Understanding the implications in your credit report is no great deal. We have made an effort to tabulate the events and the resultant impact on your credit report.
| S.No |
Issue |
Impact on Credit Report |
| 1 |
Credit Score Ranking |
Check out the ranking and know where you figure
High Risk 330-550
High Risk – Medium 551-625
Medium Risk 626-699
Low Risk – Medium 700-725
Low Risk 726-830
|
| 2 |
Availing maximum credit on cards |
It is ideal to maintain your credit usage at around 50 % to avoid huge impact on your credit score |
| 3 |
Credit score was reduced by around 20 points soon after a home loan was applied for. Why? |
A difference of twenty points could be because of a different credit score model used by the lender. You should be careful when there is a difference of around 100 points in your credit score |
| 4 |
Will the change in credit report be informed to lenders? |
Say, your credit was rejected and thanks to your efforts, the report has been rectified, on your request, the credit reporting agencies can send across the ‘Notice of Result’ to all the lenders who happen to check your credit report |
| 5 |
Who else will refer to my credit report apart from the lenders? |
Employers and insurance companies will refer to your credit scores in addition to lenders. |
| 6 |
Will lenders know about my employment status from my credit report? |
Credit report will have no information on your employment and related details. |
| 7 |
Does everyone look for the same information in my credit report? |
It depends on the type of loan you have applied for. Every lender would like to know if you can afford to pay the loan you have applied for |
| 8 |
Checking my credit report too often cause any trouble? |
Not at all. Your checking has no relevance, credit report request from companies are certainly viewed seriously, when they exceed a certain number of times |
| 9 |
What items are excluded from my credit report? |
No information as such need be excluded from your credit reporting. Except for the credit report request made by lender all other requests especially those from employers and from you will not be reflected in your report |
| 10 |
Do doctor’s unpaid bills get reflected in my credit report |
Any amount due is a liability what if it is a medical bill? All liabilities get reflected in your report |
| 11 |
Will co signing a loan application affect my credit score? |
It certainly will. The amount will get reflected as a liability in your account. You better not do it as it will reduce your affordability for other loans |
| 12 |
In order to offer pre approved credit cards, companies often check into the individual’s credit report. Do these affect my credit report? |
Certainly not, any credit request presented without your consent will not be counted and reflected. |
| 13 |
On getting married, will the credit score of my spouse affect my credit score? |
No. Each of your credit reports are tracked through your social security number and the creditworthiness of your spouse has nothing to do with yours |
| 14 |
I am unnecessarily being troubled by pre approved credit cards and insurances. How can I avoid their access to my credit report? |
All you need to do is inform all the credit reporting agencies not to provide these companies with your credit details. You can call up 1 888 5OPTOUT (1-888-567-8688) to inform the same |
| 15 |
I would like to close some of my credit cards. Which are the ones to be closed? |
Where you opt to close your credit cards kindly remember the following
Choose retail cards to bank cards
Choose cards with lower credit limits
Do not surrender cards you had been holding for long
|
| 16 |
I had a divorce, should I inform the credit bureau? |
You should. Furnish the new address and the fact that your spouses credit details should not be furnished along with yours |
| 17 |
There is an error in my credit report. How do I rectify? |
Call up the respective credit reporting agency and send a letter stating the mistake and proof of credit report. When the same has been resolved with the creditor, the credit report will be accordingly rectified. |
| 18 |
Can I add favorable items to my credit report? |
You certainly can. You can repair your credit account by adding some of those positive items, and yes you will charged for that by the credit reporting agency |
| 19 |
Does a credit bureau decide the sanction of loan? |
No. Their duty stops with just providing the information and the decision part is left to lending companies |
| 20 |
How do I know the status of my credit report? |
All you need to do is call one of the credit reporting agencies and get a copy of your credit report |
| 21 |
Which are the three credit reporting agencies in the US? |
There three credit reporting agencies in the US they are
TransUnion
Equifax
Experian
|
| 22 |
What is a credit report fee? |
Credit report fee is charged by the lender on a loan application. It costs around $25 to $50. This charge is incurred to get a copy of the credit report of the applicant |
| 23 |
I should a get free credit report every year. Do I get one from each credit reporting agency? |
Yes, you totally get three free credit reports each year |
| 24 |
Will credit counseling taken by me reflect on y credit report? |
Yes does reflect. It is not a bad thing in your report, as getting credit counseling is better than not paying loan installments |
| 25 |
Is there some way I can know that someone is trying steal my identity? |
If you find transactions you never made in your credit report or you get a call for payment of something you never purchased or availed, you will know that someone is trying to steal your identity |
| 26 |
Investigative Credit Report. What is this? |
If required under the federal law a credit reporting agency may conduct a detailed investigation on your credit report, even enquiring your friends, neighbors and associates. The agency should inform you before proceeding to investigate |
| 27 |
What are these credit repair agencies? |
Often credit reporting agencies claim to clean your credit report, which they normally do not. Hence it is advisable not to go for it, instead see what best you can do |
| 28 |
I have too many cards and I want to close them. Is there a problem? |
The problem is not when you don’t pay, but when you apply. By closing these cards the ratio of debt to credit reduces affecting your credit score. It is better you pay down the loans and not use them any more |
| 29 |
While shopping for mortgage loans, there might be many credit enquiries? Will it affect my credit score? |
No, multiple enquires over a 45 day period is considered 1 by FICO regulations. Hence go shopping peacefully |
| 30 |
How to ensure no identity theft happens? |
As soon you spot a discrepancy report the same to the reporting agencies and along a police complaint if required and make sure your complaint is rectified in time. Keep track of your credit report as often as possible. |
Credit Reporting , Credit Score 
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