Collection Accounts
If your account is referred to a collection agency this will appear
directly on your credit report. These accounts can appear as paid or
unpaid accounts. Regardless, any type of collection account is
considered VERY negative by all lenders (including medical).
Inquiries
Each time a potential lender or credit grantor looks at your credit
report, it is recorded on the report as an inquiry. If you have a
significant number of inquiries over the last two years it will have
a negative impact on your credit score.
Public Records (Court Records)
Public records can include things such as bankruptcies, liens,
garnishments, and judgments.. These court records are considered
negative by all credit grantors.
Merchant Trade Lines
These are the traditional items that you would think would be on
your credit report. They include your regular credit lines like
credit cards, auto loans, and mortgages. Information on late
payments, if the line was part of a bankruptcy, charged off, or put
into repossession will be considered negative by all lenders.
Can my bad credit be deleted?
Regardless of whatever myths you have heard in the past, the real
proof is in the results we have achieved for thousands of people
just like you. We are responsible for the deletion of negative
credit items every day on behalf of our clients. The United States
Congress has enacted a set of laws that protect consumers by
requiring that only good, verifiable and accurate information appear
on a consumer's credit report. This same law details the rules for
how negative information must be investigated and treated should it
be challenged.
Do negative items have to remain on
your credit report for 7 years?
This is a myth propagated by credit grantors, collection agencies,
and credit bureaus that is simply untrue. The laws that we are
prepared to enforce on your behalf mandate that negative listings
appear on your credit report for "no longer than seven years". This
means that the credit grantor, lender or credit bureau can choose to
remove the negative credit listing whenever they see fit. More often
than not, the bureaus delete these items only after your rights are
properly enforced to ensure full compliance with the laws that were
drafted to protect your credit.