WHAT IS NEGATIVE CREDIT?

Negative credit is when you do not live up to your contractual obligations, due to, for example:

 

  1. Fiscal missteps - the most common cause of negative credit, caused by actions often originated by you, i.e. late payments

  2. Errors - incorrect information reported

  3. Fraud - occurs when someone else uses your social security number on a credit application

  4. Abuses - a subset of fiscal missteps, usually occur when people spend too much money and do not have enough to cover the bills

 

EASIER items to have removed:

 

  • Items older than two years
  • Discharged bankruptcies
  • Charge-offs
  • Inquiries
  • Repossessions
  • Late Payments
  • Accounts that were late but are now paid off

 

MORE DIFFICULT items to have removed:

 

  • Items older than two years
  • Accounts that are currently past due
  • Recent bankruptcies
  • Judgments
  • IRS or state tax liens
  • Current collection accounts

 

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