Monthly Archives: September 2015

Interesting Equifax History

Equifax is the oldest and largest credit bureau in existence today. They were originally founded in 1898, 70 years before the creation of Trans Union. Two brothers, Cator and Guy Woolford, created the company. Cator actually got the idea from his grocery business, where they collected customers’ names and evidence...
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Inquiries Effect on Credit Scoring

Many people have heard before that inquiries lower the score.  As a result you may ask whether this is true or just a myth.  Inquiries definitely impact your credit score. FICO score inquiries account for 10% of the total credit score.  FICO counts this to the part of their score that...
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How to Handle Charge-offs

A charge-off is an accounting term used for when a creditor writes off or charges-off a debt that they are unable to collect on. Creditors typically charge-off a debt if there is no payment on the account for more than 180 days. A charge-off is an accounting procedure...
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How the Bureaus REALLY Get Paid

The paying clients of the credit reporting industry are not consumers, but the creditors who both furnish and use the information contained in the credit bureaus’ databases. For example, discovery in recent lawsuits has uncovered the fact that TransUnion had received over $6 million per...
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