How long does a credit grantor/collection agency have to respond to the reportin

Question

How long does a credit grantor/collection agency have to respond to the reporting bureau about a dispute 15 days 30 days 45 days 60 days Bankruptcy information will appear on your credit for how long 7 years 8 years 9 years 10 years Keeping your credit in good shape isn't a concern young adults should have. True False The biggest way to impact your credit score is to Never use credit accounts Mooch off of your friends and family Pay your bills on time Apply for all credit card offers you receive

Explanation / Answer

Question 9:

b. 30 days

We ask the source to check their records to verify all of the information regarding the item you questioned and report back within 30 days of the date that we received your request (21 days for Maine residents). Once we receive their response, we'll send you the results of the investigation.

Question 10:

                d. 10 years

A credit reporting agency stores information from credit grantors and public records, including bankruptcies, judgments and liens. Potentially negative information, such as missed payments and most public record items, remain on a personal credit report for seven years. The exceptions are Chapters 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which also remain for 10 years.

Question 11:

                True

Credit scores are more like your driving record: They take into account years of past behavior, not just your present actions.

Question 12:

                c. Pay your bills on time

One of the biggest ingredients in a good credit score is simply month after month of plain-vanilla, on-time payments.

"Credit scores are determined by what's in your credit report," says Linda Sherry, director of national priorities for Consumer Action. If you're bad about paying your bills -- or paying them on time -- it damages your credit and hurts your score, she says.

Saving money for a big purchase is smart. Just don't slight the regular bills -- or pay them late -- to do it.

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