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Written by Rockmond
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Friday, 02 March 2007 |
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Word Count: 287 Does paying off past-due accounts neutralize their negative status?Faqs On Bankruptcy Part2
Unfortunately the answer is no. Once-delinquent, past-due accounts still show up
as severe negatives even if they have subsequently been paid off. It's important
to note that credit reports don't just show your current credit situation, but
they also show what your credit situation has been in the past. Therefore, past
delinquency, collection activity or a charged off listing does a great deal of
damage to the credit score even if it was paid off.
Do negative items remain listed for at least 7 years?
The law states that negative listings can appear on your credit report for no
longer than seven years. In addition, the credit grantor or the credit bureau
itself can choose to delete the negative credit listing as they see fit.
Why is my credit score so important?
An individual's FICO credit score is an extremely important number which is
often overlooked and ignored by many consumers. A low FICO score will cost you
thousands of dollars in extra interest when purchasing a home or buying a car.
While a FICO credit score is mostly influenced by an individual's credit and
payment history, there are other factors that could negatively impact the credit
score. In many instances a person's FICO score is lower than it should be
because of incorrect entries and identity theft.
Author -- Rockmond Dunbar . Rockmond is an experienced Credit Score Repair
Expert and producer of Credit Repair Kit. He is the owner of Hi Score Inc . A
Guide to Improve Credit Score and Raise FICO score
Website:-
http://www.hiscoreinc.com/
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