Your Questions About Credit Reports And Score

Carol asks…

Is it possible to remove a closed collection account from my credit report?

I have a paid collection account showing up on my credit report that is affecting my score. This is a small account that I paid in full a couple of months after it was reported. Although it is paid in full and closed, it is affecting my credit score. Is it possible to remove it to clean my report or do I have to wait the 7 years to fall off my report?

John answers:

Sorry but per the Fair Credit Reporting Act (Federal law) derogatory accounts show for 7-years from the date of first default which works out to 7-years and 180-days.

Nothing but nothing resets this time line.

Good luck.

David asks…

Can you get another credit card from the same company you had a charge off with if the charge off is removed?

If you had a charge off with a credit card company, but that charge off was removed from your credit report/credit score, can you still get approved with a credit card from that credit card company after the charge off has been successfully removed from your credit report and there is no record of it?

Isn’t it against the law for them to turn you down if there is no record of it on your credit report/credit score or no?

John answers:

You are wrong. The credit card company will STILL have a record of that charge off. There is no law requiring credit cards to give you an account. They can refuse even if your credit report/score is good.

It sounds like you’ve used or plan to use some special “trick” to remove legitimate negatives from our credit report. I hope you didn’t pay anyone for this. It is highly unlikely that legitimate negatives will be removed. But if one does fall thru the crack and get removed from your credit report, don’t be surprised when it shows back up in a few months when the creditor updates or the debt is sold off to another collection agency.

Betty asks…

How do you know the item on your credit report is from which credit burea?

I got a credit report from a lender (the lender type of credit report), it lists 3 credit scores.

There is a same tax lien listed twice, one has account number , the other doesn’t has an account number. Which credit bureau should I contact for this issue? How do you know which item is from which credit bureau?

John answers:

Out to the side some where it should look like
tu trans union
efx Equifax
exp experian

Susan asks…

How long does it take for credit report to upate?

I recieved a noticed by experian today that I got three items deleted, but it is still showing up on my credit report and my credit score is still the same. My question is, how long do I have to wait until my credit report is updated? 30 days? thanks..

John answers:

It used to take less time but for years now it is usually 3 to 6 months.
But if you pay it off early say in 3 months and ask your merchant that issued you the credit to send in a report it will speed it up if they are co-operative.

Mark asks…

Will my credit score down if my wife applies for a Pay Monthly phone mobile phone contract?

We have had joint accounts in the past so our credit reports show that we’re linked. I know that a score goes down every time you apply for credit, but is this the case with Mobile phone contracts as well, and will it affect me if she applies for the contract? Thanks everyone!

John answers:

Phone contracts do not show up on credit reports.
Therefore it will not affect your scores.
A soft inquiry the contract people will do will drop off in 6 weeks.
And affects not even a percentage of your score.
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