bertusgeert 1 #1 December 2, 2004 Just wondering - I saw a king of the hill episode where he couldn't buy a drier because he owed the video store $40. I realize that wouldn't affect your score, but the question is, does video stores have the capability to affect your score? --------------------------------------------- As jy dom is moet jy bloei! Quote Share this post Link to post Share on other sites
kelel01 1 #2 December 2, 2004 I've been sent to collections by one, and I'm sure that did. Quote Share this post Link to post Share on other sites
Sheenster303 0 #3 December 2, 2004 QuoteI've been sent to collections by one, and I'm sure that did. I swear that Blockbuster makes up fake collections letters to scare us. They are evil I tell ya! Evil!!!I'm so funny I crack my head open! P.M.S. #102 Quote Share this post Link to post Share on other sites
WFFC 1 #4 December 2, 2004 QuoteI realize that wouldn't affect your score, but the question is, does video stores have the capability to affect your score? By default, no. But if you don't pay your late fees the can (by terms of the rental agreement) port your late charge off to a collection agency which does have the right to place on your credit report. In this type of instance (medical collections can be the same), the collection agency will threaten to put it on your report. If you owe and you pay, it means less work for them since they don't have to put it on your bureau.----- ~~~Michael Quote Share this post Link to post Share on other sites
bertusgeert 1 #5 December 2, 2004 QuoteQuoteI realize that wouldn't affect your score, but the question is, does video stores have the capability to affect your score? By default, no. But if you don't pay your late fees the can (by terms of the rental agreement) port your late charge off to a collection agency which does have the right to place on your credit report. In this type of instance (medical collections can be the same), the collection agency will threaten to put it on your report. If you owe and you pay, it means less work for them since they don't have to put it on your bureau. But they will contact you first before it affects your credit right? Just Wondering, because I rented GTA like a year ago and realized I never returned it. The videostore meanwhile has gone under and I get a free GTA! --------------------------------------------- As jy dom is moet jy bloei! Quote Share this post Link to post Share on other sites
bigway 4 #6 December 2, 2004 blockbuster will screw you over 15 dollars in new zealand, trust me, i had bad credit for 7 years because these wanks. i had to pay the 15 dollars to a collection agency but that did not get rid of the black mark, even though i have paid off 2 cars and a 48inch tv with no problems. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
WFFC 1 #7 December 2, 2004 QuoteBut they will contact you first before it affects your credit right? Just Wondering, because I rented GTA like a year ago and realized I never returned it. The videostore meanwhile has gone under and I get a free GTA! Generally yes. but...if they can't immediately find you, they'll toss it on the back burner, add to your credit report. When you go to buy a house it will pop up and then it's your deal to find the collection agency and resolve. if the store went under (bankruptcy?), it's possible to still locate the owners/creditors and return the video/game. One thing in life to consider is karma. Make the effort to do good on the late fee if you can now. You may very well be told to forget it and nothing will happen (note: document name, date, etc. - toss in a file for later). If you don't make the effort, Karma says it's gonna bite hard at some point when you don't need this on your cr. report.----- ~~~Michael Quote Share this post Link to post Share on other sites
Sheenster303 0 #8 December 2, 2004 Ever seen the episode of Married with Children where Al had the overdue library book? He checked out The Little Engine That Could when he was little and never returned it. The librarian added 10 cents for everyday he kept it. Pretty large amount of money he owed.I'm so funny I crack my head open! P.M.S. #102 Quote Share this post Link to post Share on other sites
bertusgeert 1 #9 December 2, 2004 QuoteEver seen the episode of Married with Children where Al had the overdue library book? He checked out The Little Engine That Could when he was little and never returned it. The librarian added 10 cents for everyday he kept it. Pretty large amount of money he owed. Reminds me, when i left australia in 2000, I never returned 3 books I owed to the library. I still have them around somewhere. I hope they dont find me! --------------------------------------------- As jy dom is moet jy bloei! Quote Share this post Link to post Share on other sites
WFFC 1 #10 December 2, 2004 Quote... but that did not get rid of the black mark, even though i have paid off 2 cars and a 48inch tv with no problems. Once on your report it's there for 7 years, 10 if it's a bankruptcy. Most believe that once it's on your report it's there for good...WRONG-o...If you want some boring reading, read the Fair Credit Reporting Act (Go to http://www.ftc.gov/os/statutes/fcrajump.htm and click on the Fair Credit Reporting Act link to download a PDF version). Simply put, if you write a well stated dispute letter to the credit bureau and if they think your dispute is valid, they'll pass the request on for an investigation. Once the investigation is started, the reporter of the item in dispute (for example: Citibank) has 30 days to respond. If there is no response in the 30 days, the credit bureau by law is obligated to remove the disputed item from your report. Granted, if the disputed item is returned after the 30 days, the credit bureau can readd the item back to your report but they still need to advise you via letter that they did.----- ~~~Michael Quote Share this post Link to post Share on other sites
Meathorse 0 #11 December 2, 2004 QuoteI rented GTA like a year ago and realized I never returned it. The videostore meanwhile has gone under and I get a free GTA! Store owner's sad last words at the end of the Going out of Business Sale... "If only we hadn't lost our GTA..." Quote Share this post Link to post Share on other sites
Ducky 0 #12 December 3, 2004 Ummm yeah most of that is all correct. Sometimes when you pay a collection it comes off that day others it sits til th 11th hour of the 7th year. Nothing has to STAY on your credit for any length of time MOST things have to come OFF in a certain length of time. I say most things because court judgements in many areas will sit there til the day you die. Oh and BTW all disputes and most all necessary credit report maintenance can easily be done online. The simple answer to your question is yes an unpaid $5 late fee could bring down your FICO/ beacon score and ultimately prevent you from say getting your dream home. kwakSometimes your the bug, sometimes your the windshield. Sometimes your the hammer sometimes your the nail. Question is Hun, Do you wanna get hammered or do you wanna get nailed????? Quote Share this post Link to post Share on other sites
nanook 1 #13 December 3, 2004 I always thought nobody can touch your score unless they have your social security number. I figure anyone can cross-reference your address and name but your ssn was your only legal identifier. I've told BMG and Columbia house to go !@#$ themselves when they claim I owed them money and nothing ever came from it. Info from Driver's License maybe?_____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
ChasingBlueSky 0 #14 December 3, 2004 You can contest most things right on the websites of TransUnion, Experian and Equifax now. Only one charges you to dispute a claim (IIRC Experian). I found false bad items on my credit report for three loans that I never took out at a bank I was never a member of - and they were on there 15 years from the date of the supposed loan. A company has to try to reach you and notify you that failure to pay will cause a report against your credit. Even if a company has stopped bugging you to pay back a debt, a credit management company may purchase the debt at a reduction and report the defaulted debt. Many people get surprised when several old bills pop up at one time and all get listed on your credit report, causing a huge drop in your score. It doesn't take much to get your credit score to go up. Get a credit card or any other loan and make at least 6 consecutive payments and your score will go up. I've seen people double their scores in two years. Most basic loan companies will look at the previous two years when making a decision on a loan, but if you were to go for a major purchase (house), they will pull the last ten years and EVERY bad mark will show up on that. Wouldn't it suck to be denied a morgage because you forgot to pay off a $10 late charge on a video rental or a late utility bill? FYI- 13 states in 2005 will have the ability to see your credit report at any time for free (the midwest starts first in March). The only way to see it for free right now is to get denied a line of credit, unemployed or fraud._________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites
WFFC 1 #15 December 3, 2004 QuoteUmmm yeah most of that is all correct. Sometimes when you pay a collection it comes off that day others it sits til th 11th hour of the 7th year. Nothing has to STAY on your credit for any length of time MOST things have to come OFF in a certain length of time. I say most things because court judgements in many areas will sit there til the day you die. Oh and BTW all disputes and most all necessary credit report maintenance can easily be done online. The simple answer to your question is yes an unpaid $5 late fee could bring down your FICO/ beacon score and ultimately prevent you from say getting your dream home. kwak If you have a collection on your record, it doesn't have to come off, even if paid. If you're gonna pay it and want it to come off, make sure you get a letter that says when I pay, you (bill collector) agree to remove this from my credit report. At that point, it would be up to the agency you're paying as to what to do with it. The one thing they have to report is its status (e.g. Collection Account - Paid, Charged, Off, etc.) You can have multiple collection items for the same thing too - these will be reported as Collection Accounts, but listed as Transferred or Sold (or something, can't recall the verbage) Judgements generally stay on your bureau for 10 years. If you've got credit issues, 1. fix it. 2. Once #1 is done, use the power of the Fair Credit Reporting Act to your advantage. Dispute negative items on your report. 3. If you've got bills, pay them early, or at the latest, on time. 4. Figure out how you got the nasty credit and fix it. While not an expert in this category, I will say that I know a bit more than most. Interesting tidbits: Want a new car? Running the credit report will ding your fico score 12 points. If you're shopping for a new car, do it all within a couple weeks as the various reports that are pulled while you are shopping will only count as one hit. Try not to get your revolving balances (credit cards) above 35% of your credit limit Credit bureaus don't care if you paid more than the minimum (it helps to drop your bill though), they care if you paid on time or not. If you have a credit card and you DON'T use it your credit scores may go down. If you pay an installment loan off early your credit scores may go down Never buy your scores from Experian or Transunion - it's not really your FICO score (go to myfico.com - The people who created the FICO score) Your FICO doesn't like finance companies (like Household Finance).----- ~~~Michael Quote Share this post Link to post Share on other sites
bertusgeert 1 #16 December 3, 2004 I guess I better go track them down and give 'em what I owe! Does the amount of money in your bank account(s) or invested affect your score at all? I'm guessing NOT. --------------------------------------------- As jy dom is moet jy bloei! Quote Share this post Link to post Share on other sites
WFFC 1 #17 December 3, 2004 QuoteDoes the amount of money in your bank account(s) or invested affect your score at all? I'm guessing NOT. Nope...Here's another way to look at it too, if it comes down to paying your Visa or your power bill (which you'll have the funds to pay one now, one next week), which one reports to the credit bureau? Pay the Visa and catch the power bill up next week. Quote Share this post Link to post Share on other sites
