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Credit Report and Score<br>Related Legal Information  

Credit Report and Score
Related Legal Information

To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you

 
 

Limit the number of new accounts and inquiries


An excessive number of new accounts (accounts opened within the last year) or inquiries may indicate that a Consumer is desperate for credit, which usually means a credit problem. Too many new accounts can weigh against your Credit score.
 
Numerous inquiries may be considered a threat to a lender because they may indicate that a Consumer is attempting to acquire multiple lines of credit at the same time, which could lead to the Consumer being overextended and at risk of defaulting on their obligations.
 
In accordance with the Fair Credit Reporting Act, inquiries can remain on a Consumer's credit for a maximum of two years. Numerous inquiries may be reflective of a Consumer who is subject to excessive impulse buying desires or a Consumer that is dependent on additional credit to get out of a financial crisis.
 
Accounts that have been established for a long time with a good credit history and reasonable use of available credit can stabilize and improve a Credit score. However, accounts that are less than a year old and do not have a mature history may weigh against the score because the Consumer's ability to maintain long term stability with their increased spending power has not been established. Derogatory information that is reported on a Consumer that has a mature history may not weigh against the Credit score as much as derogatory information that is reported on a Consumer whose credit history is not mature.
 
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Credit report correction techniques  

Credit report correction techniques

Many times the credit bureau is busy and does not handle your dispute properly ...
Basic rights under The Fair Credit Reporting Act  

Basic rights under The Fair Credit Reporting Act

All Federal Laws are in consumer's favor and you will have the advantage ...
Credit scoring and the lending industry  

Credit Scoring and the Lending Industry

Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...

The New Interview Taboo: Salary History Inquiries

Lexology
Inquiries employers may make concerning job applicants have been under close scrutiny. Many states and cities already limit an employer's ability to use or inquire about an applicant's credit or criminal history. Now add salary history to the list of ...
The New Interview Taboo: Salary History Inquiries

7 Mistakes That Will Kill Your Credit Score

Madison.com
For example, mistakes that can hurt your score include late payments, a newly closed account, and an ill-timed inquiry from a lender. ... Data from your credit records and histories are then used to calculate credit scores -- there are many kinds ...
7 Mistakes That Will Kill Your Credit Score
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