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Credit Report Questions

What is a credit report?

A credit report or credit file or credit history is a type of report that a person can obtain that shows the finical behavior of the individual. The credit report also shows the identification information in a consumer friendly format. This helps the person to see what the lender or business would see when they look at the person’s credit history. A person’s credit report is stored at a credit reporting agency and the agency will share with others the person credit history and score when they are contacted. The agency is also there to help the person with account disputes. Experts have answered many credit report questions, like the ones below.

How to resolve a dispute with a credit report showing past medical bill that have been paid in full?

If there is a wrong reporting issue with the credit report regarding a medical bill that is paid in full, then the responsibility would fall onto the medical company to report that the bill has been paid. The person would need to start a credit repair exercise to get the bill taken off their credit report that reflects badly. The person would need to start by sending a certified letter to the company that is the dispute and make sure they include the company should report the proper bill paid in full since this misreporting has left the person’s credit report tarnished.

What does it mean on your credit report when it says "bad debt & placed for collections and skip"?

When there is a “skip” on a credit report, then it generally refers to a person that has moved and gave no new address to the mortgage company. In a lot of cases, the mortgage company can try and collect this debt, bit in some states the contracts there may be a non-recourse clause making it to where the company could not go after the person. The person would need to look at their contract and see if the clause is in there and if it is, then the mortgage company cannot go after the person but if it isn’t in there, then the mortgage company may have sold the debt to a third party and the third party is the one that reported the information to the credit reporting agency.

If a person has a judgment on their credit report and cannot figure out why it is there, should the person report it to the credit bureau?

If the person receives a judgment for any reason from a judge and they do not pay, then the courts can report it to the credit report of the person. The person can write the credit bureau and dispute the debt, but if the debt is owed then the person is responsible to pay the debt, but if the debt is not owed, then the person would need to dispute it and try to get it removed from the credit report.

If you find mistakes on a credit report and initiate a credit review, would the credit score stay or drop?

In most cases, since the reporting of the late fee was an error, then after the waiting period the score of the person should remain as the new score on their credit report. The person would need to keep the loan current and make sure that there are no more errors in reporting the payments to the credit agency.

Credit reports help to determine if a person is able to get a loan or other finical services that they may need. When there are issues with a person’s credit report, then they may have questions regarding how they can fix it or how the issues will affect them. When these questions arise, then the person would need to consult an Expert.

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Recent Credit Report Questions

  • I have a few questions about American Express cards and the

    I have a few questions about American Express cards and the impact on credit reports. Here is some relevant background info.

    I received a "pre-approved" offer for an AMEX premier rewards card. I've been working hard for the past 2 years to repair my credit, I had 3 months of late payments for student loans in 2011 that are still counted as negative on my credit report, however the same accounts are also reported as positive.

    I have 2 credit cards with a %2-%12 revolving balance being used, I don't "need" the cards but i got them in recognition of their help in building credit worthiness and i use them very purposefully.

    My Vantage score is around 680 and my TU credit score is around 650.

    The questions are.

    1. What are the factors that AMEX looks at to determine credit worthiness?

    2. I know that AMEX is a charge card, and not a credit card, how does utilizing a charge card affect the amount of available credit that you're perceived of having used on your credit report? If a chargecard is always perceived as being used at %100 of available credit, isn't that kind of terrible for your credit score?
  • Hello, I am seeking a signature loan solely to pay off credit

    Hello,

    I am seeking a signature loan solely to pay off credit card debt to avoid high credit utilization rates that could (would) damage my credit score. It has nothing to do with reduced interest payments because I have 0% APR on balance transfers and purchases on the card I consolidated most of my debt on.

    My credit score is good and my payment history is exceptional but I do not want a bank running a hard inquiry. They've already dine enough damage to my score. Are there signature or other personal loans that:

    1) Do not require a credit check
    2) Don't have a specified repayment date. I'd like to pay off the Lian very quickly (I.e 6-8 months).

    Please advise. For your reference, my bank is TD Bank.
  • Hello, I have an inquiry regarding my credit report that

    Hello,

    I have an inquiry regarding my credit report that I feel I have the right to dispute if the vendor doesn't correct it themselves.

    Back in November, I was in Kay Jewelers just browsing with my girlfriend and the store manager offered to check how much credit I'd be granted by Kay if I did apply for a Kay card. I had no intentions of actually opening a Kay account but he explicitly stated it would be a soft inquiry so I said sure. So he ran the check and that was the end of it. I was told how much I'd be granted and nothing further took place. I did not file any subsequent forms or applications (or even express that I wanted to open a Kay account).

    Anyway, shortly after, I learned that the store manager not only ran a hard inquiry, but he also opened a brand new account! I contacted Kay's credit department immediately and while I was able to verify that they closed the account, I did not learn until recently that they did not address any of the extraneous factors that I also thought they corrected. For instance, they did not take the initiative to remove the hard inquiry reported to Experian. I understand that hard inquiries can only be removed if the inquiry was fraudulent but under these circumstances, wouldn't it be considered one since I was explicitly told it would be a soft inquiry?

    Also, by merely closing this account (which again had been opened without my knowledge/consent) 2-3 weeks later when I first reached out to them, the average age of my accounts obviously took a huge hit as well.

    Kay has records of my entire dispute that I made back in November so they were very aware of my concern/dispute. However, it was my understanding that the wrongful opening of this account and every action associated with it was addressed. The reason I felt this was the case was because we collaborated extensively and it wasn't merely a formal request to close my account. However, this appears to be all that they took the initiative to do so I contacted them yesterday and they are "looking into it".

    I suppose what I'm asking is do I have a case here should I have to file a dispute if Kay isn't able to help address the problem that they caused? I've never filed one before and I know that caution needs to be taken prior to filing one.

    Please let me know.

    Thank you!
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