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Well we've all made mistakes financial mistakes that is sadly 35% of Americans have made mistakes regarding their credit score.
And they -- be reflected in your credit report for some time sell what are the biggest credit score killers to avoid.
John Alzheimer is president Smart credit dot com John great see you again sir.
-- thanks for having me -- actress Janet -- -- the biggest killers got to bankruptcy right.
-- biggest killers bankruptcy not necessarily just because you have filed bankruptcy but because all of those accounts and debts that are included in -- bankruptcy are also gonna show debate and discharged.
So bankruptcy is almost like -- one of rolling and hand grenade into your credit report because it affects so many other items are right so that's really bad.
How much does it cost you and for how long.
While -- how long is actually.
But really easy question -- but it's -- it's it's a terrible answer.
It's a chapter seven bankruptcy which is a total liquidation of all discharge doubled that is going to be ten years from the -- filed a bank.
A chapter thirteen bankruptcy which is called a wager a plan were actually making a payment into atrocity in and he distributes that your creditors grade seven years but from the date discharged in -- chapter thirteen usually take three to five years to discharge.
So it's gonna be on their for a -- ten years while so don't do that is is the moral of the story let's talk about tax -- how long they stay in your credit report.
An interesting one federal tax liens -- unpaid.
That a fair credit reporting act is actually silence on how long -- democratic or which means they can stay under critter -- indefinitely while once they're paid if they show up as released minutes seven years from the date released.
However -- the IRS can help us with a new tax policy in February it says that if you paid and all.
And asked her to be withdrawn and -- will withdraw and then you can get it off the credit report immediately when withdrawn.
Says student loans seven years.
He wow seven years depending on what you annually -- what data it's if it's in -- and you never make a payment it really can be indefinite.
However if you start making the payments and you re out there or cure the debt in -- seven years if you -- -- -- then began an additional seven years.
Everything that's coming -- seven your club this is a lot of things added if you default line if you have happened -- you.
Then your big time trouble with seven years of this on your credit score your credit record tell me what those things are starting with foreclosures right.
Yeah foreclosures down for seven years on the date of the terminal -- to -- she went foreclosure.
A lot of things in the seven your club in fact that's kind of -- generally accepted it.
I've myth if you will about how long bad things stay on the credit report right there are a variety of other things that are a member of the -- your -- things like collections.
Judgments late payments -- possessions.
I'm forfeiture of deed in lieu of foreclosure are those all hang.
Hang out on the credit report had some material impact on your credit scores -- -- -- in your period unfortunately.
-- -- re aging not good either that's when you re activate debt by making payments on something you mayor you may not know that's bad to -- seven years so.
I guess -- just got to make sure we're very careful and paying our bills on time and not -- late John thanks for the help today.
You met -- and try.
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