Do you know the worst things about your credit report?

We as a human being make lots of mistake in our daily life. And making mistakes in credit handling is not an exception. But there are some mistakes that can be so harmful that you never want them to enter in your credit report. Since the creditors and lenders make decision about your credit request after checking your credit worthiness from your credit report. So there are points you will never want to see in your credit report and showing up to the creditors:

1. Charge off or pay off


2. Fair debt collections


3. Bankruptcy
   

   Bankruptcy is a legal process in which the debtor asks the court for relief from its creditors and lenders. After the debtor has filed for the bankruptcy, the court will discharge the debt, propose a payment plan or dismiss the case. Bankruptcy stays on a Customers credit report up to 10 years from the date of your file for bankruptcy.



4. Facing Foreclosure
   

   Foreclosure is a legal proceeding in which the bank can take possession of and sell a mortgage property of the debtor in case he/she doesn’t meet the contractual obligations. When the lenders to recover the amount of mortgage, that can severely damage your credit history, are foreclosing your home and you will have little chances to get new credit in the neat future. Foreclosure remains in a customer credit report for seven years.



5. Tax lien
   

   Tax lien is the right normally by county, state or federal Government, to take possession if the property due to a delinquency on property taxes or income taxes. When we don’t pay property taxes on our home and other piece of properties, the Government can grab our property and auction it to get the unpaid taxes. Although your home is being foreclosed for tax lien, you still are responsible for mortgage loan. Non-paid mortgage is going to hurt your credit history. Paid tax lien remains in your credit report for ten years and unpaid tax lien remain in your credit report for 15 years.



6. Lawsuits or judgments
   

   Lawsuit is an order to pay certain amount of money to someone who has files a court case against you. In case the creditor, lender, attorney, debt collector or some other party files a lawsuit against the debtor and wins, then the judgment is being made against the debtor. The judgment goes start into your credit report and stays there for the next seven years from the date the lawsuit was filed against you.