Consumer Empowerment Part 3 Of A Series

Your credit report won't have a ghost of a chance unless you avoid these 10 foul-ups

responsible for any debt that is incurred on accounts that you hold jointly or as a co-signer.

  • Your creditor will overlook a missed payment if you offer a good excuse. Although you should call your creditor to let them know you’re having a crisis (e.g., unemployment or illness), there’s no guarantee that the creditor won’t report your delinquencies to the credit bureau(s). Your creditor may grant you an extension or offer other payment terms in special instances, but that’s a courtesy and not required by law.
  • Bad debts disappear from your credit report once they are paid in full. Absolutely not. Credit reports include everything from charge-offs, bad debts, and late payments for a seven-year period.
  • Credit report scores take seven years to improve. False! Recent entries on your credit report carry more weight than earlier ones, so start improving your credit today.
  • Source: Freddie Mac

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