Bad Credit

There's not credit like bad credit. The good news is: It's repairable. Creditors (lenders; banks, credit cards, private parties, financial institutions, Visa, Amex, MasterCard)...they typically don't report to the credit bureaus (TransUnion, Equifax, Fair Isaac) if you're 30 days late on a payment on a credit card. It's when you get over 30 days that they start reporting that you were late in the previous 30 days. Not much you can do about that IF it is your fault. Collections are another downer. These things will haunt you...so if you've paid, make sure you keep your paperwork Forever. The original creditor will usually hire a Collections Agency to recover the money on their behalf, and that information can get sold off again and again, and I've seen clients with three agencies collecting the same debt to for a creditor who is long out of business. It can be a tangled web. Tax Liens are another issue. You've got to make sure those are paid correctly and get your Receipt and "Book number." Keep these payments forever as well. Lastly, no matter what: NEVER be late on your mortgage. A mortgage payment late will haunt your credit for years and years and really impead your Real Estate financing abilities. If you have credit issues, work with a mortgage broker who understands how to negotiate, navigate and improve your rating! Pat Townsley, Credit Master. www.PTRE.net, 800-646-5527