Truths About Credit Reporting Agencies

I’ve had some history with credit reporting agencies, that hasn’t always been good.  With this in mind, here are some things I’ve learned.

Once a negative form of credit is put on your report, a clock starts ticking for how long it will stay there.  With exception to bankruptcy, which is ten years for chapter seven, and seven years for chapter 13, all issues have different time lengths, most up to seven years.

Keep in mind, however, that even one payment to the negative balance starts your time over.  So, as the collection agencies call, if you pay off a debt, it will sit, negatively on you report with a zero balance due, for the same respective time as if you paid nothing towards it.

You can put a 100 word statement on each of the reporting agencies, if needed.  Remember, however, that they do not speak or communicate with each other, so get a copy of each of them, to see which has the negative information, before submitting your note.

Most creditors only look at FICA scores and do not look at your credit reports, therefore they will not see your note, at all.  With the current economy, more lenders may start reading reports, so its worth consideration.  Remember, thought, that this note will also start the time over that the negative credit will remain on the report, too.


Enhanced by Zemanta


  1. So , if you’re careless, you could end up paying a
    fair amount of money in turn. Playing this way you can improve your credit
    score. He must at once meet the police and secure formal assistance to set the things right.

    Of all the simple credit repair tips, this single is most important.
    In other words, write it like a surprised and pissed off consumer.

    Dispute each bed credit item – the Fair Credit Reporting Act enables you to dispute any item on your
    credit report that you feel is inaccurate. 3) Complete
    a form from the Federal Trade Commission, and mail it to: Annual Credit Report Request Service,
    P. “This product, although very nice, will violate CROA and will land you in a class-action lawsuit.

    • in today’s current economy we may see a change where our credit reports will be read, so our disputes and notes on wrongs will be seen. As of yet, however, most are only looking at credit scores. Thanks for the comment.

Speak Your Mind