Confused about credit reports or credit scores? all you questions are answered right here in this category of questions from readers.
Question: Dear Steve, I have three credit card accounts, all with Citibank. Two of them are closed. The one open account has a credit limit of $1700. I am just $140 below the limit on it. The other two are at about 40% or less. I am getting dinged on my FICO score as they … Read more
Q: Does a credit union have to provide a member in writing the amount of interest paid on a loan for tax purposes? A: Depends on what kind of loan it is. Reporting would be voluntary or required by IRS on certain types of loans. Q: How can a financial company put a charge off … Read more
Q: Is it legal for a mortgage company to all of a sudden demand a deferment balance from 10 years ago now, or will they foreclose on the home I am one month behind on the monthly payment? A: That sounds a lot like a balloon mortgage (a mortgage in which a large portion of … Read more
Question: Dear Steve, I had 2 mortgages from timeshare accounts default a couple of years back. One had the debt discharged in 2018, and the creditor issued a 1099c for the remaining balance. This was included as income in our 2018 return. The second one foreclosed in 2019, and the “credit grantor reclaimed the collateral … Read more
Question: Dear Steve, Query about the question a reader sent to you that I read and that you answered Clarification, please, if a credit card debt is SOLD by a creditor not put into the hands of a debt collection agency to COLLECT the debt on their behalf. I note the answer you gave to … Read more
Question: Dear Steve, Have a delinquent account for Macy’s DSNB That was charged off August 2017. I would like to pay the account off to have it not show negative on my credit report. I have attempted by going through Citibank and their affiliates for Macy’s credit card but they said the accounts too old … Read more
The Federal Trade Commission is seeking comment on proposed changes that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In separate Notices of Proposed Rule Making (NPRMs), which will be published in the Federal Register shortly, … Read more
Question: Dear Steve, I went to college in 2013. My Mom got very sick with lupus and I had to go back home to care for her. I tried to clear all my accounts but couldn’t finalize housing. They charged me for a semester when I wasn’t living there. They sent it to collections. And … Read more
Your credit score is the gateway to almost all your financial goals — from applying for a mortgage to purchasing a car. Having a good credit score can help you get the credit you need, as well as receive better interest rates and terms on loans, cellphone service plans and more. So, what do you … Read more
If you’re among the millions streaming more often during COVID-19, Experian is offering a way to use the leading video streaming service to boost your credit. Building on its groundbreaking consumer credit product, Experian Boost™, the company announced today that consumers can add video streaming payment history to their Experian credit reports using Experian Boost. … Read more
Question: Dear Steve, Largely former spouse debt. I have resolved/settled some, but 1/2 dozen accounts dragging credit down into 500’s. Time is a problem for me – have a busy law practice. Could use help to address negatives, and to advise what to pay, when. Greg Answer: Dear Greg, Well, the good news is you’ve … Read more
Question: Dear Steve, I have a question about credit history. I held a credit card account with Dressbarn for 13 years. The company was bought by Capital One Bank. Then the company shut down last year. On my credit report, I noticed a 40 point drop because the card account was closed by the company. … Read more
Question: Dear Steve, I live in Georgia and I have a T-Mobile bill in collections account that has been on my credit since 2015. It was an account that a family member opened in my name and I didn’t want to file a police report (I know crazy). While the collection appeared to be dormant, … Read more
Defendants promise “huge” credit score increases, ease in obtaining mortgages A Colorado-based credit repair company and its owner have agreed to settle Federal Trade Commission charges they mislead consumers with promises to “drastically and immediately” improve credit scores and increase access to lower rates on mortgages. In its complaint against the operators of BoostMyScore.net (BMS), the … Read more
So, you’ve disputed an item on one of your credit reports, and now you’ve gotten your response. Now what? These tips about how to read the results of your credit report dispute can help. 1. Decoding the terminology First of all, it’s important to understand the terminology you might find in the results of your … Read more