This consumer credit rating is commonly known as a FICO score, a numerical value that reflects how lenders view someones credit history and thus their current desirability as a borrower. A FICO score of 680 lets lenders know specific things about a borrower with that rating. 680 FICO Score The FICO score is a credit rating system that was created by the...

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How to Fix My Credit Trade Lines

Whenever you open a new credit or loan account, a trade line will appear on your credit file. Each trade line will reflect basic information about the debt, such as the date the account was opened, the amount of the debt, the name of the creditor and the creditor's contact information. The Fair Credit Reporting Act stipulates that if you discover errors in your credit report, no matter how minor, you can request that those errors be corrected. Instructions 1 Obtain your formal credit reports directly from the credit bureaus, Equifax, Experian...

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How to Check Credit Score & Find Out Old Debts

In a struggling economy, loans are increasingly difficult to qualify for. Most companies now require a substantial down payment, or a high credit score to secure financing. It is important for consumers to keep an eye on their credit report and score to determine inaccuracies that may cause their credit score to drop. Under the Fair Credit Reporting Act, consumers hold the right to obtain their credit scores from each credit bureau, in addition to a description of how that value is reached. If old debt is a concern, now is a good time to contact...

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How to Boost Your Credit

Your credit score provides a quick overview of your ability to handle credit responsibly. Lenders look at your credit score before approving you for car loans, home loans, phone contracts and apartment leases. Sometimes, employers will check your credit; a bad credit score not only costs you money through higher interest rates, it can also restrict your career opportunities. Boosting your credit score is the easiest way to save money on interest rates. Instructions Simple Steps 1 Obtain a copy of your credit report; free credit reports...

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How Often Can One Safely Check Their Credit?

It's important to keep an eye on your credit report to ensure that the information is accurate and up-to-date. Lenders, landlords and even employers may use your credit report, which reflects your responsibility level, to make major decisions that affect your life, so you're wise to ensure it portrays you as well as possible. Because you need to check your credit report for validity, and because checking your own score does not indicate a risk of...

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Are the Scores the Credit Card Companies Tell You the Real Score?

Lenders typically use a credit score to help determine whether to extend credit. Your credit score helps lenders understand risk without reading your credit report in depth. Lenders may use different models for credit score reporting depending on what they are most concerned about. You can purchase a credit score through the credit bureaus, but this score usually is not the score lenders see when they run your credit. Credit Scores You Buy Credit bureaus such as Experian sell credit scores to consumers as part of their credit monitoring...

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Credit Reports Used by Lenders

A lender will pull your credit report if you apply for a loan. It has a choice of three reports to view, TransUnion, Experian and Equifax. The information on your report will help the lender determine if you will be approved or rejected for the loan. Significance The credit reports used by lenders can look somewhat different from those ordered by a consumer. Lender reports can be more difficult to read, at least for the average consumer. FICO Score If a lender has your FICO score from a credit report, it should be approximately the...

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How to Debeard Mussels

Fresh mussels on sale at the seafood store are a treat, but then you need to take them home and prepare them. You notice a hairy protrusion coming out of the side of the mussel shell and you have no idea how to remove it or even what it is. It's the equivalent of a five o'clock shadow, commonly called the beard. It's a simple job to yank it out and your treat will be fresh mussels for dinner. Instructions 1 Check out your batch of fresh mussels. Discard any that are open. This indicates that the bi-valve inside is dead. 2 Soak the...

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Can I Get Items Removed From My Credit Report?

Having negative items on your credit report, such as unpaid debts, charge-offs and collections, can have a significant impact on your credit score. Negative items don't remain on your credit report forever, expiring after seven years in most cases. If the information on your credit report isn't accurate, however, you can get the inaccurate entries removed earlier. Checking Your Credit Report To learn what is contained in your credit report and ensure all items on your report are correct, you should review your credit report from each of...

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Tips to Get a Higher Credit Score

Having a good credit score is essential to personal financial success. Your credit score affects your ability to get a mortgage or a car. It can affect your career as well. Employers frequently ask to see a credit report since they believe your life outside of work shows your personality and your ability to be a responsible individual. Even if you have a great job, a bad credit score could put your dreams on hold. All home purchases require credit...

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How to Pay Off Collections to Raise Your Credit Score

Credit scores are used for everything from approving a car loan to hiring a new employee. If you have debt that has ended up in collections, it is certainly affecting your credit score. There are different strategies, though, to pay off these collections to raise your score. These include paying a lump sum, prioritizing recently reported debts and cleaning up all your credit reports. Instructions 1 Check all your reports. Before you start...

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How to Remove a Delinquent Account From a Credit Report

Delinquent accounts consist of credit accounts with late payments, marked by a 30, 60, 90 or 120 day notation on the payment history of the credit account. Late payments have a significant negative impact on your credit score and may prevent you from qualifying for loans and other credit accounts. You may be able to remove a delinquent account from your credit report if it is too old to be reporting on your account, over seven years, or if inaccurate information is present. Instructions TransUnion 1 Click the TransUnion link in resources...

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Credit Score Factors and High Credit Card Limits

People in the lending industry may give you wrong advice on your credit score: that high credit card limits are bad. A high credit limit probably helps your score. Some of the most important credit scoring factors need a high credit card limit. The only potential damage is misusing your available line. Misconception The Fair Isaac Corporation, which controls the most dominant scoring algorithm in the consumer credit industry, does not list "too much credit" or anything like it as a reason to ding a score, according to Liz Weston of MSN...

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