| Depending on how long your past dues remain | | | | mean you no longer have to pay them. they |
| unpaid, your delinquencies can be considered as | | | | would still be there until such time you contact |
| simple delinquent payments or become | | | | you creditor and arrange payment terms, after |
| charge-offs or collection accounts. To help you | | | | successfully paying off this type of delinquencies, |
| understand these type of delinquencies better, | | | | then it would be noted on your credit report as |
| here are some helpful facts. | | | | paid or paid in full. You can also try to negotiate |
| Simple Credit DelinquenciesIf you managed to pay | | | | with the creditor to remove the charge-off entry. |
| your dues after their due dates, these are | | | | These entries usually stay on your history for |
| considered as late payments. However, if they | | | | seven years from the date of the original |
| remain unpaid for more than 30 days, then they | | | | delinquency. |
| would be considered as delinquencies. | | | | Collection Accounts |
| Unfortunately, even after you pay these, they | | | | Those that have remained uncollected and were |
| would already show up on your credit history and | | | | already written off are, most of the time, sold to |
| would cost you some points. Still, you should try | | | | collection agencies as collection accounts. These |
| to settle them these unpaid debts at once before | | | | agencies purchase them for a fraction of their |
| they reach 180 days. | | | | original amount. When you have collection account |
| Charge-offsTypically, creditors who failed to | | | | entries in your credit report, this could really be |
| collect debts after 180 days will decide to consider | | | | inconvenient. Aside from the harassment |
| them as charge-offs. This means that these | | | | associated with collection agencies, this type of |
| uncollected debts will become part of their losses | | | | delinquency will make you a high-risk borrower |
| in order to be free from paying its taxes. | | | | and would have to be content with low credit |
| Charge-offs on your credit reports does not | | | | limits and higher interest rates. |