I’ve had some history with credit reporting agencies, that hasn’t always been good. With this in mind, here are some things I’ve learned.
Once a negative form of credit is put on your report, a clock starts ticking for how long it will stay there. With exception to bankruptcy, which is ten years for chapter seven, and seven years for chapter 13, all issues have different time lengths, most up to seven years.
Keep in mind, however, that even one payment to the negative balance starts your time over. So, as the collection agencies call, if you pay off a debt, it will sit, negatively on you report with a zero balance due, for the same respective time as if you paid nothing towards it.
You can put a 100 word statement on each of the reporting agencies, if needed. Remember, however, that they do not speak or communicate with each other, so get a copy of each of them, to see which has the negative information, before submitting your note.
Most creditors only look at FICA scores and do not look at your credit reports, therefore they will not see your note, at all. With the current economy, more lenders may start reading reports, so its worth consideration. Remember, thought, that this note will also start the time over that the negative credit will remain on the report, too.