Credit Report

Credit Report questions and answers

Learn more about Credit Report at TeenAnalyst.com; The number one website for young investors.

Q: Credit report?
I just ran my credit report and there are several hits on it to say the least. Is it better to call the collection agencies directly and work out payment arraignments or should I call the credit consolidator people. And what is the best credit consolidator co to call?

A: Depends on the dollar amounts of the debts you owe. If it is relatively small, then you want to work with the collection agencies on a case-by-case basis. All communication to the collection agencies should be in writing. DO NOT handle this matter via the telephone. It wouldn't hurt to contact the local Consumer Credit Counseling Center to get a better assessment to how to approach your delinquent debts as well.

Q: What will my credit report show if I choose to settle an old credit card account with a debt collector?
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?

A: Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off. This site also provide some tips about this - http://creditreport.fateback.com Have a nice day.

Q: How do we report an unpaid civil judgement to the credit bureau?
We were awarded a civil judgement signed by a judge and filed with our local courts in Jackson County MO for $100,000. The defendant never paid this amount and we would like for this to show up on his credit report. I have been told unpaid civil judgements can be included in the personal section of a credit report but I am unable to find out how to get the credit bureaus to acknowledge this judgement and show it on his credit report. Can anyone tell me how to get this debt on his credit report?

A: The credit bureaus routinely check these public records, so they will likely find it, if they haven't already.

Q: What shows up on your credit report when you report your credit card lost/stolen?
For example, if the credit card company changes your account number and moves everything to a new account, does your credit report now say that the old account is closed and you just opened a new account? I'm trying to figure out if you lose your old credit history when you do this----especially if this is an account you've had for a while, and therefore is one of your oldest accounts since alot of credit is based on how long you've had things.

A: It should not have a negative impact. Usually the company marks it closed, indicates the payment status, and issues a replacement card with a new number which will show as a current account on your report. If you think there is one on your report, contact the creditor and the credit bureau for resolution. Also, a good resource is this one... http://credit-report-score.10001mb.com Take care.

Q: What website provides the best credit report for free?
I want to find out what my credit report looks like and my credit score. Can someone offer advice to which websites I should go to that provides the best credit report and score for free?

A: The Fair Credit Reporting Act (FCRA) requires each of the three nationwide consumer reporting companies - Equifax, Experian, and TransUnion to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation's consumer reporting companies. The Federal Trade Commission (FTC), the nations consumer protection agency, enforces the FCRA with respect to consumer reporting companies. Visit www.annualcreditreport.com online to request. Please note that your credit reports are free but if you want to know your credit score there is an additional charge per bureau. If you want to know your score we recommend you use a paid service since the cost is equal and it is easier to obtain and understand plus then you reserve your free report rights for another time. Here is some more detailed info about it - http://credit-report-free.totalh.com Best regards.

Q: How to pay off Derogatory items on credit report, increase score?
I have some old key Derogatory reports in my credit report. Is there any way to pay these off to increase my credit score? Someone told me if you pay them off, it will still show negative on your credit report. What is the best course of action? I have under $5,000 in negatives on my credit report, and now I have a good job paying good money.

A: The best thing you can do is to contact each creditor individually and offer to settle. This will not make things come off of your credit report any sooner (each debt will be there until it is supposed to fall off, reagardless of payment), but it will show that it has been paid. While it may not help your score as much, it will show potential lenders that you made the effort to settle up your debts. If you think some of the debts have been listed on your report in error, you can contact the three credit reporting agencies to dispute the listings in writing. They are Equifax, Experian, and TransUnion. You should be able to find contact information for them on the net. Hope everything works out for you! Also you can find some advice here... http://credit-report-score.10001mb.com Best regards.

Q: How do you dispute something on your credit report?
There are a few items which have been reaged by a collections agency and they cannot do that. The SOL has passed and they should be removed from my credit report. Also, when you view your credit report where is the "date of last activity"? All I see is the open date and last reported date. The last reported date can't possibly be the date to go by because then the companies can stay on your credit report forever. I have never had problems about stuff dropping off before but Capital One refuses to drop off and the three different collection agencies (for one card mind you) keep reporting a new date opened. This is ridiculous. How can I get them off? It has been 8 years now and they are still on there.

A: Each of the 3 bureaus has an online dispute system. You can get a free copy of your credit report each year, and that gives you access to the dispute systems. I'd wait until mid to late November to dispute it though. They have 30 days to respond - but everyone takes vacation from Thanksgiving to New Years, so chances are you can dispute a whole lot and it'll all get removed simply because your creditors aren't staffed properly to respond to your disputes.

Q: What does a credit report look like after bankruptcy?
I wanted to get information on what your credit report looks like after filing ch 7 bk. Does it still list all your accounts with the balances just with discharged on each, or is your credit report blank with just the bk on it?

A: All of your account names will show. There will be a code for the bankruptcy. It will still show what your high was but the balance will be 0. It will stay on your report for 10 years. However after 2 years you can begin to reestablish some credit. Your interest will be sky high though. Your credit report is never blank, they fill in all the blanks, to be sure.

Q: How can I get my credit report online for free with out using a credit card?
I no longer have a credit card and every site I go to asks me to purchase my credit report. Is there anyway that I can get my report without using a credit card?

A: Go to: http://www.lowest-apr-cards.com/index.html and get all information about your credit report. The online credit report is really FREE! No tricks or gimmicks! Unlike the competition you also get your credit score. you get updates on your credit file You get a prepaid Mastercard debit card. There's no credit card needed to get your free credit report.

Q: How often does Household Bank report to credit bureaus?
I recently got a Household Bank credit card in order to help build up my credit score. I have only used the card for small purchases and have paid off the balances for 2 months (the amount of time I've had the card) but no payments have shown up on my credit report as of yet. I was under the impression that Household Bank reported to the credit bureaus every month. Does anyone know when the payments might show up?

A: The report says you have the card and all the info about loan type and terms etc. and only when you don't pay or a late payment do they report it. The credit report is not an accounting balance sheet. Every month the credit reporting agencies get bad debts for the information to build credit reports. Once you have a good report, they don't need to keep reporting every time you write a check already.

Q: How long does it take for credit card latenesses to fall off one's credit report?
I've heard that "baddies" stay on a credit report for 7yrs from the date of first delinquency. In 2002, I had a Visa lateness recorded on my credit report. Next to the lateness, it said "due to stay on credit report until 3/2005" which is only 2.5yrs not 7. Then in spring 2005, the lateness vanished from my credit report! (hooray!) But in early 2005, I fell into financial problems again(job loss) and a few more 30day credit card latenesses got recorded on my credit report. In the past month, one of these 30day latenesses has vanished from my TransUnion report, along with any mention of the account(which is a good thing, since it's been closed and was only open a short time anyway; the account was not beneficial to my Fico score) I was wondering if the remaining 30day lates will disappear from my report once they hit the 2.5yr mark? Or, have the credit reporting regulations changed since 2002, and I will be stuck with them for the next 4.5yrs? Any experience w/ cc lates?

A: You are correct in thinking that all negative information stays on your report for 7 years. What is sort of unkown is that the lates on your report are only tracked for 24 months. In the spaces where you have the 30/60/90 categories, that's only taking into consideration the last two years. Month by month, they are replaced with new information (obviously). That's why they've been falling off.

Q: How does bad credit come off your credit report once you have passed the 7 year deadline?
Some delinquent reports on my credit report are due to fall off this year. Will they come off my report automatically or is there something that I should do once the fall off date has passed?

A: typically they come off but after another month or so and they dont come off then contact the bureau and request that it be removed

Q: How to change wrong information on credit report?
After applying for a for a morgage we got a copy of our credit reports. Well my credit report is 19 pages long full of stuff that doesn't belong to me. It has my mother's employer on there, her bank ruptcy, her house loan, car loans, medical bills. How do I go about fixing this problem?

A: Hate to say it but you might have to talk to your mom. She may have unfortunately used your social security number as hers, and committed fraud and identity theft against you. You may find you're in a long long battle to straighten out your credit. The first thing you need to do though is dispute the incorrect info with the credit bureau's. That's the easy part though. Also, a good resource is this one... http://credit-report-free.totalh.com Good luck.