Category: Negative Items

What Are Judgments and How Do They Affect Your Credit? A judgment is a court ruling that states you legally owe money to a creditor or debt collector. While credit bureaus no longer include judgments on credit reports, lenders and collection agencies can still access court records. Therefore, unpaid judgments may still affect your financial… Continue reading How to Remove Judgments from Your Credit Report – The Right Strategy

How Medical Collections Affect Your Credit and What’s Changing Medical bills are one of the most common reasons people end up with collections on their credit report. Even small balances can damage your credit score and impact loan approvals, interest rates, and financial stability. Recent Changes in Medical Debt Reporting (2023 Updates) New rules have… Continue reading How to Remove Medical Bill Collections from Your Credit Report – The Right Strategy

What Is a Collection and How Does It Affect Your Credit? A collection account shows up on your credit report when a past-due debt gets sold to a collection agency. This can severely damage your credit score and make it harder to qualify for loans, mortgages, or credit cards. Types of Collection Accounts That May… Continue reading How to Remove Collections from Your Credit Report – The Right Strategy

What Is a Foreclosure and How Does It Affect Your Credit? A foreclosure occurs when a lender takes back your home after missed mortgage payments. It is among the most damaging events for your credit report and can affect your ability to buy another home, get credit approvals, and maintain financial stability for years. Types… Continue reading How to Remove Foreclosures from Your Credit Report – The Right Strategy

What Is Bankruptcy and How Does It Affect Your Credit? Bankruptcy helps people eliminate or reorganize their debts when they can’t pay them back. Although this legal process offers relief, it also causes serious harm to your credit score. In fact, bankruptcy can stay on your report for up to 10 years, affecting your chances… Continue reading How to Remove Bankruptcies from Your Credit Report – The Right Strategy

What Are Late Payments and How Do They Affect Your Credit? A late payment occurs when you miss a payment by 30 days or more. Because payment history makes up 35% of your credit score, even one late payment can significantly damage your credit standing. Late Payment Categories and Their Impact Different types of late… Continue reading How to Remove Late Payments from Your Credit Report – The Right Strategy

What Is a Hard Inquiry and How Does It Affect Your Credit? A hard inquiry, also called a hard pull, happens when a lender checks your credit report during a credit application. These inquiries can slightly lower your score and remain on your report for up to 2 years. Types of Credit Inquiries Understanding the… Continue reading How to Remove Hard Inquiries from Your Credit Report – The Right Strategy

What Is a Repossession and How Does It Affect Your Credit? A repossession (or repo) occurs when a lender reclaims a financed vehicle due to missed payments. This negative mark significantly lowers your credit score and can hurt your chances of getting approved for future loans, especially with favorable terms. Types of Repossessions Understanding the… Continue reading How to Remove Repossessions from Your Credit Report – The Right Way

What Is a Charge-Off and How Does It Impact Your Credit? A charge-off happens when a creditor classifies a debt as a financial loss after you’ve missed payments for 180 days or more. Although the creditor considers it uncollectible, you still owe the balance—and the charge-off shows up as a serious negative mark on your… Continue reading How to Remove Charge-Offs from Your Credit Report – The Right Strategy

What Are Derogatory Marks on a Credit Report? A derogatory mark is a negative entry on your credit report. It lowers your credit score and makes it harder to get approved for loans, credit cards, or mortgages. These marks signal to lenders that you may be a high-risk borrower. Common Types of Derogatory Marks Derogatory… Continue reading How to Remove Derogatory Marks from Your Credit Report – The Right Way