Credit report

Hi Ian

Welcome to the forums. Your credit report is showing a delinquent account because you have been using the services of your creditor and you were not able to pay the bills on time.

Delinquencies further reduce your credit score and stay in your file for 7 years. Though, paying this delinquent account will not increase your credit score all of a sudden but it will reduce the disastrous effects provided if your recent payment record is better.

Now, if you have paid this account, you need to dispute with your creditor who has reported to the credit bureau. They are required to report within 30 days giving you the confirmation of their positive action taken. If they don't report to you within the said period, you can automatically get this entry removed from your credit file.

Delinquent accounts affect the credit potential of an individual severely. So, it is necessary to look into all the accounts and contact all the creditors requesting them to notify of any missed payment from your side.

If you seek to use the services of debt consolidation for paying to your creditors, the trained consultant will be proficiently negotiating with your creditors for a favorable entry in your credit rating.

Regards
Roxette

[quote=Ian]My name is Ina Tranter, I have a delinquent problem on my credit report, I am not sure why, is there a way I can you cna give me more information, thank you[/quote]


Yes, I would like to reiterate the point that legitimate negative information is allowed to be reported on your credit report. As far as credit reporting is concerned, delinquent accounts are considered legitimate negative information.


Time is the only thing that could remove this delinquent entry from your credit report. There is a standard 7 year period for reporting negative information such as a delinquent account on your credit report.


The seven-year period is calculated from the date of the delinquency that occurred immediately before the collection activity, charge to profit and loss, or similar action.


However, you are not totally defenseless. You should be diligent and verify that this debt is accurate. Because sometimes, mistakes are made and you would be left paying the bill. So, ask the collection agency to validate the debt that they are seeking. They have to send you proof of what you owe and how much you owe.



If it is accurate, I would suggest that you try to pay it off ASAP. You do not want to do any more damage to your credit.


If this is an unsecured loan, try to see if they will work with a consolidation company. Some debt collectors flat out refuse to do this. However, it wont hurt to try anyway.