Credit Ruined Over Unknown Bill
On the CBC news site there is an article about how someone’s credit score was downgraded by 100 points because of an unpaid bill. The gentleman in the article, had moved and failed to inform one of his creditors (Telus). Since the bills were going to the wrong address, it remained unpaid for years until it dramatically affected his Beacon score.
“When you have a lower beacon score it affects the amount a creditor will lend to you,” said Bonnie. “When there’s damage on a credit report it’s on there for six years.”
I highly recommend reading the article because it outlines Telus’s rationale for not tracking him down. The article also gives some great tips about what you should do in similar circumstances and what you can do “after the fact” if your Credit Score is damaged.
This article really hit some “nerves” … check out the comments!
