Do you have a example of an explanation of derogatory info on a credit report?

Asked by gerald_thomas66, Ocilla, GA Tue Jan 27, 2015

I am applying for a loan and the lender needs an explanation of derogatory info on my credit report.


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Mon Sep 16, 2019
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Degory Chris…, Both Buyer And Seller, Honolulu, HI
Wed Jul 24, 2019
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Annette Law…, Agent, Palm Harbor, FL
Tue Jan 27, 2015
Gerald, if your lender is asking the question, you need to return to your lender for the interpretation.

Eventually, you will be requested to respond regarding the status of the comments indicated by your lender that appears on the report

This is important.

Ask your lender to provide you and EXAMPLE of acceptable comment. The chronological history you will be tempted to tell will cause you greater harm. Get an example.

The five things Lowell mentioned are biggies, but their are more. Don't ask strangers in the internet for guidance when those with a stake in the outcome such as you LO or REALTOR can give you a better response and guide you in the action to take next.
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USMortgageRa…, Mortgage Broker Or Lender, Plano, TX
Tue Jan 27, 2015
A derogatory mark is essentially a long-lasting negative record on your credit report. These marks will likely hurt your ability to qualify for credit or obtain desirable rates, and can typically take seven to ten years to clear from your credit history.

Some examples of especially severe derogatory marks include:

Bankruptcy: This generally means that you have entered into a special legal proceeding to request certain forms of relief from your debt obligations. Because it's a drastic step and one of the most damaging negative records you can have on your credit report, it is usually a last resort for addressing overwhelming debt.

Foreclosure: This generally relates to situations where you have fallen behind on mortgage loan payments and the lender has undergone a legal process to attempt to force a sale of the home used as collateral for the mortgage loan.

Collections: These are accounts that have been reported as sent or sold to a third-party debt collector by the original creditor because of missed payments.

Tax lien: Tax liens may occur when you neglect or fail to pay a tax debt on time. It's important to know that unpaid tax liens may remain on your credit report indefinitely.

Civil judgment: This information usually relates to civil lawsuits which require the payment of damages (for instance, if you lost a civil case or failed to respond to a lawsuit at all).

I would say your Lender is doing a very lousy job in keeping you the client informed as to what is required with an explanation. How will they perform down the road.

Lowell Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Mobile: 469-347-3572
Direct: 512-717-0403
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