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Credit Inquiry

Discussion in 'Credit Talk' started by td, Mar 13, 2008.

  1. Mar 13, 2008 #1
    td

    td New Member

    Hello,

    I am new to this forum. I have problem with my credit report. I have the following on my credit report -

    Account #: ******
    Condition: Derogatory
    Balance: $**
    Type: Factoring company account
    Pay Status: Collection/Chargeoff

    Does anybody have any idea about this? Will it affect my credit score? How can I get rid of it? I don't know what this account is.

    Thank you.

    TD
     
  3. Mar 13, 2008 #2
    jlynn

    jlynn Well-Known Member

    You need to get your report directly from the CRA - it is a collection account.

    Likely Arrow, LVNV, Midland, or Asset - they all like to report Factoring companies. Yes, it is affecting your credit score.
     
  4. Mar 14, 2008 #3
    td

    td New Member

    Hello,

    Thank you for the information. Is there any way I can pay the amount off and clear it?

    TD
     
  5. Mar 14, 2008 #4
    jlynn

    jlynn Well-Known Member

    Can't answer that question - some of it honestly depends on who is reporting it.
     
  6. Mar 14, 2008 #5
    td

    td New Member

    Can you please tell me what CRA stands for?
     
  7. Mar 14, 2008 #6
    bizwiz41

    bizwiz41 Well-Known Member

    CRA = Credit Reporting Agency, i.e. Equifax,Experian, Transunion.
     
  8. Mar 19, 2008 #7
    td

    td New Member

    Thank you.

    Thatz a great help.

    td
     
  9. Mar 19, 2008 #8
    rachael24

    rachael24 Banned

    I am a big fan of Equifax...I would check it out if you get a chance
     
  10. Mar 19, 2008 #9
    Hedwig

    Hedwig Well-Known Member

    You need to check all of your reports, not just one.
     

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