What Is Bad Credit History?
Bad credit history is a documentation of an individual failing to make payments on time, which makes it extremely difficult to borrow money from banks and lenders. Get a copy of a credit report to start repairing bad credit with information from a financial manager and currency trader in this free video on finance.
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I'm Roger Groh. We're here today to talk about bad credit history. What is it? Well, bad credit history is simply the fact that you haven't made your payments on time, that's it. Because you went, you borrowed money, you agreed to pay that money back according to certain dates, you didn't, and that lack of performance was reported to the credit reporting agencies that then track that. Any, you know there is no magic number where officially credit ratings are bad but we all know as lenders that unreliable means if you miss one payment well you know, if you miss two, if you miss three, that's different. If you miss four... if you miss a whole bunch in a row, well those are trends we look for. The way to check that is get a copy of your own credit report. You can get a copy of your own credit report for free from any of the big three, Experian, Transunion, and Equifax. Once you've done that, look at it and make sure that the information that they have on there is accurate. Your reporting history and also your address, name and social security number. Anyway, bad credit history is simply when you haven't paid on time and when that shows up in your credit report. The net effect of it is, it becomes much more difficult to borrow money in the future. I'm Roger Groh.