It can stay on your credit report for as long as six years and damage your credit scoring chances. You want to avoid facing one because debt collectors record your late fine as a county court judgment (CCJ), which will show up on your credit report if not paid off within a month. Pay them off as soon as possible because you don’t want your library authorities to send out a debt collector your way, depending on where you live. Therefore, the best thing to do is to be a responsible adult for such fines. Instead, you may get banned from issuing or borrowing a book there, which can be tough if you are a bookworm. So even though your local library may be very strict about maintaining the discipline of the institution, the repercussions of not paying a fine may not be as severe as a reduced credit score. The main reason debts as library fines go unregulated when it comes to your credit is that libraries are not mandated to report directly to credit reference agencies. Let’s find out! Why Library Fines May Never Hurt Your Credit ScoreĮven if your school librarian told you otherwise as a kid when you failed to return your book on time, library fines are not out to get your credit score. Can these fines damage our credit score?.Something like library fines that we consider so insignificant?.But what about the smaller, less prevalent debts?.However, if it happens more often, you will have permanent scarring on your credit report as it negatively impacts your credit score. © Copyright MJPROFIT 2006, All rights reserved.We are well aware that any missed loan repayments or minimums on our credit cards will likely appear on our credit report. This article was posted on February 13, 2006 ![]() This article may be reproduced in its entirety without limitation and without notice, except that any reproduction must include the entire article, which may not be modified in any way, and must include the author bio information contained herein, including the URL and, if published online, a live link to the URL included therein. She writes bankruptcy law news and articles for where sponsoring attorneys provide extensive consumer information and resources related to bankruptcy filing and rebuilding credit after bankruptcy. Her articles have appeared in numerous newspapers, magazines, newsletters, and web resources in the United States and Australia. Tiffany Sanders is an attorney who has published two books. The best defense is to be aware of the risks and make sure you pay those parking tickets on time. Getting items removed from your credit report can be a long and stressful process, though, and there’s no guarantee that you’ll be successful. If such charges are already appearing on your credit report, you may be able to negotiate their removal in exchange for payment. As government collection activity rises, so does the number of consumers surprised to discover that they’re paying higher interest rates-or being turned down altogether-because the kids lost a library book or they neglected to renew Rover’s license. While not all municipalities use private collection firms, the trend is increasing across the country. Many consumers don’t know that charges like this can affect their credit. A single collection item can drop your credit score as much as 100 points. That’s because collection agencies report delinquencies to the three major credit reporting agencies. The risk to consumers who don’t make those payments in a timely manner, however, is significant. ![]() Private agencies typically charge a percentage of the balance actually collected, so there’s no risk to the government. Those dollars can be collected with little investment by the cities if they’re turned over to private collection agencies. ![]() ![]() For many cities, however, these unpaid fines and fees add up to millions of dollars a year. To each individual consumer, the fines in question may be very small and collection actions may seem petty and unnecessary. Overdue Library Books Can Hurt Your Credit Score!Īs municipal governments increase efforts to collect unpaid parking tickets, dog-catcher fines, library fines and the like, some consumers are seeing a surprising impact-a radical drop in their credit scores.
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