The importance of your credit report has been recently elevated.
No longer are banks and lenders the only ones looking at your credit.
Insurance companies, landlords, employers, even the government agencies check consumer’s credit reports.
The credit report has infiltrated everyday life and means much more than what interest rate you pay on a loan. It is used to determine things like what insurance premium you pay (auto, life, health), whether you qualify for a certain job, apartment, or government security clearance.
This is why it is so important to have good credit.
Good credit can help you improve your quality of life, help you earn more money, and save you thousands of dollars on your insurance, auto, mortgage, and credit card payments.
Bad credit can substantially hinder your life by making you unemployable and leaving you to pay very high interest rates on everything, costing you thousands of dollars.
How long do negative items stay on a credit report?
Most negative accounts may report on your credit report for a period of 7 years, according to the Fair Credit Reporting Act (FCRA). There are some exceptions, a Chapter 7 Bankruptcy may report for up to 10 years and certain Federal Tax Liens may report indefinitely or 7 years from the date they are satisfied.
Inquiries may be reported on your credit file for up to 2 years.
This is what CreditFirm.net does, we leverage the aforementioned laws to help you clean up your credit reports and improve your credit scores.