This history is broken into three components:
1. Recency – the length of time that has elapsed since a delinquency.
- If a person has a late payment report on their credit report, initially that delinquency will have a very negative affect on the credit score. As the delinquency ages, it will have a lessening negative affect on the score. Use the 3 below categories to gage how severe a recent late payment will affect a credit score
• 0-6 months – A very negative affect on the borrower’s credit.
• 7-23 months – A moderate negative affect on the borrower’s credit.
• 24+ months – When a delinquency drops out of having a negative affect.
2. Frequency - The frequency of delinquencies.
3. Severity – HOW delinquent a person was: 30, 60, 90, 120 days late etc.
For more information on credit management and personal finance, visit my website at www.johnalittle.com and be on the look out for my upcoming book, 'Control Your Credit Destiny' as well as my upcoming workbook and CD 'Controlling Your Credit Destiny' both due out August '07.
2 comments:
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