Wondering about Credit Information:
1. How can i get a free copy of my credit file?
A: To obstain a copy of their credit file for free from Equifax, they should contact 1-800-465-7166 to request a copy through the mail. You will go throught an automated vertification process that will include the provisions of a credit card # however this is for vertificatio and not payment, Should you not be comfortablle with this method, equifax has fax/mail method as well.
To Obtain by mail, you may send a written request that includes a photo copy of 2 pieces of ID, along with name/address/birth date and proof of current address. (the proof mst be within the last 3 months.)
Address: national Consumer Relations, P.O. Box 190 Station Jean-Talon, Montreal, QC, H1S 2Z2
Fax: 1-514-355-8502
Credit Score Tips
Q) What is a delinquency credit score?
A) Delinquency credit score are built to tell how likely a consumer might be to miss a payment on any of their debts over the next 24 months. The scores range from around 300 (really bad.) to 900 (impossibly good.) Sections that influence these scores are as follows on your credit bureau: Tradelines(Credit Cards, Loans.), Public Record and Inquiries.
Q) How are scores impacted by changes to the file?
A) A delinquency score is impacted by changes to the file when new information is reported as well as time passing. Scores look primarily at recent activities to predict future activities, hence the more recent an event the bigger its impact on a score. A minimum of one tradeline must have been updated in the last 6 months in order for a score to generate. A new trade will impact the score after three months of use.
The following Criteria impact a score:
Payment History - 35%
- Payment information on many types of accounts.
- Public record and collection items
- Details on late or missed payments
- how many accounts show no late payments
Credit Utilization - 30%
- The amount owed on all accounts
- the amount owed on different types of accounts
- how many accounts have balances.
- how much of the total credit line is being used on credit cards and other revolving credit accounts.
- How much of instalment loan accounts is still owed, compared with the originial loan amount
Credit History 15%
- How long your credit account have been established, in general.
- whether or not this available credit has been used recently.
Type of Credit in use - 10% (Is it a healthy mix?)
- What kind of credit accounts you have, and how many of each.
Inquiries - 10%
- How many recent requests for credit you have made, as indicated by inquiries to the credit reporting agencies
Q) What cans someone do to improve their credit score?
A) Make sure that the minimim payments on all trades are always made on time. Keep the balances of revolving accounts low (under 75% utilization) at all times. Avoid applying and receiving credit that you don't need. Avoid Serious delinquency such as banruptcies, judgments and collections.
Cheers, hope that answers some questions you guys all have had.
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