Maintaining your credit score is something everyone should do. Your credit
score comes into play whenever you apply for a loan or line of credit,
fill out a rental application or even apply for certain jobs. Having a
good credit score usually determines whether you get approved or denied
in these situations.
Every year you can receive a free credit report from each of the credit
reporting agencies-Equifax, Experian, and TransUnion. It is important
that you review your credit report and make sure the information contained
in them is accurate. If you find any inaccuracies or questionable items,
you can dispute these items with the credit reporting agencies to have
them corrected or removed from your credit report.
Negative information on your credit report can only be reported for a limited
amount of time. The time frames are generally as follows:
Late payments-can stay on your credit report for up to 7 years from the time the most
recent late payment was reported. You should always contest late payments
that were not actually late or were involved over a bill dispute.
Collections-if your account has been sent to a collections agency, the collection
agency's action can stay on your credit report for up to 7 years.
Judgments-if a court has made a judgment ruling against you, that ruling can stay
on your credit report for up to 7 years from the date of the ruling.
Tax liens-tax liens can remain on your credit report indefinitely if you have not
paid it off. If you have paid off your tax lien, it can remain on your
credit report for up to 7 years from the date is was paid.
Bankruptcy-a Chapter 7 bankruptcy can remain on your credit report for up to 10 years
from the date it was filed. A successfully completed Chapter 13 bankruptcy
can remain on your credit report for up to 7 years from the date it was filed.
Though it may seem that it takes years to improve your credit score, there
are thing you can do immediately to raise your credit score. Going to
a credit repair company may speed up this process by correcting errors
such as re-aged debt, old delinquencies, paid-off debts, multiple accounts,
inaccurate accounts, and inaccurate delinquencies.
Call (949) 735-8499 for more information about credit repair.