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Certain remarks or items can be very damaging to a person’s credit history. This is why it’s very important to check your credit report at least twice to make sure that your report is free from errors and bad remarks. Listed below are things that you’d never want to see in your credit report.
- Charge-offs. When you default from your payments for a 6 months or longer, a creditor may consider your debts as charge-offs, meaning the debts are uncollectible.
- Debt collections. A creditor may also assign collection of debts to a debt collection agency if you continue missing your payments for 6 consecutive months or longer. Here are ThingsYou Should Know About the Fair Debt Collection Practices Act
- Bankruptcy. When debts become too overwhelming, a borrower may decide to file for bankruptcy. Here's the Tips In Filing for Bankruptcy In the United States
- Foreclosure. If you fail to pay your mortgage on time, your lender can move to take possession over your property. Here are ways to avoid foreclosure scams.
- Tax liens. If you fail to pay your property taxes, the government can seize your property, put it in an auction and use the proceeds to pay your taxes.
- Lawsuits and Court Judgments. A creditor may also take legal action against a borrower by filing a lawsuit.
Read more Bad Things You Don’t Want to See in Your Credit Report
Do you know what your credit report is saying about you?
What your credit says about you not only effects your getting a loan or a credit card, but it can also effect whether or not you get a job! More employers are looking at your credit report to get an idea of what sort of person you are.
Its up to you to make sure that all the information on ALL your credit reports are accurate. A good way is to check your credit report at least once a year (although with the rise in identity fraud checking your credit more often is recommend along with having a credit monitoring system).
Why should you look at all 3 credit reports? Its a well known fact that your credit score can vary depending on which credit report your creditor pulls. When you check your credit you can't just look at one and assume the others are fine. You need to look at all 3 and if needed dispute any inaccurate information.
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