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How to read credit report from Experian

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Dida
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Subject: How to read credit report from Experian
 
Posted on Wed Oct 24, 2007 8:20 pm  

I pulled my credit report on Experian, it showed a few "Potentially Negative Items", I have a few questions about them:
- some showed "Paid/Closed/Current", I don't need to do anything for these items right and they won't hurt me so much?
- some items in addition to showing Paid/Closed, also has has a note that says it is "scheduled to go positive in 2011" or something like that. Other Paid/Closed items do not have this note, should I be concerned about those?
Laura

Laura

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36449 Magic Points

 
Posted on Fri Oct 26, 2007 6:29 am  

Well the accounts are showing the status. It wont hurt your CR anyway. Not in my understanding atleast.
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Laura.
gsawiris



Joined: 01 Nov 2007
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62 Magic Points

Subject: your credit score
 
Posted on Thu Nov 01, 2007 7:46 pm  

Your credit report contains a history of how you've paid your bills, how much open credit you have, and anything else that would affect your creditworthiness. Your credit score boils down all of that information into a three-digit number.

gsawiris

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Laura

Laura

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Posted on Fri Nov 02, 2007 5:33 am  

Well one important thing to be noted. Closed accounts affect your score to some extent. If you have any missed payment that would stay on your report for 7 years even if your account has been closed.
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Laura.
CreditGrantor

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Posted on Sat Nov 03, 2007 1:03 am  

Quote:
- some showed "Paid/Closed/Current", I don't need to do anything for these items right and they won't hurt me so much?

These are going to be reflected as a negative item because, at some point in time, you must have paid them 30+ days late. So even though the account shows paid/closed now, it will let potential creditors know that at some point you were delinquent. Albeit, doesn't look nearly as bad as chargeoffs. The only way to get rid of these is pretty much to keep disputing.

Quote:
- some items in addition to showing Paid/Closed, also has has a note that says it is "scheduled to go positive in 2011" or something like that. Other Paid/Closed items do not have this note, should I be concerned about those?

That may actually be a good thing (bad for now). You must have been delinquent and then brought the account current, and continued to make on-time payments after the delinquency. The "scheduled to go positive" comment just means that after that date, your delinquency will be removed from that account and all that will show will be the on-time payments you made.
Laura

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Posted on Sat Nov 03, 2007 5:45 am  

CreditGrantor is right. You need to keep disputing till they are removed from the report. For the second point says that the current account status will change within the given period of time.
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Laura.
goodnatured



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538 Magic Points

 
Posted on Sun Nov 04, 2007 12:45 am  

If derogatories dropping off raise your score, what happens when good standings fall off, does this lower your score?
Dida
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Posted on Sun Nov 04, 2007 4:46 pm  

If you dispute a negative item on your report, would that renew the 7 year period?
CreditGrantor

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Posted on Wed Nov 07, 2007 1:10 am  

Goodnatured- Good accounts falling off could potentially lower your score. BUT the scores do look at the recency of your accounts and gives more weight to the more recent trade activity. An account so old that it is coming off the report probably doesn't factor too much into the score by the time it falls off. And most likely by the time it comes off, you've added other accounts "to take its place."

But it can vary. Suppose it was a car loan. Having a "good" car loan on your report looks good if you ever want to get another car. If you let that fall off before you do get another car, then it will look to the lender like you never had a car loan before...

As far as I know, "good accounts" don't have to come off your bureau, only the bad ones are required to come off after 7 years. I had a guy apply today - had the olded trade I've ever seen - a gas co account that he opened in 1958 was still active and showing on his bureau.

Dida - disputing a negative item on your report does not restart the 7 year period. Feel free to dispute away.
Laura

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Posted on Wed Nov 07, 2007 3:39 am  

Quote:
disputing a negative item on your report does not restart the 7 year period. Feel free to dispute away.


I was not too sure about it. thanks a lot for the clarification credit grantor. Smile
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Laura.
anylawson00



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39 Magic Points

 
Posted on Sat Dec 01, 2007 1:06 pm  

Spam Deleted- Richard
carlos
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Subject: Credit Repair
 
Posted on Mon Jan 07, 2008 12:46 am  

I have 4 derogatories that have drastically damaged my credit score. I have read alot about credit repair angencies just being a waste of money because you can fix it yourself. I understand that one must negotiate with creditors to have the derogatories removed but what do I tell creditors to make them remove these items.
scott

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10890 Magic Points

 
Posted on Mon Jan 07, 2008 7:01 am  

No need to go for any credit repair agencies. That will just ruin you few cents more. What are the derogatory for? Try disputing them. Derogatory stays for 7years, though there are exceptions.
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SCOTT

Use your credit account responsibly and enjoy a debt free life.
Shawpiro

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Subject: Carlos
 
Posted on Mon Jan 14, 2008 7:54 am  

Get some help. I can see your in way over your head. There are good credit repair companies out there that can help you. You can do it yourself but you have a very long haul ahead of you if you do it yourself. It just makes sense to get a professional to get it done as soon as possible. Its not the creditors that remove anything from your reports. They have nothing to do with getting things off the bureaus. You have to challenge the negatives at the bureaus.
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Jenn
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Subject: credit report
 
Posted on Mon Sep 14, 2009 5:35 pm  

If I tried to dispute something with the credit bureaus and all they did was update the info they did not remove it from my report, willl that lower my score since it was updated??? And why when I disputed the same thing with 2 credit bureaus and only one removed it and the other just updated it on me credit report?????

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