Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Score News, Tips & Advice « Credit Scores > Credit Score Tips > Things that you do not want to see on your credit report

Things that you do not want to see on your credit report

By Brian Anderson
Published: Sunday, September 20th, 2009

The most commonly advised credit score tips revolve around reminders on how to keep your credit score high through keeping your credit report clean. Because the information contained in the credit report determines what kind of score you will have, you have to be aware of these things. This is the only way you will be able to know what to do to improve on your credit standing. Also, taking a peep on your report will allow you to check and correct errors. 

Keeping your record clean is one of the credit score tips you hear everywhere, and it sounds so easier said than done. Well, they can be easy if you put majority of your attention and effort to it. However, being clueless about just how to do this is also understandable.

 To keep your credit record clean, know the things that it should not contain. Here are the following: 

Charge-offs

When you miss paying your bills for six months, your creditors and lenders will realize that you no longer have the capacity to pay at all. They regard your account uncollectible. One of the credit score tips appropriate for this is to pay your dues on time. If you let your bills stay unpaid for the said length of time, your creditors would write off the account and report it as a charge off or written off and uncollectible. Your credit score will suffer the consequences of such notes for seven years.

 Debt collections

When you do not pay your dues on time, your creditors could not only report is a charge off but they can also hire another party to try to collect from you. When this happens, you can expect your credit report to be updated with the collection status. Either the collector or your creditor can update your credit report on the collecting status. Still the best of the credit score tips you can apply id to pay your dues on time, don’t wait for collectors to come knocking on your door.

 Bankruptcy

Filing for bankruptcy will let you legally remove liability for some or all of your debts. This will be recorded on your credit report for as long as seven to ten years. And this will definitely not look good for your credit score. However, when your debts have already been discharged, you can begin rebuilding your credit. There are useful credit score tips that can help you repair your credit score.

Foreclosure

This is legal proceeding that allows the bank to take possession and sell your properties because you no longer can pay for them. This is most commonly filed for mortgages. A foreclosure report has gruesome effects on your credit report’s appearance, hence your credit score. A foreclosure too remains on your report for seven years. Many people would rather go for short sales over foreclosure because it is believed to have lesser negative impacts on your credit score. Do follow some credit score tips and advise before deciding to go for foreclosure.

Lawsuits or judgments

As much as you can, do not taint your credit report with lawsuits. Your creditor can sue you for debt and other failed collections. If it proceeds and the judgment is against you, it stays on your credit report for seven years even after you have satisfied the judgment. This will definitely turn down attempts to filing accounts.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.