October 23, 2006
In conjunction
Going along with my previous post, here's a link that describes bad credit loans (sponsored link). I think the site is supposed to be about sub-prime lending, but it winds up being a really good and concise description of how credit reports are generated.
Two interesting points. First, though most derogatory items fall off your credit report after no more than ten years, when applying for a job or for life insurance, credit reporting companies will give them the whole thing, including any such items that would not show up if you were applying for a loan. Second, it is possible to have an "A" credit rating within two or so years of declaring bankruptcy: lenders are far more interested in your current situation than your past, though obviously they take it into account.
This may make me a dork, but I think this stuff is fascinating.
