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A Few Lesser Known Factors That Can Impact Your Credit Score

By Sally Maison
Published: Wednesday, October 9th, 2013

When it comes to factors or credit accounts that can hurt an individual’s credit score, credit cards come first with both their positive and negative results. Apart from that credit, car loans and mortgages also come in the line closely following one another. Unfortunately most people don’t actually realize that there are a few other times of accounts too those could possibly impact your credit score.

One of the most important factors that can have an impact on your credit score and that is your utility bills like the bills you pay monthly or annually are for your consumption of power, water, natural gas, telephone and internet etc. Few people realize that these bills can actually affect your credit score considerably. Once a credit account gets delinquent, most utility companies report that to the credit companies and that naturally means that pending bills will always have a negative impact on the credit score. As a matter of fact credits of these accounts are never extended and every time you default in paying these bills your account score that negatively impacts your credit score.

After your regular utility bills, the second most important factor that can negatively impact your credit score is the student’s loan. As the cost of higher education is getting expensive in most countries in the world, student loans or educational loans are getting popular. But before you actually opt for any education loan you must also realize that missing out a student loan payment can tremendously harm your credit score. Student loans are rather reported as disbursements in your credit score that means if one takes student loan for six different semesters that will be counted as a six different loans and not as a single and that is certainly going to have a considerable amount of impact on your credit score.

The thirds factor that comes in the sequence is your insurance covered medical expenses. There is no doubt that medical insurance coverage is actually a requirement these days but one is also required to understand that in spite of having medical insurance coverage he can very well end up with a medical bill having a considerable amount of negative impact upon your credit rating. An individual’s credit score is actually based upon information derived from a number of different sources and though most people consider that they are aware of all the factors that can impact their credit score but un fortunately that is not the real fact.

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