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Benefits of paying a collection account

Dear Experian,

I have a credit card account on my report that has gone to a collection company and was written off by the credit card company. If I make a deal with the collection company to start a payment plan and pay this off, will it affect my credit in a positive manner or is it too late for that? Also, does the collection company have to report the timely payments to you to show it is being paid?

- SCH

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Bankruptcy listed on father’s credit report

Dear Experian,

We recently went through chapter 7 bankruptcy. Our problem is that we are living in a home that belongs to my husband’s father. My husband and his father share the first initial of their first name and of course their last name. My husband’s father was mistaken for my husband and now our bankruptcy is listed on his credit report. What can we do to fix this?

- TPA

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Bank may not notify you when cosigner fails to pay

Dear Experian,

I co-signed my son’s auto loan. He was over 30 days late on one payment. Why should that impact my credit score when I was never notified by the lender or asked to make the payment? I knew I was responsible for the loan balance if asked to pay. But, I had no idea that my credit score would be lowered when I was never asked to make a payment.

- JHP

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Why your report number may be “invalid”

Dear Experian,

I received a report number, but when I put it in it says it’s invalid. Why?

- MCK

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Balance on credit report is usually what appears on billing statement

Dear Experian,

Is there a way to make a credit search show my current balance on a card rather than the balance on the last statement?

- REQ

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Car repossession could appear in minor’s credit report

Dear Experian,

If a car loan is opened in a minor’s name as a joint loan with a parent co-signer can it be reported as a repossession on the minor’s credit if the car is repossessed?

- ABA

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Credit report lists names, contact information for collection agencies

Dear Experian,

I am trying to pay off my debts with collection agencies, but I do not know who to contact as they do not send me any collection notices for my debts. Would you guys be able to provide me the telephone numbers of the collectors I need to pay off? I want to improve my credit, and I want to start by paying off all my debts.

- OON

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Verifying who has checked your credit report

Dear Experian,

How do I verify that a company indeed checked my credit report?

- HOD

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Improving credit score without credit card

Dear Experian,

How can you improve your credit score if you don’t have any credit cards?

- HQB

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Delinquency cannot be removed after two years of on time payments

Dear Experian,

If payment has not been delinquent for two or more years can it be removed from potentially negative status?

- FRA

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Debt management firm isn’t necessary to negotiate with lenders

Dear Experian,

Debt management companies are able to negotiate lower interest rates on unsecured debt. Can consumers do this themselves? Would it be viewed the same as having a debt management company do this for you?

- ANN

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Inquiry for employment will not affect credit scores

Dear Experian,

I have been applying for work at employment agencies. They want my permission to conduct a credit check. My concern is that I was told in the past that if too many people are doing credit checks on me, it signifies a problem and can reduce my credit scores. Is that true?

- CICc

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Mortgage company not required to report payments

Dear Experian,

I am a homeowner for five years now, and am wondering why my mortgage company does not have to report my mortgage to the three credit bureaus. I applied for a car loan and my bank told me that my home was not on any of the bureaus, so I did not need to include my mortgage payments to apply for any loans. Is this true?

- SBY

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Declination for young adult may be result of federal law but won’t hurt scores

Dear Experian,

My daughter applied for a student credit card but was turned down due to insufficient income and excessive obligation. She had no previous credit history. Does this create a credit history, and is it now adversely affected?

- JTL

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A joint checking account will not influence credit history or scores

Dear Experian,

Does having a joint checking account bring down a person’s credit score?

- WAG

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Repossession remains seven years and can affect credit scores for the entire time

Dear Experian,

How long does a repossession reflect on your credit report, and how does it affect your credit report?

- MMY

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Being turned down for credit does not hurt credit scores

Dear Experian,

I was told that every time you get turned down for credit that your score goes down. Is this true?

- STI

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Credit reports not established based on age

Dear Experian,

At what age does the credit bureau start reporting credit history?

- RCU

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Use cards a little and pay balances in full to build credit

Dear Experian,

I am trying to rebuild my credit. Is it better to keep a zero balance on the credit cards that I have recently paid off or keep a small amount and pay them off each month? I still have some credit cards that have a balance on, which I plan on paying off completely. I would just like to know the best way to raise my credit score.

- LLO

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New Internet site helps employers increase their employees’ credit knowledge

Dear Readers,

According to research by the Personal Finance Employee Education Foundation (PFEEF), as many as 80 percent of employees spend work time dealing with financial issues, costing companies as much as 20 hours a month in lost productivity.

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Finding out what accounts are hurting your credit

Dear Experian,

How can I find out what accounts are hurting my credit?

- RBR

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Opt out of debt, not credit reporting

Dear Experian,

I want to opt out of all credit reporting. Can I do it?

- CPR

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Updating bankruptcy information

Dear Experian,

After a bankruptcy discharge the creditors usually update their entrances, so the debt shows as discharged in bankruptcy. However, they don’t always do that. Can I send you a copy of my discharge and the list of creditors so the report can be updated?

- ETT

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Free report for loan declination does not restart clock for FACT Act free report

Dear Experian,

I pulled a credit report because of a declined application. Does that restart the clock for the annual report, or are they separate events?

- WLS

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Student loans listed as “transferred” after being consolidated

Dear Experian,

My student loans were consolidated into a new loan. Both the new loan and all of the old loans are on my credit report. The old loans say transferred. Should they be closed as well?

- DSH

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