How much do u know about credit....
January 25, 2007 10:33am CST
I am in the mortgage field and wanted to know how much do you know about credit.....and also i wanted to give a few credit tips....because i love talking about credit....because most people don't have a clue or don't know where to start when it comes to credit...so here are a few tips for u. 1. There are hundred if not thousands of credit reporting agencies...However the most important three that show up on your credit are equifax....transunion...experian 2. There are 5 factor that factor in your credit score...payment history, account balances, length of credit history, public records, and inquiries. 3. There are 2 types of credit pull 1. soft hit and a hard hit...A soft hit is when u apply for something and you are not wanting money..which does not have an affect on your credit score...the other is a hard hit when you are asking for money...and each hit can count against you.. 4. There is a status of limitation that a creditor can report a debt...depending on your state...md, dc, and va is 3 years. 5. As we all should know bk 7, bk 13 stay on your credit report for up to 7-10 years...derogatories will report for 7... and the tip number 6. 6. the best place to get a copy of your credit report is from annualcreditreport.com I hope these tips can help someone who doesn't know....so what do u know about credit...
1 person likes this
25 Jan 07
I love your discussion. Very informative. Have a question in mind, I have a friend just resigned from work because she is harrased by the collecting agency of her credit card. What happen if she will not paid the balance of her credit card? can she be sue in court or can she be sent in prison? Thanks. Keep up the informative forum
• United States
25 Jan 07
No at most what will happen is that the debt will stay on her credit and bring her score down...depending on the creditor if the account is not paid off then it will be sent to collection and they will charge her more...after it has been with collections....they may try to force a judgement threw the court to get her to pay the debt..and when it shows on the credit it will show as a judgement..remeber that depending on the state there is a status of limitations...if the status of limitations is up she may not have to pay the debt...but if the debt is current she may want to call the creditor and get and settle for an amount she can pay in one sum...and when she does have they creditor send here something in writing to notify the credit beareau the the debt is paid in full....