The Section Nobody Knows About

Your credit report has four sections. Most people know about the credit score. Some know about the enquiries section. Very few have heard of what I am about to tell you.
It is called adverse information.
And it is the section that contains the most serious credit events.
Four types of listings can appear here.
Payment defaults — stay on your file for five years.
Court judgements — five years.
Bankruptcy and formal insolvency — varies depending on the type.
And serious credit infringements — the one most people have never heard of. These can stay on your credit file for seven years.
Seven years.
Here is what most people also get wrong about this section.
When you pay or resolve a default — the listing does not disappear. It updates from open to resolved. But it stays on your file for the full five years from when it was first listed.
A resolved listing and an open listing are read differently by lenders.
But both are still there.
Full walkthrough of all four sections — on my channel.

#CreditReport #CreditDefault #FinancialLiteracy #NovahOula #winwithdebt

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