New regulations on bad credit card records
New regulations on bad credit card records. We all know that overdue credit cards will cause bad credit, and bad credit will be reflected in the credit report. In the new version of the report, the starting point for overdue information is October 2009, and only overdue records for the past five years are displayed, which means they will be retained for five years before being eliminated.
Although the bad records of the old version of the credit report are also retained for 5 years, only the repayment records of the past 2 years are displayed. However, the new version of the credit report is different, and the repayment record is also extended to 5 years. In other words, the new version of the credit report can check the monthly repayment records in the past five years, and all information about canceled cards and inactive accounts will be displayed.
However, this does not mean that bad credit records will be eliminated in 5 years. Some people may retain them for even longer. This is because the retention period of 5 years is calculated from the date when the bad behavior or incident is terminated, which means that the bad credit will not be eliminated until 5 years after the termination. For example, if a credit card is overdue and has not been repaid, it will not be eliminated within 5 years. Only when you pay off the debt and then extrapolate it five years will it be officially eliminated.
In short, it is certain that the official launch of the new version of credit reporting will expand the impact of bad records, making it more difficult to handle credit cards and loan businesses in the future. After all, banks will look at five years of card usage records when approving loans and cards. If you have any bad card usage behavior in the past five years, the business may be rejected.
When is the date on which bad credit card records are calculated?
The bad record is calculated from the day the late payment fee was generated, and it will be eliminated after another 5 years after the day it is paid off
If you pay the minimum, there will be no late payment fee. It is not considered a bad record, but it is still overdue. Interest begins to be calculated when the item is confirmed to be overdue, but the interest accrual days are calculated from the day of consumption. The five years to eliminate bad records start from the day of repayment.
What does it mean to have a bad credit card record?
I often hear people say that "bad credit card records will affect loans." However, many people say they "don't know" what bad credit card records are. Now the author will give you some popular science.
Bad credit card records refer to records of bad behaviors such as failure of credit card holders to repay in full and on time as agreed or malicious overdrafts. The reason why it is said that "bad credit card records will affect loans" is because the card issuer will upload the cardholder's card usage records to the central bank's credit reporting system, which will be recorded on the personal credit report. Before the bank approves a loan, it must first What you need to check is the borrower's personal credit report. If there is a record of late repayment shown on the report, the loan will be rejected.
So, what should you do if your credit card has bad records? Will bad records follow you for the rest of your life?
If the cardholder just forgets to repay the loan temporarily, he should make up the debt in time afterwards, and then maintain good repayment habits. In this way, the bad records will be overwritten by good records, resulting in New credit history. If the bad credit card records cannot be remedied by "overwriting", cardholders should not worry too much. As long as you pay off the outstanding balance, the bad records will be automatically eliminated after five years of being kept.
However, in order to avoid causing trouble, everyone should act according to their ability when using credit cards. At the same time, they should develop a good habit of repaying money on time and in full, maintain their personal credit, and build a good economy for themselves. ID card.
This is the end of the introduction on how to calculate bad credit card records and what is bad credit card records. Have you found the information you need?