The Fair Credit Reporting Act (FCRA) allows for bankruptcy and other public records to remain on your credit reports for up to 10 years. Other items such as: foreclosures, repossession, tax liens, collections, charge offs and late payments can remain on your credit reports up to 7 years. Inquires may remain on your credit reports for up to 2 years.
At any point during the allowed reporting time the creditor or credit bureaus can choose to remove or update how an account is reporting on your credit. This is usually not done unless it is requested by you or someone on your behalf.
It is easy to dispute items on your credit with the credit bureaus. Getting the desired results when disputing items on your own credit reports is difficult and frustrating. Trying to navigate and negotiate with the credit bureaus to have items removed from you credit can be compared to attempting to represent yourself at court.
To be successful with your disputes you need to have an extensive knowledge base of how the credit bureaus work
While consumers have some success with repairing their own credit, it can take three times longer than having acredit repair expert do it. For you the main reason consumers attempt to repair their own credit is to save money. While doing it yourself is free, the extra money you will be spending on your current rats is usually more than the cost to have a professional repair your credit.
Every item on your credit report can be removed, each item requires just the right tactics and approach in order get it removed, updated or repaired.
Identifying Information: Yourname, address, date of birth, and employment information is listed on your credit report. Each time you apply for credit, the information you supply to the lender is reported and the credit bureaus add it to your credit file.
Trade Lines: There are different types of trade lines falling in two main categories; Installment and revolving. Credit cards including department store cards, installment loans, auto loans, personal loans, and mortgages. The date the account was opened, credit limit, high balance, current balance and payment histories are also reported for each account.
Credit Inquiries: There are twokinds; Voluntary inquiries are when YOU apply for credit and there are considered hard inquiries. Involuntary inquiries are when an account is under review, and promotional inquiries “pre-approved” credit offers (like the ones you get in the mail).
Anytime you apply for an account with your social security number this is considered a voluntary hard inquiry; this includes bank accounts, utilities, cell phone accounts, along with credit cards, loans, and mortgages.
Involuntary inquiries happen when a current creditor reviews your account to see if you are eligible for a limitincrease, limit decrease or to close your account. These types of inquires also happen when your information is sold (by the credit bureaus) to other companies who are offering promotional financing.
If you have a lot of inquiries on your credit report, it looks like you are desperate and trying to use credit as a supplemental income. If this is the case, it will increase your risk level and likely be the reason for denial.
Public Records and Collections: Bankruptcies, Judgements, Foreclosures, Suits, Liens, and delinquent child support are listed as public records. A collection account is any account that is sold by the original creditor to a third party to collect the debt.
If you have any of these items on your credit report, showing paid, unpaid or satisfied, they are still considered negative and are lowering your credit score while raising your risk level.
The question is more like what kind of credit will be extend to me with negative items on my report?
There is no simple answer for this question. Credit is risk based and each company has different guidelines they follow when deciding to extend credit.
Some lenders will not extend credit if you have specific items on your credit reports or do not meet a minimumcredit score. These are the lenders who extend credit to those who are seen as low risk.
What qualifies as low risk? High credit scores and strong credit profiles with a good mix of credit, desirable utilization ratios, seasoned trade lines, few inquiries and excellent payment history. Consumer with this type of credit profile will be eligible for the best rates and terms.
There are other companies that extend credit to those with negative items on their credit at a much higher interest rates and less appealing terms. Some of these companies have auto loan rates up to 30% and terms as short as 12 months. Others offer credit cards at the highest rates and tack on hundreds of dollars in fees. If you are approved the credit card will have a balance that is near the limit extended to you.
The simple answer is anyone who need to assess the risk of doing business with you.
Lenders and creditors: Credit reports are used to determine if credit will be extended to you and what terms may be offered. This includes credit cards, auto loans, personal loans, home mortgage and business loans.
Insurance company: Your risk level and credit score determine eligibility and premiums. Those with low score have been found to file more insurance claims. The higher the risk the higher the insurance rates.
Housing & Utilities: Landlords use credit to determine if they will require you to pay a larger down payment, need a Co-signer or be denied all together. With low credit scores you will be required to pay large deposits on everyday items like residential utilities, cell phone, TV and other services. You may also be denied all together your credit score.
Employment: Your credit report is a snap shot of your ability to follow through on your responsibilities. With 43% of employers using credit reports and scores to determine offers of employment, promotion or to terminate employment if he company credit requirements are no longer being met.
Miscellaneous items: Everyday items like braces, dental work, Professional licensing, Business and auto loans, that need financing and payment plans require a credit check to be approved.
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