Credit Repair – When Is A Library Fine Equal To A Tax Lien Or Bankruptcy?

Imagine your surprise if you learn while making a large purchase, like re-financing your home mortgage, that your credit record has “gone south” and that failure-to-pay past minuscule municipal infractions is now going to cost you thousands in increased interest expenses!

Reasons? You parked too long while shopping and got a ticket… or a garbage collection fee got lost on your desk… or library late-charge or missing book fees occurred. You forget… but your town places your file into the hands of a collections agency and presto… your credit bureau record show you to be a new-entry “deadbeat” credit risk!

When A Library Fine Equals A Tax Lien! In the world of credit bureau data, your credit records constitute the “Mother Load” file that banks or any other issuer of credit look to in order to determine your creditworthiness and, in turn, your credit risk profile. Remarkably, an aggressive revenue-hunting local town can legally turn over even the most banal municipal library fine or parking fine debt to a collection agency after 30 days!

How Do The Big Three Credit Bureaus Look At Your Situation? With billions of individual records to manage and continuously update, the major credit bureaus have no reason to care about you, personally. You’re a number-and-a-file. That’s all.

Any of the big three credit bureaus… Experian, TransUnion, Equifax… have liberty to record the default payment and turnover order to the collection agency as a “default event” equal to a tax lien or even a bankruptcy! And the amounts that can trigger your damaged credit report? Potentially, under $40 could cost you thousands in increased interest expenses or larger down payments!

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Need Credit Repair? You’ll Pay Higher Costs Until You Get It. Perhaps you’re not really a deadbeat, and you actually maintain painstakingly exact records, never leave a credit card balance at month’s end and in your mind have nearly “perfect credit”. Yet, a slip of memory, or perhaps one of your kids borrowed your municipal library card, checked out books but never returned them!

* Paying Thousands More In Future Interest Expense. You might not even know about the books… the library fine… or the debt collection turnover order until you’re signing documents for a large purchase, or a mortgage! Whack! You find out with a gut-wrenching feeling that your credit record has “bad marks” ands that you’ll be paying an extra 1.5% interest rate on your mortgage… this will cost you tens of thousands of dollars.

Credit Repair Process And Timetable. Question: what takes years, carries enormous frustration and anxiety, costs thousands in legal expenses, involves fighting with a large inflexible organization, and draws you in without a hope or prayer of predictable results? Answer: credit repair. Credit report repair experts estimate that frustrated “innocents” might invest over 600 hours of personal time trying to get the credit bureaus to actually make the desired changes.

Bottom Line. Managing a credit repair based on incidental debts or on the equally serious identity theft and credit card fraud is serious, costly and complex business. For more knowledge and step-by-step action plans for getting needed credit repair or avoiding damaged credit in the first place, please go to:-