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Information about credit reporting and credit score - The Bills.com Blog
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Information about credit reporting and credit score
Tuesday, Oct 16, 2007
Question: I recently checked my credit score at the beginning of September and score at 709 and later 10/13 score and 659. Last reported information from creditors is september 2007. I pay bill early and over minimum pay due. How can I restore score back to 700+ within 30 days?
Answer: Most credit bureaus update their files every 90 days, or approximately quarterly. This does not necessarily mean that what you are seeking will show up in the next reporting cycle, as there are frequent delays in reporting.First, however, you should get a copy of your credit report:
Get My Credit Report
According to the Fair Credit Reporting Act, all trade lines can be reported on each of the credit bureaus. However, the reporting agencies must update and keep accurate data in their credit files. If there is erroneous information, you must notify them (typically through a certified letter) and then wait one reporting cycle (90 days) for the errors to be removed.
There
are three major credit bureaus that offer credit reports, if there is something that you want added or removed, you should contact them directly:
Equifax
1-800-685-1111
www.equifax.com
Experian
1-888-397-3742
www.experian.com
Trans Union
1-800-916-8800
www.transunion.com
Each bureau interprets your credit information differently, so you might want to get a report from all three.
It will be important to understand how your credit score is calculated. Your credit rating is calculated based on several variables, including: your payment history (do you have any late payments,
Equifax
1-800-685-1111
www.equifax.com
Experian
1-888-397-3742
www.experian.com
Trans Union
1-800-916-8800
www.transunion.com
Each bureau interprets your credit information differently, so you might want to get a report from all three.
It will be important to understand how your credit score is calculated. Your credit rating is calculated based on several variables, including: your payment history (do you have any late payments,
charge-offs, etc.), the amount and type of debt that you owe, if you have maxed out any of your trade lines, and then several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history. Paying off delinquent or maxed out trade-lines will almost always help your credit score.
If you would like more information, please visit our credit resource page at: http://www.bills.com/credit/
We hope that this helped you to Find, Learn, and Save!
Best,
Bill
www.bills.com
If you would like more information, please visit our credit resource page at: http://www.bills.com/credit/
We hope that this helped you to Find, Learn, and Save!
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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