-Credit Monitoring System
-Free Credit Report
-Age & Credit
Your Report Yearly
-Credit Report FAQ
-Who Looks at Your Credit?
-What is Credit Scoring?
Credit Type Are You?
-How Scores are Computed
-Understand Your Credit File
-Sample Dispute Letter
Sample Follow-up Dispute Letter
-Impact Of Inquiries
Credit Scoring Blunders
COMMON QUESTIONS RELATED TO CREDIT REPORTS
Below are some common questions and answers related
to credit reports. If you have any additional questions,
Q: What is the average amount of time that negative,
or black marks, stay listed on my
A: Typically, all types of credit information, good or
bad, will stay present on your credit file for no more
than seven years from the time of activity until the time
the accounts are closed or paid in full.
There are instances when good and bad credit will stay
listed on your credit report for longer than seven years.
credit cards and
mortgages are two types of
accounts that will remain on your credit file for longer
periods of time. This is because these types of accounts
have usually been active for many years.
will remain present on your credit file for 10 years.
Unpaid tax liens will stay on your file forever!
Defaulted government student loans will also remain on
your credit report indefinitely.
Q: How can I be certain that the negative data will be
removed from my credit report timely?
A: All of the credit reporting agencies have
programmed their systems to automatically eliminate
material once they hit their respective seven and ten
year anniversaries. It is still wise to
check your report
to ensure that the information is in fact removed when it
is supposed to be.
Q: How come there are three different credit reporting
companies? What is the difference between each?
A: In the past there were many small credit reporting
companies. Over time, the current three major companies,
Equifax, Experian and TransUnion, have taken over these
Having three companies instead of one ensures that all of
your information is present when combining the info of
all three. The three companies are different from each
other. Here is how:
-- Because it is not mandatory to do so, not all
creditors report to all three credit agencies.
Therefore, there will be information missing from your
credit file as reported by one or more bureaus.
-- Even if you information is reported by a lender to all three bureaus,
it is likely that the reported info is going to be
different when compared at the same time. Why? Because
each bureau will receive information at a different time,
and report it at different times.
-- Some creditors will not utilize all three credit bureaus when pulling
your credit file. Therefore, the mark on your credit
report for the 'inquiries' are going to be different for
Q: What if there are outstanding judgments on my
credit file? Should I pay them?
A: Yes, you should always look to pay-off any outstanding
debts as soon as you can. Not only will doing so help
improve your credit score, it will help increase your
chances of approval when you apply for any type of loan
Q: Are all types of outstanding debts reported on my
A: Traditional credit like
auto loans, mortgages,
loans, and all types of
credit cards are always listed on
your credit report. Non-traditional types of credit like
your cell phone bill, utilities and Dr. Invoices are not
reported on your credit report. However, if you stop
making payments on any non-traditional item, it will
adversely be reported and reflected in your credit.
Q: How long does it take for new credit to start
showing on my credit report?
You will most likely need to have at least one
account that has been opened for a minimum of 3 - 6
months and one that has been open for a minimum of 6 - 12
months to show any signs of positive credit.
Q: If my credit score hurt when I get a copy of my
credit report for my own viewing?
credit score will never be impacted when you get
a copy of your credit report for yourself. This is called a “consumer disclosure” request.
However, keep in mind that your scores will be impacted
every time someone pulls your file for any type of loan
Q: How is my credit impacted when a creditor pulls my
Every time someone other than you pulls your credit it is
called a credit inquiry. A credit inquiry is merely a
record of who pulled your credit and when. Usually, your
credit file will reflect all credit inquiries for 24
You are going to be considered high-risk if you have many
credit inquires on your file, also lowering your credit
There are some exceptions were it is OK to have multiple credit
inquiries, this not lowering your score. Specifically, it is not uncommon for people
looking for auto loans and mortgages to shop around for
premium interest rates by applying for a loan with more
than one company in a short period of time. Learn more
how your credit is affected when inquiries are made.