subject: Accurate Negative Information Affects Credit Scores For Years [print this page] So what if you know how to get credit report for free from a credit bureau? Well, you could use this to your own advantage. For one, you can check if there is wrong information in your report that can be affecting your credit score. You probably know by now that a low credit score affects your creditworthiness. You can be refused an important loan or a decent job with a low credit score.
How do you know when it is now necessary to fix credit score? If you were refused an application for loan or insurance due to a low credit score, find out what in your credit report pulled your score low and improve it. If it is an error in your report, dispute it as soon as possible. You will soon regret it if you ignore erroneous information. For all you know, somebody else might be assuming your identity.
You are given a free annual credit report once a year. It is not necessary that you spend for it. Maximize this opportunity to review your credit report and make sure that there are no errors. Your report will land in the hands of your creditor, your next landlord and may even land in the hands of your next boss. Any error may be the end of your career. However, you may have to endure accurate negative information that is in your report until such time that it can be disregarded.
Accurate negative information can be removed, generally, after seven years. There are a few exceptions though. You can get credit report with bankruptcy information on it for ten years. If you applied for a job with a salary of more than $75,000 and credit information is reported in response to your application, there is no time limit for it. Same is true with criminal convictions and credit information due to an application of more than $150,000 worth of credit or life insurance.
Your annual credit report may also contain default information regarding U.S. Government insured or guaranteed student loans for seven years after certain guarantor actions are undertaken. If there is a lawsuit against you or an unpaid judgment, you may endure it for seven years or until the statutes of limitations are over, depending on whichever is longer. The point here is, if you are not careful, you will have to suffer the consequences of you carelessness for a period of time. Even worse is that you may have to suffer the consequences of your mistakes forever.
