Credit Repair
COLLECTIONS
Credit collection is the process of collecting overdue or outstanding payments from customers who have not paid their bills on time. This process is typically initiated when a customer has failed to make a payment by the due date or has outstanding balances on their account.
CHARGE OFFS
A charge-off is what happens when a creditor no longer believes a borrower will repay several months of missed payments and writes off the unpaid debt as a loss. The missed payments, charge-off and any collections involved can severely harm your credit.
INQUIRIES
Simply put, a credit inquiry is a credit check. Inquiries happen when there is a legally permitted request to see your credit report from a company or person.
MEDICAL BILLS
Medical bills appear on credit reports when they are turned over to collections and reported by the collection agency. This can impact your credit score and make it harder to get a job, buy a home, or get insurance.
REPOSSESSIONS
Repossession occurs when a debtor defaults on a loan and the creditor takes back the financed collateral. Repossession might happen when a borrower fails to make payments on personal property, such as a car, appliance or home.
CREDIT CARDS
Your Credit Score May Take a Hit
A card issuer can report your late payment to the credit bureaus—Experian, TransUnion and Equifax—once your account is 30 days past due. The late payments could stay on your credit report for up to seven years and impact your credit scores the entire time.
LOANS
Can a good credit score help you get a loan?To qualify for a personal loan, you generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have good to excellent credit, typically a score of 740 and above.
BANKRUPTCIES
You can't remove legitimate bankruptcies, but you can dispute bankruptcy filings that are inaccurate or contain errors. Learn more about disputing bankruptcies and get LifeLock to help monitor for credit errors and protect against credit fraud.Dec