2006-12-30 15:09:42 · 3 answers · asked by curious2 2 in Business & Finance ➔ Credit
Don't know, but I'm curious too. I'll be watching.
2006-12-30 15:12:49 · answer #1 · answered by DrRocco 3 · 0⤊ 0⤋
Key Derogatory is a major or "important" negative event. This would be chargeoffs, late payments, missed payments, bankruptcy. A regular Derogatory is also a negative event but not as "major" like being over your credit line or a short payment.
A Key Derogatory will lower your credit rating by 35 or more points.
2006-12-30 15:37:26 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
It could be, or it may be that the credit agency lacks information following the last reporting and rather than giving it the erroneous classification of a "chargeoff" is more accurately reflecting that it doesn't have current information on the status of the overdue account.
The seven years should begin on the last date a bill was due, or a subsequent date when the account was charged off or sent to collections.
2006-12-30 15:22:17 · answer #3 · answered by ekleinert 3 · 0⤊ 1⤋