Chapter Two:
section 3
What Is A Chargeoff?
&
What Are The R1 to R9 Ratings On My Credit Report?
What is a charge off?
When you become very delinquent on an account, the creditor will probably charge it off. This means that they have written the debt off as a loss for tax purposes. This does not mean that they have given up collecting on the debt. The creditor is now likely to either sell the debt or send it to collections.
What are the R1 to R9 ratings on my credit report?
R1 and R9 are notes left on your credit reports by your creditors. These notes are used to indicate the status of the credit items on your reports. In this case, the R1 indicates that the account is a revolving account in good standing. R9 indicates a revolving account very poor standing.R1 and R9 are just two of the many account classifications your creditors can add to your credit reports. Each of these classifications consists of two parts, the account type and the account status. On your credit reports, "R" refers to a revolving credit account, "I" refers to an individual account and "M" refers to a mortgage account.These classifications then include a rating supplied by the creditor who reported the item. It is their rating of you as a borrower. There are only two ratings which are not negative. A rating of "1" is good and a rating of "0" means that they don't have enough history with you to rate you.Every other rating, "2" through "9" is negative. In our experience, creditors don't look at these ratings when you apply for financing. The creditor usually looks at the late pays or other notations such as "charge off" or "collections." However, any rating but a "1" or "0" indicates that you have problems with the account.
This Concludes Chapter Chapter 2
Next:
Chapter Chapter 3: Lexington Law - The Firm
Section 1
Is Lexington Law Really A Law Firm?
Chapter Three:
Lexington Law is a group of associated independent consumer advocacy law firms focusing on credit-related issues. Each firm is owned and supervised by its respective directing attorney. Each one is a state-of-the-art law firm offering exceptional customer service.You may wonder how you can get the services of a law firm for such a low monthly rate. To provide phenomenal service at an extremely affordable price, work is completed by a team of attorneys, paralegals and legal assistants using advanced computer and web systems. And yet, when you retain a Lexington Law firm you complete a legal retainer agreement which affords you all the protections and assurances of an attorney/client relationship.
Some GREEN INFO
MSD Selling Rain Barrels to Customers
The Metropolitan St. Louis Sewer District is now selling rain barrels to its customers.A rain barrel collects and stores rainwater from a home or building’s roof. This water would normally flowthrough the down spout and eventually into the storm drain. The environmental benefits of rain barrels arenumerous. Water collected in a rain barrel can be used to water a lawn or a garden. Rain barrels canreduce water pollution by reducing storm water runoff, which contains pollutants like sediment, oil, grease,bacteria and other nutrients.
To qualify for the Metropolitan St. Louis Sewer District (MSD) rain barrel purchase, you must be an MSDcustomer who is current on their sewer bill. Those who live outside MSD’s service area and those whoare delinquent on their MSD bill do not qualify.
To purchase a rain barrel from MSD, customers should call the MSD Billing Department at1-866-281-5737 between 8 AM - 5 PM Monday through Friday. Rain barrel sales take place from March 2to March 20.
Payment must be made at the time of purchase using either a debit or credit card - no cash payment orcharge to account allowed. MSD rain barrels are $45 per barrel, and customers can purchase a maximum6 of four barrels.
Customers must also pick up their rain barrels from MSD and install the barrels themselves, which willrequire disconnecting a home or building’s down spouts from the sewer system if they are connected.MSD will not deliver nor install rain barrels, but detailed instructions on how to assemble and install therain barrels will be included with the purchase. Customers will not receive any discounts on their MSDbills for purchasing and installing rain barrels. All sales are final, and no refunds will be given.
View a photo of a rain barrel at:
http://mkasmtp1.stlmsd.com/portal/page/portal/MSD/CustomerService/rainbarrelphoto.jpg.
The color of the rain barrels being sold by MSD will vary.
For more information on the MSD rain barrel program, call (314) 768-6238.
Do You Understand Credit?
section 2
How much bad credit does it take to be denied credit?
How long do negative items stay on a credit report?
As you may have already experienced, even one small late pay listing may result in credit denials. It is a myth that a large amount of positive credit can outweigh some negative credit. Any negative credit whatsoever can become a substantial credit obstacle.
The Fair Credit Reporting Act (FCRA) requires that most negative credit items remain on your credit bureau file for no more than seven years, except for bankruptcy, which can be reported for up to ten years and in rare cases even longer. Inquiries may remain on a credit report for up to two years.It is important to note that these 2, 7 and 10 year terms are the time limits for reporting negative credit. Your creditors or the credit bureaus can choose to have the negative credit information deleted whenever there is a reason to do so.
Next Topic In Chapter Two:
Section 3
What is a charge off ?
Reid Mann & The Financial Services Affiliate Team
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