So you’ve made some credit mistakes. With over 35% of the population scoring below 650 on the FICO scoring scale, you’re certainly not alone. But now that you’ve made the mistake, how long are you going to have to live with it?
A class action lawsuit was just filed against Consumerinfo.com, essentially Experian, because of the actions of FreeCreditReport.com and FreeCreditScore.com. As with all class action lawsuits, there is a large number of potential class members. Could YOU be a member of the class? Read on to find out.
The Fair Credit Reporting Act says that the credit reporting agencies may furnish reports to any company that intends to use that information for the purpose of underwriting insurance. The real question is, why do they do it?
What’s the difference between a credit report and a credit file? Is there a difference between a credit score and a FICO score? And what’s a consumer-reporting agency? Is that the same as a credit-reporting agency? Here are seven pairs of seemingly interchangeable credit terms that are most often misinterpreted by consumers and even “experts.”
It looks like credit cards, mortgages, auto loans, collections and bankruptcies will soon have to share the credit report stage with apartment rental accounts. At least they will have to do so at Experian (EXPN). The credit reporting agency recently announced that they added millions of apartment rental accounts to their credit file database in December 2010.
Since the beginning of 2004 Americans have had the right to claim their credit reports from each of the credit reporting agencies once every twelve months, for free. But since then, only 4.16% of the free credit reports available have been claimed. That meager percentage is dreadful considering how important your credit is to getting a loan, insurance or a job.
“Statute of limitations” refers to the amount of time that can pass after some sort of event before legal actions regarding that event can no longer be initiated. After the statue of limitations has expired that debt becomes a “time barred debt,” meaning the lender’s ability to sue you for collection has passed.
Credit reports are generally broken down into five to seven areas, depending on what credit report you’re looking at and whether it’s a “consumer” version or a “users” version. Here’s are the sections and what you’re likely to find in each.
Correcting errors in your credit reports seems like an easy task. You get copies of your reports, you review them for accuracy and if you find something wrong, you file disputes with the credit bureaus to have the errors corrected. Unfortunately it’s not as simple as I just suggested. But following these tips will help ease the pain.