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FICO Score 8, the FICO score lenders most often use, can lower your score if there is a collection on your credit report, regardless of whether the account was paid. In this model, negotiating pay ...
Type of debt. Length of time on report (after payoff) Credit card. Up to 7 years. Student loans. Up to 7 years. Foreclosures. Up to 7 years. Money owned to/guaranteed by the government
This may make obtaining any unsecured or even secured credit more difficult. If the charge-off has been paid in full, it will be listed on the credit report as "paid in full". If settled for less than the amount due, it will be listed as "settled". Even such a listing on a credit report can be negative. [4]
Once I pulled my credit report, I saw I had unresolved accounts I didn't even know about and student loans with late payments. I started paying my debts on time to build a positive credit history ...
In November 2006, PRBC received a patent [5] from the United States Patent and Trademark Office for the company's technology and method for collecting data on commonly recurring bill payments made by individuals and small businesses and incorporating them in a credit file, credit report, and credit score.
Image Credit: Getty Images. Checking your credit is important. You want to keep tabs on your credit report so you can catch mistakes if inaccurate information finds its way onto your record.
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