Archive for the ‘Credit Reports’ Category

Will paying off debts older than 3 years hurt your credit score?

Posted on: December 19th, 2012 by Kenneth Long No Comments

(Ask a Question) I’ve been told that, paying off 2 small debts I have (one for $70, the other for $200) These are bills that I didn’t know about & have gone into collections (obviously, I rarely check my credit report) & just found out about them.
I was about to call up the collection agencies & pay them off, when my friend informed me not to, that it would only serve to diminish my credit score.

This seems contrary to logic (but then so does credit, to me). Either way, is my friend right? Am I better off, just not paying those two past due bills, since they’re both older than 3 years? (more…)

CreditKarma Provides a Totally Decent Credit Score for Free

Posted on: November 24th, 2012 by Kenneth Long No Comments

There is no shortage of invitations to see your “free” credit score. However, you may have by now realized that there comes a catch in the form of an expensive credit monitoring service that you are automatically enrolled in as a condition of seeing your free score. (more…)

Does my payment history drop off my credit after 2 years?

Posted on: April 26th, 2012 by Kenneth Long No Comments

(Mindy from Oklahoma) My credit report shows my payment history for 2 years for my credit card. Does this mean that it drops off my credit after 2 years?

Mindy, some credit reports will display your recent payments going back a couple of years on your credit report. Even so, your payment history is factored into your credit score for up to 7 years on that credit card.

When a debt is sold can the new company get an additional 7 years to report on my credit report?

Posted on: April 26th, 2012 by Kenneth Long No Comments

(Barbara from South Carolina) I have old accounts that have been transferred to or sold to other lenders. The date of last activity exceeds the 7 year FTC law. Does the new company get an additional 7 years to report on my credit report? If not, what do I do to resolve this? (more…)

Telecom Shows Charge Off for Line Never Installed

Posted on: November 10th, 2010 by Kenneth Long No Comments

(Andy from New York) Last year I tried to initiate phone service with a major company. They were entirely incompetent to the extent that they never even managed to install the line. I never made or received a call. I never signed a contract, and never received a bill from them.

I have just learned that they marked a “charge off” on my credit report for $350. I plan to contact them to see if it can simply be removed, but do not trust them. If they refuse, what is my next step? Do I have grounds for a lawsuit?

Many thanks,

Andy

(more…)

How do you remove a paid debt from your credit report?

Posted on: September 2nd, 2010 by Kenneth Long 4 Comments

(William from New York) How do you remove a paid debt from your credit report? (more…)

How Can I See My Credit Report If I Do Not Have a Credit Card?

Posted on: September 28th, 2009 by Kenneth Long 5 Comments

(Michael from Texas) How can I see my credit report if I do not have a credit card? (more…)

Ask Ken Your Financial Questions

Posted on: May 4th, 2009 by Kenneth Long 2 Comments

When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly. (more…)

Free Tax Prep Service Also Provides Credit Scores

Posted on: March 11th, 2008 by Kenneth Long No Comments

The volunteer income tax assistance (VITA) program has been popular with low and moderate income taxpayers for years. One firm has changed the rules by matching eligible taxpayers with asset-building programs.

Instead of simply filing a free tax return, taxpayers are also treated to two of their credit scores. They can find out if they meet lending guidelines for homeownership. The best part is that since the program is funded by Freddie Mac, the service is free. (more…)

Project MedFICO in Development

Posted on: February 12th, 2008 by Kenneth Long No Comments

One of the newest major projects undertaken by Fair Isaac Corporation is a medical version of a credit score. Since medical bills are not repaid with the same regularity as other bills, this new tool is seen as a way to provide greater predictability of repayment to medical service providers.

Affectionately known as MedFICO, this project is currently under development and could be available for commercial sale by the end of 2008. (more…)

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