Here are a few more frequently asked questions about credit.

What will happen after I pay a collection, judgment, or tax lien?

The
account will be updated on your credit report to show that it has been paid and
will have a notation like/as the following:
- “Satisfied”
- “Released”
- “Paid”
- “Settled in full”
- “Settled for less than the
full balance”

The paid account may not necessarily be removed from your
credit file. 

Second
Type- You initiated an application* for credit and this inquiry can be
seen on your credit report and by your potential creditors. This type can
potentially have a negative affect on your credit file. *Note: Simply
providing your name and social security number can be an
application.

Both types of inquiries can appear on your credit report because
you have the right to see all types of inquiries on your
file.

How long can inquiries stay on my credit
file?

Inquiries can stay on your
credit file for 2 years

HOPE educates and assist our clients with all of the credit issues that can effect your score. If you want to know more please call us at 704-503-3669. We are waiting on your call