Credit Information

Credit Information

Where does a credit report company get information?

Credit report companies get information from public records search companies as well as the three largest credit bureaus: TransUnion, Experian and Equifax.

What can I do if I disagree with information on my credit file?

The information on your credit report is reported by creditors. If you believe information is incorrect or does not belong to you, you can dispute it by contacting your creditor directly in writing as well as the credit bureau. You should find the contact information for the creditor on your credit report.

Credit Information

What if I cannot find a way to contact the creditor?

You have the right to dispute information with the credit bureau. The creditor then has 30 days to verify the information or the credit reporting agency must remove it.

PO Box 949
Allen, TX 75013
(888) 397-3742

Consumer Disclosure Center
PO Box 390
Springfield, PA 19064
(800) 888-4213

PO Box 740241
Atlanta, GA 30374
(800) 685-1111

Home Loan Process

Why are the balances on my accounts incorrect?

The balances on your credit report are reported to the credit bureau once a month, usually at the end of your billing cycle, so they usually do not reflect your current balance.

Will a loan I have co-signed appear on my credit file?

When you co-sign a loan, it will appear on your credit report because you have accepted responsibility if the primary borrower defaults. For loan qualification purposes, the co-signed loan can be overlooked if you show proof that the primary borrower has made payments on time for the last year and is current on the loan.

Credit Reporting

Why do accounts show up on my file if my divorce decree says I am no longer liable?

A divorce decree will not override the contract with the creditor. If the loan was jointly held, you are still not released from legal liability to the creditor. You will need to seek a binding release of the obligation from your creditor. These loans can be overlooked for loan qualification purposes if you provide a copy of the divorce decree and show the other party makes the payments and is current on the account.

Why does a "paid" judgment show up as "not satisfied?"

A judgment must have a "Notice of Satisfaction" filed by the plaintiff to show as "satisfied" on your credit report. If this notice has been filed, forward proof to the credit bureau.

Credit Score

How long can negative information remain on my credit report?

Most negative information must drop off your credit report 7 years after the date of the original occurrence, except Chapter 11 and Chapter 7 bankruptcy, which remain for 10 years.

What is a credit score?

A credit score is a mathematical calculation assessing a borrower's risk based on information on their credit report. There are many different credit scores, each developed by a different company or credit bureau, but most range from 450 to 850 points. The higher the score, the better the consumer's risk.

Closing a Loan

What information is used to calculate a credit score?

A credit score is based on information on a credit report, including the frequency of late payments, how recent late payments are, collection accounts, foreclosures, judgments, credit utilization, types of accounts, amount of debt outstanding, available credit, length of credit history and more.

How can I increase my credit score?

There are many ways to improve your credit score, including:

  • Having incorrect information removed from an account.
  • Making payments on time.
  • Paying down account balances.
  • Keeping account credit utilization low.
  • Increasing limits on credit accounts.
  • Maintaining a good mix of credit types.
  • Limiting credit inquiries.
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