Are you seeing a “derogatory” mark on your credit report? Well, understand it’s going to have a major impact on your credit score. This is a major consideration when you go to apply for a loan or credit card. Now, you should have understood why it’s important for you to learn about it. Find out the basics of the derogatory mark here and how to get professional credit repair companies to help you in this matter. Come on; continue reading…
What is it?
This mark would indicate any negative item list on your credit report. Such items will be reported to the credit bureaus by the participants like:
How to find it?
In order find out if there is any active derogatory item on your credit report, you must order your credit report. In this, remember that the different creditors would report the derogatory items to specific credit bureaus and therefore, it’s important that you get the report from all the three. You don’t worry about the costs as the report is free to get every twelve months.
There are two types of derogatory marks. A closed derogatory mark would refer to the negative item linked to a closed account, while an open derogatory item would refer to those accounts you still have (current credit cards, personal loans…).
How to remove it?
For those who are wondering whether it’s possible to removal the derogatory item from their credit reports, the answer is ‘yes’. You would have to investigate your credit report for the incorrect information and dispute a mark on your own. But, the best way is to spare a low cost on hiring a credit repair company to help you with these disputes. For more information about the credit repair services, feel free to contact us.