Question

Can Negative Accounts Return on a credit report? YES!!! Accounts can reappear on a credit report...

Can Negative Accounts Return on a credit report?

  1. YES!!! Accounts can reappear on a credit report if they were not verified in time but verifiable. However, it very rare. Once an item is deleted, the FCRA make it difficult to re-report an item. Especially if it was an unverified account.
  2. YES!! And Also the credit reporting agencies face monetary penalties of up to $1,000 per reporting. The Fair Credit Reporting Act also requires that the credit bureaus inform you before they re-report a previously deleted listing
  3. NO, they can NEVER reappear on your credit report.
  4. Both A & B
  5. None of the options above are correct

17. If one has poor or no credit history, how can they get approved for a loan?

  • A. Get a co-signer
  • B. Provide a larger downpayment
  • C. Both A & B
  • D. Go to another Leander
  • E. keeping applying for credit until approved
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Homework Answers

Answer #1

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Option D - Both A & B

Negative accounts can reappear on a credit report if they were not verified in time but verifiable. However it is very rare and also credit reporting agencies face monetary penalties of upto $1000 per reporting. Also credit bureau inform you before they re report a previously deleted listing.

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Option C - Both A&B

If there is no credit history or poor credit then we can get a loan by getting a Co-Signer or by giving a high down payment thereby minimising the loan amount.

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