All About Debts

Here are the top 7 questions we hear from consumers about credit reports and credit scores...

Debt Help 1. Will closing paid off credit card accounts improve my credit score?

-- Free Credit Reports, Credit Scores, and 3 Bureau Reports Get a FREE Credit Report & Credit Score delivered online in seconds! Scan for possible inaccuracies. See who's been checking your credit. Discover how to improve your credit score. Monitor all 3 of your credit reports. Get Your FREE Credit Report & Credit Score Now! order now

Counseling Debt This will surprise many of you, but closing paid off credit card accounts can actually hurt your score in two ways. In "Your Credit Score", Liz Pulliam Weston explains:

Download Viewer ?Credit Report It's time to connect with your Credit Score & Report! Join the over 14 million consumers who have already checked their Credit Score & Report with America' 1 online provider for almost 10 years! Stay on top of your credit by seeing the same type of information as lenders, and by checking for potential inaccuracies or signs of identity theft.

Consolidation Consumer Debt A. Closing accounts can make your credit history look younger than it is. Your credit score factors in the age of your oldest account and the average age of all your accounts. So closing accounts, particularly older accounts can ding your score.

Need cash fast Up to $1500 in one hour. Less than perfect credit OK! Credit Card Discover Card Get 5% cash back on all gas purchases with no annual fee. Other Resources Debt relief Credit Solutions Lower your credit card payments by up to 60% without getting a loan. Free credit report Free Credit Reports 360 Over 70% of all credit reports have errors that hurt your credit score. View yours online instantly.

Debt Settlement B. Closing accounts reduces the total credit available to you, making your debt utilization ratio soar. Remember that the FICO formula measures the gap between the credit you use and your total credit limits. The wider the gap, the better. If you suddenly lower that limit by shutting down accounts, the gap narrows - and that's a bad thing.

Nevertheless, Have you paid your bills on time Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report. What is your outstanding debt Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.

Debt Free 2. What's the best way to deal with a collection agency when you don't have the money to pay them?

- New Personal Loan Gold Service (credit repair included) Clean Up Your Credit Report Remove negative items from your credit report and your credit score goes up!

Consolidation Debt Service The Federal Fair Debt Collection Practices Act clearly states that you do not have to deal with credit or debt collectors. You can stop collectors from calling and writing with a "cease and desist" letter. This is short for "cease communication". Once this letter is received by your collector, they will no longer be able to legally contact you by phone, at work, by fax, by certified mail, by nothing.

Company Consolidation Debt Of course, to improve your credit score, you will ultimately want to get the debt removed from your credit report by either getting the collector to agree to delete the item when you pay in full or by getting the credit bureau to delete the item.

Consolidation Debt Online 3. Is there a limit to how many items I can dispute on my credit report?

Consolidation Debt Free Technically, no. But keep in mind that if you try and dispute 7, 10, or more items on your credit report at one time, you may not be taken seriously and the credit bureaus may respond telling you that your request is "frivolous and irrelevant."

Debt Problem I recommend disputing no more than five or six items at a time.

Credit Debt 4. Is a 20 point increase in 72 hours possible?

Advice Debt There are literally hundreds of "credit repair" outfits promising to drastically repair credit scores in as little as 24 - 72 hours. Is it a scam? Believe it or not, this is not a scam. Rapid rescoring services can and do help consumers up their credit scores rapidly. But, it may not be as easy as you think. Here's what I mean:

Card Credit Debt Eliminate Rapid re-rescoring agencies do not and cannot deal directly with consumers. They work with lending institutions. So you can't contact them directly to work on your behalf if you're a consumer.

Debt Recovery Rapid re-rescoring agencies cannot and do not simply "remove" negative items. That is, they can't magically erase legitimately negative items. If, however, you have proof of an error, a rapid re-rescoring agency can quickly get the item deleted. Such proof might include a letter from a creditor explaining that your debt is paid or was never yours.

Counseling Credit Debt Rapid re-rescoring agencies cannot delete any items that are in dispute. If you already have an item in dispute with one or all of the major credit bureaus, rapid re-scoring agencies cannot delete the item(s).

Consolidation Debt Uk 5. What is fastest way to improve my credit score?

Debt Reduce Pay your bills on time. Delinquent payments and collections can have a major negative impact on your score.

Get Out Of Debt 6. Where can I get my credit reports and credit scores?

Debt Destroy I get my scores from www.suzeorman.com. I like using Suze's site because with a few clicks of the mouse you can get all 3 reports (from the major bureaus) and your FICO score, plus a kit to help you improve your scores.

Debt Negotiation 7. Is personal information included on my credit report?

Debt Elimination Personal information such as your race, color, religion, national origin, sex and marital status is NOT included on your credit report.

Consolidation Debt Mortgage Myra Golden runs a credit score repair agency, a complete resource for improving your credit score. For credit score repair help, including tips for understanding your credit score, disputing items, dealing with collection agencies, getting credit card interest rates reduced, ways to legally improve your credit score and much, much more, visit: www.creditscorerepair.us

[ Comment, Edit or Article Submission ]