Category: Negative Items

What Are Judgments & How Do They Affect Your Credit? A judgment is a court ruling stating that you legally owe money to a creditor or debt collector. While credit bureaus no longer report judgments, lenders and collection agencies still have access to court records, and unpaid judgments can still impact your financial future. Types of Judgments… Continue reading How to Remove Judgments from Your Credit Report – The Right Strategy

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

What Is a Collection & How Does It Affect Your Credit? A collection account appears on your credit report when a past-due debt is sold to a collection agency. This significantly lowers your credit score and can make it harder to get loans, mortgages, or credit cards. Types of Collection Accounts Medical Collections – Unpaid medical bills… Continue reading How to Remove Collections from Your Credit Report – The Right Strategy

What Is a Foreclosure & How Does It Affect Your Credit? A foreclosure happens when a lender repossesses a home due to missed mortgage payments. It is one of the most damaging negative marks on a credit report and can impact home-buying ability, credit approvals, and financial stability for years. Types of Foreclosures Judicial Foreclosure – Requires a court… Continue reading How to Remove Foreclosures from Your Credit Report – The Right Strategy

What Is Bankruptcy & How Does It Affect Your Credit? Bankruptcy is a legal process that allows individuals to eliminate or restructure debt when they cannot repay their obligations. While it provides relief, it also has a severe negative impact on credit scores and remains on your credit report for up to 10 years. Types of Bankruptcies &… Continue reading How to Remove Bankruptcies from Your Credit Report – The Right Strategy

What Are Late Payments & How Do They Affect Your Credit? A late payment is reported when you miss a payment by 30 days or more. Payment history makes up 35% of your credit score, making late payments one of the most damaging factors to your credit. Late Payment Categories 30 Days Late – Minimal impact but… Continue reading How to Remove Late Payments from Your Credit Report – The Right Strategy

What Is a Hard Inquiry & How Does It Affect Your Credit? A hard inquiry (hard pull) occurs when a lender checks your credit report to approve a loan, credit card, or financing request. Hard inquiries temporarily lower your credit score and remain on your report for 2 years. Types of Credit Inquiries Hard Inquiries – Impact your… Continue reading How to Remove Hard Inquiries from Your Credit Report – The Right Strategy

What Is a Repossession & How Does It Affect Your Credit? A repossession (repo) happens when a lender takes back a financed vehicle due to missed loan payments. It is a major derogatory mark on your credit report and significantly impacts loan approvals, interest rates, and financial opportunities. Types of Repossessions Voluntary Repossession – You return the vehicle… Continue reading How to Remove Repossessions from Your Credit Report – The Right Way

What Is a Charge-Off & How Does It Impact Your Credit? A charge-off occurs when a creditor writes off a debt as a financial loss after you fail to make payments for 180 days or more. The debt is still owed, but it is marked as uncollectible on your credit report. How a Charge-Off Affects Your Credit Score… 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 item on your credit report that lowers your credit score and makes it harder to get approved for loans, credit cards, or mortgages. Common Types of Derogatory Marks Late Payments – Reported if 30+ days overdue. Charge-Offs – When a creditor writes off unpaid… Continue reading How to Remove Derogatory Marks from Your Credit Report – The Right Way