Monday, July 17, 2006

Delinquencies in last 7 years in credit summary, actually means 90 day delinqs in last 7 years

Registered lenders viewing listings' extended credit summaries, will see lines like:
Now delinquent: 1
Delinquencies in last 7y: 1
Public records in last 10y: 0

Keep in mind, however, that while the now delinquent may actually refer to a bad debt from 6 years ago, the delinquencies in last 7y may skew in the opposite direction:

fine print here...

Many newer lenders may fail to realize that this field only picks up on 90 day lates -- so if the prospective borrower were 60 days late 50 times over the last 7 years, this field will still read 0.

Read more!