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credit score Archives - Fair Debt Collection Help

03 Feb

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How long will negative information stay on my credit report?

February 3, 2014 | By | No Comments

Those reviewing their credit reports for the first might be taken aback by some of the negative information present.

The good news is that most times the information won’t last forever. The bad news: it can be a hassle for the time being.

Most negative information, such as late payments, will remain on your credit report for seven years, but other items will stay for longer. Foreclosures typically remain for seven years, as do collections, although it depends on the age of the debt collected.

If you have an unpaid judgment or lawsuit against you, the information will stay on your report for seven years or until the statute of limitations runs out — whichever is longer. There are exceptions, such as unpaid tax liens, which could stay on your credit report indefinitely.

For those who have gone through bankruptcy, the amount if time it remains on your credit report depends on the type. For completed Chapter 13 bankruptcies it generally will show up for seven years, whereas Chapter 7 bankruptcies may remain for up to 10 years. For those with a criminal conviction, it may remain on your credit report indefinitely.

The good news is that positive information, such as the car loan payments you made on time, will stay on your credit history forever. Keep in mind that having more positive than negative information will help strengthen your credit history and should increase your credit score.

23 Jan

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Reasons to order your credit report

January 23, 2014 | By | No Comments

In today’s society, credit has too much clout not to know what your credit score is. A credit report contains information on where you live, what payment methods you use and whether you’ve been sued or filed for bankruptcy. All of this information together has a direct impact on whether you will be approved for a loan or even credit cards. If you’ve never ordered a credit report, there could be outstanding payments or incorrect information affecting your credit that you’re completely unaware of. Here are just a few reasons why you shouldn’t waste time when ordering your credit report:

Check for Mistakes: Make sure the information is correct, thorough and up-to-date. Even if you don’t plan on applying for a loan soon, it’s always good to double-check so you can deal with errors in advance.

Check for Identity Theft: Many don’t realize that there are plenty of ways to fall victim to identity theft. Identity theft is when another person uses your information, such as your social security number or credit card information, to commit fraud. Many times identity thieves use your information to open credit cards, and when they don’t pay the bills the delinquent account is reported to your credit report. Review your credit report carefully and pin point any irregularities– bad information could jeopardize your ability to get credit, insurance, and even a job.

Check for forgotten accounts: Remember that time you opened an account at a major department store to save 15% on the purchase? You never used the card again and eventually forgot, however the payment could still be out there. This is common and can greatly affect your credit score.

The Fair Credit Reporting Act entitles all consumers to one free copy of their credit report per year.  In order to comply with this requirement, the three major credit reporting bureaus set up a web site: www.annualcreditreport.com.  Visit this site to find out how to get your free credit report.

01 Jan

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What is in your credit report?

January 1, 2014 | By | No Comments

In today’s society, your credit score can make or break you. For those with a good credit history, the future is bright — you’re more likely to be considered for a mortgage, car loan, and approved for credit cards. For those on the other end of the spectrum, there can be a bit of struggle to get approved for loans and other types of credit. With credit bearing so much importance in a person’s life, it’s a bit surprising to hear that many people haven’t even taken a look at their credit report and thus aren’t in tune with where their credit stands. If you’re one of those who have either put off ordering their credit report, or simply don’t understand what it entails, this article will help you understand the ins-and-outs of your credit report.

Essentially, a credit report is a combined record of your credit history and personal data. It includes information on who you are, where you live, your criminal history, bankruptcies, existing credit, and a list of those who recently requested your credit report.

The information present in your credit report is gathered and maintained by the three major credit reporting bureaus — Equifax, TransUnion, and Experian. They use resources such as creditors, banks, your public records, credit card issuers, and car finance companies to obtain information about you. The three bureaus all rely on different sources for their information, so what is present in one credit bureau’s report might not match the content in another’s report.

The information is then provided, in the form of a credit report, to persons or entities that request it. Because credit reports contain personal information, there is limited access to them. To see a full list of those who have access to the information in your credit report, please visit the Federal Reserve website.

03 Jul

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How to Improve Your Credit Score

July 3, 2013 | By | No Comments

Whether you would like to improve your credit score or simply maintain the good score you already have, there are steps you can take.

Graphs showing credit scores

photo by: i am real estate photographer

  • Check your report.

    Whether you have excellent credit or a less desirable credit report, be sure to check it. This will allow you to see any errors or any suspicious activity associated with your credit. You could have paid something on time, but it came up as a late payment. You could have possibly opened an account a while ago and forgot all about it. This is also a great way to check if you’ve had a problem with identity theft. If there are any accounts you don’t recognize, you’ll want to report them immediately to the credit bureau. You can check your report for free once a year by visiting AnnualCreditReport.com. It’s free to see your credit report, but you’ll have to pay a small fee to see your actual score.
  • Get organized with your bills.

    Since late payments are horrible for your credit score, you need to pay your bills on time. Late payments are flagged on your credit report and cause your score to go down. It can also cause your interest rate to go up and late fees to be added to your bill. On the other hand, making your payments on time will start to improve your score. Keep track of when your bills are due. The same way you mark on your calendar doctor’s appointments and items due for work or school, mark down when your bill is due. Sign up for automatic payments or a reminder that will be e-mailed to you when your bill is almost due.
  • Make a payment plan for your debt.

    If you’re struggling with debt and also dealing with a less desirable credit report, it can feel overwhelming. But it is possible to deal with it and come out on top. Make a plan of dealing with any debt you have as well as any accounts that are past due. Your plan may have to include finding ways to save money in your monthly budget so you can put it towards bills and/or debt payments. There are ways you can save money on food. Try to make more careful choices about purchasing wants over needs, and try to lower your utilities.
  • Work with anything you have past due.
    If you have an account that is past due, the worst thing you can do is just ignore it. Call the company, and face it. It is possible that they will work with you to go on a payment plan. For student loans, it is possible you can defer your payments if you are unemployed, still in school, or experiencing economic hardship. You can also put your loans in forbearance, which means you pay a fee, then you do not have to make a payment for a certain amount of months without any penalties.

On top of dealing with a low credit score, you may have been contacted by a debt collector. Remember that there are a lot of things that debt collectors can’t do or say. If you
you feel like a creditor violated your rights, call The Law Firm of Mitch Luxenburg’s experienced fair debt collection attorneys toll-free at (877) 846-1209 to find out how we can help you or complete our online form for a free FDCPA case review.