Report Advice
What you need to know about this crucial financial document

Voluntary repossession would have seriously damaged credit scores

Dear Experian,

I am trying to trade-in my car; however, I am upside down on my current car loan. If I trade it, my payments will be really high. The salesperson is trying to convince me to do a voluntary repossession on my current vehicle. She said that it would not be a big hit on my credit and my new car payment will then be lower. I told her that was something that I really had to think about and research. I don’t know much about what she was talking about, and I did not want to make an impulse decision.

– NTN

Read more

Mortgage loan not being reported after declaring bankruptcy

Dear Experian,

We filed bankruptcy two years ago and want to either refinance our home or possibly buy a new home. When the bank pulled our credit they said that our existing mortgage is not being reported on Equifax, Experian or Transunion. We have all of our monthly statements from our lender verifying that we have been paying on our house for the past 2 years. How do we show this information to you so you can start reporting all of our mortgage history on our credit report?

– ETL

Read more

An account update by your creditor will not change when it is deleted

Dear Experian,

If a negative item is past seven years on my report and the creditor updates it, will it ever come off my report?

– JCP

Read more

Multiple inquiries when shopping for an car loan

Posted on Oct 30 2013 by

Dear Experian,

I went car shopping one day and now there are lots of inquires that say they will be on my credit report until 2015. Is it right for all these inquiries to be on my report so long from just one day of shopping for a car?

– RLM

Read more

The meaning of “too few accounts paid as agreed”

Posted on Oct 30 2013 by

Dear Experian,

How can “too few accounts currently paid as agreed” be a reason for an adverse effect on my credit score when I currently have no unpaid accounts?

– MIJ

Read more

How utilization rate affects credit scores

Posted on Oct 30 2013 by

Dear Experian,

I have been led to believe that a component of one’s overall credit score is the ratio of current credit card balances to one’s total available credit. If one had three credit cards, is each card’s ratio calculated individually, or is it one’s total credit card balance compared to one’s total available credit? Also, I’ve heard that the important thresholds are 30 percent and better yet, 10 percent; is that correct?

– RLS

Read more

Changing your address on your credit report

Posted on Oct 30 2013 by

Dear Experian,

How do I change my address on my credit report?

– GLP

Read more

National Protect Your Identity Week reminds us to be proactive in preventing fraud

As National Protect Your Identity Week (Oct. 20–26) nears an end, think about how you can actively protect your identity. Here are several ways to use your credit report to identify unauthorized activity and stop possible identity fraud before suffering potential financial loss.

Read more

Establishing credit before going to college

Dear Experian,

I am a 19 year old college student trying to establish credit early, and it would be helpful throughout college to have a low limit credit card just in case. Also, I am trying to get a car loan, and I know I need to use credit to gain credit. I applied for a credit card through my bank and was declined. I also applied for a student credit card and was declined again. How am I supposed to establish a credit history if I can’t get approved for anything? My parents are just starting to rebuild their credit themselves. Is there any way that I can establish credit without having to have somebody cosign for me?

– FCS

Read more

The meaning of “key derogatory” as a credit score factor

Dear Experian,

What does “Key Derogatory” mean?

– RTC

Read more