Credit reports*Question ?? (collection agency, pay, companies, apartments)

[budgetplanners]

Hello All Members,

What does my credit report have to do with my credit score?
Please give me some comments about my question.

Thanks in advance.

[berdee]

The information on credit reports has everything to do with credit scores.
FICO, and all of the other companies that offer fako's, run all of the credit information on your reports through their scoring formulas to come up with your credit scores. Information from any other source outside of your credit reports is not used for your scores.
If you have a blank credit file then you possibly may still have a credit score. But that score would be at the extreme lowest number, which wouldn't be good for anything.

[chet everett]

I do not think that it is ever really possible to have a "blank" credit file if you live on your own and pay utilities and such. If you do not have a mortgage it is harder to be sure that your status is accurate -- if you are the odd person that does not pay for their living expenses and does not have any other credit you would really be an outlier.

Assuming that you had a job and have paid taxes you can have probably have a credit report generated. You would have "no negatives" which is good. You would also probably have banking info, which is worth something. And if you live in an area that has fairly decent income by zip code numbers and low default rates you probably would not have a low score. Scores get lowered by negatives. Scores go "above mean" with a record of successfully managing credit. Baseline data comes from 'norms' for where you live, how old you are, and other demographic type info.

[berdee]

Originally Posted by chet everett

I do not think that it is ever really possible to have a "blank" credit file if you live on your own and pay utilities and such.

I agree with your post (as I often do with your posts) but I just wanted to comment on a couple things in this post.

It is possible to have a blank credit file, ie, no trades reporting. Those who may have a blank file are .. newcomers to this country, teens new to credit, some who live off the grid and the people who have split files. Those people will even have difficulty in pulling their own credit report since the CRA's typically will not generate a blank file.

State and federal do not report taxes on a persons credit reports. Utilities and rental companies often do not report. There are small pockets of utility companies, scattered across the country, who actually do report to a persons credit report but for the most part utilities go unreported.
If a person rents then often that will not report either. If the rental company is large they may and probably do report but the smaller companies or individuals who rent out homes/apartments find that it's not cost effective to report.
Of course, any defaults on those will usually be reported by a collection agency.



OT

at "outlier"

[budgetplanners]

Hello All,
Thanks for your direction I always keep in mind