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A tradeline is basically a line of credit. When a person is given a loan with an increasing credit limit, this is a tradeline.
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How do you find out when an account on your credit report was closed?
Each entry on your credit report that reports financial activity is called a "tradeline". If an account was closed, charged off or paid off, it will have a statement under the tradeline to that effect. A word to the wise...never close an open tradeline - even if you are not using it. When you close a tradeline your credit score will drop to some degree.
Is it better to have an account removed from your credit report completely or to negotiate for 'Paid As Agreed'?
In the case of a collection account, it is always in your best interest to have the tradeline completely removed from your credit report as opposed to having it show paid. If the account is NOT a collection or P&L, then the opposite may be true. Let's say you have a credit card with 6 late payments being reported to your credit history. You negotiate with your creditor to have all the late payments removed from the tradeline, showing that it has been paid as agreed, never late. This would be better then to have the entire tradeline removed, as the now clean payment history will help to raise your FICO score. Having it removed will not have as positive an effect. You will lose all the credit history associated with the tradeline, as well as (if it is a revolving account), available credit. Not having sufficient credit history can be just as detrimental as having bad credit. Hope this helps!
Are tradeline illegal?
Reportedly, buying trade lines is illegal. A trade line is something that will make a credit report look better. According to the Fair Credit Reporting Act, this is illegal.
What does the acronym MR stand for in a Credco credit report?
The "MR" column on a CoreLogic Credco Instant Merge credit report shows the number of months reviewed. That is, how many months the tradeline has been open.
My credit card does not have a limited amount and there is no amount reported on my credit report does that hurt my credit scores?
Actually, it could affect the score negatively, yes. If the bureaus don't have a way to measure that tradeline balance against what the max is on the card, they can't score you on it. That said, that tradeline can affect your credit score by the following factors: How long the credit card has been open, if there is an active balance being paid on time, any late payments ever, largest amount you ever borrowed on that card (and how it relates to the current reporting balance). The above is not an exhaustive list, but it does show that there are many factors for EACH tradeline as they relate to a collective score. The algorithms change regularly so that there is no sure-fire way of knowing exactly how much any particular thing affects the scores. However, there are general guidelines available on the web.
Can an individual that is not a bank change someone's credit report?
No. Individuals generally do not have the ability to submit tradeline information to a credit bureau. However, ANY corporate entity (including sole proprietors) may become a member of a credit bureau and submit credit information.
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Can an individual change someone elses credit report?
Individuals may not submit changes to a credit bureau, however, any business entity (INCLUDING sole proprietorships, which may only be one person) that is a member of the credit bureau may report tradeline information.
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