Is My Credit Mistake Permanent? How to Recover from Late Payments & Collections

Описание: 1003. Is one missed payment going to haunt your mortgage application forever?



On this Finance Friday, host Laura answers a listener's question about a recent late payment and the fear that it might ruin their chances of buying a home. If you’ve ever seen your credit score plummet due to a mistake, this episode is for you.



Laura breaks down the "lifespan" of credit damage and reviews seven specific negative items that can appear on your reports, including:




• Late Payments: The most common mistake and the "7-year rule."


• Charge-Offs vs. Collections: What happens when a creditor gives up on you.


• Medical Debt: Why the rules for medical bills are different (and better!) for consumers.


• Bankruptcies: The difference between Chapter 7 and Chapter 13 reporting.


• Foreclosures & Settlements: How long they linger and how their impact fades over time.




You’ll also learn why your credit score isn’t a "permanent record" and how the diminishing effect of old mistakes allows your score to rebound faster than you think.



Find a transcript (https://money-girl.simplecast.com/epi...) here. 



Have a money question? Send an email to [email protected] (mailto:[email protected]) or leave a voicemail at (302) 364-0308.



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