Your Credit Report:
Your credit report provides a snapshot detailed record of your credit history at the time the report is requested. The report is based on information companies and creditors have reported about your management of your past and current accounts with them. The most significant aspect of your credit report is that it shows whether you have repaid your debts on time and as agreed. Your credit report shows your type credit accounts, credit balances, credit limits, and whether payments have been timely or late. It may also include debt-related public records such as bankruptcy, tax liens or civil judgments.
Additionally, your credit report contains your identifying information. Your name and mailing address are used to match the account information to your credit report. Further, it contains a list of inquiries, which is a record of entities who have requested your credit report in the last 25 months. Your credit report does not contain information about your assets, income, savings or checking accounts, or other personal information such as gender, religion, medical history or political affiliation. Credit Genie, LLC / CredittGeniee.com™, we can help you fix your credit, improve your credit scores, and achieve a higher lifestyle. Call us today for a FREE Credit Repair Consultation 1(844) 4-GENIEE – 1(844) 443-6433.
Who Has Authorization to Access Your Credit Report?
Of course, you can always obtain a copy of your personal credit report at any time. Otherwise, the Federal Fair Credit Reporting Act (FCRA) limits who can obtain your report and under what circumstances. A party can only obtain a copy of your credit report for the following reasons:
- to open or review credit accounts,
- to determine whether the account holder is still within the terms of the account,
- to make firm offers of credit,
- to evaluate your application for credit or other services,
- for employment purposes (with your written permission),
- to underwrite insurance,
- with a court order or grand jury subpoena,
- to evaluate the risk of an investor, and
- to determine eligibility for government licenses.
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How Long Information Remains on My Credit Reports?
Generally, the type of information determines the length of time it remains on your credit report. For example, information about your identity, such as your name and date of birth remain for the life of your credit report. Whereas, information about specific credit accounts stay on your report for a predetermined period. Nonetheless, negative information can have an unfavorable impact on your credit score. Fortunately, Credit Genie, LLC can help you identify and challenge any erroneous negative information on your credit report. While the policy for the three major reporting bureaus may differ, the approximate length of time specific information may remain on your credit reports are as follow:
- All inquiries can remain on your credit report for 25 months after they are made.
- Late payments can stay on your report for up to seven years.
- Collections are reported for seven years from the date of the first delinquency.
- Unpaid tax liens appear on your report for 10 years from the filing date.
- Paid tax liens appear on your report for seven years from the date they were paid.
- Judgments may appear on a credit report for seven years from the day the judgment was filed.
- Chapter 7 Bankruptcy remains on a credit report 10 years from the filing date.
- Chapter 13 Bankruptcy stays on a credit report seven years from the filing date.
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Your Credit Scores:
Your credit scores are calculated numbers based on the information contained in your credit report. Your credit scores help lenders predict the risk that you will repay a loan as agreed. Your credit scores may determine whether you are approved or denied for credit, or whether you pay higher rates and fees. The Fair Isaac Corporation (FICO®) Score is the most commonly known credit score. The FICO® score ranges from 300 to 850. However, there are several scoring models available. Therefore, your scores may differ slightly from the scores the lender obtains. Although credit reports and credit scores are different, each provides a snapshot of your financial well-being. They can help you identify areas that you should to focus on to improve your creditworthiness. Your credit scores reflect your credit history. Consequently, you are likely to receive better interest terms if you have good credit scores. Good credit scores can help you qualify for lower interest rates on loans, reduced fees, and save you money. Therefore, you can minimize surprises during the loan approval process if you know your credit scores before you apply for credit. At Credit Genie, LLC / CredittGeniee.com™, we can help you fix your credit, improve your credit scores, and achieve a higher lifestyle. Call us today for a FREE Credit Repair Consultation 1(844) 4-GENIEE – 1(844) 443-6433.
There are two types of credit scores – Custom Credit Score and Generic Credit Score. Custom credit scores were developed for individual lenders for a specific type of credit product. For example, mortgage and auto loan lenders generally apply a custom credit score to determine if a person is a good credit risk. Some lenders have developed proprietary score that is unique to their company.
Whereas, many companies and lenders use a generic score to determine if a borrower is credit worthy. A generic score uses the same formula to determine lending risk for all types of credit. The current credit scoring models take many factors into consideration. The most significant factors are:
- your payment history,
- your utilization ratio (how much credit you have used compared to your credit limits),
- the length of time your accounts have been opened,
- the types of credit,
- how well you managed your existing debts, and
- whether you have applied for or have taken on new debt recently.
At Credit Genie, LLC / CredittGeniee.com™, we can help you fix your credit, improve your credit scores, and achieve a higher lifestyle. Call us today for a FREE Credit Repair Consultation 1(844) 4-GENIEE – 1(844) 443-6433.