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Information in credit report can greatly affect credit scores

Throughout the Great Recession and the subsequent potential economic recovery, the media has carried many stories suggesting that lenders have remained tight on credit. Often, an individual's credit score can be a factor in the terms of a loan.

Cincinnati credit restoration lawyers know that the credit reporting system in this country has certain restrictions on what can stay on a credit report. However, for people who have inaccurate or false information on the credit report, the consequences of that false information can have dramatic effects on an overall credit score.

A recent story highlights the dramatic effect that information in the credit report can generally have on a credit score. Credit reporting information and the subsequent scores are complex matters, and each type of information can have widely varying effects upon an overall score,

The director of consumer and public education at one of the major credit reporting agencies says that one late payment on a home mortgage can have a dramatic effect on one's credit score. Last year, FICO researchers said that one mortgage payment that was made 30 days late could result in a credit score dropping between 60 to 110 points. The larger effect was to those with high credit scores at the top of the scale. VantageScore, a FICO score rival, says the same 30-day late payment would ding a credit score in the 60 to 100 point range.

That information generally cannot be removed from a credit report, unless the information is actually false. The story in the New York Times indicates that a single 30-day late mortgage payment could take nine months to three years before the debtors FICO score will fully recover from the single late payment.

What is important to note is that one piece of information can have a dramatic overall effect on a credit score. Obviously, each piece of information will have differing results on the overall score, but a raft of false information can also have adverse effects.

It is important for consumers who dispute information on their credit report to look into the situation. An experienced Ohio credit restoration lawyer can help to assess and individual situation.

Source: New York Times, "Paying on Time," Vickie Elmer, March 8, 2012

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