If you have a derogatory mark on your credit reports, such as a late payment or collections, your credit report can suffer some serious damage. One question that people often ask us here at Boost Credit 101 is: Am I able to remove derogatory items from my credit report, and if so, how? In this article, we’re going to explore the ways in which you can remove derogatory marks and get your credit score back on the positive side. What Is a Derogatory Mark? When a mark is deemed “derogatory,” it means that it is a negative mark. Any…
When it comes to credit, you have two main types: Secured and Unsecured. When it comes to the risks that these pose for both lenders and consumers, the two are very different. Come with us as we explore the differences between secured credit and unsecured credit so that you can have a better understanding. What Is Secured Credit? Secured credit is any form of credit that uses a physical asset as collateral. In this sense, if a consumer ends up defaulting on a loan that is secured, the lender can recoup the loss by taking the consumer’s asset that…