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.

---

Four Tips How Homeowners Can Rebuild Their Life After a Foreclosure

Let's face it, if you are facing the possibilities of... Read More

Credit Repair Myths and Facts

There are no secrets to repairing your credit. Many shady... Read More

Reward Credit Cards: Get the Best Rewards Card Incentive Program

A good credit reward card can contribute to your retirement... Read More

Credit Scoring: What You Dont Know Can Hurt You

You've probably heard the term credit scoring. You may have... Read More

Free Credit Report ? A Website Typo Could Be Costly

In 2003, Congress passed the Fair and Accurate Credit Transactions... Read More

What is Credit Counselling?

Ever wondered what is Credit Counselling? There are occasions when... Read More

Guide to Credit Terms

Listed below is a useful guide to credit card terms.... Read More

The Advantages of Credit Cards

There are many evils associated with credit cards, but there... Read More

Borrowing on a Credit Card

One of the easiest ways to borrow money of a... Read More

Identity Theft Exploding: Here?s How You Can Avoid Becoming A Victim

Americans are more concerned about identity theft than unemployment or... Read More

Dont Fall for Credit Repair Scams

We've all seen the ads on television or in magazines,... Read More

What You Should Know About Credit Counseling

Credit counseling is a free service that many people with... Read More

Choosing the Best Low Interest Credit Card

With so many low interest credit cards on offer, how... Read More

10 Dirty Tricks Credit Card Companies Play

The credit card companies make billions each year in legitimate... Read More

Your Guide On Choosing a Credit Card To Suit You

Reach into your wallet or purse, pull out a card,... Read More

Credit Cards and How To Choose Them:

It may seem like a simple question but its important... Read More

How to Dispute Credit Report Errors

Your credit report--a type of consumer report--contains information about where... Read More

Bad Credit? No Credit? Yeah, Its a Problem.

Many companies use the slogan "Bad Credit? No Credit? No... Read More

Five Reasons to Repair Your Credit Score - You Can Do It Yourself

There are multiple reasons that tell us why we should... Read More

What Is a FICO Score and How Do I Make It Work for Me?

Whether or not you receive a loan and what interest... Read More

Get Your Credit Score To Soar In The Twinkling of An Eye

Ever wonder how a creditor decides whether to grant you... Read More

Home Loans ? Repair Your Credit Before You Buy

Before you take out a home loan or make any... Read More

Getting Your Credit Report and Understanding Whats On It

If you intend to apply for a loan, you need... Read More

Credit Cards Can Help You Get Out Of Debt

Your credit rating / credit score is based upon how... Read More

The Hazards Of Your First Credit Card

You probably don't need me to tell you credit cards... Read More

Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom

The most important thing for you to remember is that... Read More

Choosing A New Credit Card

1. Choosing A new credit cardThere are many reasons for... Read More

What To Look For In A Credit Card

When you are deciding what type of credit card to... Read More

Fight Credit Card Fraud with Common Sense

By now, you have undoubtedly heard of credit card fraud,... Read More

The Art of Stoozing to Make Money from Credit Cards

Make Money from StoozingStoozing, this is a sophisticated method of... Read More

Your Consumer Rights

If you have ever fallen behind on your debts you... Read More

3 Free Credit Reports For You

If you were to tell someone that they can have... Read More

Why Should You Use Credit Cards

Believe it or not, the way society, especially the commercial... Read More