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COLLECTIONS

If you fall behind on payments, the lender or creditor may transfer your account to a collection agency or sell it to a debt buyer. This generally occurs a few months after you become delinquent, or the date you begin missing payments or not paying the full minimum payment. Once an account is sold to a collection agency, the collection account can then be reported as a separate account on your credit report.Collection accounts have a significant negative impact on your credit scores.

CHARGE OFFS

A charge-off is an entry on your credit report that indicates a creditor, after trying and failing to get you to make good on a debt, has given up hope of getting payment and closed your account. A charge-off is considered a derogatory entry in your credit file—a serious negative event—and it can adversely affect your credit scores and your ability to borrow additional funds.

REPOSSESSIONS

A repossession will have a serious impact on your credit score for as long as it stays on your credit report usually seven years, starting on the date the loan stopped being paid. But in addition to the repossession being noted, this process often includes the following "dings" to your credit:

• Late payments: For every month you miss a payment, there's a negative item on your report.

• Defaults: Entering loan default is its own negative event.

• Collections: If you are unable to pay off a deficiency balance, your account may be sent to collections, which will also be noted on your credit report and hurt your credit score.

• Court judgments: Unsuccessful collections may result in a court judgment.

LATE PAYMENTS

You have a 30- day grace period with your creditors before they can report a late payment to the Credit Bureaus. Late payments can hurt your credit scores, although the impact will depend on your overall credit profile and how far behind you fall on your payments.

Generally, a single late payment will lead to a greater score drop if you had excellent credit and a clean credit history. If you already have poor credit and your credit report shows other late payments, a new late payment could still hurt your score, but it may lower your score by fewer points.

HARD INQUIRIES

Hard inquiries (also known as “hard pulls” or “hard credit checks”) generally occur when a financial institution, such as a lender or credit card issuer, checks your credit when making a lending decision. They commonly take place when you apply for a mortgage, loan or credit card, and you typically have to authorize them.  Multiple hard inquiries in a short period could lead lenders and credit card issuers to consider you a higher-risk customer, as it suggests you may be short on cash or getting ready to rack up a lot of debt. A hard inquiry could lower your scores by a few points, or it may have a negligible effect on your scores. 

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WE ALSO SPECIALIZE IN FORECLOSURES, BANKRUPTCIES + MORE. 

WE ARE ABLE TO GET THESE TYPES OF ITEMS REMOVED BY CHALLENGING AND DISPUTING WITH THE CREDIT BUREAUS AND YOUR CREDITORS. 

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