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If you are skilled at managing your finances then chances are quite likely that you will be able to manage your life well as well. In fact, it is your credit score that shows how organized you are when it comes to managing finances. If you want to apply for a loan, then it is your credit score than will help you get one. In simple words, what is intended out here is that with a clean credit record you can even come out of serious debt related issues. It improves your monetary creditability. But then, at the same time, if you don't have a good credit score, then your financial status can suffer a huge set back.

There may be times when you fall prey into the hands of misleading details while the credit record is getting prepared. However, during such conditions you will get a specified time exclusively meant for the reporting phase. The time span is usually of seven years. In general, this time span starts from date when the event occurred. However, you may also come by a couple of exceptions.

You may have a delinquent account wherein the debt collector accumulates the funds received by reference or internally. Now, in this case the seven year time span is generally calculated from the exact date when the delinquency occurred prior to the collection activity. For instance, consider that you made your loan payments way back in the year January, but then because of some unforeseen conditions you may have been caught up in the month of February. In the like manner, you may be again late to make your payments in the month of May, but somehow managed to pay it by the end of July. Similarly, you were not able to make your payments in the month of September, but did not make any payments till the debt collector finally called up in December. After this, you did not make any further payments on the delinquent account.

As per the rules and regulations of the FCRA, you can report the late payments for the month of January as well as May for as much as seven years from the date of payment made in the month of September. But then, you may also come by a couple of exceptions when it comes to this act. For example, you will find no time restrictions in various cases including criminal conviction, or if you are applying for a student loan or if you are filing bankruptcy.

We all are aware of the advantages and disadvantages that come in with debt. But, in spite of this, we get into the clutches of debt because of some unforeseen conditions. For example, your budget may cross because of some illness or loans. At times, extravagance may also lead you to debt. Whatever may be the situation, you need to look for ways to reduce or rather eliminate it. A good credit score is one of the solutions that help you maintain a safe distance from debt.

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