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credit rating for a minimum of one (1) year prior to receiving approval for any IRCLHAProgram application. For applicants applying for both SHIP funds and a loan from a financial institution, the applicable financial institution shall determine whether each applicant's credit is satisfactory based upon the applicable financial institution's credit standards. For all other applicants except applicants for rehabilitation loans, county staff will assess each applicant's credit based upon the information provided in a credit report from one of the three national credit reporting agencies. An applicant will be deemed to have satisfactory credit if the applicable credit report shows that, in the previous 12 months, the applicant had: - No more than (4) 30 day late payments - No more than (1) 60 day late payment - No 90 day late payments - No more than 2 collections - No Collection or combination of collections more than $500.00 Judgment liens for medical expenses may be acceptable if a repayment plan is established and payments have been made for at least the previous 12 months. Regardless of an applicant's credit history for the previous 12 months, an applicant's credit will NOT be considered satisfactory if the applicant's credit history shows: - Any charge offs that were not subsequently paid or discharged in a bankruptcy - Active judgments against the applicant - Repossessions with a remaining balance payable by the applicant - Bankruptcies that have not been fully discharged for two years with no new negative credit history Applicants for rehabilitation loans will be deemed to have satisfactory credit if the applicable credit report shows that there is no active charge off or judgement against the applicant. 43