Articles & News About Your Credit

Credit Reports Can Help and Hurt

As time goes on, people are becoming more and more aware of the importance of both their credit report and their credit score. These two pieces of information are vital financial tools for lenders, who use them to determine whether or not to offer credit or a loan to a consumer. Higher FICO scores and reports with positive entries tend to lead to credit; low scores and negative entries have a tendency to lead to having requests declined. While consumers may understand the importance of credit reports, they might not be aware of what kinds of entries appear on the report or how long they stay there.

While the credit score offers a simple distillation of a prospective borrower's financial state, it's the credit report that offers all of the information that lenders would like to see. Older debts, car or truck loans and home loans are recorded there, along with bankruptcies, property tax liens and more. If you have a credit card, it's on your credit report. If you had an automobile loan that you repaid five years ago, it's on your credit report, and the credit report will indicate whether you paid on time and in full.

Bad entries on your report will consist of things like unpaid income tax liens, bankruptcies, and unpaid installment loans or charge card debt. These are "red flags" that have a tendency to catch the attention of financial institutions rather quickly. If you have a few negative entries and a ho-hum credit score, you may find it difficult to obtain additional credit. On the positive side, negative entries disappear from your credit report after seven years, with the exception of Chapter 13 bankruptcy filings, which stay for a full ten years.

Positive entries on your report will include paid debts, open credit accounts in good standing and closed accounts. Contrary to common belief, positive entries do not appear on your credit report forever. Current accounts stay on your report for as long as you have them, with additional entries if you make late payments. Closed accounts stay on your report for a maximum of a decade. After that, they are removed from the report.

The secret to a healthy credit report is always paying your debts in full and on time. Prompt payment of your debts when they are due will also help you maintain a good credit score. Should you have negative entries, they will go away in time, but positive entries from open charge card accounts will stay indefinitely. It is worth your while to do your best to pay your bills promptly in order to keep your credit report in good shape.

?Copyright 2007 by Retro Marketing. Charles Essmeier is the owner http://www.Retro Marketing.com, a firm devoted to affiliate marketing, and http://www.Debt-Stopper.com, a site about debt consolidation, personal bankruptcy and other financial matters.

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