Tony Banks asked:




You have a credit score with the three main bureaus, Equifax, Transunion and Experian. Each bureau has come up with their own version of the credit scoring formula which is unknown to the public.

This creates a situation where your three scores are highly unlikely to be the same. The credit score that a lender looks at when qualifying you for a loan really depends on the type of lender. Most consumer credit, car and personal loan lenders use only one score to determine if you will get approved and to determine your interest rate and terms. The geographical location of the lender sometimes determines which bureau they will turn to for that score due to business relationships.

The relationship between a lender and a credit bureau is just like any business relationship. The lender will pay to have access to each credit report and score from the chosen credit bureaus.

On the other hand when you are dealing with mortgage loans, the lender will look at each of your three credit scores. (Equifax, Transunion & Experian) They will base their approval on your middle score. For example your Equifax score was 654, your Transunion 669 and your Experian was 704.

Your mortgage interest rate and loan terms would be based on your Transunion score of 669 because it’s the middle one in terms of the value of the number. It is a good idea to check your credit reports with each of the credit bureaus before you apply for a loan. This way you can make sure there are no errors that will negatively impact your credit scores.

Kathleen

Tony Banks asked:




Credit bureaus operate independently of one another. Even though all three – Transunion, Equifax and Experian perform the same function of collating financial information about you, they are operated and managed by a different management body and thus, they have their own internal company rules that they use to decide what to use in calculating your score. This is why you need to focus on not one, but all three of your files when you’re starting a restoration program.

When you have obtained your three-in-one credit report, read through all to find out what mistakes have been made or expired negative accounts that haven’t been removed yet. You should also keep your eyes on the lookout for accounts that do not belong to you as it is possible for reporting agencies to make mistakes which may cause someone else’s bad account to slip into your own file.

Start patching things up by gathering all the necessary documents that you know you can use to challenge wrong entries in your file with the bureaus. Don’t worry if you don’t have any of such documents that you can use as a backup claim to show that wrong entries on your file do not actually belong to you. Simply writing a dispute letter to the bureaus is enough in most cases.

Reporting agencies are required to spend a period of only 30 days to conduct their investigation into a disputed account once they receive your letter, and it is best you send your dispute letters by standard mail so that you have evidence that they received it. Once the 30 day period has passed out, the bureau is required to delete the account if they can’t provide proof or claim for the entry to be placed on your file.

You can perform this dispute task yourself using the self-help approach or hire the expertise of a professional repair agency.

Sara

Tony Banks asked:




If you’re asking the question; how long do late payments remain on my credit report? You need not worry it’s not peculiar to you alone. This is often asked by a lot of people who like you are interested in knowing what effect it (late payments on your report) will have on their credit report and scores.

Let’s say you have a credit card bill due 3rd July but you couldn’t make payment till 21th July, this type of lateness will NOT reflect in your report. Before you get puzzled there’s something you must note about late payments, and it’s the fact that a missed payment is not reported to credit bureaus until it is more than 30 days late.

The thirty day mark works for ALL types of credit accounts and is crucial for some reasons; late payments are not reported to the credit bureaus until they reach the credit day mark, and your credit scoring formula will instantly remove points from your scores once you’ve passed the thirty day mark. Also keep in mind that for being late your credit card company can increase your interest rate.

Over time the effect of late payments should fade off, but you’re assured that a negative entry would stay on your credit report for seven years if you do nothing about it, and will have an effect on your rating for a minimum of 3-6 months.

The key here is to prevent accounts from going into the thirty day late status. If you cannot meet up within this period you should then get caught up as soon as possible, at least your credit report will reflect up to date status. Also check your credit report regularly to ensure that incorrect or late reports don’t exist.
Now you know “how long late payments remain on your credit report”.

Peggy

rob j asked:


my question is will it still appear on my monthy credit report if i did not buy any mins i just signed up

Wanda

corazon asked:


I thought you were supposed to be able to get your credit report for free from all 3 agencys once a year! How do you do this? I tried calling Trans Union and they wanted 19.95! How the heck am I supposed to find out what is still on my credit and if it is right?

Carrie

rob j asked:


my question is will it still appear on my monthy credit report if i did not buy any mins i just signed up

Ron

Lubetube asked:


Tried with 3-4 online fast free agents w/ocredit card you get no were. why a credit to acess credit report?

Janet

April S asked:


…paying $50. Does anyone know how I can get my FICO score from each of the 3 major credit reporting agencies either for free or for less than $50?

FYI: I know all about getting my credit report, so I don’t need help with that.

Teresa