Credit Reports

[jazz lady (Premo)]

Originally posted by Oz
If you are well documented over that 2 years old blemish, you can place "rebuttal" information with the major credit bureau's which will also show up on your credit report. This should help when someone checks your report and views this info. Also, follow that up with hard copies for the mortgage company when you apply for your mortgage and you should be fine and avoid the expense and time of a lawsuit.

Up until recently, I didn't even know there was this mark against my credit, but with getting a new mortgage I quickly found out it was there. I have unsuccessfully tried to come to an ameciable solution with Discover after countless phone calls and letters. The last credit card I applied for required an explanation of this 'black mark' on my credit. They don't care if that mark is for $50 or $50,000 - it counts badly against your credit. Other than that, my credit is spotless, so I am not going to stop until it is expunged from my record.

[Oz (Premo)]

However, in the mean time, you do have a right to place a "dispute" record in your own credit file so I would go ahead and pursue that first. I agree with getting it fixed, but you should also cover your bases until it is expunged.

[Pete (Premo)]

Oz is correct as always. I was checking my report and a credit card I had, had posted that it was 30 days late once. I disputed it via the procedure Experian sent me with the report. They replied back by mail a few days later that they had contacted the credit card and they verified their information. Experian did post in the comment section of that " Item is disputed by the customer" I then wrote to the credit card company and told them that unless they could provide me with a date and some documentation I was going to report them under the FCRA. I got a letter back within 2 weeks that the black mark was removed.

[Pookie]

I would definitely go to each of the three credit bureaus and file a dispute! I've found that Experian has been the easiest to work with, as you can do all of your disputing online.

As for lowering the score, that's what she told me. I've also been told that if I pay off an account, not to close it. If you do close it, again, that supposedly lowers your score. Seems like a no win situation to me. And, if you keep too many accounts open that also lowers your score. Stupid, if you ask me.

[Cheerios]

I called my mortgage company and they have already sent me the paper work to sign - at 5.8 - in the mean time I called my credit Union and they are offering me 5.1 but they want me to sign authorization to spend some money on something although I have perfect credit - I am unsure as if I should go the max or minimal - as I do need to do some repairs around the house -My interest is high in comparison to todays rates - but I owe so little - Would you go with your mortgage company or credit union-and what would be your deciding factor - I have to make a decision quickly or I will loose thelocked amount

[willie]

This myfico report looks like a good idea. Does it generate spam? Is the $12.95 report good enough or is the $39.95 worth it? It sounds like it will tell me what CC accounts are still open that I might have forgotten. True?
Bill

I got the myfico report 3 weeks ago and havent gotten a bit of spam since, other the the spam I was getting before that.

[willie]

What a shock! My only negative mark on myfico was I had too many credit cards. I've got a Discover, only used atr Sam's Club, a GM Mastercard for business and a Bank One for personal. Then I find out I've got 11 more that I had no idea about. Bad news.

[Ponytail]

If you are considering buying a house, the best way to check your credit is have a lender do it. He can check it, and get a rating from all 3 bureaus. For most loans, you only need a credit rating of 730 from any one of the 3. He can the cancel the report so that it does NOT ding your credit rating. And it won't cost you anything.

They have to run a report within a certain amount of time of the loan application.

DO NOT continually check your credit report. If you have HIGH credit limits on your credit cards, call the credit card company and get the limit reduced. High credit limits have a bad effect on your credit rating. This is the easiest, controllable, credit enhancer that you have.

High credit limits do not damage your credit, high balances do.

I know someone who actually has a credit card with an unlimited credit limit.