Credit Report ? Watch Out for Parking Tickets
The economic downturn of the last five years has affected millions of Americans, but it has also affected the budgets of states, cities and counties. With limited tax dollars with which to work, various government entities have had to try to stretch their budgets to allow them to continue to function. Many government agencies at the state and local levels have turned over debt collection to collection agencies, even for such seemingly small debts as parking tickets or library fines. What does this mean? An unpaid parking ticket could end upon on your credit report.
Credit reports and the associated FICO credit score have become an increasingly important part of the lives of Americans. At one time, the credit report was primarily used by mortgage lenders to determine if a prospective customer should be granted a loan. In recent years, the credit score and report have been used for an increasingly large number of uses by all kinds of companies. Employers use them to avoid hiring financially irresponsible people and landlords use them to determine if a person might be a responsible tenant. As credit reports are used more often, blemishes on your credit report become magnified in importance. In past years, only significant unpaid debts or bankruptcy filings might have inhibited the issuing of credit. But now, with credit reports being used by so many more businesses, something as small as an unpaid parking ticket can prevent someone from obtaining a job or a lease on a good apartment.
This system isn't all that equitable; not all cities and counties report unpaid fines to the credit bureaus. Worse, while the company that originated the FICO score has adjusted their scoring system to account for small fines, not all lenders use that version of the scoring system. Because of this, whether or not such small things affect your credit score is can be determined by something as simple as where you live or with whom you choose to do business. Fair or not, consumers need to be aware that some small debts may find their way into the credit score and the only way to be sure is to check your credit report regularly.
Most Americans can obtain a copy of their credit report for free at www.annualcreditreport.com. Many people who have had their scores negatively affected by small fines were unaware that they even owed them. This can happen if the debtor has recently moved. Paying the fine can quickly resolve the problem and raise the credit score again, so by all means, check your credit report!
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to establishing credit, debt consolidation and credit counseling.
Latest News
SEC delays action on credit rating agency rules Reuters - WASHINGTON (Reuters) - US securities regulators on Wednesday delayed action on adopting stricter rules to rein in the credit rating agencies until December ... SEC puts off vote on rules for rating agencies |
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 International Business Times | Fitch Affirms Norfolk Southern IDR at 'BBB+'; Outlook Stable MarketWatch - Fitch's ratings apply to approximately $6 billion in outstanding unsecured debt and a $1 billion unsecured revolving credit facility. ... Fitch Rates DCP Midstream's $250MM Notes 'BBB+'; Outlook Stable Fitch Affirms Telmex IDR at 'A-'; Outlook Stable Fitch Rates Michigan Muni Bond Authority's $199MM SRF Revs 'AAA ... |
Credit crunch due to lack of borrowers: Lacker MarketWatch - By Greg Robb, MarketWatch WASHINGTON (MarketWatch) -- The credit crunch is more about lack of opportunities for good loans than concern about bank capital, ... |
 Reuters | Best Buy shares down after credit rating cut Reuters - On Tuesday, S&P Ratings Services lowered its corporate credit rating on Best Buy to "BBB-" from "BBB," saying credit metrics would weaken more than ... Govt support for banks will come at a cost -S&P |
Bond Risk Rises to Record in Europe, Credit-Default Swaps Show Bloomberg - 20 (Bloomberg) -- The cost of protecting European corporate bonds from default rose to a record, according to traders of credit-default swaps. ... Japanese Bond Risk Soars to Record on Concern Banks Weakening Japan Corporate Bond Risk Rises to Record After Exports Plunge Australia Bond Risk to Rise on US Rescue Delay, Deutsche Says |
12 D-FW red kettles will take credit for Salvation Army Dallas Morning News, TX - By KIM HORNER / The Dallas Morning News For the first year, all that empty-pocketed shoppers have to do is swipe their credit cards on scanning technology ... |
Credit Markets Fall to Records as Confidence in Economy Wanes Bloomberg - 19 (Bloomberg) -- Credit markets from commercial mortgages to junk bonds fell to record lows as concerns grew that the slowing economy would overwhelm ... |
 HispanicBusiness.com | Target's Credit-Card Problems Could Lead To JPMorgan Role CNNMoney.com - s (TGT) big drop in credit-card profit in the third quarter has raised questions about whether the retailer may ultimately turn certain parts of the ... ABCPMMMFLF Spells Fed Relief for JPMorgan, Citi Shadow Banking |
DLF May Delay Projects as Credit Crisis Saps Demand (Update1) Bloomberg - By Bernie Lo and Sumit Sharma Nov. 20 (Bloomberg) -- DLF Ltd., India's biggest developer, may delay projects as growth slows in Asia's third biggest economy ... |
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