Frequently Asked Questions

A credit score is a three-digit number, between 300 and 850, that represents your credit risk to lenders. They are calculated using information in your credit reports, including your payment history, the amount of debt you have, and the length of your credit history. The higher the score the better. Higher scores show lenders you practice responsible credit behavior.

The biggest factor influencing your credit score is your payment history. While a single late payment won't likely hurt your score, multiple late payments do affect it. Creditors report your payment activity to the major credit bureaus every 30 days.

A dispute letter is aimed at correcting inaccuracies on your credit report. It's simply a matter of writing a letter to the credit bureaus asking them to verify information in your credit report. In accordance to the Fair Credit Reporting Act, the bureaus must respond to your inquiry by reaching out to the reporting institution (creditor) to verify the information. If the reporting institution cannot verify the information on your credit report, or they fail to respond within 30 days, the credit bureaus must remove the negative item from your credit report.

Contact any of the following bureaus to request your credit report.

The three major bureaus:

www.experian.com
www.equifax.com
www.transunion.com

A big part of protecting your good credit is checking your credit reports often. Check them once per year, and more in certain situations. Each major credit reporting agency ofers you a free copy of your credit report annually. Spread out your requests during the year (like every four months) so you can check your report three times a year, for free.

Yes. Credit affects more than you realize. Not having good credit can cost you thousands of dollars a year and make it difficult for you to obtain loans and insurance. Improving your credit is the most direct way to being able to get approved for any kind of loan, including a refinance.

The length of time to grow your credit varies. Each situation is different depending on your credit profile. On average, it takes three to six months to resolve disputes on your credit report. The fewer negative items you need to dispute, the less time it will take. And it may take longer to demonstrate an improved payment history.

No. Checking your own credit report through a major credit reporting agency creates a “soft inquiry.” These inquiries are listed after viewing your own credit report, but they are not shown to creditors and do not affect your score. You can pull a free copy of your credit report annually from each of the three credit reporting agencies--and should.

While most negative information stays on your credit report for 7 years; a few items remain for 10 years.

Proactive ways to improve your credit score include: making payments on time, pay off debt, keep balances low, apply for and open new credit accounts only when needed, don't close unused credit cards, avoid applying for too much new credit and creating multiple inquiries, and review your credit report regulary and dispute inaccuracies.

Experian, Equifax, and Transunion.

Each credit bureau uses a different formula to figure your credit score, and they don’t always use the same consumer information.

Follow these links:
Equifax
Transunion
Experian

Yes, in fact, here are the addresses. Go get ‘em.
Equifax Credit Information Services, LLC
P.O. Box 740241, Atlanta, GA 30374

TransUnion Consumer Relations
P.O. Box 2000, Chester, PA 19016-2000

Experian National Consumer Assistance Center
P.O. Box 4500, Allen, TX 75013

Medical Bills, Identity Fraud, Foreclosures, Repossessions, Late Payments, Inquiries, Collections.

It is a US Federal regulation which stipulates that if there is any faulty, questionable, missing, or incomplete information on your credit report, the credit bureaus have to remove it.

The bureaus place different importance to different information on your credit report. Here is a basic breakdown which explains what percentage of your score each element represents. 35% Payment History, 30% Amounts Owed, 15% Length of History, 10% Types of Credit, 10% New Credit.

Once a bureau receives your letter, they have 30 days to remove the item or find documentation explaining why they will not remove it.

Yes, but most consumers want to have a written record of all correspondence with the bureaus. So most use on online portal leading to emails or a written letter. Here are the phone numbers:

- Equifax: 866.349.5186
- Transunion: 800.916.8800
- Experian: 800.493.1058