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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.
MORE RESOURCES:
Credit - Google News
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