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Length Of Time Information Remains On Credit Reports
Length Of Time Information Remains On Credit Reports. I regularly try to posts and update blogs with information related to a Borrower ability to obtain financing, and credit information is among the most important I try to keep Borrowers informed with. I feel strongly about providing credit information, because it is the one thing Borrowers have a significant level of control over in obtaining financing.
As a Loan Originator I work with many Borrowers who need to improve their Credit in order to qualify for a mortgage. There are several factors I need to consider to help a Borrower improve their Credit Scores, and also important for Borrowers to know as they monitor their own credit report. Particularly important is the Length Of Time Information Remains On Credit Reports. For example:
Judgments always need to be paid in order to qualify for a mortgage, but if a Judgment is close to reporting for 7 years on a Credit Report it may be wise to not pay it and let it come off the credit report on its own. Tax Liens do not have a time limitation for how long they will report on a Credit Report, however, if the Tax Lien is an IRS Tax Lien it does ... more
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