Your credit score report can be affect by more than your available credit history. We talk about how credit cards, mortgages, car loans, and any type of loan that reports to all 3 credit bureaus will affect your credit score. We don’t always talk about utility companies and how they can have a negative impact on your credit report. Here are utility companies I like to consider non-creditors. In other words these companies don’t give you a line credit, they just provide a service.Utility companies- Phone companies- Electric companies- Security companies- Cell phone companies- Water companies- Gas companies- Cable companies- Internet CompaniesLet’s assume you are having a tough time currently, and you stop paying your cable bill. The cable company will give you a little time to pay off the debt for service rendered, but will eventually turn that debt over to a collection company. The collection company in return will report that obligation to the 3 credit bureaus wanting their money. This is how it works with any of the companies mention. Once this collection reports to the credit bureaus your credit rating just dropped about 100 points. Utility companies on the other hand don’t help your credit when […]

Full Article At: KnowHow-Now.com Articles

Bookmark to: