My divorce decree states that I am no longer liable for certain accounts. Why are those accounts still showing on my credit report?

A divorce decree does not override the original contract with the creditor. Even if the divorce decree states that your spouse is responsible for the payments, if the loan was originally a joint account, you are not released from legal responsibility on the account from the creditors. You should contact each creditor and seek their legal binding release of your obligation. Typically, these debts will not be used against you for qualifying purposes if a copy of the divorce decree is provided and the accounts are current. For loan approval proof (12 months canceled checks) that the primary borrower makes, the payment may be required.

I already had a certain account corrected. Why is it still on my credit report?

You may have provided documentation to us. This may have been done to prove that account information on a credit report used for a lending decision was incorrect and you were approved for credit. This does not mean it was cleared with the credit bureaus. Additionally, if you disputed or had credit cleared directly with a creditor, it may not have been cleared with all credit bureaus.

What is a credit bureau score, and how is it calculated?

Credit bureau scoring is a scientific way of assessing how likely a borrower with your reported credit history is likely to default on a new loan based on credit history. The scores typically range from 450 to 850 points and are a complex mathematical formula based on millions of consumers’ credit histories and their track records of defaulting on credit. Higher credit scores indicate a better credit risk.

What can I do to increase my credit score?

The credit score is determined by the credit repositories (not us or credit reporting company) and is not a point system that changes with every change of information on your credit report. A score may be increased by the following methods:

• Have incorrect credit histories removed. Getting written proof from the creditor and providing that information to the credit bureaus can do this.
• Close unused accounts. Too many accounts may indicate that a borrower is an excessive user of credit.
• Establish long-term, on-time payment histories with good credit providers. Accounts established for a long time, with good payment history, show that a borrower has stability, and indicate a trend to repay on time.
• Consolidate revolving charge cards and/or finance companies' loans to fewer accounts with lower payments. This shows that you are a conscientious borrower who understands and values your available credit and its costs.
• Resolve all derogatory and disputed credit histories. This shows that you maintain good credit relationships and have met all your previous obligations.
• Limit the number of your credit inquiries. Credit inquiries appear on your credit report for 90 days, but the information stays with the credit bureaus for two years. Once you have repaired or restructured your finances, do not continue applying for more credit.