Top 7 Questions About Credit Reports & Credit Scores

Here are the top 7 questions we hear fromrequest is "frivolous and irrelevant."
consumers about credit reports and credit scores...I recommend disputing no more than five or six items
1. Will closing paid off credit card accounts improve myat a time.
credit score?4. Is a 20 point increase in 72 hours possible?
This will surprise many of you, but closing paid offThere are literally hundreds of "credit repair" outfits
credit card accounts can actually hurt your score inpromising to drastically repair credit scores in as little as
two ways. In "Your Credit Score", Liz Pulliam Weston24 - 72 hours. Is it a scam? Believe it or not, this is not
explains:a scam. Rapid rescoring services can and do help
A. Closing accounts can make your credit history lookconsumers up their credit scores rapidly. But, it may not
younger than it is. Your credit score factors in the agebe as easy as you think. Here's what I mean:
of your oldest account and the average age of allRapid re-rescoring agencies do not and cannot deal
your accounts. So closing accounts, particularly olderdirectly with consumers. They work with lending
accounts can ding your score.institutions. So you can't contact them directly to work
B. Closing accounts reduces the total credit available toon your behalf if you're a consumer.
you, making your debt utilization ratio soar. RememberRapid re-rescoring agencies cannot and do not simply
that the FICO formula measures the gap between the"remove" negative items. That is, they can't magically
credit you use and your total credit limits. The widererase legitimately negative items. If, however, you have
the gap, the better. If you suddenly lower that limit byproof of an error, a rapid re-rescoring agency can
shutting down accounts, the gap narrows - and that'squickly get the item deleted. Such proof might include a
a bad thing.letter from a creditor explaining that your debt is paid
2. What's the best way to deal with a collectionor was never yours.
agency when you don't have the money to payRapid re-rescoring agencies cannot delete any items
them?that are in dispute. If you already have an item in
The Federal Fair Debt Collection Practices Act clearlydispute with one or all of the major credit bureaus,
states that you do not have to deal with credit or debtrapid re-scoring agencies cannot delete the item(s).
collectors. You can stop collectors from calling and5. What is fastest way to improve my credit score?
writing with a "cease and desist" letter. This is short forPay your bills on time. Delinquent payments and
"cease communication". Once this letter is received bycollections can have a major negative impact on your
your collector, they will no longer be able to legallyscore.
contact you by phone, at work, by fax, by certified6. Where can I get my credit reports and credit
mail, by nothing.scores?
Of course, to improve your credit score, you willI get my scores from I like using Suze's site because
ultimately want to get the debt removed from yourwith a few clicks of the mouse you can get all 3
credit report by either getting the collector to agree toreports (from the major bureaus) and your FICO
delete the item when you pay in full or by getting thescore, plus a kit to help you improve your scores.
credit bureau to delete the item.7. Is personal information included on my credit report?
3. Is there a limit to how many items I can dispute onPersonal information such as your race, color, religion,
my credit report?national origin, sex and marital status is NOT included
Technically, no. But keep in mind that if you try andon your credit report.
dispute 7, 10, or more items on your credit report atMyra Golden runs a credit score repair agency, a
one time, you may not be taken seriously and thecomplete resource for improving your credit score.
credit bureaus may respond telling you that your