A bankruptcy record in a credit report can take a big bite out of a credit score. A bankruptcy is considered one of the most damaging occurrences in a credit report measured by the major credit score models, regardless of the type bankruptcy. As long as the bankruptcy filing is listed in a credit report, it is calculated into the credit score. The more time that goes by after the bankruptcy is initially recorded in the credit report the less the impact the bankruptcy will have on the … [Read more...]
Review on how to Get Free Credit Score with myFICO
October 7, 2010 By Leave a Comment
Obtaining a free copy of your credit report has become very easy task thanks to government intervention and the establishment of the FACT Act. The destination on the internet to go to for a free credit report is annualcreditreport.com. The service is entirely free; unfortunately, a free credit score is not included with that site or service. There are several options to review when it comes to getting a copy of your credit score. Whether it is a free credit score or not is … [Read more...]
Find Out Your Credit Score
October 5, 2010 By Leave a Comment
To find your credit score should be an easy task, unfortunately it’s not. Unlike credit reports, there is no universal resource that entitles consumers to a free copy of their credit score. Consumers are entitled to one free credit report within a 12 month period from each of the three credit bureaus but are not entitled to receive a free credit score. The FACT Act which is a revision made to the Fair Credit Reporting Act, allows consumers to get one free credit report from each of the … [Read more...]
Remove Inquiries from Credit Report Sample Letter
September 30, 2010 By Leave a Comment
When trying to improve a credit score, removing inquiries from the credit report can help. Inquiries, as a rule, have very little impact on a credit score but they can shape the score if there are a number of credit report inquiries in a short period time recorded in the credit report especially when the individual credit report has a limited credit profile or credit history. Before a consumer pursues the process of trying to remove the inquiries from a credit report they should be … [Read more...]
Remove Inquiries from Credit Report
September 28, 2010 By Leave a Comment
Since the Fair Credit Reporting Act allows only authorized inquiries to appear in a consumer credit report, consumer can remove inquiries from a credit report. To remove inquires from a credit report a consumer should first be fully aware of the credit inquiry and credit score process. According to the Fair Credit Reporting Act, businesses with a permissible purpose may review the information in your credit report. Every time you apply for credit whether it is a mortgage or credit card, … [Read more...]
Credit Score Scale
September 27, 2010 By Leave a Comment
In order to improve a credit score or to know the likelihood of being approved for a loan or credit request, a consumer should know what the range of credit scores are or what the appropriate credit scale is. The common credit score scales available are not absolute measures, but can be used as a good guide on where an individual’s credit score falls within the available range of scores. There is not one credit score scale. Credit scores are determined based on the information in an … [Read more...]
Credit Report Inquiries
September 26, 2010 By Leave a Comment
Credit report inquiries are recorded in credit reports every time a business that is authorized to view your credit report does so. Although credit report inquiries are often necessary, too many credit inquiries can reduce a credit score. A credit score can be lower as a result of too many inquiries which is an indication that you have been applying for multiple new credit lines in a short period of time. By federal law, your credit report must list all parties that have made an inquiry … [Read more...]
Credit Check Agencies
September 25, 2010 By Leave a Comment
Credit check agencies are companies that collect and sell information about the credit history of an individual. The report that the credit reporting agencies produce regarding consumer credit histories are called a credit reports. A credit check agency is a term that covers a number of different types of credit reporting agencies. Credit check agencies are also known as consumer reporting agencies and credit bureaus. The credit check agencies or credit reporting agencies take in a … [Read more...]
Debt Validation Letter Sample
September 24, 2010 By Leave a Comment
Debt validation, which can also sometimes be referred to as debt verification, is the process of challenging the validity of a debt being collected by a debt collector. The right to dispute the debt and receive debt validation from a collection agency is part of the consumer's rights under the Federal Fair Debt Collection Practices Act (FDCPA). Consumers that want to a debt validation or dispute the actual debt and/or the amount of a debt must send a debt validation letter within the first … [Read more...]
FTC Targets More Credit Repair Operations
September 22, 2010 By Leave a Comment
Since a good credit score and credit history has become so important for consumers to obtain credit and housing and insurance and other products and services, companies that target consumers who have poor credit histories with promises to clean up their credit report have run amuck. The FTC is one government agency responsible for curtailing fraudulent, deceptive, and unfair business practices regarding credit repair organizations. The FTC announced in the first week of September that … [Read more...]
Review the Credit Accounts in Your Credit Report to Improve Your Credit Score
September 9, 2010 By Leave a Comment
Once a consumer is familiar with the components from a credit report that factor into a credit score, one of the first step steps to try and improve a credit score is to review the credit report for errors and inaccurate information. Credit reports are often filled with numerous errors however; most of these errors do not impact a credit score. The focus in reviewing the credit report is to have the accounts and records that impact the credit score repaired or removed. When reviewing a … [Read more...]
Bankruptcy Filing Fees
September 6, 2010 By Leave a Comment
There can b a variety of costs associated with a bankruptcy filing, some of the fees or costs are mandatory bankruptcy filing fees and some are optional costs such as hiring an attorney to represent the individual filing for bankruptcy. At the time a petition for bankruptcy is filed, the petitioner is required to pay a bankruptcy filing fee. The bankruptcy filing fees required to file a chapter 7 case total $299.00, the bankruptcy filing fees to file a chapter 13 case total … [Read more...]
Debt Validations Letters
September 2, 2010 By Leave a Comment
The Fair Debt Collection Practices Act (FDCPA) gives consumers the right to request that a debt be validated which can be requested with a debt validation letter. Debt validation is different from the verification process that can be done through the credit reporting agencies. A request to verify a debt simple means the credit reporting agency requests that the creditor verify their records for accurate information. A debt validation requires that the collection agency prove the debt is … [Read more...]
Filing Bankruptcy Cost
September 1, 2010 By Leave a Comment
The cost of filing bankruptcy has risen since the amendments to federal bankruptcy law were added in 2005. Filing bankruptcy costs can be complicated due to the different fees that may have to be paid. The costs of filing bankruptcy can be quite low for consumers who handle the filing and petition on their own or more expensive if an attorney is involved and the case is complicated with various assets and contracts. There are many different options for consumers to deal with their debt … [Read more...]
Understanding Pay for Delete Letters
August 28, 2010 By Leave a Comment
Removing negative information from a credit report is the fastest method to increase an individual’s credit score. One of the procedures available for removing negative or derogatory records from a credit report is using what is referred to as a Pay for Delete Letter. The pay for delete letter name describes exactly what this document is. A pay for delete letter is sent to the creditor or collector agency asking that they remove the bad payment record from your credit report in return … [Read more...]
Bankruptcy and Bill Collectors
July 23, 2010 By Leave a Comment
Bankruptcy protection is made available to consumers who can’t pay their creditors or debts to help resolve the debt burden. One of the major benefits of filing for protection under Chapter 7 is that many creditor actions are stayed or brought to a standstill. This means that any debt collection efforts and foreclosure procedures are halted. Once a creditor or bill collector has been notified that a consumer has filed for bankruptcy protection, the bill collector or collection agency … [Read more...]
Pay For Delete Letters to Remove Delinquent Accounts
June 11, 2010 By Leave a Comment
A pay for delete letter is a useful tool to try to eliminate a delinquent credit item from your credit report. A pay for delete letter is a means used to arrange for a settlement on a severely delinquent account in which the sender is requesting that the creditor remove the delinquent record in return for paying the account off. The payoff amount can be the full amount or an offer to settle for a lesser amount. The letter can be used in a variety of situations were the debtor wants to … [Read more...]
Your Credit Score May be Too Low
June 8, 2010 By Leave a Comment
Before the economy took a turn for the worse and credit became harder to obtain, good credit and a good credit score was a fairly well established number or close range of numbers. Now when it comes to the topic of a good credit score, that well defined range of credit scores that creditors and consumers would agree on is elusive. Tougher credit and greater credit awareness has elevated those numbers and what was once a good number is now reduced to a fair or poor credit score. A wide … [Read more...]
Credit Scores and Your Hospital Stay
June 7, 2010 By Leave a Comment
Hospitals have long struggled with handling delinquent medical bills of their patients. In recent years the business of identifying potentially risky customers in advance of rendering medical services has picked up steam. Credit scores have been used by lenders, landlords and insurers to evaluate consumer’s financial risk. Now the business of handling and managing medical bills has moved into the arena of credit scores and credit profiles. The medical credit score is intended to be … [Read more...]
Credit Scores and Collection Accounts
April 24, 2010 By Leave a Comment
Collection accounts will almost always have a significant negative impact on a credit score. A collection account is a listing in a credit report that represents a consumer account that has been assigned to a company to collect on an unpaid debt obligation. If a consumer stops making the contractual payments on an account or debt, the lender or creditor may assign the account or sell the account to a collection agency. This action turns a credit account into a collection account. The … [Read more...]