Your credit score is a single number that summarizes your credit information and suggests how potential lenders may perceive you when you apply for a loan. Credit scores are ever-changing, depending on when they’re calculated and under what circumstances they’re requested. Some lenders will use your credit report as well as any information they have on you as a current customer to decide whether or not to grant you financing. The lender can evaluate all of this data according to their own lending criteria and policies. The first step in improving your credit score is to track it. Knowing where you stand is the most effective method of determining how to get where you want to be.

Unfortunately, paying off a default after it has been reported on your credit report does not undo the fact that it was an overdue debt in the first place. The status of your default will be changed to paid, which might work in your advantage; nevertheless, the default will remain. To prevent a default from appearing on your credit report, pay off the debt as soon as you obtain a formal notification from the creditor.

Although small defaults can have a significant influence on your financial future, they are not uncommon. To assist you remain clear, always keep your contact information up to date with credit agencies and make sure that all aspects of your credit report are accurate.

Repayment history information remains on your credit report for two years. Overdue accounts that have been reported as a payment default, outstanding accounts labeled clearouts, writs and summons, and court judgments all remain on your credit report for five years. Overdue accounts that have been reported as serious credit infringements remain on your credit report for seven years. The time frame for some data may differ.

However, at Credit Repair Ausvengers we investigate into your credit report and see if there are any inaccuracies that should be removed from your file. This can help to improve your credit score and get you back on track to financial success. If you’re struggling with bad credit, don’t hesitate to reach out to us for assistance. We’re here to help you improve your financial wellbeing and give you a chance to get back on track!