SIX BAD CREDIT ITEMS YOU NEED TO AVOID
Banks, creditors and lenders all use your credit report as an indication of your financial standing. Unfortunately, it is quite easy to have a mishap in terms of your credit. Though some of these mistakes are unintentional, here is a list of items you should hope to never grace your report. Any delay in repairing your bad credit could cost you thousands of dollars that could be saved for your retirement, your child's tuition, or that vacation you've always wanted. 1. Bankruptcy: Though filing for bankruptcy allows you to legally remove some, if not all of your debts from your open credit account(s). Each of the accounts reported on the bankruptcy file typically stays on your report for seven to ten years, or at least until you begin repairing your credit. 2. Debt collections: debt collections are listed as a "collection" on your credit report by a creditor after a period of non-payment. A creditor might even go as far as hiring a third party debt collection agency to try to collect the money you owe. 3. Foreclosure: defaulting on a mortgage loan will most likely lead to your home being auctioned off to recover the lost payment. Having an item like foreclosure on your credit report can seriously limit your ability to take out new lines of credit, as it stays on your credit report for seven years. 4. Charge-offs: not paying a bill for six months will result in your creditor adding an item to your credit report called a "charge-off." Because of the lack of payment, your account is deemed as uncollectable and this item remains on your report for seven years. 5. Lawsuits or judgments: if you fail to pay a debt, a creditor could take you to court. If the final judgment is ruled against you, the outcome of the lawsuit will remain on your credit report for seven years. 6. Tax lien: whenever you don't pay taxes on your property (including your home), the government has the power to seize your property and auction it off for the lack of payment. Even worse? If your home is foreclosed due to a tax lien, you are still responsible for the mortgage payment. Not paying this mortgage payment can worsen your credit history even more. Unpaid tax liens typically remain on your report for fifteen years, while paid tax liens remain on your report for ten years. www.accurise.com/
Questions and Answers
The information on your credit report is extremely important. Most Americans are unaware of everything that's included, besides the regular credit history.
The information on your credit report is extremely important. Most Americans are unaware of everything that's included, besides the regular credit history.
It's easy to ignore the problems that are created by a low credit rating. Thinking about your credit history isn't something many people do every day. At some point it will become obvious that the poor credit score is stopping you moving forward.
The information on your credit report is extremely important. Most Americans are unaware of everything that's included, besides the regular credit history.
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