Category Archives: Credit Reports

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Investigating Inaccuracies Listed in Your Credit Report

According to the Consumer Data Industry Association, only a small fraction, 2.2% of reports, have material errors. These errors dont impact your credit score or risk level but you will still want to contact the credit bureau reporting the information, and dispute the inaccurate information.

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Three Steps for Reviewing Whats Included on Your Credit Report

Even people who’ve seen their credit report before (hopefully at least once a year) can find the information on it a bit difficult to interpret. If you’ve never reviewed your report before, that first look can be downright mystifying! A little knowledge, however, can go a long way toward helping you understand whats on your credit report.

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How Long Can a Debt Be Reported to Credit Bureaus?

Unpaid debts can put a dent in your credit score that can last for years. The type of negative item on your credit report whether a late payment, bankruptcy or civil judgment determines exactly how long the negative information stays on your credit report.

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What Happens to My Credit After Bankruptcy Drops Off My Credit Report?

Of all the things you can do to your credit, bankruptcy carries the single greatest negative impact because each account, marked derogatory by the bankruptcy, could drop your score along with the public record of the bankruptcy itself.   Meaning, by the time many debtors file bankruptcy, they’ve usually already missed numerous credit payments and may already have judgments against them. Then, filing for bankruptcy will result in a public record which can harm your score even further once its recorded by the credit bureaus.

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When Will My Late Payment Disappear From My Credit Report?

Keeping up with credit card payments can sometimes feel impossible. As just one of many  bills to pay, it can be easy to miss getting your payment in exactly on time each month. While your creditor may charge you a late fee as well as some interest, that kind of small misstep doesnt usually appear on your credit report.

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Healthcare and Credit Monitoring Requirements

In the past, doctor’s offices and hospitals that lost the personal information of their patients and customers were required to provide those affected with notice of the security breach and credit monitoring.

According to Atlantic Information Services’ Report on Patient Privacy, the Department of Health and Human Services recently proposed that “subcontractors” would have to comply with the same privacy and security regulations for the health industry as businesses.

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Language in Credit Reports

The information listed on a consumer’s credit report is a significant determining factor in their loan, insurance and employment eligibility, making it pivotal that they understand their rights.

With more lenders and employers relying on a consumer’s credit file when considering them for financing or job positions, negative or inaccurate information listed could put individuals in a precarious financial position. Despite the weight of a consumer’s credit file in many important areas of their life, many are still unaware of their rights pertaining to their credit file that may help them improve their standing.

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Bankruptcy And Your Credit Report

Bankruptcy can be a tricky process, especially if a consumer plans to continue payments on certain financial obligations. Therefore, understanding the full impact bankruptcy may have, including how it affects a consumer’s assets and credit report, may help them to avoid mistakes.

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Credit Ratings: The Basics

There’s a lot of talk about credit ratings when dealing with personal finance, and while it’s a very important subject, there is also a lot of confusion surrounding the idea of the credit rating. Here are some facts about credit ratings that everybody should understand.

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Damaging Effects of Missed Mortgage Payments

For most homeowners, your mortgage is the largest line of credit listed on your credit report. Given the significance of such a large loan, lenders place a heavy weight on how you manage that account. Part of that is your ability to make payments on-time and in full. So when you a miss a payment, the impact to your credit score can be substantial.