General Information for Credit Reports
- I co-signed a loan for my nephew. Will this affect my credit?
- I need to pay off two smaller cards that are about $252 apiece. A lender told me this would not increase if I paid these two off, is that true?
- After paying a debt, how long does it take for a credit report to disappear out of the credit system?
- Do I have to give a credit card # before I can see my credit report?
- How do I rebuild my credit?
- I applied for my credit report, and your system told me that my card was not accepted. What’s up with that? Timothy.
- Why not just use the social security number to keep track of my credit information?
- Why do paid-off accounts still appear on my credit report?
- Why do paid off accounts still appear on my credit report showing I still owe money?
- Who can order a credit report?
- What are inquiries?
- What is an authorized user?
- What is a joint account?
- What is a 3 bureau credit report?
- What is in my credit report?
Q. I co-signed a loan for my nephew. Will this affect my credit?
A. As a co-signer on your nephew’s loan, you are probably liable for paying back the loan with your nephew. So the loan and any payment history may also be reported on your credit report.
Q. I need to pay off two smaller cards that are about $252 apiece. A lender told me this would not increase if I paid these two off, is that true?
A . Generally paying off the balance of a debt will positively affect your credit report and score. However, the amount that the score will be affected depends on the rest of the credit in the credit report. Are the two cards the only cards in the credit report? Are the balances on the two cards very small relative to the credit lines? FICO has some information on this subject:
http://www.myfico.com/ficocreditscoreestimator/
Q. After paying a debt, how long does it take for a credit report to disappear out of the credit system?
A. Just paying off a debt does not remove it from your credit report, but it should show with a zero balance if it is still reported on your credit report. There's no real time limit that good credit can stay on your credit report. Derogatory (bad) credit can only stay on your credit report 7 years.
Q. Do I have to give a credit card # before I can see my credit report?
A. To get your free credit report under law without a credit card, you may need to order by mail or phone.
To order by phone, consumers should call 877-322-8228. Reports ordered over the phone will be processed within 15 days of receipt and mailed to you.
To order by mail, contact:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Reports ordered by mail will be processed within 15 days of receipt and mailed to you. To order by mail it is best to use the official order form at: https://www.annualcreditreport.com
Q. How do i rebuild my credit.
A. Here is some information to improve your credit score which is essentially the same information to rebuild your credit:
http://www.creditreporting.com/scoring.html#improvescore
Q. I applied for my credit report, and your system told me that my card was not accepted. What’s up with that? Timothy.
A. When a credit card is processed, it goes through an “Address Verification Process” where your address and zip code are compared to the address and zip code reported by your credit card company. If your address and zip code do not match the credit card company’s records, your credit card is declined.
Of course there are other reasons to decline the card, such as “Over the Credit Limit”, but the AVS is pretty common, so be careful to enter your address carefully.
Why not just use the social security number to keep track of my credit information?
Unfortunately, the SSN is not a valid piece of identification, plus a SSN card is not always necessary to get credit. As a result it is possible for someone to use someone else’s social in the credit application process. Sometimes it is intentional. Sometimes it is just a mistake. In either case, using only the SSN is not an accurate method for the credit bureaus to link your credit information to you.
Why do paid-off accounts still appear on my credit report?
There is no time limit for how long positive credit may stay on your credit report, so old accounts may appear longer than 7 years as long as they are not derogatory (bad credit).
Why do paid off accounts still appear on my credit report showing I still owe money?
Sometimes when an account is paid off, the creditor stops reporting your credit information. Look at the date reported date on your credit report to see when the balance information was last reported. If a balance is still reported as owing after you have paid it off, you may dispute the item not only with the creditor reporting the item, but also with the credit bureau still showing the erroneous credit information.
Who can order a credit report?
A consumer can order his or her own credit report at any time.
Others can order credit reports as permitted under state and federal law. “Permissible purposes” under law for companies to obtain a credit report on a consumer generally include transactions:
- to grant credit
- to collect a debt
- to underwrite an insurance policy
- for employment purposes
It is against the law to obtain a credit report on another person under false pretenses.
What are inquiries?
Inquiries are notations on your credit report that show who has accessed your credit report. Credit bureaus are required by law to keep track of who orders your credit report, when and for what purpose.
What is an authorized user?
An authorized user is someone who is authorized to use a credit account but who is not liable for payment of the account. For example, a parent might open up a credit card account and have their son or daughter be an authorized user of the account. The parent is liable for the payment of the card while the child is not.
The credit history of the account holder is likely to show on the credit report of the authorized user for the particular credit card in question even though the authorized user is not liable for the payments on the credit card.
What is a joint account?
A joint account on a credit report is generally when a two people, for example, a married couple, share a debt obligation. Both of the joint account holders are liable for the debt, and the credit history normally shows on both of their credit reports.
What is a 3 bureau credit report?
A 3 bureau credit report lists all of your credit from all three
national credit reporting agencies (Experian , Equifax, and
TransUnion). 3 bureau credit reports are also know as merged
credit reports or 3-in-1 credit reports or 3 agency credit reports.
Generally your credit report includes:
- your identifying information , such as name,
social security number, current and past address, possibly your DOB,
possibly other names you have used, and possibly limited current and
past employment
- your credit history such as whether you paid your bills on time, your reported loans, loan terms and balances and terms.
- your public records that have been picked-up by the credit bureau.
- a list of inquiries into your credit by other.
- Your Credit Score is not part of your credit report.
We are not lawyers or attorneys so don't rely on us for legal advice. We try to answer your questions as a public service, but we do so based on our experience which is limited to credit reporting issues. If you want professional legal advice, you should engage a lawyer to help you with your credit report related questions.
