In layman%26#039;s terms what derogatory item means is that something that wasn%26#039;t paid as agreed and now it happens to report on your credit. Here are some examples:
Collection- Account that has been delinquent for some time and has been sent to a collection agency
Foreclosure- This applied to mortgage owners when the mortgage has not been paid and the mortgage company %26quot;forecloses%26quot; on the house usually meaning a long drawn out eviction of sorts in which the house becomes available on the market.
Repossession- This applies to auto owners. Basically when you fail to pay your car note, the loan company sends for someone to physically take the car away from you. Normally, in order to get it back, you have to pay the remainder of the note in order to get it back, providing they haven%26#039;t sold it already.
Judgement- this is when either a creditor or collection agency has filed a civil suit in a court of law in order to get the money that they%26#039;ve been trying to collect from you. This can stay on your report for a longer time than the other items.
Bankruptcy- This is when you basically say that you%26#039;re not able to pay your bills and you throw in the towel. There%26#039;s 2 types of Bankruptcy, Chapter 7 and Chapter 13. Chapter 13, stops collection attempts for the most part, and allows the debts to be repaid in 5 years and it lasts for 7 years. Chapter 7 bankruptcy only lasts for 6 months, but it stays on your report longer (10 years)
What does %26quot;derogatory Items%26quot; in your credit report means??? serious answers only pls thnx!?
Derogatory items are late payments, court judgments, liens, foreclosures, bankruptcies, and any other accounts or items that have not been paid on time that cause your score to go lower.
What does %26quot;derogatory Items%26quot; in your credit report means??? serious answers only pls thnx!?
Why didn%26#039;t you just look up the word derogatory?
What does %26quot;derogatory Items%26quot; in your credit report means??? serious answers only pls thnx!?
Quite simply - Negative items. If you want to know what to do about these go to http://www.1-800BadCredit.com They can help with these.
What does %26quot;derogatory Items%26quot; in your credit report means??? serious answers only pls thnx!?
Derogatory items simply mean negative information on your credit report such as delinquencies and late payments.
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