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Credit Myths |
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Here are some answers to some of the most asked credit
questions.
1) How Long will negative information
stay on my credit report?
Most information will stay on your credit report for about 7
years, but there are some exceptions. Chapter 7 bankruptcies
and Unpaid tax liens can stay on your report for up to ten
years, while defaulted student loans that are government
issued can stay on your report indefinitely.
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Did You Know? |
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-Checking Your own Credit report will not lower your
score.
-Reviewing your credit report is one of the best ways to
prevent Identity Theft.
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Items that have hit their age limit will be automatically removed by the
credit bureaus, but if they make a mistake and sometimes do, you can
contact them and request items be removed. 2)
I've heard I have multiple credit reports with different companies?
There are three major credit reporting companies: Equifax, TransUnion
and Experian. While your report will be similar at each of these
companies it will likely differ slightly as not all your creditors will
report to all of the credit companies.
Access your credit report from the big three major credit bureaus, Trans Union, Experian and Equifax all on one easy to read report. Start here
3) If I have a judgment or collection on my
report, should I pay it off?
You should always payoff and judgment or collections on your credit
report. Once they're marked as paid, they won't look some bad on your
report and other credit lenders well be less worried by them.
4) What are the best ways to re-build my credit
score?
Most of the bases for your credit score is your number of missed or late
payments and the amount of debt you are in. To better understand exactly
what is hurting your credit score you should pull a copy
of your credit report and score and review the reason codes contained in
the report for what items are most hurting your credit score.
Establishing new credit, that you manage properly, can help rebuild your
credit, but you might have to get a secured credit card or one with a
higher interest rate depending on how much work you need to do to your
credit.
5) Does pulling my own credit report hurt my
credit Score?
Pulling your own credit report is considered to be "consumer disclosure"
and will not impact your credit the same as when a lender pulls a copy
of your credit report.
Check your credit report instantly online for FREE; get your credit score too! Click here
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