Dealing with credit problems is never much fun, but when your credit problems are the result of errors on your credit reports these problems can take on a whole new level of frustration. Credit problems and low credit scores can make life difficult in many ways. Bad credit can easily lead to loan denials, trouble […]
When it comes to maintaining a good credit rating paying your bills on time is a must. However, what happens when a simple mistake is made and you forget to send in a payment by the due date? What if a financial emergency arises and you have to wait until the following pay day to take care of a monthly bill? Will your overlooked or postponed payment undo all of your hard work and trash your credit scores?
1. Credit Bureaus are empowered with some governmental authority.
The credit bureaus are private companies who are in the business of selling credit information to banks, lenders, card dealerships and any other companies that are looking to give you some financing. Credit bureaus have no government powers. They are private entities
2. The credit bureaus are required by law to keep derogatory items on your credit report for 7 to 10 years.
There is no law stating that the credit bureaus must report any information on you at all. The credit bureaus are required by law to automatically remove all derogatory items older than seven years or in the case of bankruptcy, ten years.