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What else can I help you with?
Can an original creditor have a debt removed from your credit report in exchange for payment even though it is already listed as a collection account?
It can't be removed from your credit report even if you pay in full. It will say "settled" and paid in full, but the red marks will still show other creditors that you had some trouble with this debt. It will take the full 7 years to clean up. *Once again the person who made the report to the credit bureau can have it removed as an invalid or incorrect entry. It also is not always seven years.
How can you have a repo on your credit score and not own a house or car?
You may be a victim of identity theft or may have your credit report merged with someone else. This is what you do: 1. get a copy of your credit report 2. Go over the reports, look for any accounts or inquiries you do not recognize 3. If you find account you do not recognize contact the 3 credit bureaus. 4. If the accounts are verified, contact your local police department and fill out a police report. 5. Fill out an identity theft affidavit and mail it to the FTC, Credit bureaus, questionable account creditors. 6. File a complaint with the FTC. 7. Contact the credit bureaus Again. If you don't want to do this yourself, you may hire a credit repair company to help you resolve this issue.
What happens when you have a judgment but it doesn't show up on credit reports?
Nothing until that judgment hits the credit report. Many municipalities where civil judgments are given take a great deal of time to report the judgment to the credit bureaus. However, the lender has been reporting the progress throughout the process, so there will be negative information on the credit report associated with the judgment even if that judgment has not yet been recorded. Due to the recent credit-related legislation, existing creditors will not be able to change their pricing or ask you to pay off everything that you own as a result of the judgment appearing on your credit report. But, if you seek and get credit but the judgment was shown to have occurred prior to being granted that credit and the lender can show that they would not have given you credit had they known about the judgment, the lender IS allowed to seek full payment immediately, regardless of the type of credit or length of contract. The best advice is to avoid applying for big-ticket loans (specifically mortgages, auto loans and personal loans) until the judgment has been on your record for two (2) years. After two (2) years, the negative impact of that judgment will lighten (assuming you make all of your payments to other creditors on time) and you may qualify for large loans again.
Is it good to pay off old bad credit on your credit report?
No. If you have an old deliquency on your credit history and you now decide to pay it, all you're doing is refreshing an old debt on your credit history. Ex. If you owe a credit card 400 bucks from let's say, 2000, and you pay it now, creditors will see that it took over six years for you to pay it and it will remain in negative status on your history. Remember that after seven years your credit gets a clean start again, so might as well let it run for 7 years. Leslie
How many credit cards should you apply for at one time?
Never apply for too many credit cards at one time. Every time your credit report is ran it lowers your score. Some places will look at how many time your credit report has been pulled. Any time your apply for a credit card or a loan you should give it several months before you apply again. I have good credit but because my credit report had been pulled 6 times in 2 months I got denied. That's the best info I can offer.
Is it true you are responsible for correcting any errors on your credit report?
Yes, if there is an incorrect information in your credit report, you have the right to dispute it and if proven correct, the credit bureau will not report it again.
Does a reposesion effect your credit ability to buy again?
Repossessions do show up on your credit report, yes.
Can an original creditor have a debt removed from your credit report in exchange for payment even though it is already listed as a collection account?
It can't be removed from your credit report even if you pay in full. It will say "settled" and paid in full, but the red marks will still show other creditors that you had some trouble with this debt. It will take the full 7 years to clean up. *Once again the person who made the report to the credit bureau can have it removed as an invalid or incorrect entry. It also is not always seven years.
How can you have a repo on your credit score and not own a house or car?
You may be a victim of identity theft or may have your credit report merged with someone else. This is what you do: 1. get a copy of your credit report 2. Go over the reports, look for any accounts or inquiries you do not recognize 3. If you find account you do not recognize contact the 3 credit bureaus. 4. If the accounts are verified, contact your local police department and fill out a police report. 5. Fill out an identity theft affidavit and mail it to the FTC, Credit bureaus, questionable account creditors. 6. File a complaint with the FTC. 7. Contact the credit bureaus Again. If you don't want to do this yourself, you may hire a credit repair company to help you resolve this issue.
How do you make sure no one is using your credit report?
You can 'freeze' your credit with the 3 credit bureaus, Equifax, Experian, and Transunion. If you do this, your credit can't be run unless you were to contact the bureaus again and 'unfreeze' the credit.
What happens when you have a judgment but it doesn't show up on credit reports?
Nothing until that judgment hits the credit report. Many municipalities where civil judgments are given take a great deal of time to report the judgment to the credit bureaus. However, the lender has been reporting the progress throughout the process, so there will be negative information on the credit report associated with the judgment even if that judgment has not yet been recorded. Due to the recent credit-related legislation, existing creditors will not be able to change their pricing or ask you to pay off everything that you own as a result of the judgment appearing on your credit report. But, if you seek and get credit but the judgment was shown to have occurred prior to being granted that credit and the lender can show that they would not have given you credit had they known about the judgment, the lender IS allowed to seek full payment immediately, regardless of the type of credit or length of contract. The best advice is to avoid applying for big-ticket loans (specifically mortgages, auto loans and personal loans) until the judgment has been on your record for two (2) years. After two (2) years, the negative impact of that judgment will lighten (assuming you make all of your payments to other creditors on time) and you may qualify for large loans again.
Is it good to pay off old bad credit on your credit report?
No. If you have an old deliquency on your credit history and you now decide to pay it, all you're doing is refreshing an old debt on your credit history. Ex. If you owe a credit card 400 bucks from let's say, 2000, and you pay it now, creditors will see that it took over six years for you to pay it and it will remain in negative status on your history. Remember that after seven years your credit gets a clean start again, so might as well let it run for 7 years. Leslie
What does delinquency on a credit report mean?
Means that you did not pay your bills on time, or that you've never paid some of them. Make sure you get that straightened out, then don't be late again! That information stays on your credit report for up to seven years!!!
How long does a charge off remain on your credit report after paid off?
== == About 7 yrs, but if you respond to any credit inquiries from companies trying to collect any debt, it resets the time period to a new date, and the time starts over again. ONCE THIS ACCOUNT IS PAID, YOU CAN DISPUTE THIS ACCOUNT AND HAVE THE BUREAUS DELETE THIS FROM YOUR CREDIT REPORT. THIS WILL HAVE A POSITIVE AFFECT ON YOUR REPORT.
How many credit cards should you apply for at one time?
Never apply for too many credit cards at one time. Every time your credit report is ran it lowers your score. Some places will look at how many time your credit report has been pulled. Any time your apply for a credit card or a loan you should give it several months before you apply again. I have good credit but because my credit report had been pulled 6 times in 2 months I got denied. That's the best info I can offer.
How do you stop creditors from calling you for a relatives debts?
Tell the creditor in a firm voice "DO NOT CALL THIS NUMBER AGAIN". It is a violation of the Fair Credit Reporting Act for them to continue to call you. They can be cited for it. Ask to speak to a supervisor.
How to Dispute Your Credit Report?
Your credit report is one of the most important pieces of your life. It contains valuable information regarding your place of residence, how you pay your bills, whether you have been sued or arrested and whether or not you have filed for bankruptcy. Any misleading information in your credit report can mean the difference between being approved for a loan or being declined for a loan. That is the main reason why you should dispute your credit report.Your credit report is sold to creditors, insurers, employers and other businesses by consumer reporting companies. They determine how much you pay for a loan, whether or not you are eligible for a loan, if you can rent a home, if you are perfect for a certain job and if you can be approved for a credit card.Disputing your credit report can be fairly easy. The Fair Credit Reporting Act (FCRA) was recently amended in favor of the public. It forces the country’s three main consumer reporting companies to send you a free copy of your credit report once every twelve months. Anyone that provides information to your credit report; people, companies or organizations, have the responsibility of making sure that the information they send to the consumer reporting companies is correct.Once you receive your credit report, if you find discrepancies on the document, there are two main steps that need to be completed when disputing your credit report.Step one is the most complicated step of the two involved. First you must contact the consumer reporting company with a written report of what you feel is wrong with your credit report. Please be as detailed as possible. Any documents, which include receipts, that help your case should be copied and sent to the company for proof. Detail your dispute as thoroughly as possible. The company has 30 days to review your dispute before making their decision.If your dispute is awarded, the company has to send you a new copy of your credit report, which does not count against your annual free report. You can also request that the company send your new credit report to any business or creditor that received the false one within the past six months.Step two is the quicker of the two steps since there is no 30 day waiting period involved. After you have notified the consumer reporting company, it is time to notify the creditor or other business that provided the wrong information that you are disputing your credit report. Tell this company in writing and provide them with copies of any documentation that supports your dispute. If you win your dispute with the creditor, they are not allowed to report that inaccurate information again.
