I am writing this in the hopes they can help many people clean up their credit record and be on their way to being credit positive.
The current financial recession that is going on the credit markets have really tightened up and making it very hard for someone to get a loan or borrow money on their credit. So to really qualify for any types of loans your credit background should be this squeaky clean as possible, and part of this knowledge is knowing how long certain negative marks will stay on your credit history. Let’s start by taking a look at a few of the major credit marks that you would want to get taken off of your record. These days foreclosures are over the place and once a foreclosure is on your credit report it will usually stay there for seven years from the date that it was first reported. This is why people try their hardest not to let their homes get into foreclosure. If you have ever had a repossession of any type this is also another mark on your credit report and it will also stay on your credit report for up to seven years.
Many people think that bankruptcy is a way to get out of paying the debts that you all but that also leaves a black mark on your credit report and it will also stay there for up to seven years. If you were a student that still hasn’t paid off their college loan this will also stay on your report for up to seven years from the date that you stopped paying your monthly payments and if you never pay off this loan that theoretically it can stay on your credit report till the day you die if you don’t keep a tab on it.
These are just a few of the items that can cause a major black mark on your credit record. There are many other minor black marks that we will discuss in future articles, but for now these are the major ones that you should always try to fix or stay away from. I hope that this basic credit advice can help make your life a little better.