April is National Financial Literacy Month. The Jump$tart Coalition for Financial Literacy introduced National Financial Literacy Month in 2000, and the U.S. Congress first recognized April as National Financial Literacy Month in 2003.
Experian is proud to have been a founding member of the Jump$tart Coalition and to be an ongoing partner. You can find free credit education materials from Experian in the Jump$tart Coalition Clearinghouse of financial literacy resources.
Recently, we announced that Experian is joining forces with the Jump$tart Coalition and the National Education Association to host a national financial literacy teachers conference in Washington, D.C. later this year.
The teacher’s conference is one of several educational initiatives that received funding through Experian’s global Corporate Responsibility initiative. This year, Experian is proud to be awarding a number of substantial grants to organizations that champion financial literacy and math and economic education, in addition to supporting services that help families in crisis rebuild their financial lives.
Other organizations that received grants are the LifeSmarts Consumer Knowledge Challenge, Junior Achievement Orange County, the MIND Research Institute, Mercy House, and Allen Community Outreach.
Experian recognizes the importance of financial literacy and is proud of its commitment to helping America’s consumer gain the knowledge they need to be financially successful.
Thanks for reading.
- The “Ask Experian” team
Can purchasing seasoned tradelines help repair my credit?
When they say bankruptcy information will be removed from your credit report after seven years, does that mean all of the information related to the bankruptcy will be removed?
How long does an auto repossession stay on your credit, even if you paid it off right after the car was repossessed?
An auto repossession will remain on your credit report for seven years from the date you missed your first car payment and were never again current. The date of that first missed payment is called the original delinquency date. The status was updated as it became more delinquent, was repossessed and, ultimately, was paid in full.
But, paying off an account, whether it’s a repossessed car or a collection account for a credit card, doesn’t cause it to be deleted immediately. Your credit report is a credit history. It shows the life of the account, both good and bad, over a period of time.
Having all of your payments current is important, but it is even more important that your credit report show a history of your debts being paid on time. The further in the past a late payment occurred, the less important it becomes.
Paying off the auto loan was a very good first step. Now you just need to continue paying your bills on time. Eventually the repossession will be deleted and you will once again have an unblemished record of on-time payments.
Thanks for asking.
- The “Ask Experian” team
I was told by a bank that the law requires merchants and lenders to report data related to my credit. Can you point me to where I can find this legal information?
I have read that consumers can pay to delete detrimental information on their credit report. Initially, I thought that sounded too good to be true. Is it? Also, is that legal? I’ve also heard that debt can be classified as “good” debt, such as student loans and “bad” debt like outstanding credit card balances. Is there any truth to this?
I have to ask the very dumbest of questions. Is the “credit report” the same exact thing as a “file disclosure,” or is there an editing or account management type of feature in which it is separate from the credit report, which is kept hidden, and is different to the extent that it is accusatory or of a legal workings nature, rather than reporting?
My husband and I have several credit cards, all with limits under $1,500.00. We wanted to pay off and close the high-rate cards we don’t use, because we were told by a car dealer that even if the card with a high balance is paid to a zero balance, the fact that it is still open and “available” credit for using will hurt our scores. On the contrary, I have heard a rumor that closing a credit card looks bad. What’s the truth in this?
How many years back can a collection agency go to collect a debt? I have one from 1999 that my ex-wife and I have that was not paid. I am getting letters and calls from them, and they are telling me that they can still take my wages thru a garnishment. My wife was to pay this when we divorced. I make more money than her so they said they are going after me. Can they do this?
Do small available balance credit cards, such as retail cards or gas cards with say $300 available balance, help or hurt credit scores, even if no balance is owed?
I’ve heard that subscribing to a credit service that checks my credit daily or weekly can negatively impact my credit score. Can you tell me if having these non-agency credit monitoring agencies can put me in any jeopardy?
My son passed away in April. I need some advice and am hoping you can help me out. I keep getting credit stuff for him in the mail. How do I let the credit bureaus know that he is deceased as I do not want anyone trying to use his identity? Please, if at all possible, let me know where to start.
I run an auto dealership that sells luxury automobiles. I understand that multiple inquiries within a “shopping” timeframe do not hurt an individual’s credit score. Can you explain what the time frame is and any other tips we can pass along to our customers?
February 22 to March 1 is America Saves Week, which is sponsored by more than 100 companies, including Experian. You might wonder what saving has to do with credit, and the answer is a lot, especially in today’s difficult financial times.
Many of you have sent emails expressing concern that Experian discontinued its relationship with myFICO.com. I would like to provide you with some additional information regarding that decision.
There are numerous credit checks performed by credit card companies I’m not active with. Does this lower my score?
I cosigned for a car for my stepson. I thought that if he didn’t pay I would be responsible for the loan, and I was fine with that. What I didn’t realize is that if he was late with his payment, my credit would be affected. I had a credit score of 803 when I signed. He missed payments, and now my credit score is lower. Even though this is not my loan, will my credit report be affected for seven years? Is there a way to correct this?
When one thing is corrected on an Experian credit report as the result of a dispute, does that mean it is corrected on the other two credit reports?
I have a “B” rating with an 838 score. Is this regarded as a good score?
I have tax liens showing on my credit report, but have taken care of them a long time ago. I have documentation showing that they are paid, but I don’t know how to get them off my credit. What do I do?
What is an open, revolving trade?
I’m paying off all of my husband’s debt rather than settling. I’m capable of paying the balances in full and am getting confirmation of “paid in full” for theses accounts. Is there a way to speed up the process of having the credit bureaus update his credit file and score so that it immediately reflects that his payments have been made for these debts? May I contact the agencies directly to provide them with this information?
Your creditor raises your credit limit. As a consumer, you are not comfortable with the increase, and you would like to lower the credit limit. What impact does this have on the consumer’s credit score?
My bankruptcy was discharged in February, and I was under the assumption that all the accounts would be taken off my credit report. Did I receive the proper information regarding this situation?
When a piece of “bad” credit exists on my report, what happens if I pay it off? Is it automatically updated to “good” credit? Does it still reflect negatively on my report? Are the months that I could not pay still reflected, but changed to a $0 balance?