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There Are Many Notations On

There are many notations on credit reports that serve as red flags for lenders and lower scores. Here are a few: late mortgage – over 30 days past due on mortgage or documented rent within the past 12 months, or an account that is currently past due30-60 day late – many minor late payments are not documented or reported to creditors. However, if a mortgage payment is a month or two late the creditors view it as a potentially serious problem on the horizon worthy or documenting officially over 60 day late (90 day late) – this is often interpreted as an unwillingness on the borrowers part to pay or reconcile or negotiate a debt and serious action begins to take place. Collection action – if a payment of any sort that is issued with an invoice is not paid within a reasonable amount of time, the establishment responsible for collecting that payment can forward the invoice to a collection agency, and credit scores are reported delinquent on a monthly basis until the account is paid in full or a pay off is negotiated. Charge off – if an account is in collection for an extended period of time and the collection agency gives up on collecting it, the account will be charged off, however, it will continue to have a negative impact on credit issuing for up to 7 years judgement – a collection that has been forwarded to a small claim, circuit, or district court. In the case of a judgement assets and wages can be seized to make payment tax lien – similar to a judgement, however tax liens are handled by the federal government and seizure of wages and assets are far easier for them to obtain, thus branding this tag as quite serious and harmful to credit consumer credit counseling- a borrower enters a repayment agreement with a credit counseling agency and the account will them show up on a report as a cccs account until it reaches 0 balance. There are also notes that can be applied to credit report in the different bankruptcy cases.

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