Removing Negative Items From Your Credit Report – A Webinar by Lexington Law
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In this webinar John Heath and Rob Shiner discuss negative items on your credit report and the ways you can deal with them.
What is a Negative Item on Your Credit Report? Why Does it Matter?
If you’re just learning about your credit score and how it can affect your finances, John has some insights for you. Generally, negative items are derogatory in nature. They can range in severity from a simple late payment all the way up to a charge-off or bankruptcy.
One of the main reasons this matters is that your payment history makes up 30% of your credit score. Having a solid payment history going back for years can help you access better interest rates, so it’s very important to keep a close eye on this portion of your credit report.
The bottom line here is that negative items on your credit report can cost you higher interest rates over your lifetime. Here’s a list of possible negative items that could show up on your report:
-Accounts in Collections
These things can stay on your report for up to 7-10 years, with the exception of hard inquiries that fall off after 2 years.
Inquiries are simply when a creditor has looked at your file to see if you are eligible for credit. It counts as new credit being extended or looked into and may show up on your score.
What Items Have the Most Impact on Your Score?
Bankruptcy, repossession and foreclosure tend to have the biggest impact on a credit score. Generally speaking, older items will also have less weight than newer ones. The reasoning is that more recent negative events may be a predictor for future issues making payments on time.
What Can I Do About Negative Items?
-Build Positive Credit History
-Stay Current on Payments Each Month
-Check for Unfair or Unsubstantiated Items on Your Report
If an item is fair, accurate and substantiated then you may simply have to wait for it to fall off on its own, generally after 7 years or 10 in the case of bankruptcy.
If you need help navigating the negative items on your report, Lexington Law is here to help. Our firm has the #1 credit repair app with over 46,000 reviews! You can download it today:
Or check us out online to learn more about our proven process that removed over 7 million negative items from credit reports just like yours last year:
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