I Started Receiving Debt Collection Letters For A Debt I Know Nothing About I Got A Copy Of My Credit File And Noticed That I Have Been Linked To An Address I Have Never Lived At What Should I Do
Address links are typically created by the CRAs from the information given by individuals in credit agreements. However, errors can occur when information is provided inaccurately or when a mis-trace has occurred.
Aside from their credit referencing function each of the CRAs operates a separate tracing facility which is used by lenders and debt collection companies who are trying to find a client who has stopped making payments and appears to have moved without telling them. A mis-trace occurs when an organisation is searching for an individual but mistakenly traces someone with the same or similar name. When the results of a trace are provided to a lender they are expected to make tentative approaches only and carry out further checks to confirm the identity of the individual as per the terms of their user agreement with the CRA.
Being linked to a debt that is not yours is not acceptable. You should contact the CRA you got your report from to tell them about this error. Each time a linked address is created, the CRA records the source of this link so they should be able to see exactly when and why this address link was created and break any inaccurate links.
If you complain to the CRA and remain unhappy with their response or they refuse to remove the inaccurate address link you may wish to make a complaint to the ICO.
One Of My Defaulted Accounts Has Been Sold On To A Debt Collection Company This Debt Is Now Appearing Twice On My Credit File Is This Right
If it is clear from looking at the two entries that they relate to the same account, with the same default date and balances and the original debt is clearly showing as settled then it is likely that we would consider this to be fair in terms of the data protection law. However, if the entries are recorded on your credit file in a way that may look like they are two different debts, or that could make the debt remain on your credit file for longer than six years from the date of the original default it is unlikely that we would consider this to be fair.
Get Prequalified For A Credit Card Based On Your Credit Profile
It can be challenging to find the right credit card, especially if you’re not sure you qualify based on your credit score. With Experian CreditMatch, you can compare credit cards that you have a good chance of getting approved for based on your credit profile. While a prequalification doesn’t guarantee approval, the process can give you a good idea of your odds.
If the credit cards you want are out of reach, you might want to take the time to address the risk factors in your credit. Free credit monitoring through Experian can help you keep an eye on your credit as you take strides toward improving it.
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Negative Information In A Credit Report
Negative information in a can include public records–tax liens, judgments, bankruptcies–that provide insight into your financial status and obligations. A credit reporting company generally can report most negative information for seven years.
Information about a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Bankruptcies can be kept on your report for up to 10 years, and unpaid tax liens for 15 years.
Why Do I Have A Credit Report
Businesses want to know about you before they lend you money. Would you want to lend money to someone who pays bills on time? Or to someone who always pays late?
Businesses look at your credit report to learn about you. They decide if they want to lend you money, or give you a credit card. Sometimes, employers look at your credit report when you apply for a job. Cell phone companies and insurance companies look at your credit report, too.
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Full Credit Report Services
Remember
You can apply for your credit record as often as you like without harming your chances of getting credit.
You can get free 30-day trials of more comprehensive credit checking services from Experian and Equifax. These include your full credit report.
However, you normally have to give your credit or debit card details when you sign up to the free trial. Money will be taken from your account unless you cancel in time.
How To Dispute Incorrect Records
Checking your credit report annually by requesting a free copy of your credit report is important in building, repairing, or maintaining your credit score. Review it regularly to make sure that all the information it contains is accurate. In case you spot any inaccuracies, you have to file a dispute right away.
Send a dispute letter and copies of documents that support your claim to the credit reporting bureau. Under the FCRA, the credit bureaus have to correct incomplete or inaccurate information in your credit report. So, they have to conduct an investigation within 30 days about your claim and get back to you with the results.
The credit reporting agency will loop in the company that provided the information about your reported inaccuracy. The latter will review your complaint and report back to the credit reporting company. If the item is indeed incorrect, all credit reporting agencies will be informed so necessary corrections can be made. After that, you should no longer see the incorrect item in your credit report.
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How Your Apple Card Application Is Evaluated
Learn about the key criteria used to determine whether your Apple Card application is approved or declined.
Goldman Sachs1 uses your credit score, your credit report , and the income you report on your application when reviewing your Apple Card application. This article highlights a number of factors that Goldman Sachs uses, in combination, to make credit decisions but doesn’t include all of the details, factors, scores or other information used to make those decisions.
If you apply for Apple Card and your application is approved, there’s no impact to your credit score until you accept your offer. If you accept your offer, a hard inquiry is made. This may impact your credit score. If your application is declined or you reject your offer, your credit score isn’t impacted by the soft inquiry associated with your application.
If your application was declined, learn what you can do to try and improve your next application.
If you’re combining accounts for Apple Card Family, some of the credit factors mentioned above may be considered for both co-owners when evaluating a combined credit limit for a co-owned Apple Card.2
Personal finance companies, like Credit Karma, might display various credit scores, like TransUnion VantageScore. While these scores can be informative, if they’re not the FICO score that’s used for your Apple Card application, they may not be as predictive of your approval.
You can also contact Apple Support if you have questions about applying for Apple Card.
Potential Issues With Having A Lot Of Credit Cards
For those who enjoy using rewards credit cards, optimizing each purchase, and keeping close track of points or miles in different programs, having multiple credit cards can be an effective way to maximize rewards and travel perks.
But it can be hard to keep track of all those programs and card details. Even if having many credit cards doesnt negatively impact your credit scores, it could have other financial implications if you dont keep a careful watch over your various accounts.
Here are some questions you may want to consider before applying for multiple rewards cards.
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Use Financial Tools To Improve Money Management
If you’re planning to use multiple bank accounts, consider using a budgeting tool like Mint or You Need a Budget to keep track of all of them more easily. These tools use direct import software to update all of your transactions in one place.
Additionally, consider using a to help keep track of your credit score. With Experian, for example, you’ll get free access to your Experian credit report, your FICO® Score and real-time alerts when certain changes are made to your report.
Tools like these make it easier to keep track of your finances without requiring a lot of time and effort on your part.
Can I Get My Report In Braille Large Print Or Audio Format
Yes, your free annual credit report are available in Braille, large print or audio format. It takes about three weeks to get your credit reports in these formats. If you are deaf or hard of hearing, access the AnnualCreditReport.com TDD service: call 7-1-1 and refer the Relay Operator to 1-800-821-7232. If you are visually impaired, you can ask for your free annual credit reports in Braille, large print, or audio formats.
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I Owed Money To My Credit Card Company And Stopped Making Repayments Because I Lost My Job Because I Was Able To Demonstrate Financial Hardship And The Stress This Was Causing Me The Credit Card Company Agreed That They Would Stop Pursuing Me For This Debt However They Have Refused To Remove The Default From My Credit File Can They Do This
Data protection law requires that the information on your credit file is an accurate reflection of your credit history. While we appreciate you may want this debt removed, the fact that this debt was accrued and defaulted on is accurate. The fact that this default remains on your credit file is likely to comply with data protection requirements.
In situations like this, whether the entry should be recorded in some way to indicate that a debt has been settled relies heavily upon the specific agreement between you and the lender and can vary on a case-by-case basis.
If the lender agrees to accept a lower payment from you in settlement of an account we would expect them to mark the entry in a way which indicates that you are no longer being pursued for a debt. However, if a debt has not been paid off in full we do understand that the lender may be reluctant to mark a credit file as satisfied. However, where an organisation has decided to stop pursuing a debtor for payment, it would appear unfair to show that money is still owed under the account. In these circumstances, we would generally expect an organisation to indicate the situation on an individuals credit file, in some way. Organisations will usually mark an account as partially settled or partially satisfied. This shows any lenders searching your file that you are no longer being pursued for the debt but also that the debt was not fully repaid.
What To Do If You Don’t Have A Credit Score
If you want to establish and build your credit but don’t have a credit score, these options will help you get going.
- Get a secured credit card. A secured credit card can be used the same way as a conventional credit card. The only difference is that a security deposittypically equal to your credit limitis required when signing up for a secured card. This security deposit helps protect the credit issuer if you default and makes them more comfortable taking on riskier borrowers. Use the secured card to make small essential purchases and be sure to pay your bill in full and on time each month to help establish and build your credit. Click here to learn more about how secured cards work and here to browse Experian’s secured card partners.
- Become an authorized user. If you are close with someone who has a credit card, you could ask them to add you as an authorized user to jump-start your credit. In this scenario, you get your own card and are given spending privileges on the main cardholder’s account. In many cases, credit card issuers report authorized users to the credit bureaus, which adds to your credit file. As long as the primary cardholder makes all their payments on time, you should benefit.
Want to instantly increase your credit score? Experian Boost helps by giving you credit for the utility and mobile phone bills you’re already paying. Until now, those payments did not positively impact your score.
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Why Should I Get My Credit Report
An important reason to get your credit report is to find problems or mistakes and fix them:
- You might find somebodys information in your report by mistake.
- You might find information about you from a long time ago.
- You might find accounts that are not yours. That might mean someone stole your identity.
You want to know what is in your report. The information in your report will help decide whether you get a loan, a credit card, a job or insurance.
If the information is wrong, you can try to fix it. If the information is right but not so good you can try to improve your credit history.
My Credit File Is Showing Information About Someone Else Who Has The Same Name As Me But A Different Date Of Birth What Can I Do
In most cases this will simply be a mix up as most of these cases are caused by people with the same name living at the same address, but it could also be a case of identity fraud.
The first thing you should do is notify the CRA you obtained your credit file from of this error. They should be able to carry out further checks to understand what has gone wrong and take action to put it right. In some cases they may need you to provide evidence of your correct address, and should ask you to provide any information they need. If they respond refusing to amend this information you may wish to make a complaint to us.
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How Many Credit Cards Does The Average American Have
Based on data from March through June 2017, Credit Karma members have an average of 4.73 credit cards. This figure includes all of Credit Karmas members as of June 2017, including those without a single credit card.
If that seems like a lot, it certainly appears to be more than the nationwide average. According to data compiled by TransUnion from the first quarter of 2017, the average number of credit cards per person is 2.69.
Note that this figure only includes people with at least one credit card, so it cant be compared directly with Credit Karmas own data.
TransUnions public relations consultant, Colleen Kennedy, also shared with us the average number of credit cards per person by metropolitan statistical area .
As with TransUnions nationwide figure, this data set only includes people with at least one credit card. Heres how it breaks down by metro area.
Why Do I Have To Sign Up To A Monthly Subscription Service To See Information About Me Surely I Should Be Allowed To Access This For Free
While all three CRAs offer products which allow an individual instant access to their credit report via a monthly subscription service, there is no obligation on anyone to have to sign up to any of these products in order to get a copy of the information about their financial standing on their credit file.
If you want to request information about your financial standing, look for the phrase statutory report on the CRAs websites. You dont need to pay a fee for obtaining a statutory report.
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Before You Negotiate A Settlement With A Collection Agent
You mentioned the last payment was 7 years ago. Many state statutes of limitations are shorter than 7 years. If this debt is subject to a statute of limitations shorter than 7 years, then the collection agent cannot use your states courts to compel you to pay the debt. Lets look closer at the statute of limitations issue.
Each state has its own statute of limitations for contracts. Take these four steps before you pay a collection agent:
How Does An Account In Collections Affect My Credit Score
This is because having unpaid debt , is one of the biggest credit killers out there. As long as these accounts are listed on your credit report, they will continue to have a very negative effect on your credit score. Because of this, you should always aim to pay off your debts, especially those that have gone to collections.
However, in addition to just paying off your collections account, you might also want to see if you can have it removed from your credit report. Without this step, your credit score might not improve as quickly you were expecting, as it will otherwise remain on your account for years. So, how do you remove paid collections from a credit report? Well, the answer isnt too complicated.
How to Remove Paid Collections From a Credit Report
First, you should start by writing a letter to the collection agency or creditor and request that they speed up the process of removing that particular credit from your report. This letter should include:
- Reasons why you defaulted in the first place
- What sort of plan you have in place to reduce and pay off your debts
- A statement of your financial goals for the future.
While this is always worth a try, it isnt always guaranteed to work, so be prepared for a potentially long process if they do not meet your request.
To learn how to remove collections accounts from your credit report with it affecting your credit score, read this.
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