Accounts in collections = Bad credit
If you struggle to pay your bills on time, keep this strategy from BoostMyScore in mind …
Pay something – anything – on each of your account balances rather than letting them lapse into collections to minimize the hit your credit scores will take.
Collection accounts are red flags for the consumer credit reporting agencies and can have a tremendously negative impact on your credit scores.
As soon as one of your accounts is sold to a collection agency, that collection account usually is reported as a separate account on your credit report. That’s something you want to avoid at all costs.
How big of a deal are collection accounts? Huge!
You will have to wait seven years from the original delinquency date (not the date the account went to collections) for that information to work its way off your credit reports.
Most creditors will give you some grace period if you fall behind on payments. However, their patience eventually will run out and they will do everything in their power to collect what is owed them.
There are consequences to blowing off debts. They don’t just go away.
BoostMyScore works with customers every day who have collection accounts but the process to improve your credit scores is much easier and faster if you can avoid collections at all costs.
BoostMyScore has been helping consumers quickly and easily boost their credit scores using seasoned tradelines since 2007 by offering lower costs and better terms for credit loans than its competitors. Based in Colorado, BoostMyScore has assisted thousands of customers in improving their credit scores so they can obtain mortgages, and secure lines of credit and loans. The company also gives people an opportunity to turn their favorable credit rating into a repeating and reliable income stream.
Call BoostMyScore at (800) 531-1472 for more information.