This is my first time that I appear with a debt in my credit score in the main 3 bureau agencies. (experian, etc) . What should I do? How long does the bad record stays there for? Is it causing interests?
2007-10-30 11:39:09 · 2 answers · asked by foh 1 in Business & Finance ➔ Credit
You question isn't very clear. Are you in default for a debt? Is it actually yours? If it isn't your debt, dispute it with the credit bureaus.
Just because you stopped paying, doesn't mean interest and other fees don't continue. If this is the first negative on your credit report, you should contact the creditor and work out payment arrangements. Get any settlement arrangement in writing before you pay and don't give them access to your bank account.
Negatives stay on your credit report for 7 years and 180 days from the date of delinquency.
2007-10-30 12:13:51 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
delinquent credit stays on your report for 2 yrs...bankruptcy is longer. you need to pay one time and keep your credit cards no more than half the limit.
lenders use the credit reports to determine how you pay others to decide if you qualify for a loan. too much credit can hurt you as much as late pays or being over the limit.
visit your bank or credit union and have them counsel you.
2007-10-30 11:48:47 · answer #2 · answered by Butterfly heart 4 · 1⤊ 1⤋