Credit Repair Specialist
Most of us know that bankruptcy or a foreclosure on a credit report could cause your credit score to plummet. I will show you five other items that may or may not even know about. Since lending institutions that issue credit and banks use their credit scores FICO to evaluate you and your credit, you want to make sure these entries do not appear on your credit report.
Now, if you have 1 or more of these negative elements in your Trans Union, Equifax, Experian or report, do not worry. When you subscribe to my newsletter and blogs, you learn tricks, tactics privileged information and methods to handle these situations.
The Sinister 7
1. Debt recovery
Attorney debt collectors or debt collection companies listed in their reports are negative enormous. I've seen the impact of a collection agency in the ratings credit ranging from a drop of 30 points to 85 points! Sometimes you get a "double whammy" effect because the original creditor has brand as a burden and returns to the entry of the collection agency. Ouch!
2. Charge-offs
When you do not pay on a credit account for 3-6 months, creditors consider your account "in absentia" or noncollectable. When this occurs, the creditor will report to the agencies of the account as "charged-off. This information can stay on your report for up to 7 years. With Identity theft is a big problem in this country, many innocent victims of cargo is out of accounts in their credit reports that they had no idea existed. You must take steps to protect your credit. You can do this by subscribing to a monitoring service that alerts you whenever there is a change in their skills.
3. Foreclosure
Having gone through this process, personally, I can tell that there is hope when you think that the world has collapsed around him. When you default on your mortgage, most lenders will repossess your home and depending on the laws of your state, auctioned within a specified timeline. If there is any deficiency between what should and what they sell, then this can come later for the rest or report from the credit to the IRS. With all the foreclosure mess is taking place now on the market more and more banks are trying to reach agreements with the owners. The fact remains however that will have no option but to report your delinquency and foreclosure process, even if you work a deal with them and stay at home. This will also remain in your credit reports for 7 years.
4. Bankruptcy
Depending on the state in which they live and what kind of bankruptcy you file, you may be able to eliminate the financial responsibility legally for some or all of their debts. Child support payments of children and the IRS money, but are not part of the agreement. No surprise! I support a deadbeat dad did not pay child support not to finish with them into bankruptcy, but Uncle Sam … well that's another story. Bankruptcies remain on your credit report for 10 years.
5. Tax Liens – State or federal
When you owe the IRS or state income taxes and not pay or establish a payment agreement will be presented embargo against him. In trying to buy a property, pending the fulfillment of these charges will not be able to close.
If you do not pay property taxes on your home or other property, the government can seize it and auction it for unpaid taxes. One way or another, get their money. No tax liens can remain on your report credit for up to 15 years. Even if you pay them, yet the report of the retention of 10 years and will impact your FICO credit scores immensely.
6. Judgments
Some creditors, companies or individuals can sue through the courts for a debt. If other collections and do not receive a sentence against him, this will present a report to the office and stay on your record for seven years. You must be careful here, because even if pay or serving the sentence, the clock will start again if they satisfy the sentence. I always instruct my clients and students to check their state statue of limitations.
7. The lack of credit or "thin credit file"
While any of the first six articles may have a negative impact on its results greatly, there is also not discussed negatively on not having enough credit. If you pay cash for things and not have a small balance on their credit cards, you can and should be penalized for the offices. Conversely, if you paid cash for your car, you also could be penalized. My point is – whether or not you believe in the application for credit or use credit wisely, we are all judged to some extent by the manner of managing credit and that information is maintained by the three major credit bureaus. Would it surprise you now that someone with a thin credit file can have credit ratings that someone with a few negative elements in your file?
If you are looking to work within the matrix of credit (which certainly is becoming more invasive in our daily lives) that he must learn how the game and protect this aspect of your financial life.
© 2008, http://www.crushingthecreditbureaus.com
Author: Mark J. Garcia Mark is the author of “Crushing The Credit Bureaus” a do it yourself credit repair encyclopedia that focuses on repairing negative information on your credit report and increasing your credit scores.
Credit Repair Specialist – Can You Remove Tax Liens?
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Winning Credit Repair: Be a Credit Specialist for Yourself $15.55 The book is about the mechanics of how to repair your credit, a self-help guide complete with forms I have used in doing credit repair professionally for a law firm in Raleigh, North Carolina. The book combines my twenty years of experience in the fields of finance and credit along with my knowledge of the credit bureaus. This book was written and designed to help people who wish to raise their cr… |
