Question about credit reports
Date: Wed, 11/26/2008 - 07:49
Also I have been told that if an item is showing on your credit report as:
Status: Paid;Closed/Collection Account
Credit Limit: 800
High Balance: N/A
Recent Balance: N/A
Recent Payment: N/A
Monthly Payment: 0
Than is item is not calculated into your score. Is again that correct?
:?
Wrong. If you have any collection, paid or not, it is impacting
Wrong. If you have any collection, paid or not, it is impacting your score. If it is older than 2 years the impact is not as bad but there is still a score drop.
Not sure what you mean by information in brackets but if its on your reports, it is being factored into your score. Keep in mind that there are like 19 different scoring algorithms depending on who is looking at your score and the algorithm is based on a "super secret" formula that is proprietary. Mortgage lenders look at a completely different score than say, a credit card company which looks at your Vantage score.
the infomation that is in brackets is on my experian report and
the infomation that is in brackets is on my experian report and an example of one is: Remark>account closed by consumer/chapter 7<
Another one says
Which I have filed chapter 7 and it has been discharged, going on 2 years and these items are still reporting on my credit report and impacting my score, is that correct??
And if so how can I get them off since they were included in my chapter 7???
The BK is impacting your score. The fact that you are going on
The BK is impacting your score. The fact that you are going on 2 years does lessen the impact but nevertheless, there is a negative impact. If the information is true and accurate then it can be reported. BK07 is an accurate listing so the data furnisher can still report. BK does not mean that the OC's can not report, only that if they do report that it shows they were included in the BK. You can attempt to dispute the tradelines but depending on the creditors, you might not score deletions.