How Often Can a Creditor Pull Your Credit?

Companies with which you do business, and even your employer, can pull your credit report to check financial information. Credit inquiries are recorded each time someone checks your credit and will appear on your credit report. You can see the number of inquiries any time you check your own credit report. Only companies with legitimate business needs can pull your credit, according to the Fair Credit Reporting Act. Whether a company makes a hard or soft credit inquiry can also affect how the inquiry appears on your credit report. Limits on...

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Can an HOA Ruin Your Credit?

Residents of many neighborhoods are required to pay fees to homeowners associations that are tasked with maintaining communal areas and enforcing rules pertaining to the maintenance of homes in the community. Failing to pay your HOA fees on time could have a negative effect on your credit score, even if your HOA does not directly report the missed payments to the credit bureaus. Escrow In many states, an HOA can place a lien on your home if you fall behind on your association fees. Consequently, lenders often require you to escrow your...

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Building Credit Without Credit Cards

An individual's credit report contains information on all types of borrowing he has done, including not only credit cards, but also loans. If the credit report is empty, the individual does not have a credit score and will have trouble obtaining most types of credit. Although credit cards are one of the easiest ways to build credit, several other types of accounts appear on the credit report and help a consumer build credit. Student Loans Because credit card companies have tighter restrictions on credit cards for individuals under 21, one...

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Can I Build Credit at Rent a Center?

If you hope to rent merchandise through Rent-a-Center to build credit, you are doing it the hard way and spending far more than the retail price for an item. Rent-a-Center is one of the nation's largest rent-to-own companies -- a firm that rents items on a weekly or monthly basis. You can build credit but not with the traditional credit reporting companies that most lenders prefer. Identification Rent-a-Center does not report to the credit bureaus nor does it perform credit checks on its customers, according to the Rent-a-Center website....

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What Are the Benefits of a Perfect Credit Score?

Very few Americans have a credit score of 850, the highest score you can get. Having that perfect score simply means more financial options will be open to you, from credit cards to investments. Credit Cards With a perfect score, credit card companies will offer you their premium choice cards, including cards with no annual fees, zero percent interest rates and higher credit limits. Loans Thanks to your high score, lenders will have...

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How to Get My Credit Beacon Score

Credit scores play a large roll in determining whether a loan will be approved and at what interest rate. There are three main credit reporting agencies: Transunion, Experian and Equifax. The FICO score is commonly used when applying at a lender for mortgages, car loans, unsecured loans and credit cards. Each credit reporting agency has their own formula to determine the FICO credit score. The Beacon score is the FICO score Equifax provides to lenders. Instructions 1 Go to annualcreditreport.com. This site allows you to access your credit...

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When an Account Is Closed for Cause Would This Be the Start of an SOL for Reporting?

Millions of people each year have their bank accounts closed "for cause," which means the owner had a negative balance, such as taking out more money than he has in his account. If you are worried about when this account might leave your record, the day the bank closes does not necessarily start the Statute Of Limitations. The SOL starts with the date of the initial delinquency. ChexSystems The SOL for federal credit reporting starts on the date of the first major delinquency. Bank accounts closed for cause usually appear on a ChexSystems...

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How to Pay Off a Derogatory Debt

A derogatory debt is a bill or loan you failed to pay. The creditor or debt collector still expects payment and may list the account on credit reports as a charge-off or collection account. Some people engaging in credit repair start by reviewing their credit reports for derogatory debts. Their intent is to increase their credit score by paying the derogatory items while making timely payments on current bills. Paying derogatory debts may not immediately improve your credit, but it does show future creditors that you are resolving old credit problems....

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Does the IRS Send Reports to Credit Bureaus?

The IRS can take away your salary, put a lien on your property and ruin your credit if you do not pay taxes. On the flip-side, while paying taxes shows fiduciary responsibility, the IRS has no affiliation with the credit bureaus so paying on time won't win you any points. Actually, it is the credit bureaus that will try to find out about disputes with the IRS. Identification The IRS does not actively report delinquent or successful payment...

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Does Running a Report Affect My Credit Score?

You have three main credit reports, maintained by bureaus called TransUnion, Equifax and Experian. The Federal Reserve Bank of San Francisco explains that these reports contain records of all your credit activities. People and companies who run full reports can see information like your accounts, balances and payment histories. Reports are run for various reasons, and sometimes this affects the person's credit score. Definition Consumers...

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How to Use Federal Law to Remove Negative Marks From Your Credit

If your credit is poor, you may be able to use federal law to remove negative marks from your credit. The Fair Credit Reporting Act, or FCRA, allows you to receive a copy of your credit report so that you can see what your creditors are saying about you. You are entitled to one free credit report every year or whenever a company takes negative action against you, such as denying your request for credit. Under the law, you have the right to dispute mistakes. Instructions 1 Order a copy of your free annual credit report. The only place to...

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Student Credit Cards to Build Credit

As many young adults ambitiously start their lives in college, they quickly find that having good credit is imperative to reaching their goals. After all, your credit history affects most of your financial decisions, including entering into a cellphone contract, purchasing a car, buying a home, obtaining insurance and even landing a job after college. Responsible credit usage during college can help you acquire a good credit rating early, streamlining your finances post-graduation. Secured Cards If you are young and have no credit history,...

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Do It Yourself Credit Repair Tips

Though the Fair Isaac Corporation does not release the formulas used to calculate your credit score, they do release the components of the credit score: your payment history, how long you've used credit, the balances on your accounts, the different types of account you have and the number of new credit applications you've submitted recently. Based on these categories and information from the company, there are a number of steps you can take to repair your credit score if you've made mistakes in the past; however, there are no instant fixes. ...

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Credit Score Improvement Secrets

Your credit score is a three-digit number that may seem mysterious, but it is based on very specific formulas developed by Fair Isaac Corp. (FICO) and the TransUnion, Equifax and Experian credit bureaus. All of the formulas use credit report information to determine whether you are a good credit risk. You have the power to boost your score if you understand what goes into its calculation. Focus on Two Areas Credit score improvement is most efficient when you focus two specific areas. Credit scoring formulas incorporate a wide range of information,...

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How Do Balance Transfers Affect Credit Rating?

Keep the Old Accounts Open Credit ratings can increase by transferring credit balances from old cards to new ones, just as long as you remember to keep the old accounts open. That way you can increase the amount of credit that is due you, and lower your percentage at the same time. When you lower your debt percentage you also raise your credit score, but watch out: If you cancel your old card when you get your new one, this will decrease your credit balance; as a result your credit score will plummet. Combining Your Balances This is...

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How to Get All 3 Credit Reports & Scores

Regularly checking all three of your credit reports and scores enables you to manage your finances more accurately. Each credit report may be slightly different, as lenders choose the credit reference bureaus they report to. Checking your credit report and scores will highlight areas where your score could be improved. You can also correct any errors that may be having a negative effect on your score. To get your reports and scores combined, you'll...

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Savvy Ways to Build Credit

Credit enables a person to do things such as take out a mortgage on a home, get loans for automobiles, receive student loans for education and even get business loans from the government or a bank. That's why it's valuable to start building good credit as soon as possible. There are many savvy ways to build credit aside from using a traditional credit card. Checking and Savings Accounts Opening checking and savings accounts is one of the first steps in building credit. Credit lenders look at checking and savings accounts as a sign of financial...

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Something on My Credit Report Is Wrong

Many television commercials urge consumers to order free copies of their credit reports. The Federal Trade Commission warns that most of those offers have purchase or membership requirements, although genuine free reports are available annually through an official federal website. This access lets people find out if their credit reports are wrong in any way so they can fix the mistakes. Incidence Inaccurate credit reports are common. Bob Sullivan, an MSNBC Red Tape Chronicles columnist, states that credit bureaus estimate only 3 percent...

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Does Paying Down Debt Increase Your Credit Score?

Paying down debt is one of the best things you can do to improve your credit score and overall credit position. One of the major factors affecting your FICO score computation is debt utilization. This is a comparison of the amount of debt you are currently using as a percentage of your total available credit. Credit Scores FICO, named after originator Fair Isaac Corp., is the basis for credit scores reported by Equifax, Experian and TransUnion,...

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How Accurate Is a Credit Report?

The Fair Credit Reporting Act requires credit reporting companies to adhere to strict privacy and accuracy rules. However, people make mistakes --- and due to mistakes or identity theft, inaccurate information may slip into your credit report. The best way to keep your credit report accurate is to monitor it yearly, and protect your lines of credit from identity theft. Definition A credit report lists more than just your credit card history. It includes your address and previous addresses, every active and inactive bank account in your...

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How to Delete a Collection Agency From the CRA

Collections have a negative impact on your credit score. If a collection agency does not report your account situation accurately or a debt stays on your report after 7 years, it can lower your credit score even further. You can dispute the collection agency account if the information is not right or the collection is over 7 years old. A dispute is initiated with a credit reporting agency, and the agency will check over the information. If the data provider doesn't respond to the CRA inquiry or if the account is indeed too old, it will be deleted...

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How to Contact a Credit Bureau for Fraud Alert

A fraud alert is an important tool for identity theft victims. The TransUnion credit bureau explains such an alert impedes a criminal's ability to open new accounts in your name. Lenders who see the alert will demand additional proof of identity before extending credit. You must contact the credit bureaus to put this safety net in place. Instructions 1 Choose a credit bureau with which to file the fraud alert. The FTC explains you can contact...

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Does a Tax Garnishment Affect Your Credit Score Even If It Is the Tax Department's Fault?

A tax garnishment affects your consumer credit scores whether it is accurate or inaccurate. Reported as a potentially negative item, a tax garnishment can cause your credit scores to drop drastically. However, it is almost impossible to say to what extent. State and federal governments can garnish wages or benefits checks. Effects Whenever a state or federal tax garnishment is recorded on your consumer credit report, your credit scores drop. Because no two credit histories are alike, there is no way to state equivocally how much improvement...

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UK Credit Scoring Criteria

When assessing an application for credit, individual lenders have their own criteria on which they rate borrowers. But they also rely on the information held on your credit file by credit bureaus--known as credit reference agencies in the United Kingdom--that compile information about an individual's borrowing behavior. These agencies collect personal data from various sources including the electoral roll and court records. All this information form...

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How to Obtain a New Credit Score

The Fair Issac Corp. is responsible for the FICO credit scoring model. This model is used by credit bureaus to calculate a person's creditworthiness based on a numerical equation. There are numerous ways to obtain a new credit score. The Fair Issac Corp. maintains a website that distributes credit scores, the credit bureaus will distribute credit scores to customers and credit monitoring services offer free credit scores to customers who purchase other services. Instructions 1 Order a credit score directly from MyFICO. MyFICO is the official...

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How to Clean up Your Credit in Five Easy Steps

Cleaning up your credit history may seem like a demanding task that requires great effort. True, you can't undo a bad credit history overnight, but in five simple steps, you can improve your credit score measurably and prove that you're able to manage credit. Never underestimate the significance of a good rating, especially if you are buying a home or car. Instructions 1 Keep track of the information on your credit report. Don't rely on creditors to report correct information to the credit bureaus. Order your credit report once a year to...

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Does Marriage Wipe Out Credit History?

Couples face many financial changes when they get married. They might join their checking and savings accounts and make large purchases together. While a couple's finances join after marriage, their credit scores do not. Since credit scores depend on an individual's credit history, that rating does not change simply because the individual says, "I do." Marriage is not a get-out-of-jail-free card for bad credit. Credit Score When a married couple makes a purchase together, whether it's a house or a car, their lender will check the credit...

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What Is the Transunion State Security Freeze?

TransUnion offers a service called State Security Freeze, in which you can place a freeze on your credit report. This means that no one can access your credit file or obtain credit in your name, until you remove the credit freeze. Creditors & Security Freeze When you enact a TransUnion State Security Freeze, creditors can not pull your credit report. If they try to access your credit, it will be blank. Creditors can not view your credit...

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How to Get a Copy of My Credit Score

Obtaining a copy of your credit score will help determine where you stand among the credit scoring range from 450-850, with 450 being poor and 850 being excellent. Checking your credit scores regularly may also alert you to any major changes within your credit report, such as new accounts, delinquent payments, high credit card balances and other activities that impact scores. The following basic steps show how to get your credit scores. Instructions...

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Can Business Credit Card Debt Impact Personal Credit?

As an employee, a corporate credit card lets you avoid entangling business expenses required by your employer and personal expenses, but it can still affect your credit rating. In general, business credit cards usually have a negligible effect on your personal credit rating. However, even if your employer is responsible for paying your business credit card debt, an unpaid bill can cause damage to your credit rating. Business Credit Card Basics Most likely, you have to apply for a business credit card jointly with your company. An initial...

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