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Adverse Credit History and How it can HurtAn adverse credit history is also known as poor credit history, non-status credit history, or impaired credit history.
An adverse credit history is also known as poor credit history, non-status credit history, or impaired credit history. Credit companies all use these terms when judging an individuals credit history. Loan companies, lenders, banks, and credit card companies will examine your credit history in order to decide if they will allow you credit. These companies obtain this information from credit agencies. There are three major credit agencies: TransUnion, Equifax, and Experian. These agencies keep track of your history by tracking your financial transactions when you repay loans or credit. This information is then used to tell the banks, employers, loan companies, as well as credit card companies if you have an adverse credit history. The information the credit agencies obtain by tracking your repayments and other forms of credit is used to create your credit score. This number is usually 300 to 850, with the US median being around 725. When your credit score falls below a certain amount, it indicates to the creditors that you may be unlikely to repay your credit transaction on time or that you may miss payments altogether.
It is also important for you to realize that your adverse credit history might not always be your fault, but due to incorrect information on your credit report. The credit agencies do not verify the information they receive from the creditors, they just report it. It is your responsibility to ensure that the information in your report is correct. This is why you must request a copy of your report once a year from each of the agencies and verify the information. Paying your credit cards on time, correcting all mistakes on your credit report, and reducing your credit card debt will help to increase your credit score and remove your adverse rating. However, keep in mind that this will take time.
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