Lates – when a line of credit, (credit card, car loan, mortgage, student loans, etc), isn’t paid on time. The types of lates are a 30, 60, and 90-120 day lates. Some credit report may show the dates of the lates but will always show how many 30, 60, or 90 day lates there are on the account.

Collections – removal of account from a company’s assets. Collections can be held by original debtor or company but most of the time it is sold off to a collection agency, (usually for a low percentage of the debt). The company will try to collect the debt, hence the harassing calls. So even though the company doesn’t expect you to pay it back, it is still owed.

Charge offs – same as collection but term generally Viagra Professional used with credit card debt.

Public Records – One of the last sections on any credit report, generally stating any action taken in court. These can stay on your credit report, as a Public Record, for the statute of limitations 7 years as of date of last activity, meaning that if the court keeps updating its records then the date of last activity is updated and you have to wait the 7 – 10 years starting at that date. Any of these can result in Garnishment of Wages. Public records include:

* Judgments – court decree resulting from a lawsuit. One person is indebted to another person and specifies the amount owed.

* Vehicle Brand Cialis repossession – Involuntary repossession is if one is late on payments, or in some state, don’t have adequate auto insurance, a vehicle could be taken away. There would be a repossession on the credit report and in some cases even a collection for the remaining amount. Voluntary repossession is when the leasee or loanee can no longer make payments and they voluntarily give up the vehicle. This does have a negative impact on the credit report but not as severe as involuntary.

* Tax liens – when personal or property taxes are not paid, a tax lien is imposed as a security of payment. Standard statute for removal.

* Overdue child support – If child support is not paid then it will go on the credit report but most of the time show up as a judgment.

* Bankruptcy’s – Bankruptcy’s and the laws pertaining to it help those who can no longer pay their creditors by liquidating their assets to pay their debts or by creating a repayment plan.

* Chapter 7 – The most common bankruptcy as it is an almost complete debt eliminator however it is also the most damaging to credit. There are many alternative options to a Chapter 7, like a Chapter 13, because even though all of the creditors will stop calling you and you will have now a manageable debt, this bankruptcy stays on your credit report for 10 years.

* Chapter 13 – This is better alternative to a Chapter 7. Debtors propose propecia 10 years a repayment plan to make installments to creditors over 3 to 5 years all supervised by a federal bankruptcy court. This bankruptcy can stay on your credit for 7 years.

* Chapter 11 – Usually involving a corporation or partnership. A Chapter 11 is like a Chapter 13 in that it proposes a plan to keep the business alive and pay creditors over time.

Inquiries – a list of all companies who have accessed your credit report within the past 2 years. Not all inquiries are damaging though, it falls under 2 categories:

* Hard inquiry – is generally done by credit cards, mortgage companies, vehicle stores, lenders, etc. They can damage credit for up to 2 years.

* Soft inquiry – consist of inquiries made by companies for promotional purposes or credit cards doing quarterly reviews.

Debt to credit ratio – is the difference between the amount of debt versus the amount of allotted. If someone has, in credit cards, student loans, mortgages, and vehicle loan, a total of $250,000 and after several years of paying off now owes only $50,000 then it would be 20% ratio. This does not harm as much as 70 – 100% would. Managing debt to credit ration is key in maintaining a credit score as it is the second highest factor in the credit score.

Author Bio: Written by William Gold, after extensive research on Mortgage Interest Rates and Bad Credit Mortgage Loans, William recommends ApproveAll.com for more details.

Category: Finance/Mortgage
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