Frequently Asked Questions by Borrowers

We attempt to provide complete answers to your questions. If you need additional information, contact one of the credit bureaus directly or follow the links provided.

Q. Is Informative Research a credit bureau?
A. No, Informative Research is NOT a credit bureau. There are three credit bureaus (Equifax, TransUnion, and Experian). Credit data is stored and managed by the credit bureaus and only they can make changes to their databases. Our role is to provide services to the lending, broker, and agent communities during the loan process.

Q. How do I read my credit report?
A. In the Customer Service - Reading a Credit Report section, we discuss how our credit report is presented to our clients. Although reading the credit report is discussed from the lender's perspective, you may find the information valuable in understanding the types of data reported. For a full understanding of a credit report, we recommend you contact the credit bureaus.

It is important to understand that credit reports generated by Informative Research may contain more information than what is presented by a single bureau. We merge the data from the three bureaus for our corporate clients to facilitate the loan process, but the basics are the same.

Q. What is a credit score (FICO); what is a good credit score?
A. A credit score is based on a complex mathematical algorithm that considers all factors affecting your credit history. FICO is the algorithm that is widely used and accepted by companies extending lines of credit.

We are not in a position to declare a good FICO score. Acceptability of a FICO score varies from lender to lender. Check with your banker or lender to determine their acceptable credit scores.

For more information, review the links and resources prepared for you.

Q. How do I improve my FICO score?
A. There are several strategies that can be employed to improve your FICO score. Valuable information is available on the credit bureaus' websites. Be advised that all strategies have risk and may lower your score.

Fair Issac, the creator of the FICO score, has tools available for managing and comparing strategies for improving your FICO score. For instance, Fair Isaac's FICO® Saver for Home Buyers allows you to conduct several "what if" scenarios. These tools are available for a fee.

Additionally, there are many for-fee agencies who report that they can improve your credit. Typically, what a for-fee firm can do for you, you can do for yourself. You can dispute information with the report provider. By law, if the information is incorrect, it must be removed from your credit file. If the information is correct but negative, the information will remain on your file until the applicable statute of limitation expires.

Q. What are common score ranges?
A. Each credit bureau has a different scoring model. On the Reading a Credit Report section under the Score Information, item two shows the credit ranges possible. You may also review the links and resources we prepared for you.

Q. How do I remove information from my credit report that does not belong to me?
A. It is possible that credit data becomes mixed, meaning that someone's data other than yours is included in your file. Each repository's procedures vary slightly, but generally speaking they require the following information

Your full name, Social Security Number, and Date of Birth
Current Address
Company Name of the disputed item (from the credit report)
Account Number of the disputed item (from the credit report)
Reason for dispute (it is not your account, the account is paid, etc.)
Any corrections to your personal information (address, phone, etc.)

The bureaus will contact the company that provided the information to verify the accuracy of the item. The company will then advise the Bureau(s) of any changes. Usually, a report reflecting the results of the investigation will be mailed to you.

You must contact each bureau separately.

Bureau contact information is provided for your convenience.

Q. How long does information remain on my credit report?
A. By law, information can remains on file for up to 7 years for delinquencies and public records, except for bankruptcies, which remain on your record for 10 years. It is up to the credit source (retailers, banks, collection agencies and public records) to determine how long they will post the information. Positive credit findings can remain on your file indefinitely.

Q. Why does Informative Research appear on my credit report?
A. Informative Research may appear on your credit report for two reasons. First, Informative Research will appear on the top portion of your credit report if we produced the credit report for your lender or broker.

Second, we may appear as an inquiry on your report. This scenario happens because we were requested to make an inquiry on your credit worthiness by a broker or lender. Inquires are reported on your credit file giving you a trail of who requests credit data. This is built in as a fraud prevention feature.

Q. Who may access credit information?
A. State and Federal regulations control who can access consumer credit information. Specifically, the Fair Credit Reporting Act (FCRA) limits access to legitimate agencies for the purposes of credit extension, review or collection, employment, eligibility for licenses, underwriting of insurance or otherwise legitimate business needs.

Before a broker and lender can access data from Informative Research, they must pass a rigorous credit bureau compliance procedure. This procedure establishes the legitimacy of a company and protects you from unwarranted risk.

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