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A credit report provides a snapshot of a persons ability to manage credit over time. The report includes most revolving credit lines, automobile loans, home mortgages, student loans and other debts. Information such as bankruptcies, tax judgments, and other public records may also appear on the report.
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An account may be indicated as derogatory at any point that it has a delinquent credit history. An account that is 30 or more days past due, or that is a repossession, has been placed for collection, written-off, foreclosed or included in bankruptcy is considered derogatory. A creditor can also use certain codes in the narrative section of the credit report that are classified as derogatory. These include remarks such as account placed for collection or account placed for garnishment.”
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Historical delinquency may also cause an account to be considered as derogatory.
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