Credit Report

Credit Report questions and answers

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Q: What is the legit “free credit report” website?
You hear from all sorts of places about getting your free credit report, but you just have to sign up for a free trial. And there’s always that catch. I saw something yesterday on the TV about a free credit report being offered and the offer expires March 31st? I can’t remember who it was. Also, that offer aside, what is the legit place to get access to your once a year, free credit report? I don’t trust half of what I read…. Thanks!

A: http://www.annualcreditreport.com The federal Fair Credit Reporting Act (FCRA) requires that U.S. consumers be entitled to a free credit report each year. The government’s goal is to make sure that consumers stay informed, fight identity theft, and get fair treatment. This is the government mandated website where you can get 1 free credit report from the 3 agencies for free in one year:

Q: Which credit reporting agency is best for the credit report?
I know that i can get my free credit report once a year, but there are like 3 reporting agencies to chose from. Which of those agencies is most accurate, and gives out the most info? I want one, to show all the negatives thing i might have in order for me to fix them, if there are any.

A: The problem is that not all creditors report to all three bureaus and not all lenders use the same report. Some information will show up on some reports and not others. Get all three FICO scores and credit reports -- but make sure you don't go to the individual credit bureaus to get your scores. They each use something called a credit score, but they use different formulas to achieve a number. What you need is a FICO score -- which you can only get from the Fair Isaac Corporation, a company based in California. FICO, put simply, is a persons credit score. The FICO score scale ranges from 300 to 850, with the majority of people in the United States in the 600 - 850 range. You can only get your FICO score from www.myfico.com. It will cost $15 per credit bureau or $45 for all three scores.

Q: How do I get a credit report with out a credit card or checking account?
I spent some time in jail and my credit card expired. Currently I have no checking account or active credit card. How do I get a credit report? All the sites I have seen require a valid active credit card.

A: You are entitle to one free report per year. I'm not sure how it works if you don't have an account/card as they usually use this to confirm your identity or sting you for payment after your free trial has run out! Also you can find some advice here... http://credit-report-free.totalh.com Have a nice day.

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: I reported my credit card for fraud, and the bank put a derogatory mark on my credit report. Is that correct?
I got a letter from a company their credit card database had been accessed illegally and that the credit card I used may be at risk for fraud. They recommended that I contact my bank to cancel the card I used to purchase one of their products online. I called my bank immediately and had the card canceled and had another one issued. Now a month laster I'm looking at my credit report and there is a derogatory mark on my credit report from my bank saying that the card was lost or stolen under 2 of the 3 credit reporting agency's. . Is this correct? Do I get penalized for reporting possible fraud to my credit card?

A: Yes, the notation is correct...but it's not a black mark against you...it just shows what happened with the status of the account. That is not factored into your score in any way. That is the common notation on credit reports, when a card is cancelled due to being lost/stolen.

Q: Is there a difference between the credit report a creditor sees and your full report on file with the 3 CRAs?
Correct me if I'm wrong but when you "pay for deletion" you are paying for any record of the debt to be 100% removed from the report that a potential creditor would see (like when you buy a car or credit card) . --BUT the debt is never actually deleted from the credit report that you and the CRA have access to. So, there are actually 2 forms of credit report: one that potential creditors see, and one which only you and the CRA see. Is this correct?? I am asking because in previous answers to my "pay for deletion" questions, alot of people are saying that debts are never 100% deleted from credit reports. So that makes me wonder what the phrase "pay for deletion" means exactly? Thanks!

A: When you request pay for delete, you are requesting full deletion. That means the tradeline will be deleted to where even "you" cannot see it. But, the CRA's will still hold onto the information. Yes in a way there would be 2 forms of credit report. One with all of the regular information on it that you and a creditor would see and another that "only" the CRA's see........unless.....hold on, I'm gonna confuse you some more lol..... The only time that old or deleted items may possibly be seen is if a full factual report is pulled. You cannot pull a full factual and the general creditor or collection agency cannot pull a full factual. Generally it is only a mortgage company that can pull a full factual. And, (as far as I know) it is not done often. If you apply for a mortgage that is 150k or more, then a full factual "may" be pulled. Way back when it was rare for the average person to apply for a 150k mortgage, when a person "did" apply for that high of a mortgage the mortgage company had probably pulled a full factual report. Now 150k mortgages are common and full factuals are not pulled as much as they had been. Full factuals can contain information that is old and outdated and past the reporting SOL and may also contain newer information that had been removed for some reason before the reporting SOL had expired.

Q: What credit report service is the best value?
I want a service that I can view my credit report and credit score for all major credit bureaus 3 or 4 times a year and make disputes quickly and easily as needed. I don't want to pay an arm and a leg. I shouldn't have to buy my own personal information in the first place.

A: Rather than pay a monitoring service, spread out your free credit reports thru out the year -- one bureau every 4 months. Unless your personal info has been compromised, you really don't need to do more than that.

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.

Q: How long does it take for itemizations to appear on your credit report?
I have just paid off one credit card and a substantial amount on another credit card. If I were to apply for a loan with someone and they were to check my credit report, how long after the time that I have paid off my credit card, can I expect it to show on my credit report, so that they people checking my credit report, would see the current balance of my CC's?

A: Depending on how often the creditors report, some take one month and some can take up to 6 months. Typically, you will see your last month statement balance on the credit report.

Q: How long does a credit inquiry stay on my credit report?
I recently checked my credit report and noticed that three credit inquires I made this December (MC, Discover & Visa) were still on my report. How long do they stay?

A: A Credit "Inquiry" that is where someone requests your credit report stays on there for 2 years from date of inquiry. But the older they are the less effect they have. Most people can usually have 2-3 but more than that might start looking bad.

Q: How long does a lien stay on your credit report after being paid?
I had a lien on my credit report, and I paid it about three months ago. It was still on my report, so I reported it to the credit beaura. They investigated it and said it will be reported as satsified/released. However I thought it would be taken off my report. I checked my report a week after the investigation and in the status category, there isn't anything written in it. Does it take a while for them to update the credit report? When will the lien be taken off?

A: If it was put thier by mistake it will be removed with a lette and proof. But if it was your lien it will remain on your report for 7 to 10 years. Stupid I know, but at least it shows paid and will not effect your score anymore and underwriters will not judge you for it.

Q: How is the "Average Account Age" in the Equifax credit report calculated?
I have a combination of Open, Closed, Revolving, consolidated and unconsolidated student loans, and a couple credit cards I have never used. I have averaged these in many different ways but have not yet arrived at the "Average Account Age" that is reported in the Equifax credit report. For those who haven't purchased their report, an "average account age" is given, and the longer it is, the better for one's credit score. Hopefully someone who has a simpler credit history can shed some light on how it is calculated. Thanks!

A: I believe it is oldest account (in month) plus newest account (in month) divided by 2. Card 1: 24 month Card 2 : 16 month ==> 24+16= 40 / 2 = 20 month (1 year 8 Month ) average account age.

Q: How long does it take for your credit report to get update?
I paid off a credit card and thought my score would go up. But every time I check my credit report (experian only) my score is the same. It shows my old balance on the card. I paid it off a couple of weeks ago. How long will it take for the balance on the credit report to be 0 and my sore to increase?

A: it can take up from 30 to 60 days most places will report every 30 days but some every 60-90 days

Q: How bad do inquiries look on your credit report and how long will it stay?
I have a credit score in the mid 600s, but have been denied credit because of too many auto credit inquiries. How long will they stay on my credit report? Thanks!

A: Inquiries stay on your credit report for two years, but they only count against your credit score for one year. When you applied for an auto loan at a dealership, they more than likely had several creditors check your credit to get you approved and/or get the best interest rate. However, all auto and mortgage inquiries should count only as only one inquiry if they are all done within 30 days. The only reason I see this could hurt your credit score is if your auto inquiries were spaced apart over 30 days. Inquiries are not nearly as damaging as late pays, collection accounts, chargeoffs, or bankruptcies. However, if you are applying for a mortgage, one recent inquiry can be enough to put you at a higher interest rate. If you are in the middle of getting a mortgage, it can be enough to get you turned down! If you plan on getting a house, if possible do not apply for credit one year before trying to obtain a mortgage.

Q: How do you file a credit report when a customer refuses to pay his bill?
I work for a small service company and I am attempting to help my boss collect on some overdue accounts. I have filed liens. I think the next step is to threaten to report overdue accounts to the credit agencies. But, if that doesn't get a response we may want to follow thru with a negative report. I believe the next step is probably small claims court.

A: Take the bills straight to a collection agency. It shouldn't cost you anything and you get what is owed you if they collect. They get whatever penalty fees the ower has to pay. You also write it off in taxes as a loss.