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Credit Reporting - 6. Bankruptcy: Bankruptcies are considered as ideal entries to have on your credit report that can lower your credit score pretty dramatically. If you choose to declare bankruptcy then you will need to bare all court and filing fees and then endure constant questioning by creditors, reveal your financial background and suffer negative credit ratings for years. When you declare bankruptcy it stays on your credit report for 7 to 10 years. It will not only lower your credit score but will create a major concern in mind of a creditor when you apply for finance.
Credit Reporting - A collector may not contact you if within 30 days after you are first contacted, you send a claim to the collection agency in writing stating that you do not owe money. However, a collector can renew collection activities after you are sent proof of the debt, such as a copy of a invoice for the amount owed.
Credit Reporting - A credit report can sometimes be complicated because of the amount of information it contains. But a free credit report can clear up the confusion by giving you a single number scoring of your credit. Credit ratings let creditors easily compare your credit report with another. Also, you will be able to see where you stand in terms of credit ranks compared to others.
Credit Reporting - A credit score is a snapshot of your current creditworthiness based on an evaluation of common factors that lenders use to decide whether to extend you credit and at what interest rate. Credit scores are one of the primary tools a creditor uses when determining the risk in lending money to you. Creditors use scores, among other things, to determine whether or not to grant you credit and, if so, how much credit and at what rate. Creditors will also access and consider your credit report, which can provide further substantiation on a given component of a score that could affect their final decision. However, as most credit decisions are made very quickly, it is a credit score that is most often used.
Credit Reporting - A FICO or Credit Bureau score is based on information drawn from your credit report. About 30 individual factors are used to determine the score. These can be categorized in five areas (in order of importance):