Derogatory information is bad information that can be used to deny a loan application. It appears on a person’s credit report. Derogatory information can refer to a wide range of things that credit card firms, lending institutions, and mortgage providers have reported to credit agencies.
Any publicly available credit information that could be used to refuse someone a loan is considered to be derogatory information. Negative information often stays on a person’s credit report for seven years. There are few exceptions, such as bankruptcies, when negative information may stick around for ten years.
Derogatory information most frequently takes the form of late payments. A late payment can be reported by a creditor at 30 days past due, with the amount increasing every subsequent 30 days as long as the default persists.
Your credit score may be greatly impacted by negative information in your credit history, which can also make it challenging to obtain additional credit lines, receive loan approval, or be accepted to rent an apartment.
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