Credit Report Bureaus

Credit Report Bureaus questions and answers

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Q: How long does take for a student loan creditor to report to credit bureaus a past due balance as finally paid?
Hi Experts! I am recovering from a hit to my credit report in the form of two consecutive non-payments on a small student loan. The loan bill was sent to my parents house who are retired and have been in Europe for the past 3 months so I don't completely blame myself. However - I just paid the payment balance last week and i'm curious about the effect it will have on my report. So my questions are: 1)Will it take a month for the loan creditor to report the payment to the credit bureaus or is this more of an instantaneous process? 2)Now that the account dues are paid, will the loan be removed from the "adverse accounts" section of my report and will my score jump up at all? I'm really interested in building up my score - this hit was a real punch in the nose for me. I guess there are always bumps in the road :( Well thanks in advance for all of your help and I'm looking forward to reading your responses. -CF

A: Even though paid the fact that it was late will remain on your credit report for 7 years. If you cannot pay it for any reason ask for a forbearance interest accumulates, but you do not have to pay, and it does not show up on your credit report.

Q: Does Fingerhut credit report to credit bureaus?
Hi, i just opened a Fingerhut credit account. Does anyone know which credit bureaus it will report the credit account to? Experian, Transunion, or Equifax? i am looking for someone who has a fingerhut credit account that knows which ones of the three credit bureaus they report the account to.

A: I forget which ones they report to, but I believe it is 2 of the 3 as most of my clients with Fingerhut/HFC accounts do have reports from them whenever they pull their credit report. Sorry I couldn't specify further. You can often times call customer service and they can tell you or direct you to someone who will know.

Q: Are collectors required to report debts to the credit bureaus?
I just found a 4 year old bill from a collection agency in some of my papers. Thing is I pulled my credit report from all three bureaus yesterday and it wasn't on there. I would think it would be there by now. Are the collectors not required to report debts or could it be that they aren't bothering because it would only sit on the reports for 2 years at this point? I do owe the money. It's from an old phone bill. I haven't received anything else from them since '03. Should I even bother contacting them or just ride it out and hope it doesn't show up on the credit report?

A: Actually negatives can sit on your credit report for 7 years. It would sit another 3 years not 2. Morally, you owe the bill and should pay it. However if you contact that collection company from 4 years ago, they probably no longer own your debt. It's probably been sold a couple times. You many never hear from anyone.

Q: How long does Chase take to report credit card balance to the bureaus?
I'm going to apply for an auto loan soon. I paid off my chase credit card last month April 26 and I'm waiting to it gets reported to the credit bureaus before applying for the auto loan.. When should the new balance be reported to the bureaus?

A: Most major lenders update monthly. However, there can be a lag time so allow at least 60 days.

Q: Do gas cards report to the credit bureaus?
I just found out that I don't have a credit SCORE on equifax (and therefore cannot get financing for anything) due to a lack of activity on my credit report in the last 6 months. So I am considering a gas card - IF it will report its' activity to the credit bureau. That way equifax will have to re-issue an actual SCORE.

A: yes gas cards are reported to the credit bureau's the reason is because they are actually financed by a bank (normally Chase or Citi Bank) and they report to the bureau's....

Q: If I already have a copy of my credit report from credit bureaus where do I get their contact info?
I need to disupute incorrect info on my credit report but the toll free # listed want me to buy another credit report. How can I not purchase another report and file a dispute?

A: Here is a link to a pdf file you can download from the FTC on how to dispute an entry on your credit report. You must follow the guidlines or you will run around in circles. The CRA's have a specific format to file a dispute. It works best to do what they need you to do. http://www.ftc.gov/bcp/menus/consumer/credit/reports.shtm Download a pdf file regarding how to dispute with CRA's Hope this answers your question.

Q: i wanna get my credit report which credit bureaus is better?
what is the difference between credit bureaus ? which one is better? or what will happen if check all their check box?i mean are they different from each other or they are the same?

A: AnnualCreditReport.com is the only site that will give you online access to free annual credit reports from each of the three credit bureaus. All other sites will require you to sign up for credit monitoring services. You need to check all three credit reports. Not all creditors report to all three. An error on one might not show on the others. Creditors use all three. There is no one better than the others. Your report is free but you have to pay for your score. If you really want your scores, go to Myfico.com. You get real, up-to-date FICO scores which creditors use.

Q: How do you go about having your Orchard Bank Card report to credit bureaus?
I have always wondered how prepaid credit cards work. I have an Orchard Bank card and am interested in having them report my purchases to the three credit bureaus.

A: You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-score.10001mb.com

Q: How do I get payments reported when company doesn't report to credit bureaus?
I recently got a contract cell phone hoping to raise my credit score along the way paying on time. But I found out the company can and will not report to the credit bureaus my good payments.. only bad ones!! Is there any way to report to them myself with proof of on time payments?

A: Typically utilities don't report to credit bureaus. Things that report are loans (credit cards, car loans, mortgages, etc). If you want to build credit, you need Responsibly use one of these vehicles.

Q: Can a scavenger bill collector report to the credit bureaus?
I have a credit card debt that went into collections 7 years ago. It was a $500 credit card that reached $1600 after fees and interest. It has been turned over to a scavenger bill collector and they now want $2700. I am in TX and the SOL is 4 years. Can they still report this account on my credit report? I have not made contact with any one.

A: Yes, even scavenger or zombie bill collectors can report debts to the credit bureaus. However, derogatory items age off your credit report 7-1/2 years after the date of first deficiency. Collection agencies cannot report the debt if it is beyond the reporting period. Should it show up on your credit report, dispute it as being beyond the reporting period. Additionally, since you know the debt is beyond the SOL for your state, you can simply send the collection agency a certified, return receipt letter telling the to cease and desist all contact. They have to stop all contact. But will probably sell the debt to another zombie collector. You may have to send a letter to the next one. Don't waste your time talking to them on the phone.

Q: Do the three credit bureaus report to each other about investigations?
If I submitted a dispute with Experian to have a 30-day-late delinquency removed, they investigated it, and it was removed... will they report this to the other two agencies for me? I've noticed that Equifax has already removed it, but Transunion hasn't. Oh, Experian's investigation ended just today, by the way. Am I just being impatient, or do I need to contact Transunion?

A: nope they all work indepently!!!

Q: Question Regarding Inconsistency of Resolution of Disputed Credit Report Item Between the Three Credit Bureaus?
I disputed several items on my Credit Report with the three credit bureaus and it looks like one of the items was removed from one bureau but not the other two. Can I use the first bureau's removal of the disputed item as evidence to argue with the other two bureaus that they should remove it as well? Conversely, can the first bureau re-visit their decision to remove the item based on the other two bureaus not removing it?

A: The credit bureaus are three separate companies. They don't influence each other concerning disputed items. When you send a dispute to one of the credit bureaus, they ask the creditor to verify the item. The creditor merely has to respond that the item is correct -- no proof required. If the creditor fails to verify, the credit bureau removes the item. However, if the creditor later updates, the removed item can show back up on your credit report. Have you actualy received responses from the credit bureaus concerning your disputes? It may take 45 days to get that response. If the item isn't removed from all three, you should send a certified, return receipt letter to the creditor requesting validation to include copies of contracts or other documentation proving the debt is yours. If they fail to respond after 30 days, dispute the item with the credit bureaus again indicating that the creditor failed to validate the debt. If the creditor does respond, you have to fight it out with them.

Q: how can i report credit information to the credit bureaus?
I have rental property and would like to report the renter's pay history to the credit bureaus.

A: You can't unless you subscribe to the credit bureau' services as a creditor customer.

Q: I just recently checked my credit report and noticed that my zales card wasnt reporting to the credit bureaus?
Ive had the card since 2005 and there is no record of it on my credit report. I have no miss payments and it is finally paid off ($5000) Anyway i contacted zales, well citibank because that is the mother company and they told me to fax my request in and they will fix it. Does anyone know what affect this will have on bringing up my credit score?

A: Normally they will just show it as a line of credit that has a zero balance. If you did not have any late payments past 30 days then it will show that you did not have any lates. It may drop your score which tends to happen when you open a line of credit. I realize it is not new credit but to the credit bureau it will be since citibank did not report it.

Q: I need a credit card that reports to credit bureaus and doesn't report that it is secured?
I just turned 18 and I'm trying to build my credit, but it's been difficult to get a credit card. I decided to get a secured credit card but I need one that reports to all three credit bureaus and does NOT report it as a secured card...

A: Get a secured card like http://www.finance.ebookorama.com/nextmilenniumcard.php?id=hra0tt16koo9 it will report toall credit bureaus and it is just perfect to build credit.