Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected

Time is Gold in the Credit World

By Karen Anderson
Published: Sunday, December 27th, 2009

Time is always of the essence in making credit reports. The time factor in documenting credit reports is seen in its stress and emphasis on the Date of Last Activity or DLA. This DLA is the guideline followed by credit bureaus in documenting the needed information in an individual’s credit report.

Credit report tips are available almost everywhere, the fast development of technologies like the internet made these tips more available to the public. On the other hand, the individuals who are in need of these tips are left with another burden which is to find and sift those tips that are reliable and true.

There are a lot of credit report tips, but there are also a lot of fraudulent credit tips. The existence and emphasis of time essence of the credit report tips can be a safe indicator on the reliability of the tips. The real tips would and should have the stresses needed to prove that time is indeed a high consideration in the field of credit reports and credit scores.

Time is needed to be constantly considered well and precisely simply because it one of the most important considered points in credit report documentation and credit score assessment. There are three main questions that individuals need to ask in considering the time factor pertained to by credit report tips. First is, how frequent are your late payments? Second is, how recent are your late payments? And lastly, how severe are your late payments and how valid are the reasons of your late payments?

The frequency of late payments is important to the lending companies as well as to the credit bureaus, simply because it indicates automatically that there must be something wrong. This early indicator of failing to pay the debts and bills on time also makes financing companies assume that the borrower would most probably miss other needed deadlines of payments in the near future. Good credit report tips should at least make the borrower aware of the possible implications of frequently failing to pay the debts and bills on time.

The recentness of the late payment bears a huge weight on the credit report and credit score of an individual. As prescribed by most credit report tips, recent activities like failing to pay the bills bear more weight as compared to the same activities that are committed in the further past. Individuals should be more vigilant in noting the recentness of their failure to settle debts and bills because of the grave implications it can bear to the credit report and credit score.

Lastly, reliable credit report tips would also prescribe the immediate payment of the debt even if it is already late and considered unpaid. The gravity of the offense of failing to settle debts is greatly affected with the duration that was required by the borrower to settle his or her debt. The longer that it takes the more probable that the report and score will be worse. Exerting effort to pay the debt as immediately as possible can even make the situation appear to credit bureaus and financing companies as mere accident and slip on the borrower side.  

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.