Entering payment plan will not “restart the clock” for removing charge off

Posted on Aug 07 2014 by

Dear Experian,

I have a charge off from 2009. I am in a payment plan. Does this mean I started the clock over on when the charge off will be removed?

- EYJ

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Paid account will not be deleted from your report immediately

Posted on Aug 07 2014 by

Dear Experian,

How can an account I paid off and closed still be on my report? It has been there since 2008.

- CBH

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Bankruptcy may prevent qualifying for a credit card

Posted on Aug 07 2014 by

Dear Experian,

How can I get a credit card after a bankruptcy so I can rebuild my credit?

- MBD

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Unreported auto loan could be shown as collection after voluntary repossession

Posted on Aug 07 2014 by

Dear Experian,

I bought a car about 2 years ago at a “buy-here-pay-here” lot. I have never missed a payment and have been a good customer. Since buying the car I have spent over $3,000 in repairs. I recently have been looking to get a new vehicle since the repairs are killing me financially. I was talking to a dealer about a trade in. Much to my surprise, he told me I should simply just give the car back to them. He said to check my credit report and see if they report the payments, and if I did not see it on there, which I didn’t, then giving my car back would not hurt my credit. Is it simply this easy? I am going to go upside down on the car $5,000 so it sounds so much more to my advantage, but I worry the risk of having a repo on my credit report. Any advice?

- TDB

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“Statement of dispute” delaying mortgage refinance

Posted on Jul 17 2014 by

Dear Experian,

We are refinancing our house. There was an account on my husband’s credit report that he had disputed at the time it was reported. It is still showing disputed. The mortgage lender told us they needed a letter from the company stating it is no longer being disputed. We did that. Now they are saying they need the statement of dispute to be removed from the credit report, and they are telling us the credit bureau is going to charge us to do that. I have never heard of the credit bureau requiring payment. Is this correct?

- MMI

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Charged off student loans still in credit report after being paid in full

Posted on Jul 17 2014 by

Dear Experian,

I have three student loans from about 12 years ago that where charged off. I paid them off in full two years ago, yet they are still reporting on my credit report. They are being reported as paid in full; however, next to that it lists a loan amount and still shows a balance. The loan amount would be the original amount borrowed, but there must be a mistake since it shows a balance even though it states paid in full. Is this affecting my credit score? Should I get a letter stating paid in full from the lender and send it in to you?

- MKD

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Debt consolidation might help, but also could hurt your credit

Posted on Jul 17 2014 by

Dear Experian,

Does debt consolidation for credit cards with high interest rates help your credit?

- SRO

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Obtaining a free report after being declined or adverse action is taken

Posted on Jul 17 2014 by

Dear Experian,

I was approved for a credit card in October 2013. I have never exceeded the limit and have made all payments on time. I just received a notice that they are reducing my credit limit to the same amount as my current balance on the card. The reasons state, “Derogatory public record information, too few accounts currently paid as agreed, length of time of credit established, and lack of recent installment loan information.” One of the other credit reporting companies will not release a free credit report. This doesn’t seem right to me. What should I do?

- PSJ

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Original delinquency date determines when repossession and collection account will be deleted

Posted on Jul 02 2014 by

Dear Experian,

I had a repossession in July 2006, but on my credit report it states date reported January 2013. A collection agency owns the account now. When will it be removed from my history? Is it based on the date of initial delinquency or the date reported?

- TMF

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Asking your lender to reduce the credit limit on a credit card could hurt your credit scores

Posted on Jul 02 2014 by

Dear Experian,

I have one credit card with a zero balance and a $10,000 limit. Will my credit score be hurt if I reduce my limit to $5,000?

- CGC

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No credit history despite having several open accounts

Posted on Jul 02 2014 by

Dear Experian,

I recently tried to apply for a car loan. They told me I was denied because they could not find any of my credit history information. I have a few credit cards from department stores, so I’m not sure why this happened. What can I do to have my information updated?

- BMR

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Contact your lender to make sure account is closed before initiating a dispute

Posted on Jun 04 2014 by

Dear Experian,

How do I dispute an account on my report? Experian is showing an account open that has been closed for two years.

- SCH

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Late payments during mortgage modification can be reported

Posted on May 29 2014 by

Dear Experian,

I have never been late with mortgage except the two months I was working on a mortgage modification with my mortgage company. I was told not to pay my mortgage payments until a determination was made, yet my account shows I was two months late. Why?

- SKV

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Selling or transferring an account to a new creditor does restart the deletion time period

Posted on May 27 2014 by

Dear Experian,

A creditor of mine sold my credit card debt to another company after seven years. Do I now have to wait another seven years to have it removed from my credit reports?

- LDE

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Requesting corrected report be sent to creditors

Posted on May 21 2014 by

Dear Experian,

Whom do I contact to request a corrected credit report be sent out to creditors? I was an identity theft/fraud victim and there were fraudulent inquiries on my report which have been removed.

- TNT

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Closing store credit cards could affect your credit scores

Posted on May 19 2014 by

Dear Experian,

Can closing a few of my department store credit card accounts affect my credit scores if I have established good credit and have high credit scores? My husband wants to eliminate our higher interest rate cards.

- LTB

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Getting your credit scores before buying a car

Posted on May 06 2014 by

Dear Experian,

I’m buying a car and would like to know my credit score. How can I obtain this before shopping?

- NTS

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Authorized user’s credit scores could be hurt if mother doesn’t pay

Posted on May 05 2014 by

Dear Experian,

I am an authorized user on my mother’s account. Will it affect me if she misses payments? Will it hurt my credit?

- SHN

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Credit card balance can affect credit scores even if paid in full each month

Posted on May 02 2014 by

Dear Experian,

My credit score factors say “amount owed on revolving accounts is too high,” but I pay the balances off every month. I make more than $1 million per year and have no debt at all. Please explain why this is a factor in my score.

- TRZ

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Removing ex-spouse’s address from credit report after divorce

Posted on May 02 2014 by

Dear Experian,

My credit report shows two addresses for my former husband, who moved to Virginia. I have lived in Illinois for 36 years. I was able to dispute one address, but not the other. How do I get both removed? Also, my employer information is wrong. I was able to dispute it, but not provide the correct employer information. How do I do that?

- JWD

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Using your credit report to compile a complete list of your creditors and debts

Posted on Mar 28 2014 by

Dear Experian,

How do I find out what I really owe and if any creditor will settle for less if I can pay off the balance? Can I get a list of all my creditors from you?

- CYD

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Difference between “balance-to-limit ratio” and “debt-to-income” ratio

Posted on Mar 28 2014 by

Dear Experian,

What is the appropriate balance-to-limit or debt-to-income ratio? I do not maintain a balance on my credit cards but worry that I have credit limits that are too high and could impact my overall credit.

- TBL

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Authorized user unaffected by mother’s missed payments

Posted on Mar 27 2014 by

Dear Experian,

I am an authorized user on my mother’s account. Will it affect me if she misses payments? Will it hurt my credit?

- SHN

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Student loans are debt obligations like any other loan

Posted on Mar 27 2014 by

Dear Experian,

My student loans are affecting my credit. Why?

- NCB

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How to temporarily lift a security freeze

Posted on Mar 13 2014 by

Dear Experian,

I need to lift the security freeze for 24 hours to buy a car. How do I do that?

- PDT

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