Tax liens removed from credit reports may mean some consumers will see a jump in credit scores. Tax liens will no longer count against your credit scores. Starting April 16, tax liens will be removed from consumer credit reports. As a result, some consumers can look forward to higher credit scores. The move to no…
Have you ever received a denial of credit letter with reason codes you did not quite understand? If so, you are not alone. FICO, the most widely used credit scoring formula, does not offer a comprehensive insight into exactly what affects your credit score. You may have to decode the reason codes given by credit…
FICO generates the most widely used credit scores. These credit scores are based on credit reports from three major credit reporting agencies: TransUnion, Equifax and Experian. The bank or mortgage company will check your credit reports and scores and so should you. Mortgage lenders are looking for credit scores that are at least 620 or above….
You can request a debt collector verify the amount and validity of the debt they claim is owed by you. Validation is helpful when debt is repeatedly sold.
Charged-off account does not mean the debt is no longer owed (unless you file for bankruptcy). Creditors still retain the right to collect the full amount.
If a merchant uses Telecheck to verify checks, your checks can be denied even if you have money in the bank or have never bounced a check.
Charge-offs that update monthly inflict continuous pain on credit scores. If a charge-off has an open status and amount reporting credit utilization goes up.
July 1 marked the date new rules went into effect basically removing nearly all civil judgments and some tax liens from credit reports.