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"Credit DNA- The Life Expectancy For TheTop 10 Credit Killers"DisputeDemon.com
Lets dissect your credit report and get down to the “DNA”. Essentially the portion of your credit report that’s going to either make or break your credit. Kind of like the DNAfound in humans. Certain components that are part of your body are required in order for you to function correctly. Well the same holds true with your credit report. Withouthaving good components or “DNA” in your credit it will not function very good or aswell as it should.What happens to your body if you’re missing a good component? It will slow you down, just like if you were missing good components in your credit report. It will slow youdown and you will feel it and that’s not a very good feeling.Lets talk about the bad components that may be lingering in your credit report. Youknow? The components that need to be eliminated or extracted kind of like a disease,slowly deteriorating your credit. You get rid of these diseased components and your creditwill function much better allowing you to have a more peaceful, prosperous life.
Life Expectancy For The Top 10 Credit Killers
1.
Delinquencies-
or payments that you made to creditors that were late from 30days to 180 days from the date that they were due can remain on your creditreport for 
seven years
 starting from the date the initial payment was missed.2.
Closed Accounts-
are accounts that are no longer available for further use.Closed accounts may or may not have a zero balance and if there aredelinquencies they will remain on your credit report for 
seven years
from thedate they were reported closed, whether closed by the creditor or by theconsumer. Positive closed accounts remain on your credit report for 10 years.3.
Collection Accounts
- Appearing on your credit report will remain there for 
seven years
 from the date of the initial missed payment that led to thecollection, which will be the original delinquency date. When a collectionaccount has been paid in full, it will show as "paid collection" on your creditreport.
 
4.
Charged Off Accounts
- Will remain on your credit report for 
seven years
from the date of the initial missed payment that led to the charge off whichwill be the original delinquency date. Even if payments are later made on thecharged-off account.5.
Bankruptcy
- Bankruptcies that were filed under Chapters 7, 11, and 12 willremain on your credit report for 
10 years
 from the filing date. Bankruptciesthat were filed under Chapter 13 remain for 
seven years
from the filing date.Any accounts that were included in the bankruptcy will remain for seven yearsfrom the date that they were reported as included in the bankruptcy.6.
Civil Judgments and Small Claims
- Any Civil judgments or small claims judgments that appear on your credit report will remain there for 
seven years
from the date that the judgment(s) were filed.7.
Tax Liens From the City, County, State, or Federal Government-
Anyunpaid tax liens will remain on your credit report for 
15 years
from the filingdate. Paid tax liens will remain on your credit report for 
seven years
from thedate that the lien was paid.8.
Child Support Judgments
- Any Child support judgments appearing on your credit report will remain there for 
seven years
from the date the judgment wasfiled.9.
Lost Credit Cards-
Any delinquent payments that occurred before the creditcard was lost will appear on your credit report for 
seven years
. If there wereno delinquencies, credit cards that were reported lost will remain on your credit report for 
two years
from the date that the credit card was reported lost.10.
Inquiries
- All inquiries must remain for a minimum of 
one year
from the datethe inquiry was made. Most inquiries listed on your credit report will remainfor 
two years
. Some inquiries, such as employment or pre-approved credit
 
offers, will show only to you and not to other agencies that have pulled your credit report for consideration for a credit account.As you can see above, negative information is eventually purged from your credit reportso that if you have credit issues you will have an opportunity to rebuild a good credithistory.
Did you know that “good credit” will appear on yourcredit report longer than “bad credit” with theexception of – 
•
Unpaid tax liens from either the City, county, state, or federal government, whichleft unpaid, will remain on your credit report for 15 years!
•
The length of time good credit appears on your credit report is equal in time withBankruptcies. Each appearing on your credit report for 10 years.
Did You know?
That some state laws make it illegal to report utility payments to credit bureaus?
Did You know?
Checking account information such as bad checks, bounced checks,fraudulently used checks, stolen checks affecting your checking account are not reportedto National credit reporting agencies and will not appear in your credit history?
Did You Know?
Your divorce does not relieve you from joint debts you incurred whilemarried. You are responsible for joint accounts, from credit cards and car loans to homemortgages. Even when a divorce judge orders your ex-spouse to pay a certain bill, you'restill legally responsible for making sure it is paid because you promised both as a coupleand as individuals to do so.
Who Am I And Why Should You Be Listening to Me?
As a real estate investor that has bought and sold many houses and "trudged through thetrenches" first hand, I have learned quite a few tricks about credit after dealing withlenders and banks over the last few years during the process. I have learned that Itsimperative to not only understand your credit report but to have a good credit rating andcredit scores because when your buying a house its one of the most critical aspects for your buying power that you rely heavily on to be successful as an investor.But I also learned that understanding your credit report, having a good credit rating andcredit scores does not only apply for just buying houses.
Its part of everyday life!
Youneed good credit for just about everything in life today. Examples:
•
Home loans
•
Vehicle purchases
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