3 Simple Facts About Your Marred Credit Report April 8, 2007
Posted by Vedis in : Credit Rating , comments closed
For those who have been late in repaying loans, defaulted on a loan or even declared bankruptcy, does a marred credit report mean the end of your credit days ?
1. Only the conduct of account for the last 12 months is shown in the credit report. If you missed a payment five years ago but had subsequently rectified the situation, the late payment will not be shown in the credit report.
2. However, if you stopped repaying a loan five years ago, that will be in the information listed. The conduct of an account for the most recent month would indicate that you are in arrears for 60 months, assuming that you are supposed to make monthly repayments to the bank.
3. If you have been declared bankrupt by a financial institution for six years.
