Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
How long does a late payment stay on my credit report? Questions like this and others related to the consequences of negative information on your credit report are some of the most frequently asked questions on the blog and on Equifax.com. Here are the answers to some of these questions, and in the coming weeks we’ll answer more of them for you.
Q: How will a loan forbearance plan affect my credit score?
A: Because your credit score is based on the elements contained within your credit file, any impact a payment plan might have on your credit score is dependent on your overall credit history. You should obtain a free copy of your credit reports from the three nationwide credit reporting agencies (CRAs) at annualcreditreport.com or directly from any of the CRA websites. You will be given the opportunity to purchase your score after you’ve received your free annual credit report. Once you have validated the accuracy of the information contained in your credit report, you can also add a consumer statement explaining the issues surrounding the forbearance plan.
Q: If an account is closed with no activity, how can there be recent activity posted on the credit summary?
A: There can be recent activity reported on an inactive closed account if the creditor recently reported activity such as changing the report date or the date of last activity of the account, etc. You should contact the creditor to determine what changed on the inactive account.
Q: How can I dispute credit score changes?
A: Your credit score is determined based on information within your credit file. You can dispute any inaccuracies on your credit report at any time by visiting the Equifax dispute page. You can also dispute inaccuracies by mail or phone. You will need to dispute inaccuracies on your credit reports with each CRA individually. You can also add a consumer statement explaining the issues surrounding the credit score change.
Q: If the original creditor is no longer reporting past due accounts, why can a collection agency continue to report negative information on my credit report?
A: A collection agency that purchased a debt from a creditor can continue to report the information within the guidelines for up to seven years from the date of the last activity (DLA). For example, if the original creditor charged the balance off to bad debt in 2005 and subsequently sold the debt to a collection agency, the DLA would be seven years from 2005. You can contact the creditor directly if you have specific questions regarding information it is reporting.
Q: Is there a way to remove a collection item by paying off the debt? Why pay the debt if it’s going to stay on your credit report?
A: As a general rule it is always better to pay off debt, even if it is charged off or in collections. While there is no way to remove the collection for seven years, creditors will often report the debt as paid — it is often viewed more positively.
Q: If I choose to stop paying a revolving line of credit, how long will the unpaid debt remain on my credit report?
A: Most accounts will stay on your credit report for seven years. However, you should make sure that you settle the account properly with your creditor. Stopping payment on your account may have a negative effect on your credit score.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.