List/Grid Tag Archives: credit reporting bureaus

Statute Of Limitations Regarding Negative Credit Reporting

Back in 1970 the Fair Credit Reporting Act or the FCRA was put into law in order to protect consumers from unfair and fraudulent credit reporting. Among the provisions of the law were some distinct limitations on how long negative credit can be reported. If you have mistakes and inaccuracies showing on your report, you have the right to dispute the information and attempt to get it removed. The credit bureaus will have 30 days from the receipt of your dispute in order to verify the accuracy of their information or completely delete it from your ...
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Negative Credit Reporting Has A Specified Statute Of Limitations

Negative credit must be removed from your credit report within a specified time period due to provisions within the Fair Credit Reporting Act or the FCRA that was enacted into law back in 1970. This law came about in order to protect consumers from unfair credit reporting. The majority of credit reports contain some types of errors. If you happen to find some inaccuracies or mistakes showing on your report you can send in a dispute and attempt to get them removed. The credit bureaus must verify the accuracy of their information within a 30-day ...
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Your Credit Score And the 3 in 1 Credit Report

All of the three major credit bureaus issue their own credit report. If you want a summary of all of the reports combined you can get a 3 in 1 report. The 3 in 1 report comprises the financial history of an individual or a group in order to “report their credit-worthiness”. It is an estimate of whether or not they have the reliability to repay a new debt. A 3 in 1 report provides information from all three of the major credit-reporting agencies. Many financial organizations use the 3 in 1 report to assess an individual’s credit reputation ...
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Credit Rating Agencies

TransUnion, Equifax and Experian are the big three credit rating agencies in the United States. Each have their own credit report, their own credit scores and their own records. They all collect the information on you and your history. Their profits come from sharing that information with banks, mortgage lenders, potential landlords and even sometimes employers and insurance companies. You can get a free credit report one time each year from each company and it is a good idea to make sure that you get all three. Check out ...
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Can Your Credit Be Too Good?

Probably not if you look at it from a personal perspective. Good credit offers you peace of mind, security and more but…. Your credit can be too good to get a credit card these days. Card issuers have counted on profits for years from penalty fees and high interest rates paid by the consumers who carry a balance. But the recent recession and the CARD legislation has forced a decline in profits from this source. The industry has had to write off billions of dollars of bad debt and the new Federal laws have seriously curtailed how much credit card ...
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Credit Score Facts

Some surprising and important facts about credit scores… · Your income level does not affect your score. Never. Income level is completely irrelevant when it comes to your credit score. But….on most purchases your income level will affect whether you can qualify or not. Most lenders will take into consideration many factors including your credit score and your income and job history. · The length of your credit history is important. Don’t close old accounts even if you are not using them because you need as much history as you can ...
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Financial Reform Will Provide Credit Scores

The current financial-reform bill that is being debated in Congress right now will allow consumers to actually get their credit scores along with the free credit reports that they can now get. Previously, a consumer could pick up a free copy of their credit report but they had to pay a fee of $15.00 in order to actually get the score. Knowing your actual credit score could make your credit repair efforts easier as you will know and be able to see immediately the effect on the number that all of the lenders look at and depend on.
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Add Favorable Info To Your Credit Report

The FCRA or the Fair Credit Reporting Act allows you as a consumer to add favorable information or explanations to your credit report. If you do not have any credit history you may consider adding unreported paid debts, rent payments or utility payments. If you have bad credit but feel you could benefit from explaining the circumstances you can add some information telling your side of the story. The credit bureaus may charge a small fee however the benefits would override the amount of the fee. Contact the credit bureaus by certified mail ...
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