If you come across a remark on your account, it does not mean it is inherently negative. It is usually just a notation that indicates any disruptions, and events of importance, that the bureaus are required to add the remarks that are currently “under dispute”.
Will Remarks Listed On Credit Reports Damage Your Credit Score?
Remarks can either be positive or negative, depending on what events have occurred in your credit history, and whether it was rectified, or ignored.
How Can Your Locate Remarks On Your Credit Report?
Remarks can be found under the “remarks” section which is usually found at the bottom of the account information, or above your payment history.
What Is A Remark?
Remarks are indications on your credit report. They can be positive, or negative. Remarks are registered to a person (or an enterprise), and they can harm your score if they are negative.
Examples of negative remarks may concern:
- A debt collection case, judgment by consent, attachment of property or earnings, insolvency, late payments, or bankruptcy.
There are “closed” and “open” derogatory remarks. The difference is that “closed” remarks refer to closed accounts like charge-offs, and those in collections. Whereas “open” remarks refer to open accounts e.g. current credit cards, loans, or insurance.
How Do They Get Onto Credit Reports?
Either by a lender or creditor who has reported negative information to the credit bureaus, or the credit bureaus can add public records to your credit reports like tax liens. As of late, with the adoption of new data standards which protect public record data, this might not be a common occurrence.
Will The Remarks Be Removed?
Payment remarks will only be removed when the limitation period has expired (after 7 years), or when the case has been fully settled. Each negative remark has its own regulations concerning how long it will remain on your report.
How Can I Deal With Having A Negative Remark On My Reports?
- Negative remarks can lower your credit score, so you want to make sure that you check your report carefully and dispute any incorrect information.
- Start working on improving your credit score, even if the information provided in the remark is correct.
- Wait for the mark to fall off your reports. It can take a long time for this to happen, but after a few years, your credit should be improved if you are making an effort to be responsible, and carefully with how you use your income, and control your credit repayments.
Do not be afraid when you see a remark, or remarks on your credit reports. They may be harmless. If they are derogatory, you have the right to dispute information you believe to be inaccurate. If the information is correct, and the negative remark is damaging your score, you can still manage to heal it. Eventually, the remark will fall off your report.