Equifax

Question: #2: How is the "Average Account Age" in the Equifaxcredit report calculated?
I have a combination of Open, Closed, Revolving,consolidated and unconsolidated student loans, anda couple credit cards I have never used. I haveaveraged these in many different ways but have notyet arrived at the "Average Account Age" that isreported in the Equifax credit report. For thosewho haven't purchased their report, an "averageaccount age" is given, and the longer it is, thebetter for one's credit score. Hopefully someonewho has a simpler credit history can shed somelight on how it is calculated. Thanks! - asked by chesspl

I believe it is oldest account (in month) plusnewest account (in month) divided by 2.Card 1: 24monthCard 2 : 16 month==> 24+16= 40 / 2 = 20 month(1 year 8 Month ) average account age. - answered by: Floppy
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Question: #4: what is the fastest way to remove a collectionfrom equifax credit report?
Im in the process of getting a mortgage and all ofa sudden this(collections) pops up on my Equifaxcredit file. I know it will hurt my scorealready. I need to know the best way to go aboutgetting it removed. I heard even if you pay itoff it will remain as a negative. Any good advice? - asked by jawsnu7

Let me warn you of something.If you were to payoff this bill, and IF the creditor notifies thecredit bureau, your account is changed to "paid". However, it will still show that you had latepayments, or that the account was in collections. This is still a negative item on your report, andit will still hurt your score.Does it make senseto pay off your bill and still have bad credit?Theproblem is that the only way you can get anegative item removed is for the creditor to tellthem to remove it. There is no other way (exceptto go through the dispute process and hope thecreditor does not respond to the investigation).What I advise people to do is negotiate with thecreditor. Tell them that in exchange for payingoff the bill, they must agree IN WRITING to removeall negative information from your credit report. See the link below for more info. - answered by: Studly
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Question: #6: How much can the removal of one collection item onmy Equifax report raise my score?
I've got one collection item on my report, in theamount of 186 bucks. Up till now, I've simplyignored it, as I have qualms with its legitimacy. But I'm wondering now if, by paying this item, Iwould enjoy a substantial increase in my creditscore. My Equifax score is a 661 right now. Whatsort of increase would I realize from the deletionof this one little item? - asked by kevinb671

80-100 points. I would not let them extort $186from you when you could use do it yourself creditrepair for this simple 1 liner off your creditreport for less than $20. Usually companiescharge hundreds of dollars to simply pull yourcredit and send correctly worded disputeletters—this is the key…..people will tell youthat you can do this yourself for free but thetruth of the matter is that the credit bureauswill throw your letters away or simply rejectthem. There is an easy to use online kit thatwill deliver the results you want available forjust $19.95 at the source website. A similar kitis being sold via infomercials and radio talkshows for seventy dollars more but they try tosolicit you repeatedly for other services afterthe fact. - answered by: stephen l
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Question: #8: Why is my Experian score about 30 points lowerthan my Equifax or TransUnion?
It's been this way for a few years. The onlydifference i see from glancing at the accounts isthat the Equifax has more inquires in the last 2years (5) than the other two (they have 3 and 2).Would that knock it down by 30 points? Or doesEquifax just score lower?The scores range from 770to 803 so I'm not worried about being deniedcredit -- I am just curious. Thanks in advance. - asked by Barrabas_6025

Here is why Credit Bureaus have differentscores.Go to CreditScoreQuick and select thearticle on this date:Saturday, March 15, 2008 - answered by: The right answer
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Question: #10: Why is Equifax not reporting my information ofcredit history?
I got my first credit card in June of 2006. Mypayments have never been late. Every 30 days thecredit card company reports account status to all3 major credit reporting agencies. Transunion andExperian both are showing my account correctly,but Equifax is not showing it at all! I had topay Equifax $20 for my credit report just to tryto dispute it and now I get a bunch of crap forthe customer service center. I know my creditcard company is reporting my info. In fact justyesterday they did another report to Equifax andEquifax is still saying they have no record of theaccount. I'm really upset over this mess and Iwant an investigation by FTC and possibly theAttorney General for the state for the Equifaxcorporate office. What would you do? What is thebest way to get immediate action? - asked by bamagrits84

Hello,I had this happen to my wife. Here is what Idid.There was nothing to dispute because theywhere not reporting anything.Called the CCcompanies and asked for letters of credit showingshe had paid her bill timely and was never late.Also make sure they right what your credit limitis in the letter.Send that to Equifax and theywill add it for $10.00 per CC or trade line. Yocan also ad a 100 word consumer statement to yourreport. I would state you have AAA credit withXXXX and it is reported on your other creditreports. You have repeatedly asked equifax toinclude this good credit and they have refused.Send that to equifax with 10 bucks tell them toadd it to your report. (they wont like that andmaybe will work with you)Also why did you pay foryour report go get it free all 3 of em atAnnualCreditReport.comI have included a link onalternative trade lines.Good Luck! - answered by: Wise Credit
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