The difference between “good debt” and “bad debt”

Posted on Mar 18 2009 by

Dear Experian,

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?

– GLO

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“Credit report” is same thing as “file disclosure”

Posted on Mar 18 2009 by

Dear Experian,

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?

– ALT

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Rumor to leave accounts open is correct

Posted on Mar 18 2009 by

Dear Experian,

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?

– EPH

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Collection agencies can try to collect debt after it is deleted from your credit report

Posted on Mar 04 2009 by

Dear Experian,

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?

– TMW

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Credit cards with low limits still can build strong credit

Posted on Mar 04 2009 by

Dear Experian,

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?

– IND

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Getting reports from a credit monitoring service won’t hurt your credit scores

Posted on Mar 04 2009 by

Dear Experian,

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?

– LCI

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Stopping preapproved credit offers addressed to deceased son

Posted on Mar 04 2009 by

Dear Experian,

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.

– LLY

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Impact on credit scores of inquiries for an auto loan

Posted on Mar 01 2009 by

Dear Experian,

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?

– LLS

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America Saves Week is Feb. 22 to March 1

Posted on Feb 19 2009 by

Dear Readers,

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.

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Experian and myFICO.com

Posted on Feb 19 2009 by

Dear Readers,

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.

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Inquiries by existing creditors won’t hurt your credit scores

Posted on Feb 04 2009 by

Dear Experian,

There are numerous credit checks performed by credit card companies I’m not active with. Does this lower my score?

– JRR

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Cosigning for stepson can hurt your credit report

Posted on Feb 04 2009 by

Dear Experian,

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?

– LPH

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Correction on Experian report should also be made on other credit reports

Posted on Feb 04 2009 by

Dear Experian,

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?

– DDS

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VantageScore grade of “B” is very good

Posted on Feb 04 2009 by

Dear Experian,

I have a “B” rating with an 838 score. Is this regarded as a good score?

– EFF

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Tax liens and your credit report

Posted on Jan 21 2009 by

Dear Experian,

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?

– UBB

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Defining “revolving trade” and other credit report terms

Posted on Jan 21 2009 by

Dear Experian,

What is an open, revolving trade?

– JUS

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Getting credit report updated quickly after debts are paid

Posted on Jan 21 2009 by

Dear Experian,

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?

– MDW

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Requesting a decrease in your credit limit can hurt credit scores

Posted on Jan 21 2009 by

Dear Experian,

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?

– YLO

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Accounts not deleted when bankruptcy is discharged

Posted on Jan 07 2009 by

Dear Experian,

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?

– RRI

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What happens when you pay off “bad” credit

Posted on Jan 07 2009 by

Dear Experian,

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?

– GTH

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How to find out who has requested your credit report

Posted on Jan 07 2009 by

Dear Experian,

How do I find out who has been inquiring about my credit? If there are people that I never applied for credit with, can I get the inquiry removed, and will that help my credit score?

– CKY

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How long does it take for paid off accounts to show zero balance

Posted on Dec 24 2008 by

Dear Experian,

If I pay off all of my credit cards to a zero balance, how long does it take for that payoff to show up in an improved credit score? I want to pay off all of my cards and improve my score for a mortgage application.

– ANG

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Paid collection accounts not removed from credit report immediately

Posted on Nov 26 2008 by

Dear Experian,

If I pay the bills that were sent to collection will they come off? How do you get them off? I’m trying to get a home in the next few months and my credit score is low.

– AMH

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Unpaid hospital bills can affect your credit

Posted on Nov 12 2008 by

Dear Experian,

Do unpaid, uninsured hospital bills affect your credit?

– SSI

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Removing bankruptcy from your credit report

Posted on Nov 12 2008 by

Dear Experian,

It’s been just about 10 years since my bankruptcy was been discharged. How do I go about getting it removed from my credit report?

– ENZ

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