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Credit Damage Scale

 This is the credit rating damage scale in order of severity. 

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Name
Email
Company
Phone
City
State

 

 
Lower Severity Credit Damage
·         Just between creditor and debtor
·         No judicial system involvement
·         Not of public record
 
1 – Missed & Late Payments (but still paying)
·         Less than 30 days in default
·         Minimal credit rating damage
·         Easily fixable
·         Most likely not reported in credit record if less than 30 days late
 
2 – Pre-Charge-Off Settlements
·         Between 30 to 120 days in default
·         Moderate credit rating damage
·         Harder to fix
·         Most likely already showing in credit report
 
3 – Charge-Offs
·         Beyond 90 to 120 days in default
·         Debt most likely sold to junk debt collectors or similar collection operations
·         Hard but possible to fix
·         Removable by agreement & credit repair
 
 
Higher Severity Credit Damage
·         Judicial system involvement
·         Of public record
 
4 – Law Suits & Judgments
·         High chance of garnishment
 
5 – Evictions, Foreclosures, Liens & Repossessions
·         Issue of most concern by lenders, and landlords
 
6 – Bankruptcy
 
 
NOTES:
·         No legal advice provided
·         Credit impact also affected by debt to income ratios

 

2 Responses to “Credit Damage Scale”

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