| You know that your credit scores are based on your | | | | Collections - An account that has been turned over to |
| money management history - and if you're working | | | | a collection agency. After the "bad stuff" your credit |
| hard to rebuild your rating, it can be very frustrating to | | | | report will list all your accounts in good standing. |
| see the same old negative information showing up on | | | | We don't know the exact formula FICO uses to |
| your credit report. Unfortunately, there's not a lot you | | | | compute your score, but we do know that the more |
| can do except wait it out. Your new, good habits will | | | | accounts in good standing, the better. So if your credit |
| show up, and that will help your score, but the old stuff | | | | needs repair, keep as many accounts in good standing |
| will remain for a while. | | | | as possible. |
| A bankruptcy will stay on your credit report for 10 | | | | You may not recognize the names of your creditors |
| years, which will seem like an eternity until you're | | | | as listed on your credit report. It will help to know that |
| looking back at it. Other negative information generally | | | | "I" stands for installment loan, "R" stands for revolving |
| stays for 7 years, unless you can get the creditor to | | | | credit, and "M" stands for mortgage. |
| give you a letter to delete an item. An unpaid tax lien | | | | If you get your credit report and see unusual names |
| will stay there until 7 years after the paid date. | | | | and can't match them up with any of your accounts, |
| Of course, if you've proven to the credit bureaus that | | | | do not hesitate to call the credit bureau that reported it |
| an item was in error, that will be removed immediately. | | | | - in fact, do it immediately. Only if you know who is |
| What goes on the report? | | | | reporting what can you address the validity of the |
| Public Records - bankruptcies, court and default | | | | entry. |
| judgments, liens, and foreclosures. Late payments - | | | | And of course, if you find out "who" and you're not |
| listed as 30 days late, 60 days late, 90 days late, and | | | | familiar with the company, you need to file a protest |
| 120+ days late. | | | | immediately. You could be looking at a case of stolen |
| Charge offs - Accounts that are in default and which | | | | identity. Consider requesting a fraud alert or even |
| the creditor has charged off and reported as a loss. | | | | freezing your credit report. |