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What is the function of credit reporting agencies?
Credit reporting agencies keep files of information on all consumers who have made credit transactions at some point in their lives. Credit granting institutions may purchase these files
After filing a judgment with the county clerk how does the judgment get on your credit report?
There are agencies/operators that collect public records information which is placed in databanks. This information is then sold to other agencies such as credit bureaus. Some of the reasons it is handled in this manner is to assure the information is valid and to keep the necessary "paper work" at a minimum.
How long does NY state keep negative credit information on file?
New York state does not "keep" credit information. National repositories, like Equifax, Experian, Trans Union and Innovis, keep credit information. There may be smaller, local credit agencies affiliated with the big three (the first three) which have consumer's files. Credit information remains for a long time. Certain aspects, like the opening date, is used to calculate credit scores for decades. Certainly basic data, such as indentifying information like your name, addresses, date of birth and social security number are kept throughout a consumer's life. Derogatory information is shielded after 7 - 10 years, (it still exists and can be accessed if your credit is pulled with specific parameters). This statute of limitations is set by the Fair Credit Reporting Act. The FCRA CAN be superceded by state law, when applicable.
Why people need to know about consumerism?
In the US, the Federal government and along with many statewide agencies, provide people with information on issues that concern products that people buy. The US agency also produces information and warnings about consumer services such as credit cards. It's a good idea to keep up to date on these issues to avoid problems these agencies identify as hazards, or consumer frauds that certain credit card companies have committed.
What do credit reporting agencies report and to whom?
Credit reporting agencies report your credit activities, such as paying bills on time, taking out a loan, etc. They keep track of this and make it available to anyone who requests it.
If you paid off all of your collection accounts after being turned down for a mortgage how should you try to improve your credit?
What you need to do is obtain a copy of your credit report. These are agencies that keep track of people's debts and credit ratings etc., and whenever you apply for a loan or credit card or mortgage etc., the bank obtains these reports from these agencies. There are 3 major credit reporting agencies in the USA, and you can get a copy of your credit report from them for free, or for a minimal fee. Study it to see if there are any errors, or debts which have been paid off etc. Then you have to write to the credit reporting agency and ask them to make the specific corrections, or remove erroneous information. Then it is up to them to prove that the information is wrong, or remove it.
If you pay off all of your credit card debt how long will it take for this to positively affect your credit?
Make sure that you leave a couple of cards open with small balances so that they will keep reporting to the credit agencies. IF you pay everything off, you will not have anything reporting to the credit agencies.
How do you keep creditors and lawyers and collection agencies from continually viewing information on your credit report without your permission?
Consumers (although some do not realize it) authorize the creditor and agencies and legal representatives acting on the creditor's behalf to access their credit report when they sign the original account agreement. It is perfectly legal and there is nothing the debtor can do to prevent the action.
What personal information do i need to keep up to date with my employer?
why does your employer need to have up to date personal information
Can a collection agency keep changing the date last updated to keep a delinquent account on your credit report?
Legally they are not allowed alter the dates but there is very little regulation on this. It is very important that you keep the creditors in line and make sure that they are reporting the information properly.
If you paid off a credit card 4 years ago and it is still on your credit report they need proof that you paid it but you closed that checking account when you moved can you still obtain its history?
There are two things you should do. First, dispute the information with the credit reporting agency (you may have to dispute it with all three -- Experiean, TransUnion and Equifax -- if it appears on all three reports). This compells them legally to conduct an investigation and prove the information they show is correct. However, it's been said that those investigations are mostly for show, so you need to contact the institution through which you had the credit card and ask for a letter stating the account is paid off and closed. You can then submit a copy of that letter to the credit agencies. After that, they must legally amend the information, pursuant to the Fair Credit Reporting Act. Be sure to keep the orignal letter from the credit card company, as the bad information may show up again and you may have to resubmit the proof of payment to the credit agencies.
Can foreclosure and bankruptcy be taken off your credit report if you didn't have to go through with the foreclosure and bankruptcy?
Once it is reported to the credit reporting agencies, it is very tough to have it removed. However, you can get them to mark it "satisfied" by providing documentation of such along with a letter of explanation. Keep copies of all correspondence with the agencies.
