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If you’re worried about negative marks on your credit report, knowing how to read your report is an important first step — but that’s easier said than done.
Terminology on your credit report isn’t always easy to understand. Learning what those marks mean and what you can do to remove them is a step to better credit. That can mean better loan terms and APRs on credit cards.
There are a number of derogatory marks that can negatively affect your credit, including:
Derogatory marks cover things like missed payments and a declaration of bankruptcy. Most derogatory marks stay on your credit report for 7 to 10 years, depending on how bad the mark.
Your credit report acts as a compiled history of your borrowing transactions. Good borrowing behavior, like on-time loan repayments counts in your favor. Borrowing behavior that lowers your score include missed payments and defaulting on a loan.
If you think incorrect negative marks on your credit report are keeping your score down, move quickly to improve your score. Here’s what you can do to correct errors on your report:
The first step in navigating the credit repair process is understanding what those negative marks mean and how to get them off to improve your score. Once you do, focus on maintaining a good credit score by making regular, on-time payments. If you think you might miss a payment, reach out to your lender to see how you can avoid negative marks on your credit report.
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