At a Glance: A soft inquiry on your credit report is only visible to you and does not affect your credit score, while a hard inquiry is made for the purpose of a lending decision and can temporarily lower your credit score. A single hard inquiry typically has a small impact, but multiple inquiries w…
At a Glance: Sometimes credit scores can fluctuate even if you haven’t made any significant changes to your credit report. Different scoring models and factors can influence your credit score. Reasons for a drop in your credit score when nothing has changed include reported high utilization of…
At a Glance: Paying off a collection account does not immediately impact your credit score. It takes approximately seven years for the account to be completely removed from your credit history. However, there are benefits to paying off collections, such as avoiding debt collection suits and showing …
At a Glance: Under the Fair Credit Reporting Act, a collection account can stay on your credit report for up to seven years from the date of default. Even if a collection is paid, it can still remain on the report for up to seven years. Paid collections can be removed if there are errors […]
At a Glance: Late payments can have a negative impact on your credit report and score. Your payment history is a crucial factor in determining your creditworthiness. Late payments can signal risk to potential lenders, making it harder to obtain financing. To get a late payment removed, you can try w…
At a Glance: Credit score systems exist in several countries worldwide, not just in the United States. While each country has its own variations, these systems assess an individual’s ability to meet financial obligations. Countries like Canada and the United Kingdom have credit score systems s…
At a Glance: Credit Karma is a free credit score service that helps users improve their financial situation. By providing some personal information, such as name and last four digits of the Social Security Number, users can access their credit reports and VantageScores. The information is accurate, …
At a Glance: Bankruptcy is a legal process that provides debt relief for individuals or businesses unable to repay their debts. It can eliminate or reduce debt and stop debt collection actions. There are two main types: Chapter 7, where assets are sold to pay creditors, and Chapter 13, which involve…
After requiring medical treatment, you might be shocked to get a medical bill that costs more than you expected. But that’s not where your worries stop – you may also wonder if your credit will be affected by this bill. So, do medical bills affect credit? You will find out the answer by reading this…
Potential big-ticket buyers will tell you how vital a good credit score is. A car is a big-ticket item and requires a significant investment. In such cases, good credit ensures you get access to cash quickly to purchase the vehicle. But what if you have bad credit? Is it the end of the road for [&he…