There is no definite answer to this question. When certain information appears on your credit report depends when your lender reports to the credit bureau. If the lender does not report through the credit bureau at all the information might never appear on your credit report. If you are waiting for some information to get updated on your credit report on the basis of a dispute letter has been passed in your favor then you should typically wait for a maximum of two billing cycles to see if the information gets updated not. This means that the date is likely to appear anywhere from 0 to 60 days after the credit bureaus investigation has come back in the favor of your claim.
The FCRA ( Fair Credit Reporting Act) determines how long do different kinds of negative information stay on your credit report. Most of the negative information stays on the credit report for a minimum of seven years however there are exceptions.
These are some of the common negative information that can find their way on a credit report along with the period of time that they can stay on your credit report.
- Delinquency information such as late payments and collections to stay on a credit report by period of seven years from the date of delinquency.
- Charged off accounts will stay for seven years +180 days from the date reported to the credit.
- Student loan default stays or seven years.
- Foreclosures will stay for seven years.
- Lawsuits are judgments stay for seven years from the date of filing.
- Bankruptcy, 7 to 10 years.
- Paid tax liens seven years from the date paid.
- Unpaid tax liens stay on the credit report for 15 years.
Fair Isaac is not a credit bureau. Fair Isaac Corporation is the company that was the leader in developing credit scores. They develop a credit score known as the FICO score which is not the most popular credit scores used by consumers and lenders alike. You can access your FICO credit score by buying it directly from myFICO.com. It is also possible to buy your credit report from two of the three national credit years from myFICO.com.
The 3 major national credit bureaus are Equifax, Experian and TransUnion. They are the ones that most of the creditors report to with the transaction data of their consumers and subsequently use the credit reports and scores available to with them for the purpose of approving new credit applications.
Many consumers get the impression that once a lender chances of an account it means that in no longer owe the money. Just because a lender has charged off or written off and account does not remove your liability for the debt. When a creditor charges off an account he is declaring it as a loss in their accounting books and writing it off on the income tax. However the creditor is still within his rights to try and recover the money from you and may even hire a third-party debt collection agency for this purpose.
When a charged off account results in a collection account being opened, then both the original account as well as the collection account stays on the credit file for a period of seven years from the date of the first delinquency. They are both removed from the credit report at the same time.
Every consumer in the United States of America has his own credit report. The credit report uses very saddened by such as name and address and social security number to make sure that every information connected to the individual is reported to the credit bureau. Getting married is not going to have an effect on your credit report. Your spouse’s credit history is not going to affect yours and not is the information present on your spouse’s credit file going to find its way on your credit file. However if you open any accounts that jointly after marriage can both these accounts will be reported on the credit file of both husband and wife. This is regardless to who uses the account and who pays the bill. Similarly if the spouse adds another as an authorized user on an account on this account will be reported on the credit file of both the people. The same holds true when one spouse co-signed for a credit application for the other.
Your credit score is calculated completely on the basis of information present in your credit report. Your credit report is a complete record of all your credit transactions which include your payment history, credit limit, highest balance ever charged and the age of account.
While the exact credit scoring, is the secret of the companies that calculates the credit score, the credit score is calculated using five major chain of information which are credit utilization, payment history, Inquiries is, mix of credit and age of credit. All this information is present on your credit report.
It is possible that your credit file with different credit bureaus might be different. For this reason your credit score may be different across different platforms depending upon what information they have access to and in which credit file from which credit bureau.
Any changes that occur in your credit file will probably result in changes in your credit score as well.
If you wish to communicate with the credit bureaus through mail them these are the postal addresses. Listed are also their websites.
Equifax P.O. Box 740 4256 Atlanta, GA 30374 Website: www.Equifax.com
Experian P.O. Box 2002 Allen, Texas 75013 Website: www.Experian.com
TransUnion P.O. Box 390 Springfield, PA 19064 Website: www.TransUnion.com
It is much simpler and faster to communicate with credit bureaus online. However, certain kinds of procedures may require communicating over the postal mail. Many people would prefer to send letters, requests and disputes through post, specially if you are sending copies of documents as well. Not everyone likes to scan everything, convert it to size and then email it.
Usually, all communication is sent through registered post. However, there are 2 school of thoughts to say whether you should or not request a ‘receiving receipt’ as well. Return receipt provides the proof that your letter or dispute has been received. However, I have also read that credit bureaus simply ignore and do not accept letters sent with return receipt requested. This practice is in no way an ethical one, but that does not mean that they do not do it.
If an account on your credit report has the status of account closed at grantor request or close by grantor, then it means that your creditor. Read on closed your credit account. If this information is not true than you can dispute with the credit bureau by including a copy of your application that you sent to the creditor to close your account. For this reason it is recommended that any commutation that you make the creditor specifically the ones that involve changes to be made to your account such as settlement and closure should be sent through certified mail with return receipt requested. This way you will have proof of the commutation which may be used as evidence of your claim during a dispute with the credit bureau.
Who closed the account was a factor that was early considered to have an effect on your credit score but as of now it is not considered to be of much importance to the credit score. Who close the account is probably not could affect your credit score although a closed credit card might specially if you still had a balance on it, it was half your oldest credit cards, if it results in your credit utilization ratio rising or if it was your only credit card.
A debt collection account can remain on your credit report for a period of seven years. Usually an account is first reported as late and delinquent to the credit bureau. When the creditor charges of the late account and passes off to the collection agency for recovery than a collection account also gets reported. Both the delinquent accounts and the collection account are supposed your remote at the same time which is offer a passage of seven years from the date that’s the delinquency was first reported. If the creditor did not report account to the credit bureau and send it to a collection agency for recovery a new collection account will be created in your credit file offers time. This collection account will remain for a period of seven years from the date that it was first created.
You can dispute a collection account that is present on your credit report even after the passage of seven years.
The information on your credit report may show a balance on your credit card even if you pay off your balance in full at the end of every month. The reason is that the credit card provider may be reporting to the credit bureau during the time when there is a balance on your credit card. The date of your payment every different to the dates that the credit card provider reports to the credit bureau. It is also possible that your credit card balance may have changed during the time that you check your balance and the time when the credit card company reported your credit card. In case you have had a zero balance on your credit card for the past previous few months and the credit report still shows a balance than it may be due to an error on part of the reporting of the creditor. In this case you should submit a dispute to the credit bureau or contact the creditor first to see pecan update the information correctly. Having the right balance is reported to the credit bureaus as important as credit utilization makes up 30% of the credit score.