Factors That Negatively Affect Credit – Part 2

We are discussing this week factors that negatively affect your credit.

Today we will look at new late payments or new collection accounts that appear on your credit report.

It is very important that you pay your current bills on time. Missing a payment can hurt your credit scores more than all of your collection accounts combined. The credit bureaus will penalize your score when you have missed payments.

New collection accounts that appear on your credit report is another way your scores are penalized. Most collection agencies will give you a short window to deal with new items before they place them on your credit report. It is better to deal with these items quickly so they will not appear on you credit file.

Maintaining a good credit score can save you hundreds of dollars every year on a home loan.

At HOPE we can usually help you negotiate and your collection accounts at a considerable savings. If you would like to know more please give us a call at 704-503-3669.