| Bad credit or
adverse credit is
the result of adverse credit history, also
called sub-prime
credit history, non-status credit
history, impaired credit history,
poor credit history, and bad
credit history, is a negative credit
rating.
A negative credit rating is often considered undesirable to
lenders and other extenders of credit for the purposes of loaning
money or capital.
In the U.S., a consumer's credit history is compiled by credit
rating agencies, more commonly referred to as consumer
reporting agencies or credit bureaus. The data reported to these agencies
is primarily provided to them by creditors and includes detailed
records of the relationship a person has with the lender. Detailed
account information, including payment history, credit limits,
high and low balances, and any aggressive actions taken to recover
overdue debts, are all reported regularly (usually monthly).
This information is reviewed by a lender to determine whether
to approve a loan and on what terms.
RESOURCES: Bad Credit
FTC: Credit Repair: Self Help May Be Best
FTC Bureau
of Consumer Protection - Consumer Information: Credit & Loans
Credit Report
and Score Information from Experian.com
TransUnion
- Check Your Credit Report and Credit Score Online, Instantly
and Securely
Equifax
Products: Credit Reports, Credit Scores & Identity Theft
Protection
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Personal Finance Money Tip: Borrow no more than 30% of your available credit. Borrow any more, and your credit score won't look too good. |
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