Credit Bureau Phone Numbers

Consumer A has $5 dollars in the bank but manages to pay his bills on time. Consumer B has $5 million in the bank but is disorganized and pays some bills late. Who has the better credit score?

No they do not credit scores are based on the following factors only;

1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%

The credit bureaus have no way of knowing how much money people make.

So consumer A would have the better socre.

I have several items schedualed to come off in te next two months because of the seven year limit… Some people have told me that the collection agencies can just resubmit these debts as new and get them put back on, or get the date moved back… Is that true? What can I do about it?

No it’s not legal to re-age accounts, as a matter of fact it’s a violation of the F.C.R.A. and you can sue if this happens, it’s a $1,000.00 fine for each violation.

Trying to build credit and have lived in the same house for 3 years, always paid on time.

Landlords do not report rent payments as they are not debt. However, this can assist you in the future as you will have a good rental history. You can use it as a credit reference for future credit applications.

Good luck and keep paying on time as good things will happen!

A husband and wife team purchased a tractor truck from me and were making payments according to our agreement, which they signed. They are now not making payments and have decided to keep the truck.

I want to pressure them by placing the loss on their credit profiles. How do I do this??

file a lawsuit against them. Make sure that you have all your signed documents.

For example, Transunion has shown that I have been able to up my credit score by 100pts in the last 1 1/2 years, but Experian is showing a drop by a few points. Transunion says my credit is good, experian shows my credit is poor. How the hell can one be bad and one be good? I pay ALL bills on time and I always pay more than the minimums. I’ve even paid off a couple this year and I don’t have much open. Can someone help me with this confusion?
It’s my FICO thats showing high and good and a PLUS thats showing bad and poor. All I need to worry about is the FICO then?

Make sure it’s Apples to Apples. Not all credit reporting agencies use the same credit scoring method. You need to double check it’s the FICO score, and nothing else. The other scores are crap and not worth anything.

I’ll bet you Transunion gave you the Vantage score, or whatever they call it. Unless it actually says FICO, you didn’t get FICO.

What if I’m willing to take the risk of no one selling me a house or being able to make other purchases that require credit checks? What if I’d rather just not have these private companies possesing records of my personal affairs?

This is one that has always left a sour taste in my mouth too. For years they have stored sensitive data about you, and used that data to inform other people about you.

I am not 100% sure of the legality of all this, but the whole finance industry would collapse (again) if they didn’t have this.

Personally I think there should be an opt out, which allows people to not have data shared with credit agencies. Agree it would make it hard to get credit but that is a choice.

Since they do not use debt/equity ratios or income amounts to calculate credit risk.
The credit rating agencies gave a high rating to institutions with bad loans given to unworthy borrowers in the sub-prime mortgage mess. Are the consumer credit rating agencies creating a bigger disaster with their voodoo credit rating system?

Credit rating agencies are now under scrutiny for giving investment-grade ratings to securitization transactions (CDOs and MBSs) based on subprime mortgage loans.

Is concumer credit the next crisis?

Trust isn’t the right word.

The sub-prime mess came about from fico score lending. They lent people money based on a stupid score and not looking at the person behind the number.

Building credit is the biggest joke of the 21st century.
It will bring nothing but debt.

We have enough Government in our lives.
The Government is not gonna fix you. You are.

I am wondering if whether constant letters to all the credit reporting agencies about some things I dispute on my report would make them finally remove them just because they would see it as being a cost to them to always have to respond to my letters. Basically the strategy is to wear them down.

From what I understand, the letters have to be timed out carefully. The agencys have 30 days to comply. If not, then you can leaglly sue.

However, their responsiblity is to verfy the information. If they can verify the information, then they will make the appropiate change. If they can not verify, chances are they will delete it. So if you keep writing over and over about the same problem, chances are nothing will be resolved (unless they did not do what they are leaglly bound to). Wearing down won’t happen as they can simply call your letters a nuesence and not deal with them.

You should read the Fair Credit reporting Act to get an understanding of your rights.

There are a couple of things on my credit report that say I owe someone for rent in 2003 in another state that I didn’t live in at the time. The collection agency has my social # but say that I have to prove that I was not living there. Now there is suspicious address being reported on one of my Credit Reports as my Current Address. How do I go about fixing this? And is it hard?

One way of proving you werent living there is come up with proof of residence that says otherwise. For instance if you are renting have that person write you something noterized stating that you have lived there at such n such place for this amount of time. Also, attendance records from your job so you can say i lived here and went to work here… how could i possibly be over there? If you really didnt do anything.. the law is structured where you can prove you were defrauded. You may also have to file a police report at some time staing that your indentity was used in a ill manner. Best of luck to you…

I am POA for my sister and I was wondering if the credit reporting agencies like transunion is notified that she has a POA. I am worried about someone trying to take advantage of her by getting her to co-sign for a loan or getting a credit card or other things. Im thinking that if the credit reporting agencies are aware she isnt able to control her money they would stop it.

Having POA doesn’t prevent your sister from entering into agreements. Rather, it allows you to act as her legal representative to perform tasks that she would do for herself.