Anonymous Posted May 16, 2003 Report Share Posted May 16, 2003 I have heard many times over, although never seen in writing, that paying your utility bills and not bouncing checks can also raise your credit score. How does this work if these things aren't reported to the CRAs? Link to comment Share on other sites More sharing options...
DocDon Posted May 16, 2003 Report Share Posted May 16, 2003 If you keep your utility bills in good standing and keep them from going into collections, and if you don't bounce checks, which also go to collection agencies, I your scores will go up providing you handle your other tradelines accordingly. I can't see how reporting a utility bill would work. You'd have about a three week window that actually shows a $0 balance (if you pay the bill in full right when you get it) before the next payment is shown on the report. That would force you to do all your credit apps in that short time frame for the best score, and the utility companies would have to update their info 2x a month - once for the amount due, once again after you pay. It just don't work. Link to comment Share on other sites More sharing options...
kb9tbq Posted May 16, 2003 Report Share Posted May 16, 2003 Actually this last year; utility companies have jumped on the band wagon to report customer accounts. Most of the time they are showing a balance; but the important part - is that they are showing status as current paid as agreed. Also they show when you established the account with them to help build on credit. This is not new either - for the mortgage companies I have added utility tradelines manually to the merged reports. But now the utility companies are taking care of this. Link to comment Share on other sites More sharing options...
Anonymous Posted May 16, 2003 Author Report Share Posted May 16, 2003 What about bounced checks? How are these reported? I've never seen it on a report. How is it calculated in the score? Link to comment Share on other sites More sharing options...
BrassFan Posted May 17, 2003 Report Share Posted May 17, 2003 <blockquote>Originally posted by nomorechainsWhat about bounced checks? How are these reported? I've never seen it on a report. How is it calculated in the score?</blockquote>Ok...from what I understand...if you bounce a check, and then make it good within a reasonable time, you'll have no problem.But, if you don't...and they send it to a collection agency...then you have a black mark on your report. Link to comment Share on other sites More sharing options...
kb9tbq Posted May 18, 2003 Report Share Posted May 18, 2003 Yea; bounced checks represtent 2 problems. The creditor can turn these over to a collection company to collect & report to the CRAs. And then you have a black mark on the check system which local merchants will compare to before accepting. This is worse then the CRAs showing it. Because banks will shut you down from having a checking account. Link to comment Share on other sites More sharing options...
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