That overdue library book could cost you in ways you never dreamed of.
That library card you received as a child could cost you as an adult. Read on to find out how.
If you haven’t returned an overdue library book your credit rating could drop by 100 points! This also applies to the videos that can now be rented at libraries.
More and more public libraries are turning to collection agencies to make sure you pay up.
Unique Management Services is an example of a recovery service that will report your overdue fines to your credit agency if you don’t pay up after 120 days.
Right now the company has about 750 libraries that use its service. And that number is growing.
If you have book or library video that’s 60 days overdue, your name, number, address and social security number may be given to these collections agencies.
And a library fine reported to a credit bureau can knock as much as 100 points off a credit score according to Craig Watts of Fair Issac, the leading provider of credit scores.
There’s no easy way to tell if your bad library habits have impacted your credit score, since library fines and overdue medical bills are labeled as simply collection accounts.
Be sure to review your credit report and report any discrepancies as well as returning library books.
Looking for extra money to pay these fines? Check www.CashUnclaimed.com and see if there is money that you have failed to claim. Surprisingly enough people will forget to collect the security deposit for a utility when they move. Perhaps that last paycheck never did make it to your house when you quit. Also there could be a safe deposit box sitting inactive that has it’s own treasure waiting for you to claim.
