Credit fix for past credit card debt involves study and planning to be a success.
This chapter displays basic fundamentals, some pitfalls to protect yourself from and several essentials of
the Fair Credit Reporting Act (FRCA). There are links here to more descriptive details and sample credit
The Credit Reporting Agencies (CRAs)
Everyone has a credit report in their name, or three to be exact; one each through the three credit
reporting agencies (CRAs), Equifax, Experian and TransUnion. These three for-profit agencies gather
credit data on people who they then sell to their clients who are credit card companies, banks in
addition to other consumer lenders. These lending customers also report back to one of more of the
CRAs on specific credit events that arise with every of the consumers they have lent money to.
Each payment per month, credit cards and others, (late or on time), each loan endorsement or rejection,
each debt collectors, together with bankruptcy and judgments are all credit events which get noted.
These adverse events stick to your credit report for seven years plus 180 days from the date of first
delinquency (DOFD). Liquidations exist for decade. Conclusions could very well be for a longer time. In
combination with confirming the details of these events, especially the negative ones, every one of the
three CRAs compiles a credit rating from the sum of these events employing a complicated formula
known as the FICO score.
Those that educate themselves first then endeavor to repair their credit often succeed in raising their
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