Page 29 - Book7E

11 . Payment and Terms: The amount and number of monthly payments scheduled. Installment loans include the number of payments. Revolving accounts may leave this section blank or as “revolving.”
12 . High Balance or High Credit: The most you have ever owed on this account. In the case of a credit card, for example, this would be the highest balance you’ve ever accumulated. For a mortgage, it would be the initial amount of the mortgage, not the current paid-down principal.
13 . Past Due: The amount of payment overdue as of the most recent reported activity. Very recent payments may take a few days to appear on your credit
report.
14 . Remarks: If there are any remarks by you or your creditor included in the account information, these remarks will appear here.
15 . Two-Year Payment History: At
the bottom of the account infor-
mation, you may see a histogram that graphically illustrates your payment history over the past two years.
16 . Seven-Year Payment History: A record of any late payments that have occurred over the past seven years.
The Fair Credit Reporting Act (FCRA) outlines how long negative information can stay on your credit report. Consumer-reporting agen- cies are not allowed to report outdated negative information. In most cases, a consumer-reporting agency may not report negative informa- tion that is more than seven years old, or bankruptcies that are more than 10 years old. There may be exceptions for certain types of negative information, which may or may not include the following:
Sample Credit Report 21
Christmas is the season when you buy this year's gifts with next year's money.
—Author Unknown