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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.
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∙ 9y ago
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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.
Is it illegal to beg for money on the street?
Is it illegal to mug someone.
What is the most profitable industry in the world legal or illegal?
illegal would probably be either the selling of illegal drugs, or human trafficking.
Is finding a credit card that's not yours' and using it illegal?
Yes, of course it's illegal.
How does a derogotory tradeline become a collection account and what is the difference?
They are two different issues. A derogatory (negative) trade line is a record of a consumer's past and current buying and payment activities. A collection account is generally an account that has been defaulted on. It some cases it refers to the original creditor or the OC collection representative. Or it can be in referance to a third party that has purchased the account.
What is the definition of a tradeline?
A tradeline is basically a line of credit. When a person is given a loan with an increasing credit limit, this is a tradeline.
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!
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.
If you are fifteen years old and in New Hampshire is it illegal to go to a friends house without permission?
No, it is not illegal. No, it is not illegal. No, it is not illegal. No, it is not illegal. No, it is not illegal.
Is it illegal to work in the US if you are an illegal or is it just illegal to hire an illegal?
It is not legal to work in this country if you do not have a green card and you are an illegal.
Is it illegal to have nos?
Its not illegal to have but it does become illegal when used.
Is it illegal to provide the state with an illegal address?
Well if the address is illegal, then obviously it's illegal.
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No one is allowed to have illegal fireworks, because illegal fireworks are illegal.
Is it illegal to have a illegal gun in your home?
Yes, it is illegal to possess ANYTHING that is illegal.
