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Worst things that can be identify on Credit Background Check
Background Check
Conducting background check may sound uncomfortable for those who will be under investigation especially if you they are aware about the possible outcome of the report. Among all aspects that can be check in background screening, credit report can be an issue for the reason that it’s easy to make mistakes when it comes to your credit.
Credit Background Check
Since future creditors and lenders use the credit background to make decisions about your status, there are things that you’d never want to appear on the credit report.
Charge offs Bankruptcy Debt information Foreclosure Lawsuits
Charge offs
The creditors will deem or tagged your account as uncollectible when you failed to pay for 6 months or more and this will be recorded or added on your credit report. And it will stay on the report up to 7 years.
Bankruptcy
Submitting bankruptcy report will allows you to permanently remove liability for some of your debts.
All the bankruptcy report will reflect and included on the credit report. Although the bankruptcy details will stay on your credit report for seven to 10 years, you can create upgrading your credit soon after your arrears have been cleared.
Debt information
Most of the lenders who cannot make the collections will possibly hire third party and do the necessary actions about your case.
There might be a greater chance that your credit report will not get updated regarding the collection status.
There are times that the collector put an entry on your record which indicate that your account is still in a collection status.
Foreclosure
If you failed to pay on your mortgage loan, your creditor will reclaim or get your personal possession like your own house and auction it off to recover the amount of the loan. This procedure is known as foreclosure.
A foreclosure will reflect on your credit report up to seven years.
Lawsuits
Some creditors may take the issue on legal procedure and litigate you for a debt, if other collections were unsuccessful.
If the complaint is precise and a judgment is entered contrary to you, it will stay on your credit report for 7 years from the date it was reported.
Thank You
To get to know more about credit background check, you can check it with www.intelifi.com/services