5 Surprising Factors That Affect Your Credit Score
Your credit score is a crucial factor in determining your financial health, and it may come as a surprise that your utility payments can have a significant impact on it. While utility companies typically do not report your regular payments to credit bureaus, they may report delinquent accounts to collection agencies, which can ultimately find their way onto your credit report. This means that consistently missing utility payments can lower your credit score and make it more challenging to secure favorable terms for loans or credit cards. On the other hand, making timely payments for utilities can help boost your credit score over time, showcasing your responsible financial behavior. Credit score Key Takeaways Utility payments, rental payments, and cell phone bills can impact your credit score, so it's important to make these payments on time. Medical debt, child support payments, and parking tickets can also affect your credit score, so it's crucial to address these financi...