Negative items on credit report: How long would they stay?

Negative items on credit report: How long would they stay?

Negative items lurking on your credit report limit your borrowing potential. They gravely hurt your credit score and even interrupt your credit services.

However, these negative items on your credit report are not permanent. They will be removed eventually.

In general, being a positive thinker can foster the healthy growth of an individual. if you tend to ignore negative things in your life, you are just allowing them to gather more power which can destroy you in the end. Negative things won’t be resolved by themselves. The same is also true with the negative items in your credit report. By ignoring them, you’re creating a chance to ruin you financially. Every once in a while, it is better to focus on the negative side of things.

Your credit report summarizes your behavior as a borrower, credit companies assess your credit application according to it. Negative items on it will surely affect your application.

Where does “negative information” easily appear?

1. “Accumulated overdue counts” and “maximum overdue counts” in “loan details” are common negative information.
2. “Credit card details”, “quasi-credit card overdraft balance over 180 days,” the amount appeared.
3. If there is information in the “Special Record” such as “the person has been prosecuted for failing to perform his duties”, “the person has been punished for issuing a large blank check”, and other negative information may also be formed.

Negative informations which can be eliminated

Non-malicious arrears: Normal repayments are still overdue, such as forgetting to pay annual fees, late fees, service fees, etc.  When applying for a loan again or applying for a credit card, you find that it has been overdue multiple times.
Bank negligence: Bank staff’s operational errors, such as the adjustment of the annual credit card fee without informing the cardholder, the node system upgrade at a certain time could not be debited due to overdue, and the overdue caused by these conditions can also be eliminated.
Credit card bill was not received: Normally, we repay based on the bill. However, if we do not receive the bill, it is likely that we will delay the repayment.
The small amount owed: Most people may repay the money in whole numbers, but it ’s important to note that if you do n’t pay back a small amount, it ’s not worth the money
Information theft: There have been repeated incidents of applying for loans or applying for credit cards with other people’s information. The awful thing is that these thieves maliciously failed to repay, resulting in overdue.

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Michael Aniston

Michael started with a master's degree in finance before he went into technology and coding. He is now a freelance journalist and video producer living in Berlin, Germany. When he doesn't write, he will travel many countries.