Credit Reporter FAQ's

FAQ's

Question. How do banks view credit reports?
A. To get most major credit cards, or a mortage loan at the lowest rate you'll need a flawless credit report or just some minor glitches with good explanations.

Question. At what point does a late payment become a black mark on my credit report.
A. At 30 days late; many clients become nervous their credit score has already been ruined at 15 or 20 days late. Even though you may be assessed a late charge for a 20 day late payment it most likely will not show up on the credit report.

Question. So once I've passed 30 days late the damage to my credit has been done?
A. There could be a chance that a particular creditor does not provide information to the credit reporting agencies, otherwise your slide has started.

Question. Other than those who do not report, will each piece of credit I have be on the report?
A. Probably, but commercial loans should be an expection.

Question. Can it get worse?
A. Sure, once you go over 60 days late that will be noted. Again at 90 days and 120 days, sometimes 150 days; each brings a new black mark and a reduction in credit score. In addition, the more accounts which go bad compound the issues.